The Ramsey Show - App - I Want To Take Money Out of Our Investments To Buy a Plane (Hour 3)

Episode Date: March 24, 2021

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is The Ramsey Show, where America hangs out to have a conversation about your money and your life. I'm John Deloney, joined here by best-selling author, host of The Table with Anthony O'Neill, Mr. Anthony O'Neill himself, and we're taking your calls on life and money. Give us a shout at 888-825-5225, 888-825-5225. Let's go right to the phones. Let's go to Taylor in Memphis, Tennessee. Taylor, what's up?

Hey, how's it going, guys? Good to talk to you. You too, man. What's going on? Well, me and my wife have a little bit of a difference and and you get to be the deciding vote um we uh we own our house outright um so no payments we own both of our vehicles we have um a little over a million dollars invested we We're doing real good. We've worked through Dave Ramsey's total money makeover years ago, and it's wonderful. Okay, here's the deal. I'm a pilot,

and I would like to take out some of the money from our investments and buy me a private plane. I've done the math. It's actually cheaper than renting a plane and stuff like that. My wife is hesitant, partially because it's such a big outlay all at once, and we've never had that kind of money before. She thinks I should keep renting. She's not the numbers one. I'm the numbers one. And I'm just wondering, I know Dave has said,

if you've got a million dollars, buy the new car. This is a little pricier than a new car. I'm just looking for some advice. How much is the plane going to cost you, man? I have capped out my budget at $100,000 for the plane. I'm only going to look at stuff that's under $100,000. Okay, and that's for the cost of the plane. How much is the plane going to cost you, Taylor?

I don't have the numbers right in front of me. Insurance, believe it or not, is ridiculously cheap. It's cheaper than car insurance. The biggest expense on a yearly basis is the annual inspection, and that fluctuates. It can be as low as $2,000 or $3,000 or as high as $12,000, depending on if you've got to have work done. Cool. What about storage, storage fees, gas? Yeah, I mean, have you all sat down and said, all right, what is this plane going to cost me?

Because I know several people who own planes, but they all say that the expensive part is not buying the plane up front. The expensive part is the maintenance throughout the years of owning the plane. So what is that fee a year for you? Yeah, that is the expensive part. And again, like I said, I don't have my spreadsheet right in front of me. I did do the math, though, and I worked out that if I fly more than I think it's 42 hours a year, even including maintenance costs, it's cheaper to own than to rent. And so, of course, you know, obviously, the more you fly, the cheaper it is per hour.

Like I said, I don't have all those numbers right in front of me. And, Taylor, I don't have a plane, so help me with this. Is a plane similarly a depreciating asset like a car? Not really. I mean, I guess over time they do depreciate but it's very very slow i mean you're you can you can easily go out and buy a plane right now from the early 60s and it's still you're paying you know a hundred thousand dollars or just slightly under for a plane that's 40 or 50 years old now of course new ones get far expensive, but they do hold their value fairly well.

Cool. So what's your household income real quick, Taylor? Probably around 70. I'm a pastor and my wife is a counselor. I mean, we don't make a ton of money, but we inherited well and have it invested. Okay, so you're about $70,000 a year. Yes. And you want to go buy

a plane that I'm thinking maintenance is going to run you about $20,000 to $25,000 a year just to maintain the plane. That's probably on the high side for maintenance but like I said, this would come out of investment. But listen to me, Taylor. Your maintenance

is not going to come out of investments. You invest it so you can retire off of that income eventually and so if you go buy the plane the only way you're going to pull out from investments is if if it's not covered up on the up underneath the retirement situation so if you go pull money from my stocks i don't have a problem with that i think my biggest problem is and my biggest concern is that you only make $70,000 a year, but you're going to encounter on a high end maybe $25,000 a year in maintenance. My vote is no, Taylor. That's my vote. And mine is not mathematical. It's purely psychological, meaning it may cost you more money down the road to rent,

but the ability to hand the keys to somebody else and go home, and they've got to deal with new tires and gas and that one weird gauge and the fluctuations and this and that, there's a psychological piece to that, that making seven, yeah, if you look at it this way, you're buying a $100,000 toy with a $15,000 to $20,000 a year price tag to operate.

Yeah. Against your salary, that's a lot, man. There's something to be said for handing the keys back. And I know you've done the math, and I can hear it in your voice. He really wants it. Oh, you want a plane so bad. But it's not wise to financially make $70,000 a year. And then you go from, and I get it here.

He's debt free. He has a million dollars in investments. That's great. But here's the thing. It's like, man, do you really want to go into your retirement years with the $25,000 bill in your hand? A year. Yeah, a year. And it's like, do you really want to do that?

So I'm saying no um because i'm just thinking of the numbers it doesn't make sense now if you was telling me you're bringing in a half a million dollars a year and you know your main is going to be 25 000 and you're debt free 100 and you got a million dollars in assets and i'm like yeah that's okay go do it no but your income is kind of low and i'm kind of scared because i'm like yeah i don't know man that's tight that's tight something could come up and i don't want you to have to go to your investments until you are retiring and then my goal is you're living off of the interest of your investments you're not pulling from your investment right that's my goal when it comes to retirement and this happens with planes it happens with ranches it happens with big fancy boats yeah it happens with anything

that we fall in love with it's a really a big toy absolutely and a ranch can be a really big toy yeah right yeah and a boat and whatever that looks like man and i also have this feeling in my stomach we just dashed this poor man's dreams taylor to i want to tell your wife don't do the happy dance you heard it in his heart. He really wants this airplane. And he can possibly get it down the road. We don't know. Well, he's got to earn some more money, right? He needs to earn some more money so that way he has

some cushion for the maintenance. Because again, that's $70,000 gross. So we're not talking about net. So I mean, that could be close to half of his income is going towards this plane. I'm always about risk and i never want to leverage my family's finances on a toy right um that risk is so so so high right you ever thought about owning a jet yeah i thought about it and no i've never even considered that yeah i was about to say i mean uh

i dream about owning rose royce one day like when i'm 50 60 years old but a jet don't want the maintenance one day i'm gonna have a car that was made in the 2010 decade that's my goal i'm gonna keep working hard i'm gonna get there anthony it's gonna be a 2015 why You are the so soft, moderate guy. I'm the loud, flamboyant guy. But hey, you know what? We're both doing it dead free. Hey, whatever works for you.

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they run every month, you'll save even more. Use promo code RAMSY to get the best deal. Rules and restrictions apply. Today's question comes from Clayton and Sam Bernardino. Clayton writes, I'm a high school senior with straight A's. Way to go, Clayton.

My stepfather refuses to let me get a job so I can save for college. Instead, he makes me work at his business without pay. Jeez, man. Every time these blinds.com questions get my blood pressure all up. My only option to pay for college is going into debt, and I don't want that. I'm trying to get as many scholarships as possible, as well as financial aid from FAFSA. But I'm scared it won't cover my cost

what do I do Anthony I got all kinds of feelings on this one what do you think my stepfather refuses to let me get a job so I can save for college instead he makes me work at his business without pay. I'm going to be hoping that his father is not paying him today, but he's working for pay in the future. It sounds like he's got a family business and I expect your butt to be at work tomorrow helping fill in the blank, right? Helping do oil changes, help wash windows, help whatever. It's against the law, right? Yeah.

And I really can't answer this question, man, because it's like I want to believe that the parents have the best intent for their son and that they're saying, hey, we're going to cover you. We're going to have a conversation. And I'm wondering if Clayton is thinking, hey, I'm not my parents are not going to help me get into school. Right. And so for me, yes, we're not going to take out any debt. No, we're not going to do that. But if I'm you, man, I'm having a serious conversation with mom and with dad. Like, hey, I have no problem working with the family business.

But hey, what about my life? Like, how are we going to provide for college? Do you all have a game plan? Can we talk about my future? I'm not getting paid here. Are you all saving this money to go towards my college like I'm literally sitting down and I'm having a conversation with my parents on the flip side for the parents listening in on this remember it's a two-way street you know it is your responsibility to

guide your your kids in the way that they should go. So have a conversation with them and let them know, hey, we're going to help you. Hey, here's our game plan. Hey, this is what we need from you. So I really can't tell him to do anything outside of talk to your parents and get a clear path of what they can do and what they cannot do. Then from there, give us a call back on the show and we can give you some better advice. And I'll read between a couple of lines here. It says, my only option to pay for college is going into debt and I don't want that.

Then don't. That's not your only option. It may mean that if, let's say this plays out, Anthony, let's say that dad is only going to let you, is going to look you in the eye and say, I don't care what you do for college. That's not my problem. My problem is right now I want your butt back in there washing dishes or whatever this job is. Yeah.

That doesn't mean your only option in paying for college is going to debt. That means you may not be able to go to Stanford. That means you may have to go to a local community college. You may have to get four jobs when you get out of school. That does not mean just because somebody is treating you unfairly, your response is to do something that's going to harm your future. That's not how that works. I know you're trying to get as many scholarships as possible.

That's awesome. Good for you. It might not cover your costs. You may have to work. You may have to put off college for a year. You may have to do any number of other things other than shackle yourself to college debt. And here's the other thing. It's against the law what he's doing but if you're a high school senior and this is not a safe situation unfortunately there is abusive parents there are um just parents that are are garbage

and it may be a clayton that you got to ride this out you're living under their roof as a high school senior the moment you graduate you go get your own place and you're out of there you've got to ride this out. You're living under their roof as a high school senior. The moment you graduate, you go get your own place, and you're out of there. You may have to ride this out. And I don't like giving that advice, but there's kids that, unfortunately, are under the legal guardianship of their parents, and there's safety issues there. If you're not safe, if your stepfather is continuing to abuse your rights as a human being and force you to work for free to the detriment of your future let somebody at your school know let's let your guidance

counselor know they'll help you walk through the the proper authority channels uh the proper channels with the authorities but this is a mess i didn't read into that like that you didn't see i did i think we're seeing this two different ways oh yeah, yeah. I know we are. That's why I'm glad we are. Yeah, I am glad. I'm glad, too. I mean, because my mother made me work for free. For free. Okay.

But also, my parents also made sure I went to school. They also made sure that I was eating at home. They also made sure that I had what i needed and sometimes had what i wanted but when i would go and open up my mom's daycare and when i would come out after school and help her out to daycare my mom ain't never give me no check right but it wasn't abuse it was my mom and dad were teaching me how to work while they were also providing and making sure that i was taking care of so it could be both ways so i like what you said if it is in my experience is working with so many college kids over the years has been man they come into your office and shut the door and they let you

know my parents treated me like this all right and you get lots of those yeah yeah i'm with you so that's why i love a like a broad perspective here if this is not a safe place reach out to your guidance counselor man if your dad's just a jerk man you may have to ride this out for five more months or if it's like Anthony's situation, go open the daycare and they're going to help you out, but it starts with a conversation. Absolutely. And it runs the gamut there from all different kinds of experiences.

Man, we'll be rooting for you, Clayton. Yeah. The end of the day, just because somebody's holding you up on this end doesn't mean you've got to go do something dumb on your end. Right. Don't. Right. Don't. Don't. All't. Don't. All right, let's take a call. Let's go to Nicole in Minneapolis.

Nicole, what's going on? Hi, gentlemen. Thanks for taking my call. You bet. What's up? I'm just calling to see if I should pay off my car loan. I have about $4,300 left on that, and I have about $6,000 in savings. And I'm just wanting to know. I just

kind of started listening to Dave Ramsey's show as well as looking into his daily steps and I'm just kind of wanting guidance. Yeah, yeah. What other debt do you have, Nicole? So I have student loan debts but I'm currently still in school full time so I will not have to start

paying those back until next year as I'm done this summer with my classes. How much longer do you have? Oh, this summer you're done? Yes. Okay, so have you already paid for the rest of this semester? Yes. This semester is taken care of, but next semester is not. Okay, cool. Are you doing student loans with next semester? Yes. But I'm beginning to know I'll still about $2,000 out of pocket. But I'm currently consuming $200 every month to my savings.

Okay. Real quick, how much is next semester? With the out-of-pocket or with the student loans combined? Total. I would say maybe $3,500. Okay, cool. I want you to pay cash for next semester. Take the $6,000 and put $3,500 towards semester student loans.

That way you don't borrow any more money, okay? Then you take the rest of the money, you put that towards your car, leave $1,000 in your emergency fund. But right now I want you to go ahead and pay cash for next semester so that way you're not borrowing no more money. OK, that's the number one priority. Then after you graduate college and you get done with college, take the rest of your money, put that towards your forty three hundred dollar car. OK, and then immediately once you get your job, once you go ahead and just do the debt snowballs, which the least one will be your car.

Then you put your student loans behind that and start attacking it from there. But right now, don't worry about paying off your car. I want you to, to go in ahead and prevent yourself from taking out more student loans because long-term that interest rate would kill you. And I don't want you to do that if you don't have to.

So pay cash next semester and you'll be straight. It's kind of like, I'm trying to think of a good analogy here. It's like trying to eat soup with a hole in your spoon, right? Right, right, right. If you are paying off this debt while sitting around taking more debt on behind you, right? Right, right, right. At some point, you got to just call it. Stop it.

Say no more debt. Yeah. If you want to get out of debt, you have to stop getting into debt. If you want to- Say that again. That's like a prophetic statement. I'm serious. It's so debt, you have to stop getting into debt. Say that again. That's like a prophetic statement. I'm serious. It's so deep, man.

I mean, God just gave it to me. If you want to get out of debt, stop getting into debt. Okay? If I had a xylophone, I would just hit right now. Listen, man. If I was in church, I'm not even going to say that. Stop getting into debt. I love it, Nicole.

Hey, we're so glad you're with us, Nicole. A few months from now, you're going to be out of college. You're going to start paying your stuff back, and you are going to walk a life a free woman. This is The Ramsey Show. Thank you. 888-825-5225 888-825-5225 We're taking your calls on life and money. Let's go to Adriana in Phoenix, Arizona. Adriana, what's going on?

Hi, so I'm calling because me and my husband, we want to purchase a house, and this would technically be our first house. We don't want to set ourselves up for failure, but we also don't know since it's our first time, we don't know where to start, what's good for us, what's not good for us. Is this

a good time for us to try? You know, we just don't know. We don't want to start something new. All right, hey, talking to the phone there. Are you outside with the wind? Yeah. All right, get somewhere where we can hear you where the wind's not on you. And then ask your question again.

So y'all are about to buy your first house? Yes, we want to buy our first house. Okay. But we don't know where to start. We don't know if it's a good decision right now with the market. We don't know where to turn. Like I said, it's our first time, so we don't know what to expect or anything like that. All right.

You've got the expert sitting right next to me. Yeah. So give me a little bit of your financials. What do you all make a year right now currently? Between $60,000 and $70,000 a year. Okay. So we got in between $60,000 and $70,000. Okay.

And do you have any debt? I can't remember if you said that. I was hard hearing. We just recently paid off all of our debt. Okay. So you're good for you. Congratulations. Okay, cool.

How much do you have in your savings? We have about $15, debt. Okay, so you're debt free. Good for you. Congratulations. Okay, cool. How much do you have in your savings? We have about $15,000. Okay, so we got $15,000. Now, is that a good full three to six months? Yeah, I would say so. What would you say it is? Well, monthly, our monthly bills equal $2,500. Okay.

All right. Sounds good. All right. So I think that you all are in a great place to start the process of the home process. So if your monthly expenses are running about $2,500, this means that you're going to need about $7,500. So if I was you, I would just go ahead and make that a flat 10 K into your emergency fund that you do not touch.

So this leaves you with $5,000 in your savings account. All right. I see that you're in Arizona, so you all can get a beautiful home in Arizona for about $200,000. Am I correct? Yeah. Yeah. So for a $200,000 home in Arizona, which will be beautiful, you only need $40,000 to put down on your down payment to get into a conventional loan with no PMI.

And so I'm going to say from right there, that would be it about we teach make sure that your mortgage payment is is 25 percent less it's gonna be your mortgage payment and homeowners insurance and hoas if possible so if you do this thing correctly this means that your payment shouldn't be no more than 1250 of your actual take-home pay so So this will be $1,250 should be your max on your mortgage. All right? So I'm saying for you all right now, go into Baby Step 3B, where number one is you're going to save $1,000 emergency fund.

You already did Baby Step number two. You paid off all your debt, and you've already done Baby Step number three by having $15,000 in your savings account. You only need $10,000. Now 3 B is when we work to save 10 to 20% of, uh, your money. So you can have for a down payment on your mortgage. So I would spend the rest of this year, just getting to about $20,000 in your account.

Once you do that, go get you a home. Okay. All right. So that's the's the very first step now the second step is once you get your twenty thousand i want you to call churchill mortgage um and tell them hey anthony and john from ramsey solutions sent me to you all uh we are looking to purchase a home we don't have any debt but we do have twenty thousand dollars that we can put down and worst case scenario if you find a great home and you can put down $10,000, go ahead and do that. That's fine too. But call Churchill Mortgage. Tell them, hey, you want to get pre-qualified. This

is my budget. I'm not going past this. Here's the money and they'll take good care of you. All right? Okay. All right. Sounds good. Hey, I love it. And then one final thing I want you to get with an ELP that's going to help you navigate the home buying market there. Yes.

Right? Yes. According to the United States Census Bureau, nearly one in ten people relocated last year, and that was in 2020. And that means this year everybody's buckling down. There's a good chance you or someone you know is going to be planning a big move. Now, I know it feels like there are a thousand unknowns you're juggling when you're relocating, but you cannot lose focus of one of your most important personal and financial factors in your move, your housing. Just like we were talking about, man. They get so excited.

They've done everything right. Then they're going to fall in love with that one house. They may overpay. They may not know in this particular neighborhood it's like this versus that. Get an endorsed local provider, right? I recommend hiring a quality real estate agent like one of our endorsed local providers or ELPs to help you find the right home in your city. Anthony used one. I used one.

This is what we do here. This isn't just something we pop off at the mouth about. This is what we trust our families and our own home buying experiences with. Absolutely. They are top performing experts in their local market and have years of experience helping folks just like you make successful moves. Yeah. It's easy to get instantly connected with an ELP agent right now. Just text HOUSE to 33789 to talk with a Ramsey trusted agent about how they can help you with your relocation.

That's HOUSE to 33789. All right. Let's go to Esmeralda out in Santa Barbara. Esmeralda, what's going on? Hi. Hey. Hey. So my question is, my husband and I own a couple of properties, our main home,

which has a granny unit, and we have a little Airbnb running out of it, and a second unit that's a duplex. My husband wants to hold on to it, but our mortgage insurance and utilities have left us kind of not making any money on it. And the rental market in our area has boomed. I spoke to a realtor and the suggested price that they say

we could get for it is about $815,000. How much do you have in it? We bought it for $360,000 and we owe about $290,000. You can sell it for how much again? 815,000.

Okay. Well, what's the question? I would have sold that yesterday. The question, well, the 815, I'm sorry, is if I add a third unit to the property. Oh, so you got to invest money into it to get the 815. How much money do you need to invest to get that money? How much would it cost you? $27,000.

$27,000. Okay. All right. Well, let me ask you this question. Why did you all get into the rental property? Did you get into it for the equity and long-term play, or did you get into it to generate monthly income? My interpretation of it, this is where my husband and I differ, he wanted the monthly income, and I wanted to hold it for a little bit and sell it when it was more valuable.

Yeah. He is under kind of the guideline that if we add that third unit, because it makes sense to add it for such a low cost, he wants to keep it. I would like to take that money and pay off our home. Your personal home? Yes. Yeah, I like that idea. All day, every day, including Sunday. I love that idea.

And we're about to go to break. Here's my thing. I think you two need to sit down. You have some great options. If I'm in your shoes, if I'm your husband, I'm sitting down asking ourselves, okay, how can we pay off our personal home and keep that property and see if we can get that thing to a million dollars and then sell it? Because you're right around the corner from it.

So we can keep it for another five years, see if we can get it appraised for $900,000 plus, and it's right around $150,000 on it as owed. I'm going to keep that money because that's good money, especially with a $27,000 investment. So this one right here, ma'am, I think you and your husband got to sit down and talk. You're debt-free. You guys got some good money set aside. Figure it out. I mean, how can we pay off our home?

For sure. And then also, how can we keep this here to possibly gain more equity and then sell it? And then you're sitting on $600,000, $700,000 in your pocket. And do not take out a home equity loan to build that third unit. Do not do it. Don't touch it if you don't have $27,000 in cash. If you do, I'm going to come out of this show and I'm going to come get you. This is The Ramsey Show. Our scripture of the day comes from James 1, 12.

Blessed is the one who perseveres under trial because having stood the test, that person will receive the crown of life that the Lord has promised to those who love him. Thomas Edison said, the most certain way to succeed is always to try just one more time. Try just one more time. And speaking of trying just one more time, and then and then man you hit one out of the park the table with anthony o'neill your youtube show has just lost its ever-loving mind podcast is up into the right tell us what's going on man you know one of the things that i love about uh the table and what you know our team is doing over there with the AO brand is we're really understanding

that this younger generation of 18, but between 18 and 34 really want that real relevant and relatable and authentic, uh, conversation, you know, um, the language over there is a little different, you know, the, the community over there is a little different. Um, the little tone and feel of it is a little different. Um tone and feel of it is a little different. We're just having that real conversation about money. We are having a real conversation about how our relationships are impacting some of the decisions that we're making. That's impacting our money. That's impacting us and preventing us from actually building wealth. I'm making the word retirement sexy in the younger generation generation.

And it's not a safe show. You know, you're going to come on air. You're going to get my raw, authentic opinion. You're going to get some practical information that would change your life. And you're going to hear some amazing stories of young people, um, from all walks of life, um, all ages, uh, especially around the 18 to 34. Um, for an example, I have a show coming up with a couple, man. I can't wait, John, you're going to love this one. Uh, this is why everyone needs to go subscribe to my channel today. Um, I have a young guy coming up. Um, him and his wife started off on food stamps.

He's 33 years old and him and his wife now generate $10 million a year in revenue. At 33, debt free. They just made it onto the Forbes list last month. They paid cash for a strip mall. Cash at 33. They didn't finance nothing. didn't they didn't go and borrow no money no they paid cash and brother when i say we we we we walked that walk bro we talked that talk on the show um like i said the language is different it's not bad but it's just

it's just a different type of language for a younger audience and i mean bro i left that show i left my own show encouraged inspired um and those are the kind of conversations that that i really love that we're having at the table and i'm so grateful for our team um you know we have chris right over there producing the show right now um then i have my my business manager brand leader um alex uh then and then you know taylor and her team just made me an amazing studio. So let me get into this. So I think the challenge is that as a parent I have is I remember what it's like being 11.

Right. And I pick up and transpose my life onto my current 11-year-old son. Right, right, right. Right? Right. And some wisdom is timeless. Some values are timeless. Right.

And in other ways, life's just different. Absolutely. They do P.E. different. They teach, you know, as Nate Bargatze mentioned today, they teach math different now, right? What would you tell a parent driving down the road right now who's got a 22-year-old, a 29-year-old? It's easy to remember.

When I was 22, I was fill in the blank. When I was 29, I remember that. What are some things you're hearing over and over, some common themes that are rising up from 25-year-olds to 29-year-olds as they're trying to navigate this chaotic world that we live in right now? One of the things I tell parents all the time, not even just parents, grandparents and older people, when they come to me complaining, time, not even just parents, grandparents and older people, when, when they come to me complaining,

well, younger people just don't listen. Well, listen, the message doesn't change. It's the method of how we deliver the message that needs to change a little bit. You know, one of the things I love what we're doing here at Ramsey is you're able to reach people that I'm not able to reach. Dave is able to reach people that I'm not able to reach.

I'm able to reach people that, you know, some people here may not be able to reach. We're not talking to reach. Dave is able to reach people that I'm not able to reach. I'm able to reach people that some people here may not be able to reach. We're not talking different messages. We're changing up the method of how we deliver it. And so one of the common things I'm hearing from young people is, I don't want to hear about retirement. That's for old people. Well, it's not for old people. And so what I'm doing, I'm flipping it, saying retirement is just building wealth. And wealth is going to help you live longer and enjoy your life whenever you decide not to work. The message is not changing from Dave and myself or from Rachel myself on a money side. I'm just changing up the method on how I deliver the content. So if parents are driving right now, you say, man, my daughter just won't listen.

I want to go to college debt free. Cool. Put her onto my content. Get her over to my show because she's going to get the same message that you're getting from the Ramsey show. But she's going to get it in a way that is more appealing and that is more understanding to her and her age bracket. One of the things I tell young people, especially right now, being a former youth pastor and I tell youth youth pastors this, you never want to talk to an 11th grader like an 11th grader. You want to talk to 11th grader like he or she is a freshman in college because they look up to the college age. Middle schools don't want to be treated like middle schoolers. They want to be treated like high schoolers. So level up when you're talking to them. Level up when you're talking to them.

Never go way down to the level because they don't feel respected they don't feel important no when you treat a eighth grader like a rising 10th grader like oh yes and so it's like for me um that's why for me all of my mentors are older than me they're in their 50s they're in their 60s why because i want the wisdom that they have because one day i want to be like dave ramsey one day i want to be like bishop td jakes one day i want to be like dr tony evans one day i want to be like Bishop T.D. Jakes. One day I want to be like Dr. Tony Evans. One day I want to be like Mark Cuban. So I'm looking older. I'm getting my information from someone older but not too much older than me.

And so at the table, man, we're simply just really staying in tune with the culture. I'm staying in tune with what is the world saying about wealth and about stuff like that. And I'm teaching them. And this is the truth. I just recently purchased my car and I put it on like that and i'm teaching them man and this is the truth um like you know i just recently purchased my car and i put it on my instagram and i put it

on my youtube some people say well why did you say that but let me tell you why young people are looking at these celebrities and say i want that car i want that house but then they're looking at them and they're not understanding that these people are financing it they're putting on lease they're not paying their bills so they can look a certain kind of way. It's not real. And what I'm trying to show them is like, hey, we can get our dreams. We can get, we can go after everything that we want,

but there is a way to do it and we gotta have a solid foundation. And so for me and my brand, I wanna show them, hey, I waited six years so I can save for this car. I'm waiting another three years so I can build my dream house. I waited to do this because I wanted to make sure I was out

of debt. I wanted to make sure I had a fully funded emergency fund. I wanted to make sure when I purchased my home, I wasn't house broke. I wasn't house poor. So that's what we're doing over at my show, man. I don't want to talk too much, man. Go to YouTube.com and subscribe to At The Table with

Anthony O'Neal. Yes. Awesome. All right, let's go to – Real quick. What's up? Real quick. Let's get a phone call.

Let's go to Noel in Miami, Florida. What's going on? How we doing? Hey, guys. How you doing? Good. How can we help? I called Dave Peters back in 2014 about paying off his student loan,

and I did that and then called back again about saving up for a house, and I started saving emergency funds, started putting more money into 401K and saving for a house, so basically 3B, which I'm still in 3B. It's like mini B. And along the way, along the path, I got engaged. We could not get on the same path in terms of the finances. We broke up. It was about 18 months. We got back together and then got engaged.

And I was compromising in some areas. But I really didn't want to. And then it ended up things just didn't work out and broke the engagement off. Hey, Noel, we're sliding right up against the clock. Let's get right to your question. I've got $155,000 saved up towards the house, and housing is very expensive. And so the whole time since I've been saving, I thought I was in a three to five year window of either investing or just saving cash. And so I want to know, you know, should I be stopping the cash and putting into a mutual fund or putting some

into a mutual fund now? Not, you know, necessarily. I can't really afford a house based upon a 25%, you know, take-home pay in the area where I work. So just trying to seek some guidance on continuing to save for the house to have more. So listen, man, sorry we had to cut you off so quick. But here's the thing. If you're going to buy the house within the next three to five years, keep it in a money market account so you can put it towards the house. If not, go ahead and put it into a mutual fund. So that way you can get a

little bit more interest for it if you're going to do it after five years from now. All right. So sorry we had to cut you off, bro. I want to thank James Childs and Kelly Daniel for another great show. Anthony. Hey, John. Love you, man. Love you, too. Ladies and gentlemen, this has been The Ramsey Show. Have a friend or family member that needs a daily dose of Ramsey advice in their life?

Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.