The Ramsey Show - App - I'm 15...What Should I Do With Money While in School? (Hour 1)

Episode Date: June 15, 2021

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I Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is The Ramsey Show, where America hangs out and have a conversation about your life and your money. My name is Anthony O'Neill, host of the YouTube and podcast show, The Table with the one and only, me, Anthony O'Neal. And I'm excited to be hosting the Ramsey Show today, solo. Dave is out.

Our personalities are out impacting the world. And they asked me to hold the fort down. And I said, I could do that. I could do that because I got an amazing squad. You know, I got Kelly on the phones. She's going to make sure I'm all right. You know, James Child is in the building helping us out. And you, America, your phone calls are going to be amazing.

And I'm just looking at the beautiful people out here in the beautiful weather. It's 80 degrees out here. y'all are smart to come today because yesterday was 90 90 something degrees and y'all are so smart and i love this young couple out here he held her real tight he's like that's my queen right there i like this man so listen uh we're gonna have a good day today y'all know me when i get on the ramsey show with dave with the personality without the personalities um i keep it real i keep it real relevant and relatable they call me the millennial guy i love talking about money i love talking about relationships so if you single and you got questions about what you what should you be doing with your money while you're single

how much did you spend on your first date should you go ahead and just X her out of your budget give me a call we can talk about it all today 888-825-5225 888-825-5225 888-825-5225 and it's going to be an amazing amazing day as a matter of fact we're going to start off in Sacramento California with Michael

good afternoon how can I help man hey there Anthony very good to talk to you. Long time fan. Appreciate everything you're doing. I actually just wanted to reach out in regards to me and my wife. I'm a father of one with another one on the way. Our life is progressing. We are pretty rooted here in Sacramento. I have my parents that are retired, my wife's parents that are retired. They both help with the kids, so it's awesome. But we are at the point where we're debt free. buy a home immediately right now, but within the next two years. We just wanted to see what your thoughts are in regards to a 30-year mortgage versus a 15-year mortgage. Price range is usually pretty higher than most of the country.

Yeah, yeah, yeah, yeah. I definitely understand. It's such a great question. So you got about $51,000 in your savings. Now, is this $51,000 on top of your emergency fund, Michael? No, not on top of that. So it's just $51,000. I'd say three months worth of savings for us would be about $15,000.

Okay, so you're getting about $15,000. So you have about... Yeah, I'm just kind of getting started. Okay, cool. Great. So how much... What's your household income? My household income is about $112,000 right now. $112,000, so that's you and your wife combined?

Yes, correct. Okay, cool. How much of a house are you looking to buy? Anywhere close to... I would say it just would need to be at least three bedrooms, two bathrooms, preferably in a better neighborhood to a great market.

That's pretty much where I'm at. So you're looking at about 2,000 square feet in between 1,700 and 2,200 square feet? Correct. In Sacramento, so you're looking at about a half a mil to maybe about $650? Yeah, probably about a half a mil to maybe about 650 yeah probably about a half a mil probably beat the budget yeah yeah probably about half a mil yeah yeah um and so you will need 20% down okay uh this is what this is what I teach this is what

we all teach here at Ramsey Solutions uh the goal is to have 20% down uh Michael now bare minimum 10% okay the 20% is so that you can avoid a PMI, a private mortgage insurance. So when you choose a 30 years and this is something I love to spend a little bit of time, let it just marinate for people. OK, you're going to be in debt for 30 years. Number one. Number two, you're more than likely if you get into a 30 year loan, you're going to be paying a PMI. So you're going to be paying your mortgage payment and interest, but you're going to be paying something else called a PMI that is not helping neither side. OK, and so we want you to get a 15 year so that way you can get out of debt quicker. You're going to get into a 15 year with equity because you put down 20 percent. And those are the two main things that you do.

Now, listen, be honest with you. Are we going to, you know, scream at you and go crazy because you get a 30-year loan? No, but the wise decision is to get a fixed rate over 15 years with the goal 20% down with the bare minimum of 10% down. Okay, so this way you can get yourself and your family out of debt quicker. Now you're already out of debt, Michael. So I don't want to see you get out of debt and then you have a fully funded emergency fund.

You're investing into your retirement. How old are you? 32. Oh yeah, man. Come on, brother. You with me. Maybe you a millennial. We got to do this thing right.

Come on now. So this is what I want you to do. I want you to stack up to 20 percent because you're not in a rush. And I think the market is going to be like this for the next 12 to 18 months. And so what I want to do is I want to see you sit here, work hard, save as much money as you possibly can. Get that 20 percent. Get into a 15 year. Make sure your mortgage payment is 25 percent or lower than your net pay. And then choose a home that, you know, you're going to be in for the next few years. And I guarantee you, when you get inside this house, you're going to see how close you are to paying it off. You're going to pay this thing off. You're going to be, you know, in the mid 40s, 100 percent debt free with a beautiful home, with a beautiful mortgage. And you're going to get real. We're really excited. And so I love it. How many more kids do you all want down the road? Maybe one more, but hopefully.

Hopefully. So that means that you may need a four bedroom. Keep that in mind, because, you know, if you're a family man, you two kids and maybe a bonus room. So I even think about that. Maybe you hold off for two more years on saving up so you can get, you know, a good four bedroom with a good backyard and make this your home for the next few years as you're raising your kids. couple, debt-free family, paid for a mortgage, fully funded college fund, fully funded 15% investment in Baby Step 4, and your kids are 18 years old, going to college debt-free, parents are debt-free. That is such a beautiful legacy to start. And I really want America to hear me on this. I think we all should be really dreaming about the future. What do you want your legacy to look like? What do you want your generation that you raise, that you bring onto this earth to look like?

I remember I was watching a show with Oprah and Steve Harvey and Steve Harvey was telling the story of his grandmama and she said do you know your great grandfather's last name he said no i don't she said do you know why he said i really don't she said because he didn't leave you with anything what are you leaving your people with are you leaving them with debt you're leaving them with pain are you leaving with joy peace wealth land wealth land, knowledge, wisdom that's what I want and we do that by taking these baby steps

and making sure that we're making the right decisions, why? because the caliber of our future will be determined by the choices we make today so let's make the right one, in America you've made the right one because you're listening to your boy Anthony O'Neal right here on The Ramsey Show and I'll be right back.

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And we're going to go out to Denver, Colorado with Miguel, and we're going to keep it real with him. Hey, good afternoon. How can we help? How are you doing, Anthony? Doing all right, man. How are you? Doing well, thank you. So just kind of a little bit of a dilemma right now so i am currently 25 years old okay um i am making about 60 000 a year right now hold on we have we got a dilemma you 25 making 60k hold on brother let me hear this dilemma all right let's see um so i'm 28 000 in student loans. The other thing is, so I just recently got engaged and this is where this all comes in.

I own a 2020 Tacoma, which I got for 47 and right now I owe 33. Obviously my fiance and I, we want to build our own life. We want to get our own place and this and that. My dilemma right now is in if I should sell the Tacoma and use that $700 a month that I'm paying to pay out my student loans, save up for a bigger down payment. Uh, right now I am saving about a thousand a month. Um, but yeah, that's kind of where I'm at right now. How much money do you have in your savings account right now?

About 13,000. $13,000. Okay. If you sell this, this car, it's actually an SUV, right? A truck. It's a truck. Okay. Yeah.

What can you sell it for? So you owe $33,000 on it. What can you get for it? So the value on Kodak Blue Book for the base model is $41,000. I do have the premier package on it. So I've been looking at, I've been here and I can sell it for up to $43,000, $45,000. So you can get $43,000. I do have the premier package on it. So I've been looking at, I've been here and I can sell it for up to $43,000, $45,000. So you can get $43,000 right now for the car? Yeah. Yeah. How much do you love your wife? I mean, your future wife?

Love her to death. That's why I'm thinking of selling my baby. Oh yeah. So I'm talking about brother, I'm selling that thing today. I'm getting off the phone and I'm selling it. And what I would getting off the phone and I'm selling it. And what I would do is I would go ahead and sell it for private and see if I can get 45. That would put you 12K. And then what I would do is, honestly, I would take 10K of that, go buy a car, add the other 2K with the 13,000 you have saved up. Okay. the other 2K with the $13,000 you have saved up, okay? And then I would use that $15,000 to cash flow your wedding.

And, again, I'm not Dave, and this is Anthony O'Neill's opinion. I think right now, because how much debt does she have? She has about, I think it's just her car which she was about 10 000 on okay cool so and what you make 60k how much does she make so she just graduated um so she's still working on her internship she's only making about 14 an hour right now okay so she's about now once she um gets into her career field what can she make on average let's say low low end no i want to say 20 an hour 20 an hour okay cool so that's pretty decent all right cool so this is what i want to suggest to you man okay uh all seriousness um one of the things that that i tell people your car value should never be more

than half of your salary you're already there so i'm with you i'm selling this car uh today and you know what if you want to get out of it quickly so that way you're not um putting more miles on it i will go ahead and sell it for you know forty three thousand dollars uh so that way it gives someone else the benefit and a little bit of encouragement to get into it because they're saving two thousand dollars on the car so you'll get ten thousand dollars and then you can can go ahead and go buy you a cash car. You can buy a good cash car in between $5,000 and $10,000

that's reliable to get you back and forth to work and even a decent car. I mean, that's a good Honda. That's a good Toyota. That's a good Nissan, Altima. I mean, you can get a good quality car.

Now, it may not be a truck, but it's a good, reliable car. Then the $13,000, I want you to sit down with your fiance and I really want y'all to have a conversation. Okay. And this is something that I'm not a relationship expert, right? Uh, but I am single and I look forward to having this conversation with my fiance whenever, um, God allows me and blesses me to find the love of my life. I want to ask like, what to ask, what are our goals?

Where do we see ourselves in the next 10, 15 years as a couple? What do we want? Do we want to be homeowners? Do we want to be traveling around the world? Do we want kids? And then when we can really identify that vision, then let's work backwards. And then that should be able to answer this one question. How much money do we really want to put into a wedding? Do we really want to drop $15,000, $20,000 on a wedding right now?

You know, would we rather just put maybe five grand into a good wedding and then take this other money and put it towards our debt so we can move towards our goals? Now, I'm not knocking people who want to spend a lot of money on their wedding. I do not. But I do want to make sure that I give you the information, Miguel, and just help set you up to make the right decision moving forward. Make sense? Yes. Yeah. So I would definitely sell you a car. I would definitely go ahead and have the conversation with your wife

and start saying, okay, what's our budget for the wedding? Okay. And then from there, you two move forward. But I'm super excited. Do y'all have a date for when y'all going to get married? So, yeah. So, I mean, that's kind of where we're at. The plan was to do it September of next year.

In the back of our head, we were also like, okay, well, we can spend on the wedding. We can also spend on a down payment for a home. And later on, if we're well off financially, then we can have the wedding that we've always wanted. Why are you waiting so long? What was that? Why are you waiting so long? That's another year of some change. That's a long engagement, brother.

Weddings are so expensive that we just wanted to save up and not go in debt with the wedding as well, you know? Wedding doesn't have to be expensive. You are correct. You make it expensive. So I got to convince her to do the same way. Man, you know what? As a matter of fact, I'll tell you this much, okay?

Hang up the phone, call your girlfriend, okay? Tell her to call back into the show. Tell her to tell Kelly that Anthony told me to call the Ramsey show because he want to talk to me about wedding, how much we should pay for it. Because here's the thing, America, you know, we do not have to spend a lot of money on getting married. No, we don't have to do it. Who cares if America says we should spend 20 grand, 15 grand?

Ain't American paying for the bill. OK, so here's the thing. You set the budget and you get creative with that budget that's the bottom line so tell your fiance to give me a call 888-255-225 tell her hey just tell her tell her kelly that anthony told me to call and she know she already know but in all jokes aside miguel i want you to stay on the line uh Kelly's going to pick up and because you're getting married I really want to help set this young couple up 25 years old good head on your shoulder I'm gonna give you a free year to Ramsey plus I want you and your fiance to walk through that together okay together not solo but together and seriously if your fiance wants to call in and

talk to me about wedding advice, I would love to give her some suggestions on how she can get creative for the budget. But it's so funny, you guys, that every time I'm on the show with Dave or even on my show, The Table with Anthony O'Neill, it's so funny how this younger generation, we just feel as if we gotta spend

a whole bunch of money on a wedding. And you don't have to, okay? Now as if we got to spend a whole bunch of money on a wedding and you don't have to okay now if you want to and you have the means to do it you have the financial resources to do it cool great but if you're if you're in debt if if if you barely have a job no man my sister she didn't spend 10k you know when she got married y'all she didn't spend 10K, you know, when she got married. She didn't spend $10,000 and she had a beautiful wedding in the backyard of a beautiful, big old, big old house. It was like, imagine it was almost like 15,000 square feet. And we just rented the backyard, dropped a few thousand dollars over there. And the most expensive part is the food. Now, Kelly, this is why I think I'm be single for a a long time because i ain't spending a lot of money for the food you know

i have this problem kelly and america probably ain't gonna like me when i say this but it is what it is okay why do i gotta pay for y'all to come celebrate me getting married why i got to feed you to come celebrate me getting married see you see what i'm saying kelly talking i won't look at it because she a woman i'm gonna look over here because we got a debt free scream coming up next on the next segment but i don't understand that i gotta spend fifteen thousand dollars so you can eat at my wedding i'm not if i can't afford it i can't afford it that's what i'm gonna say that's exactly what i'm gonna say but i'm excited though because coming up next on the next segment you guys we'm going to say. That's exactly what I'm going to say. But I'm excited, though, because coming up next in the next segment, you guys, we're going to the Debt Free Scream stage.

We've got a young couple out there. I'm excited. I'm pumped. So tell your friends, tell your family, tell everyone to tune in to The Ramsey Show. Anthony's on here. Coming up next, we're going to hear how some amazing young people paid off all their debt. This is The Ramsey Show. And I am excited because we have a dope young couple. I said dope.

We have an amazing young couple on the Debt Free Scream stage. Nathan and Kelly. How y'all doing this afternoon? Hey, Anthony. Good. Oh, man. Now, I did say young. Y'all are young, right?

Yeah, I'm 28. 29. Oh 28 29 that's gonna be so good okay okay okay so nathan and kelly uh let's start off here uh where do you all live milwaukee wisconsin milwaukee wisconsin okay cool and how much have you paid off 133 410 dollars 410 dollars okay cool how long did it take you? Three and a half years. Three and a half years. How much money were y'all making during that time? We started at around $58,000, and now we're at about $98,000. Wait, wait, wait.

What do y'all do? I'm a graphic designer. Okay. Yep. Marketing coordinator. Graphic designer, marketing coordinator. And you paid off about $13 000 yep okay wait a minute okay all right let's talk about this what kind of debt is this uh mostly student loans but um in the

beginning there was some credit cards car loans all the normal stuff out of the 134 how many of that was how much is that with student loans close to a $100,000. Yeah. Close to about $100,000. $100,000 in student loans. And then the other stuff, which is regular stuff, credit cards. Right. Yeah. What else was it?

Any cars? Yeah, two cars. Two cars. Okay. Did y'all sell the cars or did y'all just pay them off? We paid them off. You paid them off.

Okay. Y'all are all right with me. So talk to me about the journey. What happened that got you all on the journey? So in the beginning, I think I just had heard of it. I started watching the YouTube videos for a while while we were both in school. Okay.

And then he graduated before me, and then I did. And I finally got the book. He was, like, a little bit resistant, but he's like, well, I can read a book. You know, so he read it, and then we both got excited about it. So why were you hesitant to read the book in the beginning? Like, honestly, Dave is not here, so you can really tell. I'm just a spender, like naturally beforehand. I was just like, I didn't see like the point, like I was young and I was like, it'll all get figured out.

Like, I don't have to worry about it right now. Okay. And we had a big amount. Yeah. It seemed impossible. Yeah. $134,000. I mean, y'all did that in three and a half years.

Like, y'all were grinding. Right. I mean, how did you do it? I mean, what happened? Yeah. Walk us through this. How did you pay off? What was the number one thing that helped you pay off $134,000?

Yeah, well, we had a big why. We wanted to start a family. And at that point in time, we had no idea how we would do that and actually have the life we wanted. You know, you've talked about that before. You know, that's like your biggest why. And, you know, our first couple years of marriage, they weren't great. Wow. halfway through the, this journey, uh, we became foster parents. So that's what we're doing now. Oh man, that, that has to be a beautiful thing. And you're right. One of the biggest things that I teach, um, is, is if your why doesn't make you cry, then the price of commitment will make you cry. Yeah. And it sounds like your, your family, your kids were, uh, your biggest biggest biggest why and and i love i i honestly love that um what did it take

what was like the key thing to you getting out of that what was it was it a budget was it what was it um i think like the budget was key and just like good communication between each other yeah um just because like in the beginning it You know, like, we didn't always agree on everything. But by the end, it was like we were in sync. We were having monthly budget meetings and making sure everything, you know, the every dollar budget using the app. Yeah. That was really helpful.

Now, what was the hardest thing? Now, I'm curious. As a young couple going on this journey, you know, you're in your 20s, you know, and I'm pretty sure your friends are looking at you like, what are y'all doing? What are you talking about? Like, what was some of the what was one of the hardest things that you two had to get through? Yeah, I think that was the hardest thing. You know, we kept it pretty quiet, you know, in the beginning for the first couple years. I think people just thought we were like homebodies and like, just didn't care about stuff. But that's not really what it was. You know, we really just put our blinders on and I think that's the biggest key because even if we looked at the whole

mountain of debt we had to pay off we had no idea like how we'd ever get to that point we just had to worry about today and like the the debt we were paying off like the credit cards in the beginning and um it got hard even after we had done the cars and stuff and we had to do those big student loan payments we were like oh gosh uh yeah so putting our blinders on and ignoring it i remember like i didn't want to get a 20 haircut once and i was like really like 20 isn't gonna fix anything but it was the principle of it you know oh man i love it to to the young people listening right now really to to everyone. But, you know, I love when I have young people on the stage. I love to hear what what's your encouragement to

other young millennials that are coming up saying, hey, I don't have to pay off the debt. I'm young. I'm just going to enjoy this. I'm just going to ride it. What would you say to that young person that's listening to you all today on why it's important to avoid debt or if you have debt paid off. Yeah. If you do nothing, nothing's going to change in your life. And that was, we felt almost like we didn't have a choice, but to do it because we didn't want to keep living like that forever. We actually got it done faster than we expected to because we just focused so intensely on it yeah yeah yeah what about you man um yeah i think you know really just keeping your mind on your why too is really important like when we started our family and stuff i just knew like um

i wanted to be able to give my kids like things i didn't have i love it they're over here getting emotional y'. They're about to make me cry. So what's next? You guys are debt-free. What's next for this family? Learning how to have fun with the money again. You know, it's an adjustment, you know? I mean, like money doesn't make you happy, but it buys you some fun.

So we're trying to figure out what things we care about that we're willing to spend money on now. Listen here. I'm going to tell you that right now. Money doesn't buy you happiness, but it sure enough can play a huge role in you being happy, especially when you don't have any debt. I'm really excited about that. So who were your biggest cheerleaders along this journey? I don't know. People kind of cheered us on, but I don't think they understood it. They just were like oh good good job keep doing you but they didn't really get it i love it i love it i love it i love it well you guys uh man this is absolutely amazing we got a copy of the legacy journey for

you and the total money makeover so that way you all can give that to someone else since you all have already read the book and she forced you to read it. So I want you to give it to someone along your journey. He liked it. Yeah, along your journey. So, all right. Nathan and Kelly from Milwaukee. They paid off $134,000 in three and a half years, making $58,000 and $98,000. Count it down.

Let me hear a debt-free scream. Three, two, one. Count it down. Let me hear a debt-free scream. Three, two, one. We're debt-free! Woo! Well, you see, I love this. I love coming on the Dave Ramsey Show and seeing a bunch of young people out here taking this. This is a 28-year-old, 29-year-old who are now 100% debt-free American. I want you to listen to their heart.

They are foster parents. They are sowing seeds into other young people. And I love that because now they can do that from a debt-free perspective. They can be generous not just with their time and their home, but now they can do that from a debt-free perspective. They can be generous, not just with their time and their home, but now they can actually enjoy their money, enjoy the resources God has trusted them with to honestly be a blessing to someone else. I don't care what no one's saying.

These young people paid off $134,000, started off making $58,000 a year and ended at $98,000 a household income and paid off in three and a half years. That is absolutely amazing. I don't care what you say. If you say you can't do it, you're lazy. If you say you can't do it, you're whack. Yeah, I said it. Okay. If you say you cannot get out of debt, it just means you simply don't want to get out of debt. And if you believe you can't do it, I challenge you to give me a call.

If you can prove to me that you can't get out of debt, I'll bow down. But everyone, all things are possible. I'm about to go out here and celebrate with these young people. This is the Ramsey Show. so so yeah i just had to let that ride out ramsay uh bob is in there killing it i like this guy i like this music right here on the ramsay show huh i ain't said nothing oh i said bob why did i say bob ben i'm so sorry oh oh lord hey y'all welcome back to the ramsay show uh ben

is sitting in for our producer uh james chowden i said bob i don't know why i said bob i'm so sorry ben you're amazing that's all right man yo you're killing the music man actually you're better than james on the music i'm gonna be real don't tell them though um uh yo 888-825-5225 is the number to give us a call uh my name is anth O'Neill. Filling in for the other Ramsey personalities and elite personality, Dave Ramsey. And all of them are out impacting the world. And so they asked me to do the show. And it's a sure thing. So don't forget, you guys, to find out for yourself why Blinds.com is the number one online retailer of custom window covering.

You get free samples, free shipping, and with the new promos they run every month, you'll save even more. Use promo code Ramsey to get the best deal. Rules and restrictions do imply. So today's question, America, comes from Sophie in Alabama. She says, I'm a college student and about to get married. Well, congratulations. My fiance and I have good savings,

but neither of us have a credit card. Good. They just have debit. I love it. Do we need to have credit cards to establish credit or is it enough to just be debt free? I took a family finance class and was told I need a credit card.

But my mom said that she heard from this show the ramsey show that it's not necessary whoever told you that you need a credit card wrong okay you don't need a credit card what you need is financial peace what you need is financial freedom what you need is a savings account what you need to be doing is investing into your future you don't need debt you don't need a score uh you don't need a credit card so you could become an adult no what you need to do is to live below your means and pay for cash for everything so that we can have financial peace so you can have financial freedom okay that's what you need you don't need a credit score it bothers me when i hear people say uh you know that um it's it's something that i need you know and here's the

truth you know here's the truth america here's here's the truth here's the truth i was told the same thing and i went out there and got a credit card because they told me well you need a credit card for emergency so i did just that and you know what became an emergency taking her out to dinner that became an emergency you know what else became an emergency buying her roses from 1-800-Flowers.com you know what else became an emergency is buying her a purse that became an emergency i didn't need that no no a credit score doesn't mean that you are successful i know so many people who have an 800 credit score but don't even have 800 in their savings account let me say that again i know so many people who have a 750 credit score

and don't even have 300 400, $400 in their bank account. Do y'all know, I'm going to teach a second. I'm sorry, I got to calm down. This is a rant show. But do y'all know that nearly 40% of the people in America today don't even have $400 in their savings account? Nearly 52% of the people in America do not even have $1,000 in their savings account. But we want to talk about having a credit score? No, what you need to do is put money in their savings account but we want to talk about having a credit

score no what you need to do is put money in your savings account what you need to do is get out of debt what you need to do is live below your means that's what you need to do and i wish somebody i wish somebody taught me that information let me tell you what else you need to do okay you need to dream a little bit you need to do. Okay. You need to dream a little bit. You need to dream about starting a business, especially ladies. I believe when you start a business, you have ownership.

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seven, eight, nine. Connor's with us in Sioux Falls. Good afternoon, Connor. How can we help? Hey,

thanks for taking my call. Hey, thank you for calling in, man. Just made my day. How can I help you, man? All right.

So I'm good. I'm going to be like a junior in high school this coming fall, and I have like $15,000, and I really don't know what to do with it. Wait, wait, wait. Whoa, whoa, whoa, whoa, whoa. Don't just slide through that. Connor, you got $15,000 cash? Yeah, I've been working since I was 10.

I'd say most of it. I'm going to have like 20 by the end of the summer. What were you doing? Worked at trap grounds until I was 14 and worked fast food the last two years and got promoted recently. And you're just saving the money? Pretty much, yeah. Do you have a car? Yep. What kind of car you got?

07 Impala. Did you pay for it or did your parents pay for it? My parents paid for it. I love it. You going to college? Yeah, I'm thinking of engineering, just a state school. Engineering? How's your grades?

4.0. 4.0? I like this, yo, man. 4.0 student, $15,000 cash in his bank account, and he's already working. This is a millionaire by the time he turns 35, guaranteed. So here i want you to do connor with the money man what i want you to do is keep that money in your savings account all right when you get a full ride to your school school of choice all right i want you to go through the first year without touching that money in the savings account i want to make sure you can get through college 100% debt free.

If you can get through the first two years and you are guaranteed you don't need any money to get through the last two years as far as in you got transportation, you have food, you have everything covered that you would need, gas, all that type of stuff, then I would start investing into a

growth stock mutual fund, which is a Roth IRA. I would start doing that, but I do not want you to start investing into a growth stock mutual fund, which is a Roth IRA. All right. I would start doing that, but I do not want you to start investing this money until you know for sure, 100% that you can graduate from college 100% debt free. If you think there's going to be a little cost, I want you to keep that money in your savings. So for the first two years of college, don't touch it, leave it there. Make sure your grants, your scholarships and everything is covering everything. If it doesn't, then yes, I want you to use that money to make sure that you graduate college 100 percent debt free're going to be 21 22 years old i think you're going to graduate college in three years where you're going um so you'll be 21 22 years old debt free a little bit of money your savings account you start investing around that time

uh 15 bro man you're going to be successful you're going to be successful i i wish i was thinking like you at 15 when i was 15 15 years old, I was running my mouth, chasing the ladies, playing sports, and trying to hide from my parents. You know, I was not thinking the way you were

thinking. So man, thank you so much for calling in. Thank you so much for representing the young people correctly. And I'm telling you right now, man, your future is going to be so, so bright. Well, that's a wrap for this hour, you guys. I want to thank

Ben and Kelly Daniel for taking care of me this hour. And it's going to be a good one. This is The Ramsey Show. this is james childs 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.