The Ramsey Show - App - I Have $50,000 in Savings and Don't Know What To Do With It (Hour 3)

Episode Date: March 1, 2021

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live from the headquarters of ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's The Ramsey Show, where debt is done, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us, America. Open phones at 888-825-5225. That's 888-825-5225. My's 888-825-5225. My co-host today here on the air, Dr. John Deloney, Ramsey personality and author of the best-selling book, Redefining Anxiety.

So we're here to talk about your mental health. We're here to talk about the crazy people in your freaking family. Whatever help you need along those lines uh he has the answers for you and we'll talk about your money as well open phones at 888-825-5225 glenn is in rapid city south dakota hi glenn how are you hi i'm good dave thanks you guys taking the call and thank you for your ministry thank you um yeah i wanted to tell you guys first thank you so much my wife and i are 100 on board and babysat too um the first 59 days we paid off uh fifteen thousand dollars and yesterday i paid off another twenty two thousand dollars by paying off my getting rid of my truck

so much wow that a boy you are getting it man yeah i just found out that my hoopty has heated mirrors i'm sitting in it right now heated mirrors that is by definition not my hoopty has heated mirrors. I'm sitting in it right now. Heated mirrors. That is by definition not a hoopty, Glenn. I didn't realize it. Spent $3,500 on it. That's high class South Dakota driving right now. Right. Well, I'm a small business owner.

He's an electrical contractor. And the problem i have with budgeting i i can't i'm having a tough time with it because i never know what goes on the top line like i i can't plan far enough ahead because i never know from day to day i do all service work and so it just it changes so much and i just can't get my head around it um okay let's stop let's stop uh talking about it as a personal budget for a minute and let's just talk about it as a business how long have you been doing the business six years okay so uh you do service work on heating and air yeah and electrical too, yeah. Okay. The people that I know in the business tell me that the first cold snap is a big time

because people turn their heat on. It had been off all summer, and they turn it on, and it doesn't work. And the first warm day or warm week, they turn their AC on, and it doesn't work. So those are usually two big months. Am I right? You're right. You're absolutely right. Okay.

So we can start to predict some things. A, you have seasonality, and B, you have six years of records. And so what I would do is say, I'm going to look at March. I'm going to look at my last three marches and see what the pattern is and they ought to inform me as to what this march looks like. So let me give you an example. What would be a normal month for you in top line?

Just pick a month. Give me a number. $50,000. You do $50,000 a month? In gross sales and it's just me. Okay. I'm in the wrong business, Glenn. All right, so $50,000 a month, top in gross sales.

Okay, so if you looked at last March, and it was 40,000, and then March before that, and it was 30,000, and the March before that, and it was 30,000, and the March before that, and it was 25,000, you would see a growth trend year over year, same month last year. Not last month, same month last year. to a 30 to a 40 to a 50 trend all in the last three or four marches which tells me if i'm coming up on this march i might be looking at 60 you see how i did that yeah i do now that's not accurate because we don't know for sure but we're forecasting based on history same month last year same month last several years gives me a trend line that i can use now if you made 50 every single march for the last three marches then we could probably predict 50 not 60 yes okay because the trend line is flat but we still have some old data to use to forecast with and predict with. Now, could you do 52?

Yeah. Could you do 45? Yeah. The likelihood of you doing 30 is almost zero as long as you work every day. Right? True. And the likelihood of you doing 90 is almost zero. True. likelihood of you doing 90 is almost zero true you're going to be some range plus or minus off

of that trend line from the last several years same month last year so that's how you do business forecasting on your top line now your bottom line is going to be a function of your top line because you probably run a pretty standard margin on that 50 you probably know on every time i make 50 000 i net x and you're just going to have that x to work with that's what you're going to take home and use but you're not going to vary unless something happens okay now something could happen you could hire a guy and that would increase that's a change in those over those trend lines but you just say okay what's my trend line and what's different this year well i mean pandemic could be different that could be that could be what's

different uh off the trend lines i really can't predict the the trend line to be that way i'm probably gonna i'm gonna predict it to be less or more if you're in a plexiglass business you predict more you know the bleach businessiglass business, you predict more. You know? The bleach business, the toilet paper business, you predict more. Should have gone into plexiglass. Should have. Should have done that early in my life.

But, yeah. So, that's how you do your predictions there. Same month, last year. And you can look at last month, and that's somewhat of a prediction. But it could be that, you know, we've got businesses here inside of Ramsey that, like Ed Solutions, our high school curriculum, a lot of the decisions are made in April for the whole year. And so we have this huge mountaintop experience on our P&Ls on the gross revenues April. April's the month. That's when the crop comes in.

Right. You're a farmer. When are you going to harvest your crop? Right. And, you know, other than that, you're April's the month. That's when the crop comes in. Right. You're a farmer. When are you going to harvest your crop? Right. And, you know, other than that, you're planting and making nothing. Right. And you're waiting on the fall crop to come in, and then you're going to pull the cotton, you're going to pull the corn,

you're going to pull the soybeans, whatever it is, right? And you know when that's coming. We know we're going to take that to market. We don't know exactly what it's going to yield, but we know it's not going to happen in this month. We know it's going to happen in that month. So several callers today across all the shows today, Dave, have been a small business owner. I'm a salesman.

And there's this common theme of it's hard for me to predict. I can't. I don't know how to guess. I'm concerned, just as an outside guy, that there's people running businesses without keeping any sort of tracking data without asking themselves what a year over year do i know what i'm making in this month what what did i make last year in this month how can i make more how do we help folks pay better attention to their data entree leadership yeah go start listening to entree leadership podcast get online and join the Entree Leadership Elite, and we'll teach you how to run your business. Because most small businesses fail because they don't do what we're talking about. They don't predict.

They don't do any budgeting. All they do is look at their P&L. They drive their car looking at only the rearview mirror. What happened a year ago, not what's going to happen next year. It's almost like half-forgetting Christmas shows up every year on the same day, right? Yeah. Christmas this year. Who knew? It was going to be in December. It's almost like half the Christmas shows up every year on the same day, right? Yeah, Christmas this year. Who knew?

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Dr. John Deloney, Ramsey Personality, is my co-host. Open phones at 888-825-5225. That's 888-825-5225. You jump in, we'll talk about your life and your money. Kim is in Sioux Falls, South Dakota. Hi, Kim. Welcome to the Dave Ramsey Show. Hi.

Thank you both for taking my call. Sure. So my question is, my father-in-law passed away a couple years ago and we were blessed with an inherited IRA. Right now it's worth about $65,000. We're kind of torn on what to do with this money. We're on baby steps four, five, and six.

We were initially thinking save it for kids' college. We have a 14-year-old, five-year-old, and a set of twins who are two. The other thing we're thinking about, and maybe this would be stupid to do, would be we're kind of saving up for cash for my husband's new truck, and there's some home things we want to do. Would it be silly to use that money for that, or should we play it safe and save it for kids' college, or is there something else we're not thinking to do with this?

How much money is there? $65,000. Oh, you told me that. I'm sorry. No, I'm fine. Well, at the first of the year... Oh, sorry, and by the... Go ahead. Go ahead. Oh, sorry. By the time the five-year-old and twins are done, we will have our home paid off.

Okay, that's good news. Well, you're of course required to pay taxes but no penalties on any money you would withdraw from an inherited IRA. And there was a law passed called the SECURE Act, and basically they have shifted the laws on the inherited IRA, and it requires that you withdraw the money within 10 years. And so you've got to pull out a tenth of it. Well, ours is two years old, so I was understanding that we're kind of grandfathered in.

Oh, you might be. You might be on the standard RMD, the standard required minimum. You still have a minimum withdrawal, but it might be a lot smaller. You can't withdraw nothing. That's not an option. It never has been. But that's true. You probably are right.

Okay. What would I do? You have no debt except your home, right? Nope, just our home, thanks to you. Yeah. No, I didn't pay it. You did. Way to go.

Yeah. Yeah. So, and you mentioned how close are you to paying off your house? Oh, about nine years, we're projecting. Okay. What's the balance on it? About $300,000. Okay. And what's your the balance on it? About $300,000. Okay.

And what's your household income? Just shy of $200,000. Oh, you're doing great. Okay. Well, it's just whatever you use, you're going to have to pay taxes on. And so out of every $10,000 you pull out, $4,000 is going to go to taxes in your situation, okay? And so if you leave it in there, to the extent you can leave it in there, that $4,000 is the government's money is going to be used to grow you more future money.

And so I'm going to leave my hands off of it as long as I can because I'm delaying a tax bill and I'm using what is tax money otherwise to grow more money with. Does that make sense? Yep. And you don't need the money. You don't need it for anything. If you do, it's there and you can just pull it out, no penalties, and pay the taxes on it. But, I mean, if you need a truck, you can save up and buy a truck.

You make $200,000. You don't have any payments but a house payment. If you want to go on vacation, you save up and go on vacation. If you want to start saving for retirement, kids' college, you should be doing that. You make $200,000. And let this money take the minimum withdrawals on it that are required, and that way the government, you delay giving the government any money you have to give them as long as you can.

That way their money is making you money. Because you're making interest, you're making, and if you've got invested, you're making a return on that $4,000 out of that $10,000 as long as you hold on to the $4,000. And so by cashing it in, now you've got $6,000 instead of $4,000. Every $10,000 that you pull it off. And so it's pretty expensive money to use is what it is because the tax rate's so high because you make so much money you're one of those evil rich people you must be punished and get ready you're about to be

tell me about this mandatory retirement i mean it's mandatory withdrawal i've never heard that before well when you do an inherited ira okay only not a regular IRA, but if you inherit, your daddy passes away, like in our case, lifter and IRA, you're the beneficiary. They have required minimum distributions, RMDs. At 70 and a half on a traditional, you have required minimum distributions on a regular IRA. You're required to begin taking it out, and there's a table that they give you to do that with. And it's not a lot, but you have to begin taking it out. So you just can't leave it in there forever now with a roth you can leave it in there forever you don't have to touch it okay now the new if you inherit an ira in the year 2020 she's right she got it two years ago so she's grandfathered in then you have to withdraw it

all within 10 years okay so in her case she's got a if that if if she'd gotten $65,000 in 2020, $6,500 a year for 10 years is the minimum. Okay. And that way, the government is forcing you to liquidate it so that you have to give them their taxes. And that way, you can't just keep putting it down the road and never pay them. You can't kick the can down the road and make money off of the $4,000 per $10,000 that's their money that you're making money with. So it sounds like that's not a great vehicle to leave people in your legacy money. It's okay. But it's just they've taken the – it used to be great, but they keep chipping away at it, you know, figuring out a way to get their money out of you.

Right. Because that's what they do. Yep. Because, I mean, obviously that was passed under the political agenda that rich people must be punished because if you leave an inheritance you're rich right this is sixty five thousand dollars right this is a middle class lower middle class ira it was not a this is not a multi-millionaire but they're going to take what twenty thousand of that yeah they'll take 40 40 percent of it she makes 200 grand It's taxed at her rate.

Yeah. So that house is going to be taxed at close to 40%, plus or minus all the crap they get you with. But so, you know, yeah, it's $20,000 easy. It's probably approaching $30,000. Yeah. And so that – but no, it's not a bad thing to do that. It's just you have a 10-year drain down now on it, and so if you're leaving an inherited IRA, that's what you're doing. That's one of the beauties of the Roth product is once you get over into Roth, it's tax-free.

You leave it tax-free. The government's already got their money. Still tax-free. Keep growing it. No, they're not going to get any money. No, but they got it at your paycheck, right? Well, they got the pre-tax. It's an after-tax investment, so they got their money on that.

But the growth was always free. That's right. And the growth is the vast majority of the account. So the Roth is a beautiful vehicle in that regard because you don't have required minimum distribution at 70.5. You don't have required drawdown on inherited. It's just tax-free. Love it. And so if you've got the option of doing that, that changes things.

But in her case, it's still a blessing. She's still got $65,000, but I would put it off. I'd kick the can as far down the road as you can kick it and keep their hands off it as long as you can. Amy's in Chicago. Hi, Amy. How are you? Hi, I'm well.

How are you? Good. How can we help? Good. So we are really excited over at our house. My husband and I are in the adoption process, and about a week ago, we were matched with a little boy. So we have been advised by our pastor that it might be a good idea to open up to friends and family for financial assistance in completing his adoption, because not every family adopts, but it is a way as Christians to support adoption. We don't know that we feel super comfortable with that because of the amount of money that we make and knowing that we can afford to write a check straight from our bank account for the amount of money that this will require.

So I was just wondering your advice on that. I wouldn't. I would pay the check and I would invite people to participate in a shower, in a baby shower or diapers and that kind of thing. But if you're able to do that, I wouldn't. What do you think, Dave? I think that if you can afford to go on a missions trip, you should go on a missions trip. You don't need to raise money for it. If you can afford to adopt, you should do that and you don't raise money for it.

However, I don't disagree with your pastor in the sense that maybe we can use your platform and the fact that you have been matched and you have this huge blessing in your life and you can tell friends and family to support the concept of adoption to find a couple who can't afford it all day every day and push them to do that and use your story, your narrative to do that, but you don't need the money. This is The Ramsey Show. Thank you for joining us, America. This is the Ramsey Show.

Dr. John Deloney is my co-host here on the air today. Ramsey personality. Joining me as we talk about your life and we talk about your money. Up next is going to be Danielle in Hopkinsville, Kentucky. Hi, Danielle. How are you? Hi, I'm good. How are you?

Better than I deserve. What's up? Okay, I'm nervous. So we sold a car, bought a car with cash. We're debt-free other than our home and a loan to mom for a remodel on our house. $31,000 for a home loan at 3% interest, $43,000 for a remodel. You owe your mother $43,000? Yes.

Okay. Do I combine and refinance the home? And pay her off? And pay her off? On a 15-year fixed? Yes. Yes. Or do I go back to Baby Step 2 because we never was in Baby Step 2 and pay her off? On a 15-year fixed? Yes. Yes. Or do I go back to Baby Step 2 because we never was in Baby Step 2 and pay her off?

What is your household income? $75,000. You refinance? Refinance. And Thanksgiving dinner will taste different when you don't owe your mom money. Especially almost $50,000, right? It's not strange. I didn't say it was. I just don't like it i said thanksgiving dinner will taste different

and you know what it's your mom so it's less strain for you than it is your husband yeah when sharon and i went broke danielle sharon's dad loaned us some money to catch up the house so we didn't lose it in the bankruptcy so we owed him some money and he is the sweetest kindest most generous man on the planet and i my brain was about to explode until i got him paid off there was absolutely no strain whatsoever coming from him but the borrower is slave to the lender and that does not change if your master is nice. Right. And so I wouldn't have to stop our retirement. We're at 15%, and I've got $12,000 in emergency funds. You're there.

You've got the equity to refinance, I assume. Yes. It's a $150,000 house. We've always had it on a 15-year fixed rate. Yeah, go ahead and put it on a 15-year fixed rate, and let's take her out. The reason I'm doing that is we always put a normal second mortgage, not a mom second mortgage, but a normal second mortgage in Baby Step 2 or a home equity loan in Baby Step 2 if it is less than half your annual income.

It is not. It's more than half your annual income, and it's a mom loan. Double reason, refinance and get rid of it and you're it's not because we're mad at mom it's not because we didn't appreciate mom it's not any of that it's a bad idea to owe your family money that's been a theme this hour it is and it's gonna let mom be mom and mom and bank right it's just gonna yeah, yeah, I love that line. There is no human on the planet that can't wonder about your vacation and what it costs when you owe them $43,000. Or her husband's able to make eye contact with his mother-in-law just because he knows I'm in the hock to her for $50,000.

Yeah, it changes everything. Everything. The nicest people on the planet, it changes it still. The old joke is if you loan your brother-in-law $100 and he never speaks people on the planet, it changes it still. The old joke is if you loan your brother-in-law $100 and he never speaks to you again, was it worth it? So, I mean, you know, money changes relationship. And so moms and dads, quit loaning your kids' money. Grandmas that are narcissists, quit loaning your grandkids' money.

And we had a call. If you want to pass some money to another generation, give it to them. We had a call on another show, Dave, where I wrote this down. The child said to you and I, I borrowed some money from mom, and I'm going to pay him back. It's a mutual understanding. And that just rang in my head. If you have borrowed money, sit down and negotiate the terms. Let people know, here's how I'm going to pay you back. Here's my plan. If it's just unsecured, if it's just a mess.

Yeah, the problem is when you do business with family, people don't treat it like business. They don't, right. And then it gets to be lack of communication. It's unclear. We don't have same expectations. And the deal changes. Right. And it changes based on a whim. And you know what? of communication it's unclear we don't have same expectations and the deal changes right and um it changes based on a whim and you know what i do deals i do a lot of business deals and uh

i don't do any of them except in writing and it's partly because i forget i forget right and i want to remember what i said i would do and if it's written down and you go oh yeah now i remember saying i would do that i want to honor somebody else that they happen to forget they did a bunch of deals they forgot that yeah i want to know what was really said right and write it down it's real clear right and so but don't loan don't loan your family members money don't loan your friends money if you can afford to give them the money give it to them if you want to but don't loan it to them and that's no strings attached right that's no like wow and you should maybe do that. No, no, no, no, no, no, no, no.

Now, I do know one guy that did a thing where he took care of his kid's first house. Mm-hmm. And in return, they promised to never borrow money again. That's a good deal. Now, that's a fair string to put on it. I'll sign up for that deal all day long. And so, yeah, that was a good one. I like that.

And one guy said, you know, he put in the will, you got to go to yeah that that was a good one i like that and one guy said you know he put in the will you got to go to financial peace university i've heard stuff like that that's not you know that's not super manipulative it's a little strange but it's not super manipulative but the uh the trick is don't you know you don't get to because you gave them ten thousand dollars eight years ago still interfere in their personal lives right that's what you don't get entrance to and so you've got the gift it's not a gift if it has so many strings attached that's right and sometimes there's payments that aren't payments well and it's it can be a sneaky way

to get your hooks in somebody and sometimes i i want to think about it as from the receiver that ten thousand dollars may really feel good right now but as you know you know if there's hooks there or your dad's gonna just start showing up or he's gonna have input on my mother-in-law is very controlling and she demands that we're there on thanksgiving and she wants to give us ten thousand dollars it's probably not worth it it's not worth ten thousand dollars nope it's not worth it because you don't because she's going to call that back you know she's going to call back on that and go yeah well that time i gave you ten thousand dollars so you have to be a thanksgiving it's like the pay you know there's payments that's that's exactly right and so you know if you're dealing with a control freak or somebody's got boundary problems

or they're a travel agent for guilt trips or these kinds of things you know then you just cannot even then you got to really go, very clear discussion about a gift. This is an incredible offer. Thank you very much. But we need to say out loud, as a matter of fact, depending on how toxic the situation is, we may even need to write it down that there are no strings attached. Or if there are, what are they? And blame us.

Say, hey, a couple of hacks on the radio. One hack and Dave Ramsey on the radio said, if I'm going to take money, let's write it down. Even a gift. If you think there's a problem. And so the guy that I'm talking about, this buddy of mine that did this thing with a free house

thing, he's written down. It's not a binding agreement. It's just a letter right and the kid just promised and so you know if they go crazy later and say we're going to go you know buy a house we can't afford and go into debt after we had a free house uh then you know he just got you told me you weren't gonna do that right and it's in writing right and they both signed it so you know i mean that that's a that that's you know, at least everybody knows the terms of the deal. Right.

And you can call back on them then. But this thing of I'm going to loan my kids money because I get more interest that way than I would get on a CD. And they get a cheaper rate than they would get on a mortgage. It seems like a great transaction, except that the turkey and Thanksgiving dinner are just as chewy. Right. You can't put a price on losing your kid or altering that relationship. It just changes the dressing. Hmm.

It's not as good anymore. It's too salty. It sounds like taking money from the government just sounds nice and wonderful and clean, right? They're not going to expect anything from us. They're not going to want us to ever pay it back. I don't know when that would ever happen. Never. Here you go, guys.

Matter of fact, we'll just forgive your student loans. Oh, wait. I'm just going to mail you a check. We just changed our minds again. That's all. Why? Because we're in Congress. We're going to go with an R-bad on that one.

Go ahead and pay it all back. Oh, my bad. Then we're going to pay it back. My bad. My bad. So I'll just pay it all back. Oh, my bad. Then we're going to pay it back. My bad. My bad. So I'll just pay it. Be careful about taking free anything. Yeah.

But listen, the only way you can help out friends and family is not alone. Right. It's off the table. Because you will change the tenor of the relationship. You cannot debate with the law of gravity. It's known as the truth. And this is the truth. You cannot debate with the law of gravity. It's known as the truth. And this is the truth. You cannot debate with this. You're going to change

the tenor of the relationship. To the extent you don't agree with me on this, you're what's known as wrong. This is the Ramsey Show. Our scripture of the day first john 4-1 beloved do not believe every spirit but test the spirits to see whether they are from god for many false prophets have gone out into the world brad sugar said words can inspire thoughts provoke, but only action truly brings you closer to your dreams. Yep. Otherwise, you'd be called a dreamer. No, I'm a dreamer.

You've got to go do it, man. There it is. You've got to, you know, when in doubt, bust something. Bust into it. I mean, you've just got to do it. All right. Let's move quickly to calls before John sings again. Lindsay is with us in Phoenix, Arizona arizona hi lindsey how are you good how are you better than i deserve what's up um well i'm a single mom and i have 50 000 um in savings wow but I guess I'm kind of, yeah,

stuck as in, should I use that for a down payment on a house because my income isn't that high or if I should invest it. I guess I'm kind of just like stuck on what to do with it. What's your income? This year it should be $ 000 a year um but i um usually like the last whatever six years it's been like 26 or less so why is it so high now um i moved and i got a different job good for you

good for you how many kids you got in what? I'm just one and she's six. Oh, good. Okay. So a single mom making $52,000 a year and you're in Phoenix, Arizona, and you have $50,000 in cash. Where'd you get $50,000 in cash? I just, I saved a lot. Like I saved all my tax returns ever since I had my daughter.

I lived at home for about almost five years until recently when I moved. So that helped. How old are you? Just working really hard. I'm 29. Okay. Yeah, that's impressive. Making $25,000 and you save $50,000?

Man, that's a grind out. Yeah, I've always been much the saver. But my daughter's father, he basically stole a lot of money from me and ruined my credit score. So after all of that, I just really put my mind to it and got my credit score up. Girl, you're a warrior. That's what I'm talking about. Good for you. I'm proud of you.

Well done. Very well done. Well, what we teach are baby steps. And baby step one is $1,000. Two is to be debt-free other than your home. You've done those two. Three is to have an emergency fund of three to six months of expenses. Are you debt-free?

Yeah. I mean, just my car payment. Oh, well, that would be a debt. Okay. How much do we owe on said car? I think maybe a little less than $10,000. It should be done in like a year now. Okay.

So if you were going to follow our plan and do what we teach, which is obviously what I recommend, and it's how I live, and it's how I teach people to live, you would pay off your car today. And you would take some of the remaining $40,000 and we would set some of it aside as an emergency fund of three to six months of expenses. I'm going to call that $20,000. Okay. And so 30 of your 50 has been allocated to paying off the car, and $20,000 of it is set aside. So that leaves us $20,000 of still asking the question, what do we do with it?

Do you follow what I did? Ten on the car. I'm sorry. Ten on the car, $20,000 in the rainy day fund, leaving us $20,000 to do something else with. Right. Okay. And right now it's just another regular bank account just sitting there it doesn't have to be invested to be fancy you are way ahead of people who make 10 times more than you make they can't save a nickel you're amazing so now what i would

do if i were in your shoes is i would leave that $20,000 in a separate bank account. I'm going to name that bank account House Fund. And now that we don't have a car payment and we're going to live on a budget, and we're going to make twice as much as you ever made, I'm going to put money on top of that $20,000 and money on top of that $20,000 and money on top of that $20,000. And in two or three years, I'm going to buy a house with a really large down payment, and I'm going to use that down payment money for that account okay meanwhile you never borrow money again when you do buy the house you put it on a 15 year fixed where the payment is no more than a

fourth of your take-home pay but i'm going to guess and say you're probably going to put down $100,000 on a house. I don't know. That's a lot. That gives me like the thing is. You want to know how I did that? Let me help you. I did that, okay? You saved $50,000 making $25,000.

Now you make $52,000. I think you're going to save $100,000 really fast. I know. But I still think you're going to save 100 really fast. I know. But I still think you're going to save really, I think, really, really fast. You make twice what you used to make. It's just in your nature. You're a warrior and you're a saver. And you're incredible.

And I want you to do a budget with your six-year-old daughter. I want you to bring her into this and let her practice it. And this is how you're going to start to change this family tree. We're going to buy us a house, baby girl. That's exactly right. And every week she's going to get to make the little chain with you or whatever game you all come up with. But she's going to learn how awesome her mom is, what an absolute great mother and saver and planner and builder her mom is. And she's going to learn what a strong, invested woman looks like. And she's going to walk alongside you.

It's going to be a great journey for both of you. It is interesting to me in a culture that has completely gone wussified where everybody spends all their time being a victim. Everybody spends all their time looking for something to be offended by i get this sweet little voice on the phone who is a stronger warrior than almost anybody out there listening man that woman's incredible yes she is and you you and and so unassuming you would never think that conan thebarian lives in her soul. With a giant sword, right? It's just so sweet. Man. But she looks at that baby girl every morning and says, we're going to do this.

Yeah. Right? She's got a big, big why. 52% of single moms live below the poverty level. Not her. Yeah. She doubled her income. She made a move. Yeah. She lived moms live below the poverty level. Not her. Yeah. She doubled her income. She made a move.

Yeah. She lived at home for a while. Moved out. Save $50,000. Listen, if you're out there and you had a tendency to whine after that call. You're done now. Just shut up. It's over now.

Man. Your whining is over now. Back in college, we called her the curve buster, right? Yeah. We all got Cs. Everyone's going to get moved except for you. Got a 97. That's her, right?

Except for the one who messed the curve up. Yeah. We're going to grade on a curve. Oh, well, then there's... Then there's Lindsey from Phoenix. Good for you. Way to go, kiddo. So proud of you.

Well done. You know what's interesting is the number of times people face adversity, which is all of us sometimes, and most of us last year. Yeah. And then the choice, and it's a choice. Yeah. On how to react to it. You choose.

I'm going to wail and scream and wait on the Democrats to send me money. Yeah. Or I'm going to wail and scream about whatever Internet story I found. I'm going to find somebody that will. Because of that guy. Whoever voted for that guy. Tell me what I want. Whichever guy. Whoever voted for that guy tell me what i want whichever

guy whoever voted for them you're stark craving evil both of you both of you that's right and so you must be punished you must be canceled you must be killed or you know what i'm gonna do i'm gonna show you i'm gonna live in rage and anger so that i poison myself hoping you die right i'm gonna i'm gonna ruin all of my relationships and drive like an idiot and slam doors in my house and yell at my kids. That will show whoever is on the other end of that computer keyboard. It's just nonsense. Or you can be Lindsay. You can just start nickel and diming your way.

And say, I'm in charge of my life. I'm going to practice commitment. And I've got to – the Lone Ranger is not coming. I'm going to practice patience. I'm going to practice commitment. And I've got to, I've got to, nobody's getting, the Lone Ranger's not coming. I'm going to practice patience. I'm going to do it. Love it. Get on the back of the turtle. That puts this hour of the Ramsey Show in the books. Thanks to James Childs, our producer, Kelly Daniel, our associate producer and phone screener. I'm Dave Ramsey, your host. We'll be back 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 Child, producer of The Ramsey Show. Did you know The Ramsey Show is one of the most popular podcasts in the world? Subscribe or follow today wherever you listen to podcasts.