The Ramsey Show - App - I Make Six-Figures but Live Paycheck-to-Paycheck (Hour 3)

Episode Date: May 8, 2023

Dave Ramsey & George Kamel answer your questions and discuss: "I make six figures and live paycheck-to-paycheck", "Should we take higher-paying jobs we enjoy less to pay for our kids' school?" Moving to be closer to a job, "I enjoy my job but have an offer that pays more" Buying a car. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Join a Personality-led FPU class. Click here! Enter The Ramsey Cash Giveaway for a chance at $3,000! https://bit.ly/TRSgvwy Shop our bestsellers during the $10 Sale! https://bit.ly/TRS10Sale Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6 Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Interested in advertising on The Ramsey Show? https://ter.li/s64ye3 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

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Justin is starting off this hour in Salt Lake City. Hi, Justin. What's up? Hi, how's it going, Dave? Great, man. How can we help? I'm trying to be able to afford a house, and I've got a business running that's going about six figures this year,

but I seem to be able to barely afford paying taxes, and I'm using credit to do that. So you're just now starting to make six figures? Yeah, this year will be the first year. We'll cross over that. Are you working with a tax pro, or are you just ignoring the tax bills when they come? What's happened here that you've used credit to pay for it?

Well, estimated tax payments are every three months, and when I owe taxes, I get a little nervous about it, so I just pay what I can with my credit limit. Are you self-employed? Yeah, I'm self-employed, and I got a part-time job just to cover personal expenses, other stuff, I guess, like food. Yeah, so you're making taxable income of $100,000 a year. Yeah. Okay.

All right. Well, I mean, your quarterly estimates should be no more than a fourth of your net profit on your business. How much of the $100,000 is net profit on your business? About $50,000 of it, or it's half. And then the other half is your part-time job? Well, the part-time job is only about a fourth of the business. Where's the other fourth coming from? Well, so I've got about $100,000 coming from the business

and then only about $30,000 coming from the business and then only about $30,000 coming from my part-time job. Okay. Net profit on the business is $100,000. No, net profit would be about $50,000. So that adds up to $80,000 though. It would be your income. You said $30,000 from the part-time job,

$50,000 from the business. So where's the other $20,000 coming from? You don't have $ hundred thousand dollar income you have an eighty thousand dollar income no so it's over a hundred gross not net yeah okay no gross revenues not profit taxable household income is 80 you make a fifty thousand dollar profit on your business and 30 on your side job am i missing something no that's correct okay so the 50 000 when you make that money each month you should be setting aside a fourth of that so it's about uh four thousand bucks a month so you should be setting aside a thousand dollars a month

for taxes out of your business so you don't get behind on your taxes every time you make money in the business you should set aside a fourth of it pretend like it doesn't exist and set aside because then when you get ready to pay your quarterly estimates you'll have the money to pay it you're not budgeting in your business for taxes and then when the taxes come due you're borrowing them am i have i got that right? Yeah, that's right. Yeah. Okay. You've got to stop that. It's not working for you.

Yeah, I try to put away at least 10%. No, it's 25%. 10% is not covering it. That's why you're coming up short. Yeah. Because you've got both sides of FICA. You've got 15.3% right there. 15.3% is your self-employment tax alone before you get to income tax.

And then about another 10 for your income tax on that. And so you're going to have a 25, a solid 25 in your case. And so it's $1,000 a month if you're making 50 grand. You got to set that aside because your quarterlies are going to be three, 3,200, somewhere in that range when you do your quarterly estimates and you need to have the cash already in the account because you set the money aside

knowing that bill was coming out of your profits. You're withholding on yourself. That's the way that works. And then that stops all the borrowing. The reason you're getting in a pinch is your cash flow system sucks. Right, right. And there is no try here. You say, I try to put just auto-draft it to savings.

Do whatever you have to do. Just never see that money. If you were working somebody making 50K, they would take it out of your check before they gave you any money. And then you would try to live on the rest. Not, I tried to pay my taxes so you got to do that to yourself is what i'm saying because the last thing you want to owe is the freaking kgb i mean the irs they're the last people on the planet you want to be you get you nervous makes me nervous too they got unlimited power and they charge a lot for penalties and interest.

And, Justin, you called asking how to get a house. I think right now we've got to put pause on that while we clean up this debt, get an emergency fund in place, cut up the cards, close those accounts. Then we can start thinking about a down payment. Yeah, you've got to get your debts cleaned up and get your system right to where you actually know what you've got to work with to start saving towards buying a house so how much debt do you have currently i just got out of debt after this past tax payment i cleared the credit just using the business income good okay so you cleaned up the credit. When's your next quarterly estimate due? That would be after June, I guess June 15th. Mm-hmm.

And how much money is set aside for that? Currently, almost $1,000. I'm still working on baby step number one. No, this is not a baby step. Setting money aside out of your business for taxes is not a baby step number one no this is not a baby step but saving for setting money aside out of your business for taxes is not a baby step it's before you do anything with the money then you have baby steps with money that's left over so i'd be selling stuff working that part time job so you have four grand by the time those quarterly estimates are due. Yeah, you do not. And you just got 45 days, not even. You got 30 something days to get to be ready for that estimate. So that's your main thing right now.

Just take all your money out of your business and set aside for taxes so you don't get caught up. So Dave, this is a new entrepreneur. So what advice would you give to those who are going, Dave, I'm self-employed for the first time. I don't really know. No one taught me how to do this the right way. What are the first few things you tell them to do? Open a separate checking account for your business. All of the income for your business goes into that account.

Only expenses for that business come out of that account. The difference that's in that account on cash basis accounting is profit. In other words, revenue minus expenses equals profit. And that's what's going to show up in that checking account. If you don't do anything except business things in that account, then whatever's in that account at the end of the month, that's new money at the end of the month that wasn't there last month, okay, put an additional $2,000 in this account net of expenses, that wasn't there last month okay and we okay put an additional 2 000 in this

account net of expenses that's profit then you need to set aside a fourth of that and open a little savings account over the side and set that over there in his case it's a thousand dollars a month and he's be setting a thousand if he's making 50 profit and he'd be setting aside a thousand dollars a month over in a separate savings account not to be used for anything except the taxes that come up once a quarter and you have to file quarterly estimates by your second year in business or you get penalized for not filing much less not paying so you don't get out of it by not filing just like you don't get out of it by not filing your taxes this is the This is The Ramsey Show. George Campbell Ramsey personality is my co-host today.

April is in Idaho Falls, Idaho. Hi, April. How are you? Hi, Dave. Hey, what's up? So we actually live in beautiful Salmon, Idaho. Hi, April. How are you? Hi, Dave. Hey, what's up? So we actually live in beautiful Salmon, Idaho. It's a remote vacation destination. My husband and I have been remotely working for the last two years.

We have $1.4 million in cash. We owe $360,000 on our house. My question is, we're officially debt-free if we pay that house off. Our jobs are kind of going away. So we can move back to a city, get stable jobs. I run a business in Boise, Idaho, and that business kind of needs my help or else it's going to, it's going to, I'm going to have to run it half of the year instead of full year. My husband can get his really good job back, or we could buy a second home somewhere else and kind of do the snowbird lifestyle. My question is this. We have seven children ages 19 to six,

and we did skip baby step number five. So how important is it that we keep our income higher, be more stable, support them through college, or do we kind of go for the dreamy, the dreams, I guess, and try to work on careers that we love and places we love to live

and the kids fend for themselves kind of just turn them loose well i mean i don't know part of our idea is going to florida half a year working there my husband's a nurse he He can travel nurse. I can start another side gig or do mine half a year when we live in Idaho. They can go to school there. We can support them, I guess, with housing, but not as much with money. What's your current house worth with the mortgage on it? $700,000. Okay, and you owe about half of that. You could pay it off today. But you're thinking about selling this and moving for work.

No, we would pay this. My number one option is to pay this house off, enhance it so it's more rentable because we can add things to it because it's a destination in the wilderness. And so we can add some more rental options to it and make money off of it while we're not here. And then we could buy a second home for cash in like Florida or Arizona, somewhere warm. My husband can make pretty good money in nursing, travel nursing. And then I would probably get a seasonal side gig in the winter,

and then in the summers I would run my business in Boise half of the year. But it's kind of messy that way. That's kind of what I want to ask is. That sounds like empty nesters. That doesn't sound like seven kids. Yeah, yeah, I know. We would probably net $200,000 a year if we did the snowbird kind of lifestyle with our kids. And we would probably net $400,000 if we went back to the city and kept things stable.

Could you do the $400,000 option until we get college taken care of and kind of get our financial situation in order? How old is the youngest? Six. No. get college taken care of and kind of get our financial situation in order how old is the youngest six no you could we need like a 10-year plan we're going to graduate four kids in five years um i don't think there's a wrong answer unless it unless you call me up later and say the children were forced to get student loans because they're not forced to do that. No, they're not. I mean, our oldest kids did a lot of dual credit, so they have two years done of school.

Our younger kids are already working on dual credit um so they have two years done of school our younger kids are already working on dual credit our youngest probably will go for a scholarship can you cash flow their school with their help and can they with your help cash flow their school if you do your snowbird option we just make less that way the other way would be i know you make less i said can they get through college without debt if you do the snowboard option or snowbird option i think so i do i don't want to just dream this i want to lay it out on paper kid kid number one's gonna need x kid number two is going to need y kid number three is going to need z kid number four is going to need a kid number five is going to

need b we lay out the money we look at it and the kid's going to do this they're going to get the credits they're going to go they're going to work they're going to go to this school it's going to cost it's going to cost a certain amount of money and here's how much we have and we're going to tear into this million dollars in order to do this uh with their in order to supplement what they can't cover so they don't have student loans and what you can't cash flow because you did the snowbird option if you can pull all that off i'm fine with it and you're going to haul them back and forth from florida to boise right right okay as long as you want to do all that i'm good with it but it kind of sounds like your snowbird thing is like as if you didn't have children or something i know i mean because because when i said haul

them back and forth you went did you hear yourself I mean, the ones that live with us would have to go back and forth. The ones that are launching, which two of them are, you know, they can decide. Then we only got five to haul. Yeah. How old are you two? 46 and 47. I'll give you a medium plan halfway between. Okay.

Probably doesn't work, though. It might work. I mean, you could go to the 400 for three years and that would launch the vast majority of the kiddos and then the snowbird wouldn't involve hauling as many children on its back right that's what i was thinking maybe we just need a little more time i'd be unstable yeah i mean you can do either one uh but part of the downside for me on your plan is hauling a whole truckload of kids back and forth twice a year because you're upsetting teenagers social networks and family and everything else you're resetting i mean sharon and i it's just us we can run back and forth and stay wherever

and i mean we don't nobody cares particularly except grandkids griping about me me not being around but other than that i mean there's no we're not hauling people around it's just me and her we can go with a backpack and go but you guys you got a lot of stuff you're moving around a lot of human beings you're moving around there so it's just however you want to do it but mathematically be sure whatever plan you're going to do that you map it all the way out begin with the end in mind as steven covey said and that's where i was thinking if she could use the 400 000 income and quickly you know front load a bunch of 529s for the young kids cash flow the older ones that can get them in a good spot yeah do that for two or three years not forever not necessarily till the six-year-old leaves and the

snowbird plan becomes maybe a five seven year not even a maybe a three or four i mean you could do it for three or four so they've already got a million bucks clear plus a house clear so you know approaching a two million dollar net worth already so well done by the way on that april awesome well done so i i just want on that April. Awesome. Well done. So I just want you to be really intentional and thoughtful and just map this out, the whole thing out, like it was a business plan. And, you know, you're estimating your cash needs and your cash sources.

And my cash sources, my income, my needs are tuition and travel and whatever else we're doing here. And do we do that on 200 and deplete the million? Or do we do that on 400 for three years and then we'd never touch the million? I like that plan too. Probably, you know, something like that. Somewhere in there is your answer, but just run it, run it. Accountants would call it a sources and uses. Okay, what's your income sources and what are your uses? And map that out through the last kid getting through college and then let's figure out which way we're going to go and that'll give you

an answer that feels it that feels peaceful uh but just kind of going well i think i might no that doesn't work in the next family movie night everyone watch borrowed future as a family because that will spark the conversations about how we're going to go to college debt-free. And that'll get them moving. But I don't like the option of they all just figure it out and go get student loans. We can do better than that. Turning loose seven kids' payroll is not a good plan. This is The Ramsey Show. Thanks for joining us, America.

We're glad you're here. Open phones at 888-825-5225. If you've never been to one of our smart conferences, well, that's not smart. You need to go. You'd be smarter if you go. That's why smart you need to go you'd be smarter if you go that's why we call them that we'd love to have you hey our next one's going to be in chicago the first time ever we've done a smart conference in chicago smart conference weekend is going to be september 15 and 16 will be friday night all day saturday i'll be there with all of the ramsey personalities and we will be teaching you life hacks about money, relationships, boundaries, and, of course, with Ken Coleman, we'll be talking about work and careers.

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and tickets are on sale right now at ramsey solutions.com slash events. Amanda's next in Salt Lake City. Hi, Amanda. Welcome to the Ramsey Show. Hi, thank you so much for having me. Sure. What's up? Yeah, so about five years ago, we bought our first house and we based the location based on where we were working at the time. Obviously, things have changed in the past few years. I started a job last year that I really love, and it was remote. And my husband still works remotely. But a couple months ago, they required us to start coming back into the office. I love the job. It has helped us in a lot of ways financially as well, not just because of the pay, but they have a subsidized daycare for the kids of employees. So we bring our kids there. They serve breakfast and lunch at the office and at daycare. So we're

saving on our food bill every month, but my commute is about two hours round trip depending on traffic. Yeah. So, and that's what the kids, cause the daycare is right across the street from the office. So what we're wondering is, should we sell our house right now and try to move closer? I do want to be at this job long term. Or should we move out and rent the house and just rent closer to the office? We're just trying to figure out. You said your husband's remote? Yeah, he's remote he's looking for another job right now and might come to work where i work because he sees how much i

love it but might work remotely not sure but currently remote yeah well i don't know that i would keep yours as a rental and go rent for a while because you plan on being there long term right yeah so i think it's just time to move yeah just sell your house you love that you like the community that the workplace is in um yeah it's in a nice area um can you afford it yeah is the housing market much different um not a ton different we just here um in where we are house prices have gone up a lot which is good and bad good because we have some equity and so if we sold we'd have a nice chunk of change for a down payment um but it also is bad because things are a lot more expensive than when we bought five years ago that's okay what would your house sell for today about 444 okay go buy a house

for 450 in the other place sell your house okay even swap and you're just down the street no two hour commutes anything wrong with that plan um i guess just we kind of don't want to go through the hassle of moving nobody does i don't want to go through the hassle driving two hours yeah i mean after about two days i'm moving yeah i don't know how you're doing it hard to find i know well i listen to your show even though my toddler says i don't want to um well I appreciate that you get two hours of us, but I still would move. Yeah. Like tomorrow. The tricky thing is things that are $4.50.

Your house is $4.50. And you told us the house prices were similar. Your house sells for $4.50. Go buy another $4.50. Don't use this as an excuse to screw up your life and buy us 850 you can't afford 850 go buy 450 you live in 450 now same house prices okay sounds good you can do this you can do this and yeah and just it's going to cost you a little bit to move but you're going to get a quality of life for freaking hours a day. I mean, what's that worth?

A lot. Yeah. And go jump on a Ramsey solutions dot com. Get connected with one of our real estate ELPs, endorsed local providers who can help you with this. And also check out our friends at pods moving in storage for this move to make it smoother. Yeah. Both those things will really help make the process easier for sure. Take the headache smoother. Yeah, both those things will really help make the process easier, for sure. Take the headache out.

Yeah, but I mean, if you come up $10,000 short when you're done with this whole thing, so would he. You know, you're just debt-free. You're making the move. You've got a great job. You like the place. Your husband likes the place. You like the community. Make the move.

Make the move. And if you don't want to buy right now, sell yours and go rent over there until you're ready to buy over there. But don't rent for five years and think the house prices are going to come down. No, they're not. They're going up. So remember five years ago when your house? Yeah, I remember. Okay.

Brandon is in Atlanta, Georgia. Hey, Brandon, welcome to the Ramsey Show. Hey, Dave, I appreciate you taking my call. So I get to the point. My wife and I are saving for a house. We have about $33,000 saved currently. However, our family is growing. We have two kids, a dog, and we have a kid on, we think we need to get a new car to accommodate our family. And I was just wondering what you think about. Correct, a different car. What do you got now? What kind of cars you got now?

So I have a 2000 Honda. It needs a lot of work. I'm honestly not really driving it. I drive a work truck to work, and my wife drives a 2013 centra and we just feel like we need something bigger what will the centra sell for uh my guess is maybe five or six thousand yeah sounds right what would the honda sell for oh man maybe a thousand no about three about three i mean because it needs a transmission. Oh, well, not in that case. Okay.

All right. I'm going with your $1,000 then. Okay. So we got $6,000 or $7,000 worth of cars that we're going to sell, and we're going to take $7,000. Do you have any money? Oh, you got $33,000 for a down payment on a house. Yeah, we have a $12,000 emergency fund. We have $33,000 on a house.

So we were thinking maybe taking some of that house fund and reallocating it, and just wanted to hear your perspective on if you think that's an okay idea. What's your household income? Together this year we'll probably do about 140 gross. And what are you thinking about spending on a car? You got seven from cars. Yeah, I mean, from what we've been looking at, I don't know if we're kind of overshooting.

We feel like we need a third row. And, you know, so we've been looking at it. You have three kids. They each need a row? Three kids, and, you know, we have a dog as well. A dog goes everywhere in the car? Not everywhere, no. Well, good God. You don't buy a car for a dog, dude.

Okay. Okay, so what'd you do? You come up to $30, grand now in the car well no 20 20 or less yeah way less hey every dollar you spend on this stupid car is going down in value through the toilet every dollar you spend on this house is going to go up in value right and better for your family long term so i'm going to minimize this car. I'm going to take $7,000, put a little bit with it. Let's call it max of $15,000.

That still leaves you $25,000 for a down payment on your house. Don't screw up your house deal by buying a car for the dog. It's going to slow down the savings goal. And so that's the part that's going to hurt if you drop a whole lot of money on this car. Right. There's a balance there. These dogs are getting expensive. Listen, we've thought about it, Dave.

The third row for the dogs. If you buy it, I'll kill you, George. You're already pet ramping. Listen, we returned the pet ramp, Dave. You did? The saga's over. Yeah. Oh, I'm so disappointed.

No pet ramps. We taught our dog how to jump. One fewer things to make fun of George on. This is the Ramsey Show. Our scripture of the day, Psalm 1611. You make known to me the path of life. In your presence, there is fullness of joy. At your right hand are pleasures forevermore.

Andy Andrews says, life itself is a privilege, but to live life to the fullest, that is a choice. George Campbell, Ramsey Personality, YouTube star of the Camel YouTube show, is my co-host today. John is with us. John is in New York City. Hi, John. Welcome to the Ramsey Show. George and Dave, what a pleasure to speak to you both. You too, sir. What's up? Thank you. So I have a question, and then I'll give you the rundown behind it. So I'm currently employed. I'm happy at my job. I have about $40,000 in savings. I'm debt-free, thanks to following all your principles for many years.

I rent and 90K base salary right now, and I have a good margin after, you know, each month. And I'm just, you know, so I'm living comfortable, per se, a little high cost of living area. So I'm just wondering, I'm getting all these opportunities to go to jobs that I can make about maybe $30,000, $40,000 more. And I just don't know what to do because I have a, you know, pretty nice culture where I'm at now, but it's very tempting, you know. So I'm looking for your... What are these other jobs? Do you think you'd be miserable in them? Are the people toxic? I mean,

is it worth the 30K jump or is it, hey, these are good people too, good company? Yeah, it seems like it's going to be an okay jump if I were to. I stayed at one company for three years and then this one for two years. So I don't necessarily like being a job hopper. That's not the point. The point is, are you jumping into a toxic mess? Doesn't seem like it. I've been in the industry for five years, and I know a lot of the manufacturing. I'm pretty much a salesman for building materials. So it's a similar role?

Yeah, similar role. And it's where you want to go long term in your career yeah yeah i'm very comfortable in this career uh made tons of relationships and it's i mean the premise of your question is is that the culture is not as good at the other place if the culture is as good as your place and it's $30,000 more, why would you not do that? I don't know. It's just, you know, keeping, you know, I put so much effort into my current position. I built a lot of relationships over the past two years and, you know, it took a while to build a lot of trust with customers and everything. Are you going to start over um i won't have the

same customer base uh but you know it's the same title and everything so going you know calling on a similar industry um professionals but not so ride an existing customer base or go get a new one for 30k more and that's assuming that the environment the culture is as good is this the proposal yeah yeah yeah and that's yeah assuming there so the only strain is you starting uh and having to do some scratching and clawing yes and one thing i want to mention as well, if you don't mind, what do you think about should I mention it to my employers now? And I don't know if I can receive a counteroffer in any way, or is there a way to approach that situation? Well, I think we need to go back to first, are you going to leave? Okay.

Okay, because if you're going to go over to a toxic company and you have to scratch and claw, no, I wouldn't do that for $30,000. You don't want to go do that. But if you can find a company where the relationships, the quality of humans, the value system is as appealing as where you are and you can make $30,000, and the only thing you've got to do is do a little bit of heavy lifting for the first two years no whining go do it yeah okay and and so now if

that's the case then let's go to your other question and the best way to think about how to do business ethics or conversations with leaders is switch roles in your mind. Let's say you owned a building materials company and you had a great sales guy on your team that you really liked, and another place offered him $30,000 more. What would you want him to do? Me personally? Yeah, I would say maybe let's find a happy medium here. Well, first I would love the opportunity, if you're the employer, to know it

and say, hey, these guys came in. They call me. They're offering $30K more, and I'm not in here trying to hold you up or anything. I'm not trying to blackmail you. I just wanted to give you this information because I like being here. How do you think we can work through this? If you told a leader that that they're not going to be angry they're going to go uh we can't pay you that you should go or they're going to go well

crud yeah i mean we i don't know if we can get you to 30 today but we can probably get you 20 and get you another 10 if you did these three things or something like that right right but if they don't if they value keeping you they would value the information that you might be leaving. I like that. Yeah, absolutely. And so it's just, but the big thing is don't go in. This is not a swagger. This is just gentle.

This is not cocky. This is like, hey, these are the guys, like it here and I like you and I like, you know, I like my customer base. I like what I'm doing. But 30K, I mean, what would you tell me to do if you were my friend? You know, ask the leader of that. Right. And go, I just thought you'd want this information. And I don't know.

Let's talk about what how we work through this together, because I like't know. Let's talk about how we work through this together because I like being here. And instead of like, you got to give me 30 or better or got to match it or I'm out the door, I would tell you to hit the door. You'd fire. If that was you, you'd fire somebody for that. I would, too. I'm not going to be blackmailed, but I love information on people I love and that they've got opportunity. And if I can't match it as the employer that, you know, I care about my people, then I'll just say, we don't, we can't pay that here. It doesn't make sense to us. So, man, I'm sorry, but I hate to lose you,

but good luck with that. I hope it works out for you. And I'll just set you free, you know? Right. Right. That's why, you know, you know, then I would be prepared to, you know, leave. So that's why you got to have in your mind. That's why, you know, then I would be prepared to, you know, leave. Yeah, you've got to have in your mind, that's why I solved the problem first. You've got to be emotionally ready for them to go, sorry, we can't. And then you go, all right, I guess I'm out. Yeah.

So I think your leader is probably going to step up and get you somewhere heading in that direction if you have this conversation gently and humbly. I think that's going to happen. Sarah's in San Francisco. Hi, Sarah. How are you? Hi, Dave. Good.

How are you doing? Better than I deserve. We're a little short on the clock. Can you go fast? I will. One of my dreams is to buy a house large enough that would take in my parents. They don't have any retirement, and it's been, again, one of my dreams and it's an honor to take them back in and just trying to decide if this is the right time for me to

make that move and buy that larger home. Are you renting right now? No, I have a home right now. How old are they? My parents are 72 and 82. Okay. And what does this involve? You're selling the house you're in, which so sells for what? So right now, my house would sell for about $1.7 million, and I owe about $600,000 on it. Okay. And you would move up to what?

I would move up to $2.5 million. So $800,000 increase. Okay 000 increase okay that's pretty generous yeah you could pay a lot of rent for them in an apartment for 800 grand yeah i don't think um i need to be close by too just for caretaking reasons as well yeah okay, okay. So where's the $800,000 going to come from? So I have liquid of a million right now. All right, do it. Do it? Okay. It's what you want to do with your money.

You're a multimillionaire. You got about a million of equity plus your million cash. Congratulations, yeah. Thank you. Pay cash for the move and do it. Don't buy a house that is a bad house uh that's a bad mother-in-law apartment okay meaning that when you get ready to sell it after they're gone someday that your house is weird don't buy a weird house just buy a big enough house that they've got a place to stay and then when they're gone the house is not a weird house

that puts the 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. Hey, it's George Camel. If you like what you heard in this episode and want to know more about getting started on the Ramsey Baby Steps, go to ramseysolutions.com and click on the Get Started button. We'll help you figure out the best next step for you based on your specific situation. That's ramseysolutions.com and click Get Started.