The Ramsey Show - App - I'm Afraid My Mom Will Want Control of the Money She Gifted Me (Hour 2)

Episode Date: February 19, 2021

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's The Ramsey Show, where dad is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host, my co-host today here on the air. Ramsey personality, number one best-selling author Chris Hogan, is with us, the voice of the millionaire in America today. Open phones, 888-825-5225. You call in, we'll talk to you about your life and your money right in front of you.

The phone number, 888-825-5225. Starting this hour is Dallas, Texas. Valerie is with us. Hey, Valerie, how are you? I am doing great, Dave. Thank you for taking my call. I'm so excited. Good to talk to you. How can I help? I did your program and did your show. Having trouble understanding you, can you speak directly into your phone, please? Yes. Thank you. Can you hear me better now? A little bit,

yes. I did your program and did your show and your whole program about two years ago and i am an everyday millionaire now good um and so yes um and i had I had no debt, but I have now let my, loosened my reins quite a bit, and I've let myself fall back into debt. of rationalized to say that it's okay because it's debt that's ultimately earning me money because it's debt on my rental properties because I own a lot of residential rental properties and now I've taken on debt off of those properties in the form of HELOCs to either improve the properties or I've bought another property using one of those HELOCs. Gotcha. So since you're not using our system at all, why are you calling us?

Well, because I was using your system and I want to use the system for my debt, but because it helped me before become an everyday millionaire. Well, what happened, Valerie? Why did you go backwards? What happened? Well, it's basically because I wanted to grow. I was trying to grow my business, my residential real estate business and the only way that i could see to grow it was to take on some debt and then use the the rental income to pay off this debt i got you

understand going i understand you went back to being normal so i'm still i'm still back to my point how can we help you today are you tired of being normal. So I'm still back to my point. How can we help you today? Are you tired of being normal? Or do you want to go back again? Well, I am tired of carrying the debt. So sell the rental properties. I know I should sell the rental property, but I hate to sell them. Valerie, we can't help you, darling.

No. We can't help you. Yeah. Wants to be out of debt, but I hate to sell a rental property. Valerie, we can't help you, darling. Yeah, no. We can't help you. Yeah, wants to be out of debt, but doesn't want to sell the property. Listen, you've got to decide which, are you a horse or are you a cow? You've got to decide. I like that. You can't be both. You can't.

You can't be both. There's no hows. And there is no inbred version of the two, okay? So just decide what you is or what you isn't. And then you decide what you want to do. I decided what I isn't. I had a never again moment 30 years ago when I went bankrupt and lost everything. And I said, I'm not borrowing money anymore.

I own a bunch of rental property. Right. Like a lot. With a capital L-O-T of rental property. But I bought it slowly and with cash. And you have to decide what your goals are. And I determined deep in my soul that borrowing money was not the shortest path to the kind of wealth that I wanted to have which had peace, not stress,

and anxiety attached to it. Valerie, you have not determined that, and I'm not going to argue with you. No, you can't. And here's the thing, Dave. I remember in grad school, they would teach us about leveraging, OPM, other people's money. All of these were fancy ways, Valerie, to teach you about debt. And what you've done is you've brought stress and strife into your life, thinking you have a real estate portfolio.

What you have is a debt portfolio. And so what I would do if I were you, when you get tired of losing sleep and get tired of being stressed out, you call in a real estate ELP, you get comps on those rental properties, and you put them on the market. And you pay off those HELOCs and you get them out of your life until you save up some cash and you buy real estate with cash. That's the only way to do it. or clear enough of them that you clear one or two right but let's get the debt gone kiddo and you know you you can't call over here and say dave we believe in everything you say to do but i'm not doing any of it i was waiting work i was waiting on the conjunction dave no i've learned to the but the or you know all of it it's coming

and it's that right after the comma it is And it cancels everything before the comma. That you said. That's right. Yeah. Everything but. Valerie, get your life back, young lady. Get it back. You've bought into this fictional late-night TV real estate program that's trying to make you rich quick, and what it's going to do is make you broke fast.

Yeah. Yeah. You just got to decide. Yeah, you really do. You know what we're going to say. You knew that when you called here, and I'm not going to argue with you about is this an okay thing. It's not an okay thing as far as we're concerned, and you knew that. You knew that, so you decide what you want to be, kiddo.

We're right. You're wrong. Weston is here from Houston, Texas. Hi, Weston. How are you? Hey, Dave. How are you and Chris doing today? Great. How can we help? Yes. So just a quick background. Me and my wife are both 26 and

we're on baby steps four, five, and six. We are expecting our first child. Congratulations. Well, thank you. We're really excited. And we're going through all the medical bills that have to be paid once the baby gets here. And it looks like we're going through all the medical bills that have to be paid once the baby gets here. And it looks like we're going to have to pay about $3,000 out of pocket. I've got an HSA through my work that's got about $1,500 in it right now, so it can't cover it all. So we're just trying to figure out if we should use that HSA for medical, or I've got more than enough money to pay for it out of pocket. Should I just use out-of-pocket expenses? What's your household income?

It's about $95,000 combined. Either one is fine. Obviously, the HSA is tax-free money if used for an expense. I'll tell you what I have ended up doing, and you can consider that, which is what you're considering. I have ended up not using my can consider that which is what you're considering i have ended up not using my hsa for medical i just paid for my medical knock on wood i've been fairly healthy our ramses have been fairly healthy and so i just keep fully funding the thing every year

and there's like 300 000 bucks in the thing because i started doing it back when george w put it in place the first time and um uh And so I have been using it as an additional investment account, and I've just paid whatever medical that came up out of my pocket as I've gone along. But either one is fine. It's certainly what it's designed for. Yes, sir, and that's why we kind of went back and forth, since we did have the money out of pocket, but we also had the HSA.

We were going back and forth whether to just let it grow and just pay it out of pocket. Yeah, the other thing I kind of thought was if I ever had like a huge medical event, I'd rather have the HSA sitting there for that where I could cover something like this out of my pocket. Yeah, I agree. The nickel-dime thing here, I mean, maybe it's not nickel-dime, but $3,000 out of $90 is nickel-dime. Pay it. Pay it. Let it grow. I'd probably leave it alone because you might need it for something big someday. And if you don't, it's a great investment.

It's growing. That's right. This is The Ramsey Show. Imagine the day you submit the last payment on your debt and you finally have extra money to spend and save how you want. For some of you, that day feels like it will never come. I get it. I've been there. But it doesn't have to be that way. It's a new year, and it's time for a new way of thinking.

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and you can start today. Get Ramsey Plus so you can start living the life you want faster. To start your free trial of Ramsey Plus, text TRIAL to 33789. Chris Hogan, Ramsey personality, number one bestselling author, is my co-host today. Our question today comes from Blinds.com. They have a 100% satisfaction guarantee. It means that even if you mismeasure, you pick the wrong color, they will remake your window blinds for free. You get free samples, free shipping.

And with the new promos they run every month, you'll save even more. Use the promo code Ramsey to get the best possible deal. All right, Dave. Today's question comes from Crosby in Idaho. He says, why do you recommend only 15% of your household income to be invested? If I can do more, should I? Ah. So looking at this, Crosby, I'm going to take a stab at this, Dave.

You get 15%. What you're wanting to do is to get started and allow compound interest to start moving for you. However, you're still going to be doing some other things. For example, we invested baby step four, 15%. You're still going to be saving for college, and you're going to be attacking to attack and pay off the house. Now, Crosby, once you attack and pay off the house, you definitely can invest more than 15% because you freed up that income, that payment from going to the mortgage. Yeah. It only applies until the home's paid for.

That's right. And once your home is paid off, then you've got a lot more cash flow and you can do other stuff. Wide open spaces. So obviously, you could do 12% and put more towards the mortgage. You could do 17% and put less towards the mortgage. So why 15%? Is it magical? No.

Right. It's not magical. It's not a magic number. But we did, when we were designing the baby steps, we learned the baby steps from working with people over the years. We first used to tell people to stop doing everything and get out of debt. Then people kept having, you know, the tire would blow out, the alternator would go out on their car, the kid would get sick, and it's $200 at the pediatrician. And they didn't have any money because they paid it all on the debt.

So then baby step one was born. So before you get out of debt, have $1,000. So you got a little starter cushion. So it was born. These steps evolved. We didn't just make them up in a room. They evolved in 30 years of coaching and counseling people. So once we got out of debt and got the emergency fund in place, then we said, okay, what number in the budget with the average household income is $59,000 in America?

But if you're making $32,000, the number still works. And if you're making $232,000, the number still works. What percentage allows you to have money left beyond that percentage? That's a big, healthy percentage. Right. But beyond that, you'd have money left for college savings. And beyond that, money left to begin to pay off your home earlier. And we played with 10

12 17 because we have people that are super savers and they will put 28 in right and then we have people that go i only want to put three percent in because i want to pay off my house right and we knew neither one of those were right because you need to have a good healthy amount going in but not so much that you don't have any left to flow over the edge of the cup, over into the other two baby steps. And so we ran case study scenarios off of real people that we had met with, you know, all these tens of thousands now today, hundreds of thousands of budgets that we have done at Ramsey, and the 15% just works.

It works at almost any number. Now, again, this is not out of the Bible. Right. And so it's not an absolute. You can decide to do whatever you want to do. If you want to do 17%, do it. I wouldn't recommend it. This comes from real experience.

We didn't just make these numbers up. This wasn't in a think tank somewhere that some stupid broke college professor came up with. You know? And, you know, got tenure came up with. You know? Got tenure and no money. You don't want people with no money teaching you about money. The magic of it is, obviously, most everyone has picked up on your percentage that you've devised because it does allow people to continue to take care of life, but at the same time get compound growth started in your favor.

And the same thing when we talk about buying a car. You don't have cars that are more than half your annual income. You pay cash because you have too much invested and going down in value. Right. And the same thing we talk about no more than a fourth of your take-home pay on a 15-year fixed on your mortgage. You don't want to be in debt long-term, so no more than 15 years. And if you have more than 25% of your take-home pay going into your mortgage, you're going to have trouble saving to buy and pay cash for the next car.

You're going to have trouble paying cash for your vacations. You're going to have trouble doing your 15% into your retirement and kids' college and been paying the house off even earlier. So you become house poor. You can become investment poor. Yes, you can. Cash-wise. And you can become house poor cash-wise. You can become car poor cash-wise.

And these are the things that kick people in the kneecap while they're trying to get ahead. Right. And I remember when I first started working the plan, and I was like, $1,000, that's not enough. What's not enough? That's not enough. And then I realized, I was like, ah, wait a minute. No, no, no. This is going to break the habit of me thinking that debt's an option.

And it's going to give me a little bit of cushion. Yeah. You know? And it was one of those things where you go ah because if you won't do that one if you won't do the thousand you ain't no way in the world you're going to do baby you're not going to submit yourself to a plan you're not going to submit yourself to a plan that's right you know what was happening chris and this is in the early days of financial peace university before there was baby steps i mean i was i was teaching this stuff and i'm teaching it

in class and we're sitting in the having the small groups and what would happen is is that somebody would have that was really earnest they really had had an i've had at moment they really were ready to change they really wanted to get out of debt and they're really game on and they're you know they're they're charging the gates of hell with a water pistol here we go baby let's get going you know game on let's bust this thing. Braveheart this thing, right? Let's go. And they go down there about three months, and they're busting into this thing, and their emotional energy is starting to run a little bit low,

but they are making progress. And then that alternator would go out. Or that, you know, tires, you know, brakes would go out on the car or something. A kid would get sick. Some little thing. And, you know, it really didn't ruin their plan, the fact that they pulled out an old credit card and went and bought tires. But it ruined the psychology for them because they felt dirty. They felt like a drunk that had gone and got somebody that was an alcoholic that had been dry for 90 days and then went and got drunk. Right.

They felt dirty. And so they'd quit. So the $1,000 isn't about you and about never using a credit card again. It's about the feeling that you went back to the old ways. You know, the Proverbs talks about a dog returning to its vomit. You know, and it's how it feels. You wake up and you go, man, and you just feel like a dog returning to its vomit. And it's how it feels. You wake up and you go, man. And you just feel like a dog.

You feel awful because you failed. And you really didn't. Right. It's $200 on a credit card. Guy's got $42,000 on his credit cards. The $200 didn't really keep him from winning. That's right. But the fact that he fell off the wagon did.

And that's all the $1,000 is for. It has nothing to do with the actual math. Right. It's to keep you from feeling like you're not working the plan right. Gotcha. Like you failed. And that's what's worked. Yeah. And that's why it's so important.

And so, you know, you see these stupid people posting stuff about us on the Internet. And, man, there's everything in the world out there. People just make up stuff. I mean, Tom Cruise had sex with an alien, you know, I'm sure. And we interviewed the alien. You know what I mean? They just make up crap. And so, but they, you know, Dave Ramsey doesn't understand.

You know, he's out of touch with the times. A thousand dollars. Well, a thousand dollars wasn't enough when we started either, duber. Right. It was never enough. Well, $1,000 wasn't enough when we started either, duber. Right. It was never enough. It was never intended to be enough. And, you know, some financial planner, Dave Ramsey thinks $1,000 is an emergency fund. No, he doesn't, you moron.

That's right. I tell you what I think an emergency fund is. It's three to six months of expenses. The same thing that's been taught in the financial planning community for 50 freaking years. You know, it's the same exact thing. The day fund grandma's rainy faint day fund the gok fund the god only knows fund it's always been the same i didn't make any of this up the only thing about the thousand dollars is to keep your emotions intact and you don't feel dirty like you didn't work the plan when some little dinky butt little emergency comes along.

Now, you have a $10,000 emergency, you've got another issue. That's right. While you're in baby step one or two. Right. Yeah, you do. You've got a different thing going on then. But most people don't have a $10,000 emergency, but about once every 10 years. Yeah.

So, 78% of Americans will face a $10,000 emergency fund once a decade. Now, the trick is, are you going to be ready when that comes? When it happens. And you will be if you work these baby steps in order. That's right. But during the time you're in baby step two, the number of times that that big emergency comes along at exactly the wrong time, it's fairly rare. It doesn't happen often. It's more about worrying about the unknown.

Yeah, that's so good to hear the rationale behind that. I'm glad we talked about that. That's good. And listen, if you're out there and you fell off the wagon, get back up on that thing. This is 2021. You still got time. Let's do it. This is The Ramsey Show. Listen, this is important.

Are debt collectors calling you at work? Are they reporting errors on your credit report? Folks, that's not just wrong. It's illegal. If you think you're being harassed, take a quick survey at collectionbully.com to determine whether you're a victim of illegal debt collection harassment. If you are, Collection Bully will help connect you to a consumer law attorney in your state to make the harassment stop. Learn more and get the help you need at CollectionBully.com. Chris Hogan Ramsey, personality, is my co-host today. Tyler and Shauna are with us in Boston, Mass.

It says on my screen, you guys are debt-free. Congratulations. We are. Thank you. Way to go. How much did you pay off? We have paid off $343,993 in 36 months. Woo-hoo!

Wow! And your range of income during that time? So we started around $150,000, and then when we finally paid everything off, we were up to $240,000. Wow. What do you guys do for a living? I'm a nurse, but I'm currently staying home with our three kids. And I'm in sales. Sounds like it. Yes.

You guys are taking care of business. So tell me, what stuff did you pay off? So we had quite a bit of student loan debt, about $245,000. Ooh! Yeah, yeah, our cars, credit cards, and then a 401K loan. Okay, so you did over $100,000 average a year for three years. You've been on beans and rice, or you sold some stuff, or you had some savings you threw at this. We definitely sold some stuff.

I'll let Tyler tell you about that. Yeah, we sold a couple things. We actually lived in a three-family and rented out the other two units as part of this and did a condo conversion and sold them all individually. So that put a good amount of money in the bank. And you might see pictures of our cars on the screen. One of them is a very excited picture of us leasing a new car. We paid all those off and then decided we wanted to... ...dollars in the bank. You cut out. You said you paid one of them off, and last I heard you were leasing a car, so I'm confused.

Well, we paid off a leased car. So we had two cars that we financed. One was leased, and we paid them both off and just decided we didn't need that much car so we actually we traded down to a smaller car and put sixteen thousand dollars towards our debt oh wow i actually yeah i actually totaled that car three months later and you you hear people call in and use it as an excuse to buy more car we actually traded down trade it down again are you guys there yes weaded down again? Are you guys there? Yes, we went down again. Okay, you're breaking up pretty bad.

Okay, good. Congratulations. So what's the key to getting out of debt? You did an incredible job. Yeah, I think the key to getting out of debt is really having a big why. For us, we accepted Jesus Christ as our Lord and Savior as we started this process and decided we had to tithe. And we just realized we were managing our money poorly and needed to change something. So I think that was one of the big reasons that we decided we needed to make a

change and to just show our kids that you could do things differently, that living debt-free was normal. Yeah, absolutely. Shanna, what was the biggest sacrifice for you? I would say just, I guess, learning to say no all around, whether it be going out shopping or going out to eat, just learning that word no, that wasn't a word really in our vocabulary, and we quickly had to learn what it meant. You said you guys accepted the Lord right about the time you started all this. Tell us the story. What happened here? Yeah, about three months probably before we started our debt-free

journey, we both found the Lord and accepted Him and decided we had to tithe. And we just looked at our budget and realized we were going to be living on 90% less than we had been before. The numbers didn't work, and we weren't sure how we were going to do that. But we just made the commitment to do it anyway. And, you know, the Lord's really blessed our 90% more than our 100% ever worked for us in the past. Yeah, and so a couple months later you, what, found Financial Peace University, did you say? Yeah, somebody at our church was promoting it on the stage, Peter and Alicia Martino. We actually couldn't take it at the time, and we kind of did day-ish for probably 16 months before we finally did FPU on our own online.

We're actually going to be leading our first FPU course in a few weeks, so we're pretty excited about that. Wow, thank you. Yeah, that is fantastic. Good for you guys. We're excited to just share what we've learned and just, you know, the excitement that we felt and the freedom that we've found. I mean, we want everybody to experience that. Well, I'm going to tell you, you guys calling in and sharing your story, you have no idea how you're motivating other people to start to believe that they can, too. And so I'm proud of you guys, and I'm very honored that you're going to go back and pay it forward, leading a class and helping other people find their way as well.

So job well done. Amen. Well done, you guys. Thank you. So this was a pretty intense three years. Yeah, yeah. It actually went by faster than it felt it was going at times. When you got done, was it worth it?

Absolutely. Will you ever go back in debt done, was it worth it? Absolutely. Will you ever go back in debt? Yeah. No way. No way. Not a chance. Nope. Yeah, you live like no one else, so later you can live and give like no one else.

I mean, you make $240,000 a year. You don't have any payments but a house payment. Yeah. That's pretty rowdy. Exactly. You can go do some stuff. Yeah. That's why rowdy. Exactly. You can go do some stuff. Yeah. Well done, you guys.

That's why we did it. We got a copy of Chris's book, Everyday Millionaires, for you guys, because you're going to be one soon. That's the next chapter in your story. Keep working, keep working, keep being intentional. You can slow down on the intensity a little bit, but now the intentionality kicks in. So well done, you two. We're proud of you.

Thank you for leading financial peace university and ramsey plus we appreciate that tyler and shauna and boston mass 344 000 paid off in 36 months making 150 to 240 count it down let's hear a debt-free scream three two one Three, two, one. You're debt free! Yeah! That is a lot of money. A whole lot. I mean, Dave, that's $245,000 in student loan? Yeah. That's a lot of money.

That's a whole lot. Folks, what if you didn't have any payments? What if you didn't have a credit card or medical bills or student loans or no car payments? After 2020, most of America feels the same way you do right now. Stressed, out of control. But 2021 can be your year. Time for you to take control. The best way to do that is the Ramsey Plus Money Reset.

It's our challenge for anyone who starts Ramsey Plus this year. How much progress can you make on your money if you go all in for 90 days? All in to paying off your debt as fast as you can, and then finally saving for emergencies as fast as you can. With Ramsey Plus, we're going to show you every day what to do, every week what to do, the small wins with with your money and even some really big ones and then we're going to help you turn those wins into lifelong habits it is never too late to get a great start this year decide to reset your money go all in for 90 days take control you can do a free trial at ramsey Plus if you want to. It includes Financial Peace University.

It includes the EveryDollar Premium app. It includes all kinds of tools and other courses and classes. It's everything you need to know about money in one place. DaveRamsey.com slash reset. Do the free trial. DaveRamsey.com slash reset. Yeah, no, that's important, Dave, and I've been listening and I've been watching people. You know, I've been

doing a little cardio and doing some stuff, getting myself in better shape, but I was reading on it. It was talking about you need a system. You need a system and a process to be able to follow in order to get healthier and do all the things. I thought, that's exactly what Ramsey Plus is. It's

the system. It's the thing you plug into and do the things that are there well one of the best phrases i've ever heard was craig rochelle the other night we did recently last tuesday night and a week ago today in oklahoma city that went fast and um you know he said quit trying start training yeah yeah training is you going to make mistakes when you're training, and it's never perfect. It's never a straight line from where you are to being wherever you want to be. But when you're in training, you don't eat that. When you're in training, you don't buy that. That's right.

You don't do that. When you're in training, I can't do that. I'm in training. That's right. I can't do that. I'm in training. And I'll just keep saying that to you. That's a really powerful little phrase right there it really is i'm trying to get out of that nope i'm in training i can't i can't i can't buy it do that amazon prime nope nope i can't

click that nope nope that big old pop-up ad that comes looking at you. We need to get like a nope button. We do. You and I both. When you push it, it's nope. When it's Chris's voice, nope. That's what we're going to tell people. This is The Ramsey Show. Thank you. Chris Hogan, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. You jump in.

We'll talk about your life and your money. It's a free call. You jump in. Justin is with us. Justin's in Orlando. Hi, Justin. Welcome to the Dave Ramsey Show. Hi, Dave.

Thank you for having me. Sure. What's up? Just want to call in with a quick question, get your advice and your input. I'll explain my scenario real quick. I am an elementary school physical education teacher. I've been teaching now for 11 years, and it's been a wonderful career path for my family. It's enabled me to have a wonderful schedule with my children and my wife. I have three young boys

all under the age of eight. Long story short, my wife and I found your program right before we got married and had followed it the best we could all throughout the years. We've been married now for about nine years. Started off, you know, working the baby steps, working the dead snowball, and now we're in a position where I feel like we are very, very blessed. God has definitely provided, and your program has been amazing. My situation I'm in now is when we were working the baby steps, I kind of took your joke of selling the dog on Craigslist and the cat on eBay to heart

and started selling everything on eBay until we sold out of all of our own possessions. And I took it a little bit further and started getting into wholesaling. And little known to me kind of stumbled upon a business. I've been doing it now for eight, actually, sorry, about nine, nine and a half years. And this last year has been my most lucrative in terms of the business. It's grown each year and it's honestly my passion, my dream. It's enabled my wife to quit her job, her career job of working in sports technology, and she's now a stay-at-home mom. And I worked hard to be able to get that done for her, and now I'm kind of at the point where I'm itching to pursue my passion in terms of being a full-time

e-commerce seller as well. I just want to get your thoughts on if it made sense and if I was making a wise, sound decision in doing so. Wow. Justin, don't leave us hanging. How much did you make? This past year, my gross income was $120,000 and I netted about $70,000. Okay. And what do you make at your day job? My day job as a teacher, I make $44,000 before taxes. Okay. And what's your lifestyle set up on? You're out of debt. You have an emergency fund, right?

We're out of debt. I have an emergency fund, fully funded, of about $50,000. Our mortgage and house is completely paid off. I live in a $300,000, $310,000 house. And it's paid for? It's completely paid for, yes, sir. You are a rock star, brother. I'm the ball.

So you can live on $70,000, right? I definitely think so, absolutely. I'm very conservative. I think you can. Not that it scares me. I know I have enough confidence in myself. It is scary. It's making a lot of my life to um to becoming

a teacher and going in a completely different direction um but you obviously have been doing this a while this is not a lark this isn't something for one year you did and you got all pumped up uh this is something you've gradually grown over nine and a half years and it's a legitimate serious business now right yes? Yes, sir. Okay. And it's what you want to do. You enjoy it. Absolutely. I love it.

Okay. So when are you turning in your resignation? Well, I was talking with my wife, and I agree with her. She feels that I should finish the year teaching. Okay. That seems reasonable. And probably go into a headstrong beginning of next school year after I would quit over the summer, you know, going into the next school year. Yeah. That was

kind of, you know, her suggestion, and I value it, you know, I'm well-respected in my job and want to leave on a good term. Absolutely, and, you know, finishing out the school year is kind of a classy thing to do. No harm, no foul. You can do that, and you'll have a lot of energy just knowing that it's coming to an end. That's right. Sure. Even though it feels

like it's a long way away, but it's only five months. Right. I would go ahead and let them know that when the school year wraps up you are, and I would get on with my business. Thank you. And I think this. I think you will always be a teacher. It just may not be at that location in the elementary school. You might teach someone how to do eBay stuff. You might teach Sunday school at your church.

I don't know what it is, but I think you're a teacher, too. By the way, I am. I love teaching. Yeah, by the way, I'm a teacher. It's what I do. And I love teaching. It's one of my gifts, as a matter of fact. I'm a gifted'm a gifted teacher a lot of things i'm not gifted at but that one i am and so that's uh that's who you are and it does not have to manifest itself as a elementary pe

teacher no and justin i'm going to tell you buddy congratulations very very proud very well done remember the principles that got you here is what I want to leave you with, meaning the mindset of looking at and seeing debt for what it is. It's not a tool. It's a threat. And so even as you look to grow in your business, again, please don't let your guard down. Please don't think that you suddenly have to hit a grand slam when you've been hitting base singles and you've been winning yeah so remember those things and don't deviate from your plan young man you're on the ball four yards in a

cloud of dust get you get you a uh a first down every three and you don't have to worry about it you don't have to you don't have to put the ball at risk and that's all that's all we're trying to do here just it's ball protection just just finish out you're doing very very well and jump out into the entree leadership stuff if you haven't and get plugged into the Entree Leadership Elite and get plugged into some groups of some of the other sellers we've got on there that are doing really well. You can learn a lot from each other as you go. Jordan is with us. Jordan is in Effingham, Illinois.

Hi, Jordan. Welcome to the Dave Ramsey Show. Hey, Mr. Ramsey. Hey, Mr. Hogan. How are you guys today? Great, man. How can we help? Thanks for taking my call. Hey, I am kind of. Hey, Mr. Hogan. How are you guys today? Great, man. How can we help? Thanks for taking my call.

Hey, I am kind of like that last guy that called. I'm also a teacher and not in the same situation as him, but one day hope to be. So today I'm calling because I am on my last house payment this next month, and I got a loan without interest from my mom. And I know you told me not to do that, but I did it before. I knew you guys. And so I'm just telling those that are out there in the same situation are about to make that mistake. Don't do it.

The borrower is a slave to the lender, as you guys say. And it just puts a tear in a relationship that doesn't need to be there. So now I'm in another situation that's probably going to tear a relationship apart for a short bit. Hopefully it'll heal. But after I paid my last house payment, my mom gave me the loan, and she did not want me to pay for the shed. Originally I thought that was because she was protecting me, thinking I owed so much of my house, and that was like an overwhelming feeling for me. Well, now I think it's more that she wants to own the shed so she can store her boat in it.

However, it's on my land and it's on my deed, so it's not really hers. I just need to pay her for it. That's the $35,000 that I owe her for it. She's wanting to now give it to me for free as a gift. I'm the oldest of four siblings. But they're strings attached. Yeah, I don't want that to tear a relationship with my siblings. You're afraid if it's not really a gift, it's like I want to be a part owner in a sense.

Yeah, possibly. I mean, she's been pretty good. Originally, it was kind of a tear in our relationship when she gave us a loan. We started paying it off so fast that she hasn't really been an issue. But now I feel like this might be her last control piece um and so we don't want to do that my wife and i talked about it um and i just i feel like an idiot for making that call and making that ask and people are probably like why don't you just take it but no it's not an idiot there's too much listen it's not a gift if there's that many strings attached and you feel control and other issues are going

to pop up, and she's going to file some, be a travel agent for guilt trips every time she wants to use your shed. Yeah. Jordan, you were wise. You were wise to reach out. And next January, I'll have it paid off anyway, so it's really just another year of debt. Yeah, just go ahead and pay it off. It's all in your gut.

I agree with you. Yeah. And it also complicates the estate plan if you've got five siblings. You know, she gave you $35,000. She didn't give anybody else, right? Yeah. Well, and she said she's going to give them something, but I don't know if that's going to be fair or what that's going to look like. So I don't want to take a chance on that.

Yeah. Mom, just for the cleanliness of your estate, I think it's better if I just go ahead and pay you off, and I'm going to go ahead and do that this year. And please don't take offense. I'm just trying to do the right thing, and I just just want you to be i just want to have this very simple thing where there's no transaction between you and i except mother and son yeah that's all the mom says my mom says or my wife says well your mom's always going to love you so if you make her mad it's okay but if your parents if your brothers and sisters are mad at you they may never forgive you so well if they're mad at you for no reason, that's their problem, too.

But I wouldn't worry about them. They didn't come up in this discussion until the last sentence. But I still would pay it off because I think there's a lot of crap flying in the air here. I can smell it. I agree. Hey, thanks for the call, brother. That puts this hour of the Ramsey Show in the books. Have a friend or family member that needs a daily dose of Ramsey advice in their life?

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