The Ramsey Show - App - I'm Feeling a Lot of Pressure to Finish My Degree (Hour 1)

Episode Date: September 3, 2020

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Live from the headquarters of Ramsey Solutions and broadcasting from the Dollar Car Rental Studio, this is the Dave Ramsey Show. It's where America hangs out to have a conversation about life and money. I'm Ken Coleman, Ramsey personality and host of the Ramsey Solutions Network show, The Ken Coleman Show. And I'm joined today with Chris Hogan, Ramsey personality and host of the Chris Hogan Show on the Ramsey Network. Also, number one best-selling author of two books, Retire Inspired and Everyday Millionaire.

And we are here with you today to take your calls, to talk about your life, your your money we'll talk about your job your income is directly connected to your work and that's what i focus on chris hogan will focus on your money the baby steps and helping you win we're both excited to be here chris hogan always fun to join you in studio well man i am excited i know if i'm on here with you we're gonna get into some stuff and i'm pretty sure you and i are gonna get combative at some point really in a kind way wow well just because we are going to try to drive for we're going to help people get on the same page because we care about the futures that's right and i know you do on the career side um

as you're battling on the show every day uh helping people get clear, and I am as well. So I'm excited to be with you, buddy. Yeah, so I've just finished two hours and walked 15 feet from my studio over here to Dave's, and I'm warmed up. I know you've stretched. Your voice sounds really good, so I think we're ready to go. I think we are, too, Ken. Here's how we do it.

888-825-5225. That is the toll-free number to jump in to talk with Chris and I. 888-825-5225. We're going to start it off with Loudon, who joins us in Portland, Oregon. Loudon, you're on the Dave Ramsey Show. How can we help? Hello. Thank you for taking my call.

So how are you guys doing today? Well, we're living the dream. What's going on with you? So I'm pretty much doing the same. So I'm a 16-year-old in Portland, Oregon. I basically dedicated my life to school. I'm going to school to get my Associate's of Science right now at the local community college. And I have a part-time job. I just finished summer term and now it's basically turned into a full-time job for about the next month. And then I jumped back into school. So I have college pretty figured out. It's getting paid for. And then I think I'm probably going to be attending West Point. I'm applying there and doing all that. So I was wondering, what do I do with all this excess

income that I have that I'm not spending because I have my budget and all my six months of expenses and stuff. Wow. Congratulations. First of all, can we say this young man, Chris, has got it together? Loudon, where did you learn about money? Did your parents teach you? Well, partially, but they actually have some really bad habits. So it's sort of just listening here and then i'm just talking to different people um i'm sort of looking at a rough ira with some people but i just don't like their how great is that five percent all right so before chris dives in let me just ask you how much money are we talking about excess and then what are your big goals as a 16 year old because you're a guy who's thinking about this oh yeah so yeah. So I want to go to West Point, and then after I do that, I want to probably serve my 20s

so I can get my pension. And then I haven't decided. There's two paths. I either want to go up Congress. I've always been very politically motivated, and I kind of want to go that path. Or I might go up the economic side and be a financial advisor. My ultimate goal is to sail around the world. I just think he needs to aim a little higher.

I want to start with that. Loudon, quit being lazy, okay? No, listen here, buddy. I absolutely love your energy. I love your drive. And I'm going to tell you without a shadow of a doubt, I believe you can do anything you set your mind to. I think the smartest thing you could do right now with money is to save some. And what I mean by that is boost up that savings.

You're working hard, being very intentional, and then begin to invest. I want you to connect with a smart investor pro. Like you said, you want to find someone that's going to talk with you about your dreams and help you on the financial side. But I want you to do this for me. I want you to remain absolutely allergic to debt. And what I mean is that way your income stays freed up to do the things you wanted to do. I like the idea of you saving it up. That way if you want a car, you can upgrade the car, but begin to save, begin to invest, and be very intentional with your money. But get connected to a SmartVestor Pro.

Go to DaveRamsey.com. I love that young man. What a great call to start with. Okay, hold on a second, Ken. Have you ever talked to a 16-year-old no and knowing their path no no i haven't either i was already impressed at west point then he said well after that i i want to run for congress and congress could probably use a young man like this i completely agree but we digress and then he said i want to sail around the world sure why not he said that like me going to the

grocery store yeah yeah i may want to sail around the world okay wow oh i love that what a great call thank you loudon uh what and by the way just a quick little thing for those of you that are in these older generations i i get weary of hearing people my age poo poo young people like they just don't have it figured out let me tell you you something. There are eagles in every generation. Loudon is one of them. I completely agree. Hey, Kelly, let's do this. I feel like Santa today.

Uh-oh, here it comes. Here it is. I'm going to be Ken to the punch. I want to send Loudon a copy of Ken's book, Proximity Principle, because this young man has some massive dreams, and I want him to know how to get connected with the right people in the right places. And I'm going to double down and give him a copy of my book, Everyday Millionaires, because I have no doubt that this young man is on the path.

Yeah, yeah, absolutely. Love when Chris gets into that giving spirit. It's going to be a good show today. Up next is Kristen and she's joining us in Hartford, Connecticut. Kristen, how can we help? Hi, guys. Thanks for taking my call. It's a pleasure to speak with you.

Sure. So I'm 21 years old. I just finished my third year of community college. I paid my way through it working part-time. I'm trying to figure out, so the plan was to finish my last year at the state university over here. I was going to pay cash for it. It's about $10,000. But I've been having trouble. I'm struggling with the idea of paying that, not knowing really if that's what I want to do, my degrees in finance. I don't know if I should be done with school, if I really need the degree, if I want it. My goal is to be a financial coach.

I've been taking the financial coach master training. I've just been feeling a lot of pressure all around to finish school, get my degree. It's just a lot of money to be so unsure about it. Where's that pressure coming from? Is that self-induced or is that coming from peers or family members? I've really, this past year, it's been a struggle for me to kind of push through it, push through it, enroll another semester, get it done. But it really hasn't been on my heart to finish it um but definitely from the parents i've been feeling pressure to get it done and pay for it and just get it out of the way well

kristin i want to set you free here and and i feel for you and there's a lot of people in your situation because here's what's going on kristin you have tremendous love and respect for your parents that's easily the two most influential people in your life. And when they want you to do something, even when you don't feel it's right, it creates confusion. And you're feeling some confusion, yes or no? For sure. Yeah, so let me tell you something.

A, you do not need a degree in finance to be a successful financial coach. You do not, number one. A, I've got to remember what I'm saying here. B, you don't have the $10,000. You don't want to save the $10,000. You're taking financial coach master training, which is the degree. It is the training to get you ready from Ramsey Solutions.

So, yeah, you're going to have to tell mom and dad. Mom and dad, I love you. I respect you. I do disagree with you, but I want you to understand why I disagree. Here's my plan. Here's my path. And you've got to be okay with them not agreeing and being disappointed in you. I do disagree with you, but I want you to understand why I disagree. Here's my plan. Here's my path. And you've got to be okay with them not agreeing and being disappointed in you. If not, the very people you're trying to please, Kristen, you will end up resenting.

So you've got to do what is right. I'll tell you what else is right to stay with Chris Hogan and I. More Dave Ramsey Show right around the corner. Folks, I love telling you about well-made, well-thought-out products. Today, I'm talking about Grip6 belts. I don't know about you, but I'm not a fan of traditional belts. They never fit right, and they're uncomfortable. Grip6 belts are unique. Owner BJ designed a truly modern minimalist belt made of high quality materials with no holes, no flap, and no bulk. And the buckles come in really cool designs and are interchangeable. I personally own these belts in different styles.

And talk about affordability, Grip 6 belts come with a lifetime guarantee. And that means if you no longer like or fit the style of your belt, you can replace them for free. Plus, I like the way these guys do business. Grip 6 is determined to help build and modernize American manufacturing. To learn more and get this month's Dave Ramsey special, visit GRIP6.com. That's GRIP6.com. Welcome back to the Dave Ramsey Show. I'm ken coleman ramsey personality and host of the ken coleman show on the ramsey network joined in studio my co-host is chris hogan the number one best-selling author of retire inspired and everyday millionaire and the host of the chris

hogan show also a part of the Ramsey Network. You can learn everything you need to learn about Chris. He's got incredible resources. ChrisHogan360.com is where you get to all of the goodies like the Everyday Millionaire Investing Guide, Chris's step-by-step playbook for building wealth. It's a 30-page guide, so this has got some oomph to it, but it's not going to keep you up all night. All right. So download it at ChrisHogan360.com slash start now. That's ChrisHogan360.com slash start now. And again, you can learn where to listen to his podcast, how to get connected to his YouTube show, when his SiriusXM show is going on,

all of the things you need to know about Chris Hogan at ChrisHogan360.com. That's cool. All right, Ken, listen, it's time for the Blinds.com question. Now, here's the reality. Blinds.com offers 100% satisfaction guaranteed. So that means even if you mismeasure or pick the wrong color, they're going to help you make things right for free. Which, by the way, that means they're Ken Coleman-proof, because I'm the example there.

And Hogan-proof, yes. Anything beyond a flathead screwdriver or Phillips, that's out of pass my pay grade. You get free samples, free shipping, and with the new promos they run every month, you're going to save even more. A lot of people are spending more time at home, so what you can do is use the promo code of RAMSEY to get the best deal. Rules and restrictions apply today's question chris comes from chanel in pennsylvania she went to davramsey.com and said

ken i'm a 30 year old stay-at-home mom with two little ones i'm currently a senior taking online college and will graduate with a ba in accounting in march 2021. At this point, I will have $60,000 in student loan debt when I graduate. The problem is I don't have an idea of what type of career I want to pursue. I'm afraid my employment gap and new degree will get me a low-paying entry-level job, but I need to make enough to pay off debt. What do I do? Well, boy, I wish I could have had Chanel call into my show long before this, but I think the first thing I look at is, can you shut down this semester? How much can we save if you are able to press pause this late in the game? Some of you are going, now why in the world would she do that? Because she's accruing more debt. So she's saying she's

going to be at $60,000. So I'd be curious how much more debt she's going to accrue that gets her to the $60,000. So if you can pause, you pause. If you can't, well, now she's committed. All right. So she's got to finish. But this is the big issue. You have got to figure out what's going to allow you to be financially stable before you start figuring out the career. Because you've got two little ones. This debt is the debt. Now we've got to get rid of it. It's there.

This degree, hopefully, will help you down the line. But see, all this is done. So now this is focused on stability first, and then we're going to get clarity second. Because you don't even know what you want to do. So finish and be looking for work that will give you the financial stability. But I want you to go to KenColeman.com and download my free career clarity guide. It's a worksheet that's going to walk you through the three indicators that will allow you to figure out what it is you really want to do. The three indicators are talent, passion, and mission. Talent is what you do best. These are your hard skills and soft skills. Passion is the work you love to do. You just love the work itself. And then all work produces

results. So what are the results of your work that would make your heart absolutely full? They matter deeply to you. So you use what you do best to do work you love to produce results that matter to you. That's the purpose sentence. You've got to walk through that. And that career clarity guide will get you started. I'd also tell you to call the show after got to walk through that, and that career clarity guide will get you started. I'd also tell you to call the show after you've gone through it. Call the Ken Coleman Show, and we'll get you that clarity. We see this a lot, Chris, where people get committed to college. They really do.

And they don't know why they're there. One of the things she says in here, Ken, though, is that the people aren't caring about the degree, but they're worrying about the employment gap. Is there a way for her to explain that? I mean, she was a stay-at-home mom, right? I mean, isn't that something you just come right out and just say? That's what you have to say. Yeah.

Yeah. People don't care as much about the gap if they've already found out about you. And so this is why I don't believe in applying cold. Okay. A resume is worthless without a relationship. So if I go apply for a job at xyzinc.com, you know, whatever, and I put my resume in and I've not looked to see if there's anybody that I know that works there. Do I know anybody who is a client of theirs or anything where they can say,

hey, I've got an in in there. Let me find out who that hiring manager is. And I'm going to give you not just a recommendation, but I'm going to make sure that I put your resume in front of these people and say, here's how I know Ken, and I think Ken is worth an interview. Gotcha. That's the process. Yeah. And so if you're just this cold, anonymous resume, then that gap does create questions. So when you've got situations like that, what do you have to do? You have to fortify that.

That's right. Make that irrelevant. Yep. And it is irrelevant, by the way, if they find out you're a solid person. That's exactly right. And you just decided to be a hero and stay at home for a little while. No big deal. All right. 888-825- 5225 is the number

to jump in. 888-825- 5225. Let's go to Springfield, Massachusetts. And that's where Michelle joins us. Michelle, how can we help? Hi, Ken and Chris. Thank you so much for taking my call. Sure. How can we help? Okay. So this is really more job related, but kind of encompasses everything. So I'm in an industry that is suffering right now. It's the hospitality industry. I've been in it for years.

I'm successful in it. I know my stuff, but unfortunately a lot of us do, and we're all running into situations right now. The situation with me was that back in March, I was laid off slash furloughed with the intent of coming back. I was brought back in June. Um, and then now I'm being laid off again. Um, which is fine because at the end of the day, with the first layoff, um, I really decided that, um, I wanted to pursue my passion, which is still in this industry. Whether or not that's a good thing or a bad thing to be wanting to pursue is questionable. But basically, I have a love of training. I have an expertise in what I do for a living, and I really want to pursue that and start my own business and kind of go from there. We are on step three and three B in the baby step, so we are debt-free, which is fantastic. We paid off $65,000 over the last couple years.

Great job. It's motivating now because I see a totally different picture than I would have three years ago in front of me. We have two little kids. My husband does work full time, and we can survive on his income. I am collecting unemployment. I don't really have the ability to kind of get a job outside of it. So, Michelle, what is your question? How can we help today?

The question is, how do I now position myself to go back out in a suffering industry and make something, knowing that it's going to take some time to ramp up, which is fine. I'm totally okay with that. But how do you go out in an industry that is suffering now to start flourishing in it when it starts coming back? Yeah, I got it. So you know what the answer is? It's patiently. How do you go out in an industry that's struggling or they're laying people off and they may

not hire a consultant like you or somebody like you to come in and help them? You got to be patient. So you're thinking of this right now is I'm laying the groundwork because COVID is going to dissipate. The economy is going to thaw. And as it does, trust me, people want to go back to hotels. They want to travel. They want to get out. And at that point, this industry is going to see a tremendous, tremendous response. It's going to go straight up because consumers are ready to get

back. Now, let me tell you how I know this. Chris, housing sales sales record housing sales yes retail sales last month up yep over the previous year that's a good thing consumer confidence is there are we still experiencing pockets of the country that are economically down of course but in this situation michelle just needs to go out and say hey i'm opening up my own deal because you got it lady listen you've got the experience you've got the expertise you've got it. Lady, listen, you've got the experience. You've got the expertise. You've got the desire. You don't need the income right now, so there's no pressure.

So what you're doing is, hey, when things get back to normal, I'm your gal. You're going to be poised and ready. Here's what I can do for you. Here's why you need it. Here's how you get in touch with me. That's exactly right, Michelle. Keep your focus, young lady. You've got this.

I love it. Speaking of people who've got it, Chris, we're looking at a sharp young couple out in the lobby. Ramsey Solutions coming up next. Uh-oh. You don't want to miss it, people. A debt-free screen. Tune in. The Dave Ramsey Show continues.

Don't move. Coming to you live from Ramsey Studios in Nashville, this is the Dave Ramsey Show. I'm Ken Coleman, Ramsey personality and host of the Ken Coleman Show on the Ramsey Network, joined by my colleague, Ramsey personality, Chris Hogan, host of the Chris Hogan Show on the Ramsey Network. And Chris, this is fun because in the lobby of Ramsey Solution, we have a fabulous young couple, Drew and Lori from Houston, Texas, here to do their debt-free scream. So Drew and Lori, welcome. Hi, thank you.

Thanks for having us. Yeah, congratulations. So excited you're here to share the story. So I need to know, how much did you pay off and how long did it take? It paid off $141,079 in 21 and a half months. Wow. Wow. 21 and a half months. Wow. Wow. 21 and a half. Yes, sir.

Very precise. How long ago was that? It was November of 2019 when we finished it. Wow. That is amazing. All right. What's yours? Are you nervous right now?

Always. Always. Okay. Hey, don't be. Yeah. You are here to celebrate something, right? You guys were very intentional over time. Tell me, of this $141,079, I'm going to get that 79 in there, people.

What did you pay off? What was this? $118,000 was student loan debt. $14,000 was a personal loan and credit card debt. And then the remaining $9,000 was autos. Wow. Wow. Whose student loan was this?

A combo? It was a combo. It was a combo. It was a combo, but mostly mine. And for what degree? What degree? I have a bachelor's and a master's in nutrition and dietetics. Whoa, the master's. Yeah, that's what did it.

And what do you do for a living? I'm a registered dietitian. Okay, all right. So you're using it. I am. All right. And Drew, what do you do for a living? I haven't heard this one before, but I'm an analyst at a bank.

Ah, I've heard this. Bank of Texas. Yes. Absolutely. Chris is a former banker. I am. Analysts are very important in helping with strategy and all the information that happens inside of there.

That's good. So you guys have been married how long? Three years today. Three years. Oh. Happy anniversary. Thank you. Thank you.

Drew, please tell me this is not her gift. I get to plan the next five anniversaries. There you go. That was a little awkward. Drew's like, am I supposed to do something else? By the way, I want to further congratulate Drew for completely outmarrying himself. I think that's pretty obvious. I think it is, too, guys.

Yeah, good for you. And by the way, I did as well, so there's no shame, man. Way to go. Good job. So tell us, who started this journey of getting out of debt? Whose idea was it? It was a combined idea, actually, yeah. What happened?

When we got married, we started talking more about money. We were starting to plan for our future. Still no kids yet, but I was afraid that we were still going to be paying off my student loans by the time our kids went to college. Gotcha. And here we are. We paid them off before we even had kids. That is absolutely amazing.

Drew, what are some of the things you sacrificed? We sacrificed going out to eat. We sacrificed. My wife's been cutting my hair now for 18 months or so. So I sacrificed haircuts. By the way, it's a fresh cut you got thank you thank you she just did it not too long ago does she force you to tip her um i tip her with money in the budget so there you go very nice that's good uh laurie for you what were some of the biggest sacrifices

you made um i think that for for me and my family lives out of state so i used to love to travel a lot so cutting back on trips and you and using more FaceTime virtual visiting things and also going out with friends and shopping and all that. How long did it take for this discipline, all these sacrifices to take hold? Did you guys just say, all right, we're pulling the cord now, or did you kind of have to discipline your way into it? I think we went head first and just went for it good for you we took financial peace university through our church and that

really got us going on it um it was right about the time when we started talking about wanting to tackle some of our debt that they advertised the class we thought was a perfect fit yes it helped us so much that we actually started coordinating at our church we've done two classes so far and we love it thank you for doing doing that. Not only were you doing it, now you've decided to reach back to help others. What would you tell other young couples out there? Is it possible to pay off debt? Yes, it is possible.

You need discipline. You need a plan. You need to stick to the plan. And I like your saying, focus, not finished. Yes, sir. Without a doubt. You guys, I mean, you have no idea the pathway you just paved for yourself, you know? And here's the thing I want you to know. Stupid lurks around every corner. And so what you have to do is don't let your guard down, right? Stay super focused.

But I like how you guys worked as a team. You know, you pull it off and knocking out $141,079 in under two years. That is not an accident, my friend. That's intentionality. So great job. Here's what I want you to share with other young couples that are listening and they're watching. And they're going, look at this couple. They did this. This is a serious amount of money in 21 and a half months. How has your perspective changed on the other side of the sacrifice, on the other side of the discipline?

Now that you're actually free how has your entire perspective on your future together changed anything's possible I mean if we can do this we can do anything yeah it's absolutely true yeah we have you know dreams of doing the house the right way making sure we have a good down payment try to pay it off early you know saving for kids college and all that, just knowing that it's possible and we don't have to take any more debt to do these things. How did you handle people shaking their head at you, maybe judging you? Was there some shaming going on or was it just so difficult at times you looked at each

other and you're going, why are we doing this? What did you really struggle with maybe together or individually in this journey? We had a couple meltdowns, but overall it was pretty clean. We had a lot of supporters out there, my friends, our family. I want to know. People want to know what the meltdown. Give me at least one meltdown. We can't just gloss over that.

Drew, let me give you a little marriage tip. You'll be better off talking about your meltdown. Do not uncover your wife's meltdown that we can't just gloss over let me give you a little marriage tip you'll be better off talking about your meltdown do not uncover your wife's meltdown let her talk about her own there was one time that we were at a grocery store and i wasn't paying attention and there was coconut water on the actual registered and i grabbed it and i put it in there and it's four dollars and 25 cents so we went all the way home uh my wife found it none of us drink coconut water by the way so i had to drive all the way back to the uh the grocery store and return it no way yes sir wow sir he had me on a very tight grocery budget so i needed that four dollars and 25 cents i must tell you i am intrigued by how the coconut water got there i don't know he doesn't seem to pay attention i mean that's what it is right he

learned that day he learned all right laurie real quick what was your meltdown oh i had i had quite a few most of mine happened towards the end of the month you know and the budget's starting to run slim and here just remind me you know you know why we're doing this that's, you know, and the budget's starting to run slim. And he would just remind me, you know, you know why we're doing this. That's right. And, you know, it just keeps things in perspective. So it's great to have someone on the same page with you to hold you accountable. Yes, it is. And I want to tell you guys, proud of you.

Proud of the teamwork. Proud of the focus. And you all stay this path. This journey has many dividends. It gives you many options as you start to grow your family and think about your future. Just remember what you've walked through. It wasn't an accident. Well, this is exciting.

This is exciting. This is a big moment. You've reached the finish line. You've run the race really, really well. We're so proud of you. You've inspired so many people. Here we go. Drew and Lori from Houston, Texas, they paid off $141,000, excuse me, and $79 in 21 and a half months.

Count it down. Let's hear your debt-free scream. Three, two, one. We're debt-free! Here it is. Yes! Oh, look at the relief. Oh.

I love it so good well you guys are on your way and so they're going to get a copy of your number one best-selling book they sure are everyday millionaires yes because they're on their everyday millionaire journey no question this is not an accident and i assure you this couple has rehearsed that screen probably 142 times, okay, at least. But you nailed it, and you got it right. And more importantly, again, I want to just congratulate you on blazing a trail for other young people out there that are standing facing student loan debt, credit card debt, and they think, maybe I can't. But they think, you know what? Lori and Drew did it.

Lori and Drew did it together. Maybe I can't. And so I just want to congratulate you guys. You're going to motivate some other people to come join that stage. Great job. Absolutely. And you know, I want to point out something that was really instrumental in their journey. And this is true of all of us.

When we get in community, like a financial peace university class, there's that accountability, but there's also the juice. Yes. Other people are in the same journey. They understand. And you're seeing other people cut up cards. You're seeing other people make progress. And all of a sudden, you're even more motivated to put up your own scoreboard. So I think what they did there was so great. And then they went on and became instructors in Financial Peace University. So they're on the front lines.

What a fantastic couple. Drew and Lori, you are why Ramsey Solutions is here. Love this. All right. That was fun. Chris and I have got to hydrate. Don't move. More Dave Ramsey Show continues to roll along, giving you hope through just practical wisdom. Just like we heard from that fabulous young couple, Drew and Lori. just a wonderful, wonderful journey to hear their debt-free scream. I'm Ken Coleman, Ramsey personality, host of The Ken Coleman Show on the Ramsey Network. Joined today, my co-host is Chris Hogan, who is no stranger to any of you here who listen to The Dave Ramsey Show. He is a Ramsey personality, my colleague, host of the wildly popular

Chris Hogan Show, a two-time number one best-selling author of Retire Inspired and Everyday Millionaires. And we are taking your calls, 888-825-5225. One of the things

that we loved hearing from that young couple is that not only did they take Financial Peace University, they decided to lead. And we need help. If you want to lead, it's easier than you think. And here's why we need you.

More than 16 million Americans are unemployed. And that means they are at risk of eviction from their homes. And I want you to just think about all the people you know who have been affected negatively in their finances this year. They need a plan. They need hope. They need someone to guide them through a plan that will work. If you've been impacted by what we teach, we need you to step up. Raise your hand and lead a Financial Peace University class.

As an FPU coordinator, you'll help people learn to budget, dump debt, save for emergencies, and give generously. Now, here's the deal. You can lead a virtual FPU class from home and reach people across the country. And with a free coordinator guide, you'll have everything you need to lead with confidence. You can do it. I've done it multiple times. Believe me, if I can do it, you can do it. And so we want you to start making a difference in your community as a Financial Peace University coordinator.

We'll help you through the whole process. Here's how you get started. Text LEADFPU. That's all one phrase, no space. LEADFPU. Text that phrase to 33789. That's 33789. LEADFPU.

Text that to 33789. Which is, listen, an incredible opportunity. Now, people will say, well, Chris, do I have to be through the baby steps in order to lead? FPU, no. You can be right smack dab in the middle of working your own plan and walking through it, and you still have an opportunity to be able to help others. So there is no prerequisite. You're going to have information in there that's taught by Dave, Rachel, and myself.

And you've got an opportunity just to coordinate. That means facilitate. Have the conversations. Help people engage. We're going to do the teaching. So you can help people from right where you are. Good stuff. How do you turn that down?

It's one thing for me to talk about. People start sitting up a little straighter. It's a voice. I know. I love it. I was trying to whisper. That was very good. 888-825-5225.

888-825-5225 is the number. Bill is up next in Roanoke, Virginia. Bill, how can we help? Hey, I'm retired military. I'm a small business owner. We just had a child, and I would like to start a college fund for her and a possible IRA. And I'm trying to figure out where I could go, how much money would I suggest to put it in? Because I want her to be pretty much don't have to pay for college because it will all be paid for her through a college fund.

And when she hits 50, basically will never have to worry about money again where she could retire and not be like her dad that has to work at least 65, 70 years. Uh-oh. Bill, did we lose him? He's there. He's there. Well, Bill, how long did you serve in the military? 20 years.

Buddy, thank you for your service. Yes. Thank you. Yes. What branch were you with? Army. Army. Well, thank you for your service, my friend.

And you can hear the intentionality in your voice. How old is your daughter she was just born oh congratulations he's already trying to figure out how she will retire absolutely and i'm going to tell you something bill you having that heart and that mindset that's the first step uh with college savings you got a couple of options uh there's a thing called an esa an educational savings account and you also have what's called a 529. Now, I'm going to encourage you to get connected to a SmartVestor Pro because what you want to do is sit down and you really want to lay out a full-on game plan. I really like the ESA, the Educational Savings Account, and be able to walk through and talk through.

But you have other plans as far as the investing side of what you're wanting to set aside for her. So you've got a great jump. Your baby's brand new, but I'm going to tell you this, buddy. She's got a bright future ahead of her because she's got a dad that's intentional. And you guys are going to make that happen. So have that conversation. And that way you can also get your own stuff reviewed, Bill, about where you are and what's going on and just begin to lay

out this plan. But, Ken, I see this a lot. When people have a kid, it wakes up this thing inside of us that says this paternal instinct to not only protect, but we want to provide. Yeah, Papa Bear is fired up, no question about it. Yeah, without a doubt. Yeah, love that. Papa Bear is also not getting much sleep.

No. Okay. No, he's not. Yeah, this baby. Babies and puppies will take away your sleep that's all i'm gonna say that is the truth i do have some puppy advice that you can't do for a baby with the puppy you just have to let the puppy cry and it's still gonna break your heart right but at the end of the day it's not a human let it cry until it gets so tired hey

they're talking about nowadays throughout this covet thing about covet puppies did you acquire did you acquire another dog throughout this okay no i'm all dogged out i got two doodles okay two doodles is enough yeah that's enough yeah we're probably one extra doodle but we love both ellis and reagan's oh that's cool names you like those cool names all right let's go to dave who joins us in san jose california dave how can we help hey guys thanks so much for taking my call i greatly appreciate it um i'm one of the to Dave, who joins us in San Jose, California. Dave, how can we help? Hey, guys. Thanks so much for taking my call. I greatly appreciate it. I'm one of the people that, before I found the Ramsey program,

bought or was sold a whole life insurance policy. And after listening to you gentlemen over the years, I realized that that was a mistake. And I'm just trying to figure out what I do now. How do I get out of it? I've got a cash or a surrender value of about $30,647 in that account, and I don't know what my options are. I don't know how to proceed if I continue with it if I'm this far down the road

or if I make a change and cancel it and what I do with that money. Okay, great question, Dave. How old are you, sir? I am 47 years old. Okay, 47 years old. Are you familiar with the baby steps? I am, yeah. Okay, what step are you on? So I am paying off or paying down the mortgage.

I am at that point where I put away 15% of my income, have money set aside for my two kids' college. Okay, and you have no debt. Pretty much debt-free. Okay, what do you mean pretty much? Except for the mortgage. Okay, everything but the mortgage. Okay, so you're there. Yes, sir.

Yeah, so here's the deal. You've already done some of the lake work because you know what your surrender fee is. What I want you to do is, A, reach out to one of our insurance ELPs to review that policy. And here's a couple things that will happen. Understanding the surrender policy, but based on the policy, you need to know what are the stipulations and requirements to get out of it. Now, before you do that, I'm going to also encourage you to go ahead and apply for term life insurance. You want to do 10 to 12 times your annual income. So how much are you making a year right now?

I make about $350,000. Okay. So you're looking at this, so you're going to have $3.5 million in term just so you have this coverage. And I want you to have that policy. So hear me, Dave, with this phrase, full and in effect, which means your term is there, full and in effect at minimum before you cancel anything. Okay? Okay.

And that way, the reason why is if something comes back and there's a health issue and you don't qualify for term or you can't get a policy, I at least want you to have something. Does that make sense? Okay. Yes, sir. So what I do is reach out, get in touch with that insurance ELP, review your policy, walk through the process. But here's the deal. Insurance is supposed to protect you, right? And oftentimes what happens with whole life is it's trying to be an investment. It's trying to be a savings account as well as being insurance. So it can

be a lot more expensive term can be cheaper. And Zander Insurance, once you go over and click on that, will be able to help you. Go to DaveRamsey.com. The insurance ELP will be able to walk you through it, review your policy, and guide you on the steps. Good stuff, Chris Hogan. Fantastic. I've got nothing to add there. That was so stellar. Nothing.

Absolutely nothing. You just freed that man. It's great. Zander Insurance is going to take great care of him. Yep. And, wow, great income. About ready to pay the house off. He's focused, man. I like it. I like to hear people that, man. It's great. Xander Insurance is going to take great care of him. Yep. And, wow, great income. About ready to pay the house off. He's focused, man.

I like it. I like to hear people that are moving. It's another everyday millionaire, my man. Yes, people are moving in the right direction. Makes my heart happy. All right, we want to thank our producer, Zach Bennett, our associate producer, Kelly Daniel, Chris Hogan, always fun to be with you. But mostly we want to thank you, America.

Thank you so much for listening. This is The Dave Ramsey Show. Hey, it's Kelly, associate producer and phone screener for The Dave Ramsey Show. This episode is over, but if you heard about an event, product, or service and didn't have a chance to write it down, don't worry. We list everything you've heard about during this episode in the podcast show notes section or head over to DaveRamsey.com and click Dave Recommends. Thanks for listening.