The Ramsey Show - App - I Feel Underappreciated at My Job (Hour 3)

Episode Date: August 10, 2020

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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. I am Dave Ramsey, your host, Chris Hogan, Ramsey personality. Number one best-selling author is my co-host today here on the air. We're answering your questions about life and about money at 888-825-5225. That's 888-825-5225. Chris is with us in Minneapolis, St. Paul, Minnesota.

Hi, Chris. Welcome to the Dave Ramsey Show. Hi, Dave and Chris. Thank you guys for taking my call. I'm a big fan of both of yours. Thank you. Basically, I am at a crossroads right now, and I'm not sure where to go next. I've been in the same career for the last 21 years,

which is the radio business, and it's been in decline. There's been a lot of layoffs and especially since COVID hits, uh, we lost a lot of people. And so basically their duties became my duties. And so, uh, I've been doing pretty much everything at the radio station kind of on my own and, uh, taking a big pay cut with it. Um, with the understanding that I was told there was going to be a new contract for me this summer with a pay raise. But I found out last week that that's not going

to happen. They're basically telling me there is no money. And I'm just kind of stuck because I feel like it's time for something different. I just I feel like there's a ceiling. I've gone as far as I can with this. And I'm just kind of scared and terrified. I'm not sure exactly what to do from here because this is all I've really done for work, and it's all I've wanted to do. So I guess I'm just not sure how to make the next step and figure out where I go from here. So if you weren't working for people who broke their word, and you weren't working for people who loaded your plate full of extra work and gave you no extra money or even a thank you for it,

and instead were just working in broadcasting doing what you love and actually made really, really good money, would you be wanting to change careers then? Yes. So you're done with broadcasting uh yeah i feel like it's just it's it's time for something different uh and i do i feel undervalued underappreciated because yeah but i mean that's not that's not the industry that's the company that's right yeah hogan is a broadcaster he doesn't feel underappreciated he feels loved loved. Yeah. And it's one of those things where it's a job where I want to do something where I can feel that I'm making a difference in somebody's life. And I, you know, what I do behind the mic, I don't really see any results and there's no incentive. I've always wanted to do something

where I can help people and see the change and really know that I'm making a difference at the end of the day, and I just don't know exactly what that would be or how I get there. Yeah, okay. Sounds like he's on a Ken Coleman quest. Yeah, it really is, Chris. And I'll tell you, Zach will get you information. We're going to send you Ken's book, Proximity Principle, because that book is actually the

thing that Ken has put together to be able to help you find that path, to be able to identify the people you need to be connected with next, the next step for you. I want to tell you this, being frustrated and irritated are the catalyst that's causing you internally to squirm. But I want you to be clear and identify, is it the industry or is it that job? Now, you've pointed out all the wrong things that people on this job have done. And you've talked about that you want more. So it's not necessarily that the industry, it's more of you, right?

And so nothing changes until something changes. That's profound. So I think you're at the point of leaving something, but you don't know yet what you're going to. Is that what you're describing? Yeah, and I mean, I follow your principles. We're on baby step 3B. I really do enjoy the financial aspect. And I've talked with somebody about getting a job in that career,

and she said that I could work for her. It would be a pay cut, but I'm just wondering if that would be the right move to do. Well, in order to live your dream doesn't always involve a pay cut. Sometimes it involves a pay cut to get moving and then move up. But I would want a path to make more than I made, not less than I made. Because if you're living your dream, you ought to be better at it, more enthused about it, more creative with it. And so you ought to be worth more if you're doing something that you're enthused about. Chris, are you married or are you single?

Yeah, I'm married. Been married for five years. We have a three-year-old daughter. Okay. And so you've got that family component. And so I'm telling you this because we have a thing here that when your spirit leaves, your butt needs to go. And I'm telling you this because I want to caution you that you make sure you stay engaged and appreciative of that job. Even if you're working for people that are under appreciative, you need to see it as a way of you're taking care of your family and building you an on-ramp to this next thing. So focus and fight to stay engaged and do your job well where you are.

So Ken's process, his first three steps in his process are to get clear, then get qualified, and then get connected. And he does cover that in the proximity principle, and he covers it with several other free downloads off his website at DaveRamsey.com. I'm referring you over there because he's our resident expert on these items. But the get clear thing is what you're looking at, Chris, and I think you've got a vague sense that, you know, what we do here on the air is helping people, and so that might be fun for you to help people that way. There's a lot of things you can do to help people.

This isn't the only one. And the vague sense that what you're doing matters. You have to have a sense of destiny, a sense of dignity in your why you do what you do. And otherwise you just feel like a rat in a wheel, and that's where you are now. So I would spend some time getting clear. And it's not wasted time. If you stay in this job for six months while you clearly define coffee on the back porch with your Bible open and your wife by your side talking about it, you're sitting with your best friend over a cup

of coffee somewhere or whatever discussing, okay, what is it you see that I'm good at? What is it about broadcasting that used to light you up? Do you like, you know, is there a performance aspect? I like performing, so I like being on the stage. I like being on TV, on radio. I enjoy all of that. I cut up, have a good time. I'm good at it.

I've developed the skill over 30 years, honed it, worked and gotten better at it. But maybe there's a performance aspect in that sense of what you like, what you're doing. So maybe there's a public speaking element to what you're thinking of doing at some point. It certainly doesn't have to be around the money piece. It could be around anything. What is it you've got a heart for? I was with a bunch of guys a couple weeks ago at a retreat that were leaders in a ministry that gets people out of sex trafficking. And, you know, they've got a lot of components to what they do that, you know, you can get

involved in a lot of different things, man, that's very helpful. There's a lot of people need help in this world. And so I want you to get clear. I want you to spend some time very carefully going through what are your talents, what are your passions, what are your skills, you know, what is it you value? What is it about the current job that got you into it and kept you in it this long in spite of the toxic people you're working with? Radio's got some good people in it, but God knows there's some toxic people in it, too. It is a wicked, weird business. And I've got a lot of good friends in the business, and there's a lot of people in the business.

Wow. Just wow. So I can appreciate who you're people in the business. Wow. Just wow. So I can appreciate who you're working for probably. I probably know them. And, yeah, just spend some time getting clear and then take the step of what qualifications have I got to do. And don't make the assumption that you have to make less in order to do what you love. This is The Dave Ramsey Show. Families all over the country are discovering a faith-based and budget-friendly way of meeting

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accredited charity. It's Christians helping other Christians, and it shared nearly $97,000 to help the Olcheskis. To be a part of Christian Healthcare Ministries, visit chministries.org. That's chministries.org. CHM is a proud sponsor of Dave Ramsey Live Events. Thanks for joining us, America. We're glad you're with us. Open phones at 888-825-5225. Molly is in Charlotte, North Carolina. Molly, your question for Chris Hogan and me. Yes, Dave.

Thank you for taking my call. I had a question on how to approach my 93-year-old father about our family trust. A little back story. I have three other siblings. My other sibling passed years ago. So there's really five, I guess, survivors of the trust. My mother passed a few years ago. We're not sure my dad is upholding the trust, but we're not exactly sure what the trust says. He sold some property really fast recently. We just don't know how to approach him. We've tried. He's 93, set in his ways. He still works, never retired. We just don't know how to go about this and not seem like we're money hungry

because we really aren't. We just want to make sure that my mother's legacy is upheld and that the family trust is handled in the way that it was set up to be handled. Who is the trustee? To my knowledge, the trust was set up split two ways. One was in half of it my father, half of it my mother. No, no, there's not two trustees. That might be the beneficial interest of the trust is who receives the goodies out of the trust, who receives the proceeds.

The trustee is the one that conducts the business. Okay. They cannot be the same. I believe one of my brothers is likely the trustee. And there was no property sold without your brother signing. Well, there has been because he just sold the lake house under contract that he wrote and sold it to a friend's granddaughter, and we're questioning the legality of that well the question is that the property was titled to your dad or it was titled to the trust if it's titled to the trust

only the trustee can sign the deed the title company couldn't have given her a deed and if they did a deed without title insurance they could could have done a deed, but the deed is not valid. The girl does not own it. Right. So if it was in her dad's name, he can sell it. Any idea whose name the lake house is in? I believe it was in my father's name. Then it's not in the trust.

Well, but in the trust itself, when they they set it up all of the property was listed because he had other farm property he had other real estate business you know commercial business so who where'd all this money come from it was just him working over the years and building his own wealth oh so it's his money it's his money yes it's his his money and i believe they set up the trust to protect his their assets my parents had you know some wealth um we're just not sure it's things are just not adding up recently he's been doing things very quickly and selling things and not okay well here let's stop There's two things going on, okay? There's a legal aspect, and it sounds to me like the legal aspect

is that he probably has a setup where he can do whatever the flippy wants. So I don't think he's in violation of the trust based on what you're telling me. I doubt it, as a matter of fact. He didn't build a trust where he couldn't control what was going on with his wealth. So he's got control of this one way or another. The second aspect is the moral aspect, and part of that is that this is his money. He can do with it what he wants to do with it because you're not money hungry. The third aspect is you're worried about him.

Is he okay? And I wouldn't worry about the family trust. I'd worry about your dad. Is your dad okay? Because you're saying this erratic behavior is not like him. Right. And so I think the kids sit down with dad and say, Dad, we're worried about you.

Convince us that you're okay. Because of the movement of this stuff, selling this stuff around, and did you sell it too cheap? And it seems very erratic, and you've been so disciplined all these years, you haven't been erratic, and so it feels like off kilter. But I don't think you approach him through the idea that he's disobeying a trust that he put together with wealth he built. I think you're probably going to get thrown out of his house if you do that.

Yeah, that's like poking a bear, Molly. You poke a bear they wake up and they do what bear type stuff right you don't want to poke him so how is your relationship with your dad it's good it's really good but i do live like three states away from him okay um i but but yeah we have a good relationship but we also are just a little bit concerned about my mother's legacy my parents were married 67 years and your mother's legacy is that she was married to your dad and the two of them built this wealth it was theirs right how long ago did she pass she died in 2012 okay how much money is involved in this like in in his assets, do you think?

Millions? You know, I would say maybe just over a million. I'm not sure. I really don't know. Well, it's up to you all how much you want to invest in this. He can completely while it away and no harm, no foul. It's not your money. Or the two of you or three of you could go sit down with him in person.

That's your best chance to talk to him and just and as an act of love say dad we're worried about you but i really don't think you're going to i doubt you've got a legal footing and i'm not sure you've even got a moral footing if he's doing what he wants to do with his stuff as long as he's in his right mind. Right. Okay. But if he slipped a gear, then you need to help him, you know, but you're not trying to be money hungry. You just don't want him to sell this to the paper boy or something.

You know, like if he sold this lake house for $10,000 and it's worth $500,000 and he sold it to some neighbor's grandkid or something because he thought she was a sweet kid, you know, then that means he slipped a gear. He did sell it to his ex-mistress, granddaughter, and we don't think it was for full value. His ex-mistress? Well, we think there probably was. Okay. Well, see, now we're getting down to why you're really upset.

I knew it. Now we know why you're really upset. That's what's really going on. Okay. So I think you guys need to sit down with your dad and talk to him and ask him if he's okay. And that's your only shot here. Unless you get a hold of a trust that says he's acting out of court with a trust, then you could legally stop him. But probably before you get that done in court he'll be gone

he's only he is only 93 so um you know i i i think what i i think what you're really mad about is is the kid of the mistress might be his kid by the way um you know uh they just got this house and it's his money so um you know that that know, that, that, I can understand how that hurts your feelings and I can understand that, but you need to think about what your motivations are in all this. What is it we're really trying to do here? And is it really just help dad or punish him because you're mad at him over this misbehavior in the past? And that's why you brought up your mother's legacy twice in the conversation. Right. And again, best case of action, still going to be having a conversation with him. It's the only case.

Because, I mean, like you said, he built the wealth. They did it together. You could spend $15,000 dragging him into court and getting a copy of the trust only to find out he has complete control of his own assets and his own faculties. Right. In which case, you've got nothing. And he will see to that fact if you do that. Oh, yes, he will. Without a doubt.

That's what you're doing. If you did that to me, that's what I would do. Yeah. So, you know. That's tough, Dave. I mean, you know, as you look at this, I guess it's a lot of hurt there. It is a lot of hurt. But on the other side of it, all the more reason to have a trust, you know, where you

have trustees, you've got some things in place that can you know help protect people from themselves i guess yeah i mean i don't own anything i don't have a single thing in my name anymore even my cars are not in my name oh right i don't own a single thing so everything is in an llc a trust a corporation of something but it has nothing to do with uh control well a few items are in a family trust for control issues but it's me controlling it not them uh because it was by god my money i put in there and so um but it allows it's a state planning tool as well as it is it's not a thing like in the movies where you make someone do bizarre things or something in order to get their

share of the inheritance so molly i understand your feelings being hurt by this honey but um i think you either sit down with him and talk it through with him or you leave it alone that'd be my opinion this is the dave ramsey show Most people's money problems come from not paying attention. That's why before I spend a dime of my money on something, I do the research and make sure it's going to live up to what it claims. Recently, I got a great pair of sunglasses from a company called Shady Rays. When you're looking for sunglasses, it feels like your options are limited. Name brand sunglasses cost too much and the cheap knockoffs are ugly and really don't

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Go to ShadyRays.com and use the code RAMSEY for 50% off two or more pairs. That's ShadyRays.com, code RAMSEY. In the lobby of Ramsey Solutions on the debt-free stage, which can mean only one thing. They're debt-free. Ryan and Amber are with us. Hey, guys. How are you? Hey, how are you? Doing great.

Excited to be here. We're honored to have you. Where do you guys live? Huntsville. Oh, just down the road. Okay, cool. Well, welcome to Nashville. And how much debt have you paid off?

It was $103,415 and did it in 16 months. Way, cool. Well, welcome to Nashville. And how much debt have you paid off? It was $103,415 and then did it in 16 months. Way to go. Wow. And your range of income? Started at 72 and worked our way up to 146. Okay, you double your income in a little over a year. Tell me how you did this. It was a lot of overtime, a lot of traveling on the road, but mostly in the last six months, Amber graduated med school oh well there's that okay congratulations doctor thank you well done so what kind of doc are you i'm a family practice doc oh wonderful okay and what do you do ryan uh electrical engineer very good oh two great careers you guys are kicking it so then 146 is only going up from there

yeah you're just getting started man that's. What kind of debt was the 103? It was all Amber's med school. Amber. And it actually all, it started actually before 16 months. The whole thing really for two years prior to that, about two years, we were actually cash-flowing med school. Oh, wow. So the 103 was the first two years. Then when we started getting married, trying to cash flow the last two years.

So you cash-flowed over half of it, probably 250 more, wasn't it? It was about 200 total. So cash flowed about 100, and that took about almost two years, and then. They say that can't be done. You can't cash flow med school. He just did half of it. That's awesome, man. Wow.

Very cool. So you've been working your butt off to make sure she's a doc. Yes, yes. It's been a journey. And then once she comes out, then the bleeding stops, no pun intended. Yes. I get to retire in about two years. Yeah.

And then 103 is knocked out because you're just used to living like this in 16 months because that's what you've been cash flowing the previous 16 months. Exactly. Got it. So how did you learn how to do all this? Well, so my dad did your plan back in the day. Oh, so you're a financial peace baby. Yes, yes.

Okay. And then how it all started is we were dating in college. We were both at Auburn. So Amber was in her first year of med school, and I was wrapping up my senior year. And we decided to go on a date. Rachel was coming and speaking at the church and doing a saturday morning talk so we went in and had a day we figured why not we could learn something about money and yeah which church uh church of the highlands oh yes chris will be

here this week really yeah he's a good friend of mine yeah chris and pastor chris augers he's a great guy great church so they're the ones who rachel and church of the hounds is where we where we got started we really got got on the plan there. And we were still dating, and we got engaged later that summer. So at that time when we got engaged, started combining the plan. And the plan was to not let med school, let med school debt sit here and last with us for 30 years into marriage. Yeah. So I started working a bunch, piling away money.

And then as soon as we got married, I mean, that first semester we were able to pay right there, which was our third year, and we were able to just drop a bunch of money in it and just keep working the plan until we got my cash flow and paid it all off. Amber, you've got no peers in med school that have done this, right? Zero. You're the weirdest person in med school. Yes, it's very hard for people to understand. I'm like, it's completely 100% possible, and no one believes me.

And then I'll write out just like a very small breakdown of what we did, and they're like, oh, I can do this, because they don't realize that sometimes just getting married will be helpful as well. Marrying an engineer was a part of the program. Yeah, absolutely. We lived on about 30% of his income, which in that way just kind of helped us get it knocked out. And being able to write that check for that $22,000 every single semester. Wow.

It's a very wonderful feeling. Amber, what did you learn about your husband through this process? Very determined. It was nice to see that he was going to go after something and it made me feel stronger about what our family could do. Um, and I knew that he wasn't going to give up because it was something that honestly, I was not in this. He was completely leading the entire pack. Um, I just wanted flip flops. Um, and so, you know, being able to kind of push us and kind of get us to where we were,

kind of, I knew our family was going to be successful. And that was kind of something that between us and God, we knew we could get it done. Yeah. You guys are a total power couple. Well done. Very well done. That was fantastic. So now that you've done it, both of you, not only cash flowed half Med school, but you paid off 103 in 16 months. What do you tell people the secret to getting out of debt is? Well, honestly, it's the grace of God. We always set our goal way out of our reach, and we allowed God to kind of fill in the gaps. Our initial plan was March of this year, and even though we had to, like, cash fund a car in there,

we went on a couple vacations, just very small ones. We were able to actually move our timeline back to January of this year. Just in time. Wow. Before COVID hits. It's been a huge blessing this time. You've got no other thing hanging around your neck. And you've got cash coming in.

And so you're set up. Wow. Absolutely amazing. So grace of God. What else? of this thing hanging around your neck and you got cash coming in and so you're set up wow absolutely amazing so grace of god what else that probably covers it all but just i'd say for me it was just having a a goal to go after uh i'd like to say very determined very goal oriented so seeing seeing what the debt would do to us and what it would be like without it was was huge well you're trained with numbers and you're trained to do numbers in projects. Exactly. And this is a numbers project.

Yeah. So it was just math for me. Yeah, it's the way your academic training taught you to do it, though. Yeah. You just applied it to the financial world rather than the engineering world. Exactly. So very well done. Good job, you guys.

Who were your biggest cheerleaders outside the two of you? Well, honestly, everyone thought we were weird. They didn't understand why we were doing this at such a young age. Everyone was like, yeah, you can just have debt forever. But thankfully, even though they thought we were weird, they were pushing us and supporting us. They always made sure that whatever they wanted to do, it was budget friendly. And then we would actually have family members give us money for birthdays. And do not spend this on your loans. Do not put it towards your loans. Spend it on something

for yourself. Okay, we'll buy food and put the food money towards the loan. Exactly. So I bet your dad, though, if you're a financial peace baby, your dad and mom probably were cheering you on, weren't they? Yeah. So my dad did that, and my parents were divorced, and my mom actually got on her debt-free journey while we were doing ours. Oh, neat. So she's been working on hers, and, of course, her dad's real proud, and her sister did it a couple years before us.

Yeah. So we actually went through FPU on the old CDs that we got from her sister. Oh, wow. Okay. That's awesomeness. Well, very well done, you guys. Very proud of you heroes. You're set. How's it feel? Amazing. It's nice to be able to give back. I mean, just having that opportunity to kind of give more money than people are giving to us, which was fantastic. I mean, we gave a tip today that we wouldn't have given otherwise. So it was nice to do that. More than you used to spend on a week in groceries.

Yeah. Agreed. Yeah. Me too. I love it. It's too fun, though. It is. It's too fun.

I love it. Well, congratulations, you guys. We've got a copy of Chris's book for you, Everyday Millionaires. That is definitely the next chapter in your story, without doubt very very well done very well done ryan and amber huntsville alabama 103 000 paid off in 16 months making 72 to 146 count it down let's hear a debt-free scream. Three, two, one. We're debt-free! Yeah! Woo-hoo-hoo-hoo! That is

fun. Yes, it is. Great couple. I tell you, man, you see that teamwork, you know? Just being in sync and in lockstep and going toward a goal. I tell you, you can't get help back. It's pretty interesting. Their body language is even in sync when they're standing there.

Yeah, when one breathes, the other one exhales. It's good teamwork. Yeah, but they're dialed in. Yes, they are. They really are. And you sense that. And listen, guys, I mean, that was med school with only $103,000. And that $103,000 happened before they're married.

And then they cash flow the rest of it. Don't miss that part of the story because everybody talks about the impossible. This is impossible. You can't be a student without a loan. You can't do this without a loan. And they surrender to the cultural idiocy that debt is necessary. Most people do. Not these guys.

No. Not these heroes. No, they just draw their sword and slay the dragon, baby. That's right. Just slay him. Just take him out right now. I love it. That's so impressive.

Well done, Ryan and Amber. This is the Dave Ramsey Show. Thank you. Our scripture of the day, 1 Corinthians 10, 13. No temptation has overtaken you that is not common to man. God is faithful, and he will not let you be tempted beyond your ability. But with the temptation, he will also provide the way of escape that you may be able to endure it. Peter Marshall said, When we long for life without difficulties,

remind us that oaks grow strong in contrary winds, and diamonds are made under pressure. This year has been a tough year for most folks, and if it's not been what you hoped for, well, guess what? You get to choose what you do with your money from this point forward. You can say never again. I'm not going to live like this. Guys, I'm excited.

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lesson from Rachel. So pre-order today in the online store at DaveRamsey.com. Know Yourself, Know Your Money. We launched the sales on it last week and they are record-breaking thank you for the response to this it's going to be it is a great book obviously i have read it as not only her dad but the ceo we don't put stuff out of here i haven't read as far as books go anyway and um also i just like books i've always been a reader and um we put out some fabulous number ones around here over Yeah, we have. I mean, it's unbelievable. You know, just the trend and just the level of research and how we do it.

And it's fantastic. I've had more people ask Dave, what's next? What are you working on? What's next for me? You know, and it's just, it just fun to have people want more information. Yep. Well, the stuff we put out has all been hits, and the reason is it's all been stuff that people actually needed.

All right, Jeff is with us, except he's not there. I can't get him on hold. Thank you. I screwed that up. My bad. I figured the software out one of these days. Jeff is in. Now he's gone. Sorry about that, Jeff. I guess that up. My bad. I figured the software out one of these days. Jeff is in. Now he's gone.

Sorry about that, Jeff. I guess we're going to Shelby. Let me make sure I get the right line this time. Shelby is in Little Rock. Hi, Shelby. Welcome to the Dave Ramsey Show. Hi, Dave. Hey, what's up?

How are y'all? Good. How can we help? Well, I'm calling. My husband and I have just started Baby Step 2. My uncle was gracious enough to gift us your financial peace university class when we first got engaged. So we went through that with them for about a year, and now we're ready to go. But I graduated in December.

I'm nervous talking to you. I'm so excited. I am about to start having to pay my student loans. They're going to be coming to pay me. You're breaking up, Shelby. You're about to have to start paying your student loans is the last thing we heard. Start again. You're about to pay your student loans what?

We're about to start paying our student loans right now they're in forbearance um but we want to get ahead of that while the interest rate is still zero um and so are not accruing it's not zero but um they give us several different options and i didn't know which one is the best to go with although we plan to have it paid off way before the 10 years um but it gives you several different options and I didn't know which one is the best to go with, although we plan to have it paid off way before the 10 years, but it gives you several different options and I wasn't sure. Pick the one with the biggest payment if you can pay the payment and then pay more. Okay. You need to get out of debt as fast as you can. How much student loan debt have you got?

$32,000. And what's your household income? With my husband and I both, he's variable. He's a loan officer. But averaging $92,000 for both of us. So how fast are you going to pay off $32,000 out of $92,000? I'm not sure. We started our budget breakdown yesterday.

Just listen to me a second. $32,090. One year. Okay. That leaves $60,000. Follow me? Yeah, I got it. Yeah, and that's $2,500 to $3,000 a month,

and that means you're on beans and rice, rice and beans, and you are not going on vacation, and you don't need to go out to eat. You don't need to see the inside of a restaurant unless you're working there. Knock it out fast. We have $2,600 in discretionary income

after all bills and gas. Not good enough. Tighten your budget. Okay. I want $3,000. And in one year, Shelby, it's out of your life. It's gone. It is gone.

Yeah, one year. $3,000 times 12 is $36,000. You're done. Boom. You're going to be done in under a year if you do what I'm telling you. You're going to make it at $2,600 too. So you're doing the right stuff. You've done the budget. You've figured out your discretionary income now tighten

it up tighten it up list have you got more than one loan in there there's several different little loans right yes awesomeness list them smallest to largest pay minimum payments on everything but the little one and attack them i want you to get mad girl you don't sound mad yet dave what do you mean i just want to stroll out of debt i just want to take my girl you don't sound mad yet yeah dave what do you mean i just want to stroll out of debt i just want to take my time she's got 2600 bucks that ain't strolling she's doing it but her voice i want her i want to get you gotta get mad you gotta get you gotta get angry at this because this stuff will kick your butt man well it's a fight it is it's a war and they give you those payment options on there to keep you in debt as long as possible.

Believe you me, Navient doesn't want you out of debt. No, they want to keep you. They want to keep you in a cage like a little zoo animal. And by the way, people, I need you to have your eyes open because in the mail, you're going to start to see more credit card stuff popping through here in the next 60 days like never before. Also, online, be aware. Keep your antenna up. If it sounds too good to be true, it is. Do not let your guard down.

Yeah, this is a good time to get screwed right now. It is. It really is. Dave, you can finance a sweater now. Did you know that? Well, I would have to be wanting to wear a sweater first. That gold, go with me here. It was the example.

Like you could finance a sweater and pay like 15 a month for like two years it's ridiculous it's a 32 interest rate good lord but people are buying it's that old lairway mentality you remember that lairway not even a lairway lairway's interest free that's right this is worse but again people aren't counting tote the note on a sweater on us we've got to math, you all. Don't fall for it. If you can't pay for it in full, you don't need to buy it. That's right. That's a grandmother rule.

That is a fact. Grandmother said it. And grandmother was smart. And she lived in a generation when they learned how to do math. Yep. And they didn't need a smartphone to do it. Irvine is with us in Atlanta. Hi, Irvine.

Right quick, what's your question? Hi Dave, hi Chris So currently we just finished paying our debt A couple days ago And we are moving on to Baby Step 3 And Baby Step 3D But we're getting some different feedback from some friends Is it better to take advantage of

the low interest rates right now with the economy and probably just save 10 to 15 percent for down payment, or go ahead and save for 20 percent and risk losing out on the interest rate? Well, I'm not sure who your friends are and where they got their degree in economics, but I don't know who says interest rates are going to go up in a world like we're living in right now. They might. It's okay to put down 10% or 15% on your first house. You're just going to get PMI, which is private mortgage insurance. Compare that to interest rate changes.

That's going to equate to about 1% APR. And the private mortgage insurance protects the bank, not you. So I got a feeling, Dave, she's pulling wool over her eyes. They're trying to buy a home without a down payment just because rates are low. No, she said 10 to 15%. You don't believe her? No, I don't believe her. You don't believe her?

No. Don't buy it just because rates are low. You buy it when you got a down payment. Yeah. 10% is okay down on your first house, but you're going to endure PMI and private mortgage insurance. When you add it up, it's really close to 1% interest rate. And so you're just jacking your rate up one way or the other here.

You can go either route. Either route's okay. But a 15-year fix where the payment's no more than a fourth of your income. Quit taking financial advice from broke people. That's right. That puts this hour of the Dave Ramsey Show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's

to walk daily with the Prince of Peace, Christ Jesus. This is James Childs, producer of the Dave Ramsey Show. On your smart speaker, you can add our skill by saying, Alexa, open the Ramsey Network skill. From there, you can listen to all our shows. Ask Dave money questions like, how do I invest my money? Or what is the debt snowball?

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