The Ramsey Show - App - Is $1 Million Enough to Retire? (Hour 2)

Episode Date: September 18, 2019

Chris Hogan, Home Buying, Retirement   Tools to get you started:  Take TDRS listener survey to win a $100 Amazon gift card, click here: http://bit.ly/2krRePv Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE Check out other podcasts in the Ramsey Network: http://bit.ly/2JgzaQR 

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is the Dave Ramsey Show, where America gathers to hang out to have a conversation about your life and your money. I'm Chris Hogan, filling in for Dave this hour, and America, I'm so excited to be with you. But I know you've got questions. I know you've got some things on your mind that you'd like to discuss, and I want you to know that we're here with you. But I know you've got questions. I know you've got some things on your mind that you'd like to discuss. And I want you to know that we're here for you.

So all you have to do is give us a call. And the number to call is 888-825-5225. Again, that's 888-825-5225. And if you prefer, you can find us on social. We're at Ramsey's Show. Or you can find me at ChrisHogan360. And that's for Twitter as well as Instagram. So we'd love to hear from you. Okay, I'm going to dive on the phones because we've got people waiting with questions. Next up, I've got Thomas in Alabama. Thomas, how are you,

sir? Good, sir. How are you doing today? Oh, I'm focused and not finished, my friend. What's on your mind? Okay, before I got turned on to you guys about paying off debt and stuff, I had three mortgages that I had gotten into for rental properties. Okay. When I heard you can't borrow yourself rich, it kind of made sense to me. Okay. I started with my wife back in November. I've done everything except for pay those mortgages off.

So I got debt-free, and I built up my emergency fund. But me and my wife were wondering, do we start funding on K now, or do we pay off those non-primary resident mortgages? Okay, fantastic. I like it. I can hear the focus in your voice, Thomas. How much debt did you guys pay off? It was like $35,000.

We had both cars and credit cards. It wasn't much in credit cards. It was mostly cars. Okay. But we got everything paid off in about six, seven months there. And then we built up an emergency fund. I just don't know where to head now. Wow.

So you not only heard the message, you acted on it. What happened? It really made sense to me. I was borrowing all this money and I wasn't really seeing the returns on it because I owed somebody everything that was coming in from the rentals. And I just wanted to take more control over it. I like real estate because it's tangible, but I'd rather buy it in cash and not have to give my money back to the bank every month.

No, I like the way you're thinking, my friend. And I asked you that because there's so many people out there that do need to get started. I wanted them to hear how you heard the information, made a decision, and then acted on it. And in six to seven months, paid off around $35,000 in debt. That's what we call gazelle intents around here, so I'm proud of you. So tell me about these three rental properties. Are they all located in one state or are they spread around? No, they're spread around.

I kind of bought them as I moved. I am in the military, so each duty station I went, I bought a home and then I turned it into a rental when I left. Okay, gotcha. Well, thank you for your service. But looking at this, tell me about the debt associated. How much do you owe on rental property one? Okay, it's $150,000 150 000 okay and what's it worth uh probably 205 okay and tell me about rental property two uh that one i owe 102 000 on and it's probably worth 150. And then the final one? $87,000 on, and that one's probably worth maybe $105,000. Okay.

All right. So looking at this, you've got equity in all of these? A little bit, yes, sir. Okay. And so as you look at these, are you ready to release all of them, or are you trying to keep them? What are you wanting to do? I was actually looking for a little bit of advice on that.

I would like to hold them. They've generated money for me. They haven't really cost me anything out of pocket after I converted them into rentals, but I am kind of at a position where I want to move in the right direction, and I feel like I'm kind of stagnant now. Okay, right. So I was looking for a little right direction, and I feel like I'm kind of stagnant now. Okay, right. So I was looking for a little insight.

No, I appreciate that. Are you still in the military, or are you done? No, I'm still in, sir. You're still in. Okay, and how much longer do you plan to be in? Probably another 10, 15 years. Okay, so you are doing the long haul. Yes, sir.

Okay, and tell me, what state is Rental Property 1 in? Rental Property 1, Missouri. Okay. Rental Property 2? The 2 and 3 are in Texas. Okay. And where are you stationed right now, sir? Alabama. All right. And do you have a property management company helping you with these properties? Yes, sir. Okay. Yeah. All three of them are managed. Okay. Listen, I love real estate as much as the next person, but look at it. If I'm in your shoes, I'm putting all three of these up on the market. Okay. All three of them. Now you're saying it's not costing you anything, but if you do the math on this and I, if we were to drill down and I was

asking you the mortgage payment versus rent, uh, and then you're taking into account the taxes and the insurance that you're paying, I would venture to say this, Thomas, that the amount that you're gaining is smaller than you think. Okay? And so this mindset of finding a good real estate ELP, get these properties on the market, get them sold. Now you've got some money in the bank. And so as you continue to serve this country, and I'm so grateful for it, as you get ready to retire or come out, you can make some decisions. I mean, you might even decide I'm going to pay cash for a home that I plan to live in as I get ready to retire. But right now, all you're dragging around is some debt, right? You've

been intentional and been very focused. So that's what I would do. I'm going to talk to a real estate ELP. I'm going to find out comps in the area, get an estimation on days on market to get this thing sold. And I'm going to, I'm going to sell them. I really am. I mean, the bottom line, you're going to sleep easier and be freer. And then you can make a move with cash. Because debt, I'm telling you, people don't understand this. Debt brings a penalty, and it's in the form of interest, right? And whenever you pay interest, you're paying the penalty for using someone else's money. And so, Thomas, that's what I would do. You focus on what you're doing, young man, and continue to grow in your career in the military,

but you know you've got this money that you've either invested or is sitting there waiting ready for you to make your next move with cash. Yes, thank you for your call. And America, I want you to hear me. There's nothing wrong with investment real estate. The most important thing is you want to stay allergic to debt. Yeah, just allergic to it. Like, matter of fact, if someone says debt around me three times, I sneeze.

Okay, I do, just because I'm allergic to it. I don't like it. I want it in my life. And so when you start to think differently about it, what you're able to do is to get more focused and you're able to move forward much more clearly. And it gives you an opportunity to stay in control. And it keeps your money with you. Now, America, also, I want you to be aware of people tell me, well, Chris, I didn't know that you had a show. And I go, well, absolutely. I do. The Chris Hogan show is available on YouTube,

Apple podcasts, Google podcasts, and as well as Sirius XM. And so I'm focusing on retirement, building wealth, dealing with money, dealing with life all the way around. You can find it at Chris Hogan, three 60.com. And I want you to know I've got some free tools on there because I believe in empowering America. I want you to have the right tools that you can do the right things with. I've got the RIQ, which is the retire inspired quotient to help you understand how much are you going to need to live your retirement dream and to help people to go along with my most recent book, Everyday Millionaires. I've got a free net worth tool on there to help you track your everyday millionaire journey.

And so all of these are free tools at my website. Just go to ChrisHogan360.com. You can find out about it. You can also learn more about the most recent shows that I have and would love to have you. This is The Dave Ramsey Show. Let's talk about low interest rates, baby. I know right now that Churchill Mortgage can get qualified buyers into a 15-year conventional loan for well under 4% with no discount points or no hidden fees. Listen, if you're even thinking about buying a home or refinancing, do it right now.

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NMLSconsumeraccess.org. Equal housing lender. 761 Old Hickory Boulevard, Brinkwood, Tennessee 37027. Hello, you are listening to The Dave Ramsey Show. I'm Chris Hogan, filling in for Dave. And I'm excited to talk with you, America. I know you've got money questions on your mind. I want you to call us.

We'd love to hear from you. The number to call is 888-825-5225. Again, that's 888-825-5225. You can call us. We'd love to talk with you and hear the question or whatever it is that's on your mind. You might be celebrating something. You might be making a milestone as you walk through these baby steps and you just want to call in and celebrate it. We'd love to hear from you.

You can also find us on social at Ramsey Show or me at Chris Hogan 360. So I got a social media question and it's in from Jeff. Jeff from Facebook writes, I lost my job last week and there's a huge temptation for me to cash my retirement out, be debt free and have a fully funded emergency fund and just start all over. And I can deal with retirement when it gets here. He goes on to say, I know what you're going to say, but go ahead and say it. Apparently, I need to hear it. Jeff, my friend, what you're feeling right now is frustration, some frustration and irritation. You lost your job, and that's a blow. That's it's it's it causes you to have to shift and rethink what you thought you knew and make new plans. But what I don't want you to do is to throw away the progress that you've made up to

date. And you putting money in that 401k or 403b, you were focused. You had a plan for the future and you understood where you were going. What you don't want to do is to add insult to injury, my friend. And what I mean by that is you pulling money out of a 401k where you've put it in pre-tax, because that's what happens with 401ks and 403bs. You haven't paid taxes on this money yet. So you're going to pull that money out, stop the growth from happening, and then tap Uncle Sam on the shoulder and have to deal with a potential tax bill later. So we don't want to do that.

And I understand your frustration and irritation. What I would say, though, is to channel that, right? I want you to get more fired up and more focused than you've ever been as you let your friends know that you're available out on the job market, that you start to reach out to friends and contacts, and you take a job, right? The first one that you can get, get it. You can keep looking for something better, but something changes in your spirit when you have money coming in and you start to look. So I understand your frustration. I even understand your irritation, but I don't want you to throw away your progress. So yes, I am going to tell you, don't do it. You know why?

Because the Jeff in 25 to 30 years from now is going to say, I'm glad you didn't do it. So that's why. Thank you for your question though. I appreciate you being real and I hope that helped. All right. I'm getting back to the phones. I've got Jesus on the line in Texas. How are you, sir? Pretty good, Chris. How are you doing? Oh, I'm focused and not finished. How can I help you today? I've got a question as far as refinancing my mortgage. Okay. I got a 30-year fixed note back

13 years ago, so I'm 13 years into this note. Back then, I was just happy to get a house. So I got a pretty bad rate. Well, the rate was 7.35 is what I have right now. I'm debating about switching over. I, the rate was 7.35 is what I have right now. Okay. I'm debating about switching over.

I called Churchill Mortgage to refi to a 15-year. They can get me in at a 3.625, which is about 3.25% difference at a 15-year, with my payment actually even dropping a little bit with that, my regular mortgage payment. So my question is, would that be a good idea to do that? Or being that I've been 13 years into this 30-year note, continue with the higher interest rate? Oh, no, my friend.

No, I mean, honestly, you hit the nail on the head. Number one, Jesus, I just want to give you a high five because you called in, you got numbers on point. You're, you know, you've done the math on this. You're going to go from a 7.35 interest rate to a 3.65. You're going to go from a 30 year fixed rate down to a 15. Now I know you've been in this one for 13, but the mindset with this, my friend, if you think about it, the payment's actually going to go down. So, Jesus, just go with me here for a minute. Let's say you keep paying what you were paying. So what are you paying right now on this 30-year fixed?

With escrow, which is my tax and insurance, about $1,200. $1,200. What is your new payment on the 15-year fixed? It's going to be, where is it at here? $ 46 actually okay even a little less so it's it's a little bit less but here's the mindset you now you you have your fully funded emergency fund already um we actually me and my wife are on baby step number two right now okay the only about 24 000 total between the both of us. Okay. And the $24,000, how much of that is credit card debt? Let me see. $15,500 is student loans.

The rest of it is credit card. Okay. All right. So doing this refinance is definitely something you want to get done, right? And then that mindset of working through the baby step two, attacking the debt, yes. You are definitely on target to do this and to walk through it. And it's really important. And America, as you listen to me talk about this, it's the mindset of if you've been in a home for four years or more, odds are that rates have dropped.

And I want you to reach out to your current lender or reach out to Churchill or any other lender you have in your area and find out what rates are right now, but talk with them. Most people, unfortunately, take out a 30-year fixed rate loan. You know why? That's what's pushed on them, right? It has the cheapest payment, and that's the route people go. We want to go typically the course of least resistance, and we've gotten in our mind that

we want just a cheap payment. No, what we want is progress. And so we've got to be aware and we've got to wake up and do math and see this to be able to make some changes and some shifts. So if you've had a home longer for the mortgage for four years or more, it's time to kind of get an update, take a look to see if you can get a rate reduction. And if you're in a 30-year, definitely refinance down to a 15. That is very, very important.

Okay, I'm going back to the phones. I've got Courtney on the line in Michigan. Courtney, how are you? I'm good, Chris. How are you? Oh, I'm focused and not finished. What's on your mind? Okay, I am 34.

I'm currently in Baby Step 2, but I'm looking into baby step four. Um, cause I already know kind of the plan for the baby step two and when we'll get out. Um, and it's making me kind of nervous because when I did your REQ and other calculations, when I was looking into mutual funds, it's saying that I'm going to need like $1.6 million. And that seems like a really big number to me. Okay. So I just don't know if a million dollars is enough anymore or am I not planning on putting my stuff in the right place? Okay.

Well, listen, Courtney, number one, I like that you're engaged in the topic and you're looking at it and you're asking some real questions. Okay. So first and foremost, you guys are on baby step two. engaged in the topic and you're looking at it and you're asking some real questions. Okay. So first and foremost, you guys are on baby step two. How much debt do you have left to pay off? $41,000.

Okay. And break that down for me. What is this $41,000? $12,000 is a camper. I have two personal loans, $9,000 and $7,000 from car mistakes, $8,000 on a credit card, and I finance windows and a bed. For how much? The windows are $3,500 and the bed is $2,000. Is the bed comfortable? It is.

All right. I'm just checking. I'm just checking. Hey, for real, Courtney, how much do you guys, what's your household income? $90,000. Okay. All right. And so looking at this, you said you have a time frame already.

That's why you're peaking to baby step four. You look at this debt over here. When do you think you guys are going to have this paid off? I have projected 21 months. Okay. All right. So looking at this and being intentional, if you were to do the math on the payments you're making for this $41,000 in debt, and this money wasn't leaving you, you can imagine the progress you're making forward, right?

Right. Yeah. It's about $800. Yeah. And so you look at that and you go, yeah, this $800 could be used for better things and better places. But you bring up the question of looking at kind of the future, right? And you go, well, is a million going to be enough, right? Is it enough?

And so, Courtney, I want you to hang on here after the break because we're going to talk about this. We're going to walk through it. Courtney wants to know, is a million dollars enough? We're going to talk about it. This is The Dave Ramsey Show. Business leaders, if you're not using LinkedIn jobs, you're missing out. Our Ramsey Solutions Company page on LinkedIn has over 100,000 followers. That's 100,000 potential like-minded people our team communicates our current openings to. We also post our jobs on LinkedIn because we know the best candidates already have jobs.

And LinkedIn makes it easy by doing the legwork for you. It's no wonder a hire is made every eight seconds on LinkedIn. And over 600 million members visit LinkedIn to make connections, learn, and grow as professionals and discover new job opportunities. Get started today with LinkedIn Jobs and get $50 off your first job post. Visit LinkedIn.com slash Ramsey. Terms and conditions apply. Hello, everyone. You are listening to the Dave Ramsey Show. I'm Chris Hogan filling in for Dave, and boy, we've had some fantastic calls. Before we went to the break, I was on the line with Courtney. Courtney's 34. They're on baby step number two. They have a household income of around $90,000 and they have around $40,000 in debt. They've got $12,000 on a camper. They

have a $6,000 personal loan, a $9,000 personal loan, $8,000 in credit card debt, and they also financed some windows for $3,500 and a bed for, she told me, $2,000. And Courtney, you're still there. Hello? Okay. Hi, can you hear me? Oh, I can now. Yes, yes, yes.

Okay, so you all are intentional. You tell me you're going to be out of debt in around, you say, about 21 months. And you initially had the question of, is a million dollars enough? And so I wanted to ask you, what do you all plan to do in retirement? Nothing extravagant. Camping, maybe the RV tour tour something like that okay nothing you know huge travel plans or anything all right and so did you do did you go to my website and do the r.i.q yeah and it came out to like 1.6 okay and now my question is, is how much did you put in there? Because the RIQ, hold on, Courtney, for people that don't know, RIQ, you plug in a few data points, and it'll show you how much you need for retirement.

You plug in how much you want to live on per month and how many years you plan to retire and how much you currently have saved for retirement. So those are the three data points, and it'll show you the number you need based on what you said to be able to live your retirement dream. And if you're behind in it, it'll take it a step further and show you how much you need to be investing right now. So, Courtney, how much did you put in that you wanted to live on per month? $4,500. Okay. And is that how much you all are living on now? We live on about six right now.

Okay. All right. And so you dropped it down to $4,500. Are you planning to have the house paid off by the time you get to retirement or what? Yes. Okay. All right. Okay.

So looking at that, what I've told people is that that tool, number one, a million dollars would be enough. You know, as you start to look at it and how much you're drawing right now, how much you're being paid, because people often, Courtney, don't understand that. See, you're putting money in the 401ks and 403bs and Roth IRAs because later that's where your check is going to come from. And so I want to assure you, you get yourself out of debt, free up this $800 a month, build up your fully funded emergency fund of six months of expenses. You start investing 15% and you're going to get there. You're going to get to the million dollar mark. Okay.

And if you have over a million and it's not too much for you, you just call me. No, I don't think I'm going to share it. You just call me. You bring me the extra. No, I don't think I'm going to send you a copy, and I want you and your husband to read it. The thing that I love most about the book, it's got a lot of stats, and it's got some great information there that I was excited to share. But the best part about it are the stories, the stories of regular, everyday men and women that have overcome some serious challenges. Some of them had some serious setbacks, but they didn't let it stop them. And they pushed forward, and they were able to get there. And Courtney, I have no doubt that you and your husband will do the same, and I appreciate you taking the time to call.

All right, let's get back to the phones. I've got other people here on the line. I've got Donna in New Jersey. Donna, how are you? Hi, how are you? I am fantastic. Thank you for taking my call. Yes.

How can I help you? I have a question. My house, thankfully, is paid off. Good. I am 53 years old. Here is my downfall. I am $9,000 in credit card debt. Okay. I have about $12,000 in the bank.

I have an IRA, which is automatically contributed to every month. It's my own because my employer stopped, but I continue on my own. Okay. I want to get rid of this $9,000 balance. Okay. Now, my question, I also have a life insurance policy, which I didn't sell the screener. I've won because I want to be credit card free. I don't know if I already know the answer about cashing in on my retirement year against that.

But I also have an annuity that I have, which is like my emergency fund that has about $30,000. And, you know, or should I just buy the bullet, transfer it to a low APR, and just pay it off by little? Okay, Donna, tell me this. What's your household income? My household income, I'm so low, I make about $60,000 a year. Okay, all right. And you said you've got $12,000 in the bank? Yes.

Okay. And all you have is $9,000 in credit card debt. Do you owe on anything else? I have a car payment, which is about $300. Okay. How much do you owe on the car? I owe on the car a little more than $12,000. Like my house, I always paid more. Okay, all right.

And the credit cards, I'm just curious, Donna, real quick. This $9,000 on the credit cards, what did you buy with the credit cards? You know, my mom was very sick a few years ago. And basically, it was for her needs. You know, I had to buy her a special bed. I had to buy her a lawyer. Uh-huh. Okay. Mm-hmm. I'm sorry. Yes, ma'am. You know, and her funeral, of course.

Yeah. So, you know, so not that I'm complaining. I mean, there's a lot of worse people off than I am right now. I do have, like, my emergency fund, but, you know, having $9,000 in credit card debt is really bothering me. No. Especially now that I'm 53. Yeah.

You know, I'm itching towards retirement. I'd rather put that money more to my, you know, retirement than to pay a credit card bill. Well, I don't blame you, Donna. Here's the deal. Honey, you learned how to count. And you understand these credit card places, they're charging you interest, and they're making a mint off of you.

So here's what I'm, if I'm in your shoes, what I'm doing, you've got $12,000 in the bank. I'm writing a check to pay off these credit cards. Yeah. And then I'm going to close the credit cards out. And I'm going to call them and tell them I'm done. And they're going to say, no, no, no, we like you. Be our friend. And I'm going to say, I'm done.

And they're going to say, no, we're going to give you this special buddy rate. And you say, I'm done. And that's how you do it and then moving forward what you do is you spend with cash by having a budget so i love that you're upset and you don't like this credit card debt i love that you see this and you understand this money could be best served for you and your financial dreams instead of the credit card company that's fantastic now get Now, get your checkbook, get a pen, and sit down and write a check and pay off those credit cards and close them and tell them good riddance and they stay out of your life. I'm telling you, it's amazing. If you don't open them, they can't come in.

And so you just shut them down and that's you taking back control. And that's exactly what you do, Donna. And I know you can do this. I have 100% belief in you. Now, the step is between now and here in about three minutes as you're writing out those checks. And you get them out of your life. And now that's you taking a stand for you and your financial future. And that's the difference between people that want to do well versus people that are working to do it.

And I know you'll do it. You're tough from Jersey. There's tough people up there. Don't mess around. Thank you for your call, young lady. And I know there are other people out there that are teetering on that same line where you go, well, I mean, I want to pay it off, but no, listen, don't, don't tell me you're serious. If you're not serious, right? If you want to pay them interest and let them keep making up billions of dollars off of you, then keep sending your money to them.

Otherwise, you look at it and you go, enough's enough. Enough's enough. And you take a stand for yourself and your financial future. But you've got to get serious about it, people. Right? You do. You just have to make a decision. And when you get frustrated and you get sick and tired of being sick and tired, as Dave

would say, you make some changes. And it's always a change for the better when you're getting your money back. This is The Dave Ramsey Show. Hey, guys. At The Dave Ramsey Show, we really value your input. It helps us to know what's important to you so we can deliver relevant content to help you crush your money goals. We just launched a brand new survey, and we'd love your feedback. It only takes a few minutes, and you'll be entered to win a $100 Amazon gift card. No purchase necessary.

Take the survey at DaveRamsey.com slash survey or text survey to 33-789. All right, everybody, you've been listening to The Dave Ramsey Show. I'm Chris Hogan filling in for Dave. And listen, I really want to reach out and let you know about something. We really value the input from our listeners of The Dave Ramsey Show. And it helps us to know what's important to you so we can make sure that we're delivering relevant content as well as teaching. And so last week, we launched a brand new survey and would love your feedback. Check it out at DaveRamsey.com slash survey.

Again, that's DaveRamsey.com slash survey. It will only take you a few minutes, and there is a $100 Amazon gift card up for grabs. So just text survey to 33789. Again, that's text the word survey to 33789 or visit DaveRamsey.com slash survey. Again, if you want to take it on your phone, you can just text the word survey to 33789 or visit DaveRamsey.com slash survey. And it is important getting your feedback, hearing about what it is you want to hear and things of that

nature just helps us to make sure that we are giving you what you want as well as what you need. So, we'd love to hear from you. All right, I got to get back to the phones. If you're out there, America, and you've got a question, I want you to call us. The number to call is 888-825-5225. Again, that's 888-825-5225. Call us. We'd love to talk with you. Next up, I've got Tamara on the line. How are you? Good. How are you today? Oh, I'm doing very well. What's on your mind? Okay. So me and my husband have a little disagreement going on. I've been a stay-at-home mom for a year and happily so. My son's finally in preschool and I went out and I was looking for a job and I got offered, um, the job of my choice for 75,000 a year.

Oh, now the dilemma is, is that my son or my husband, I'm sorry. Um, things were actually going to be losing money with me going and making $75,000 a year between health insurance and childcare. Okay. All right. So you're saying he doesn't want you to work? No. Okay. I want to believe me. What's that? I want to, I want to. Okay. And so what, tell me what line of work are you in? I'm a dental hygienist. Okay. So you love your job. Absolutely. Okay. That's fantastic. And so, all right. So what's the household income right now without this new job?

Okay. It's between pay and income from our rental properties. It's $62,000 a year. Okay. All right. And so you guys, and tell me this, what baby step are you guys on? I am on baby step two. Okay. What you trying to finish? Hold on. Personal foul. Uh, your pronoun was singular. Yes, it was. My husband's not on board. Oh, okay. So how much debt are you attacking right now? Right now, let's see, our debt is both of our cars are paid off, which is great. We only owe about $8,000 on a camper, less than $2,000 on credit card debt, and then we have our two houses. Your two houses?

Yes, we have two properties. We have a four-family and a two-family. We actually live in the two-family. Oh, okay. I got you. All right. I understand. And so this money stuff, your husband's not on board with the work and the debt plan? No. Why?

No, he doesn't. He's just not on board. He thinks it's good to have a credit score. He thinks it's good to carry a mortgage. Okay. All right. So I just kind of pay everything off as I can. Yeah, because he's wrong. It's taking a little longer than I like.

I know. He's wrong. We'll work on that here in a minute. How long have you all been married? We have been together for 12 years. Okay. How long have you been married? We've been married for three.

Okay. All right. And so looking at this and walking through it, you know, here's the deal. You know, you've got an opportunity. Now, obviously, it's a real expense whenever you're talking about child care, right? Well, my son's in preschool, so it's $10 a day for aftercare. It's $40 a week because I only need it four days. Yeah, see, Tamara, I don't want to argue with you. Like, you're organized. You're organized. Your husband doesn't stand a chance. He does not stand a chance. But no, seriously, it is walking through this and really finding out the heart of the matter.

Like, what is the deal, right? Were you working prior to having kids? Yes. Okay. Were you working in the same line of work? Oh, yes. Yes, I was. Okay.

I'm thinking this. As you sit and talk with him, I'm thinking he's counting what he's going to be missing, not what's being gained. Okay. And so just have that heart to heart. The plan after you, when you guys first got together, got married and you had kids, was it that you were going to be home until they went to school, then go back to work? work well he actually didn't want me to quit my job to stay at home i kind of did it uh without permission but it worked out so well but now it's been a year and i'm itching to get

back to work okay but the other problem he's having is is that i'm five months pregnant so he thinks me going back to work right now is counterintuitive. Tamara, how are you leaving out vital information? Okay, listen here. Listen. Sorry. Okay. You're five months pregnant.

Okay. Yes. Okay. And so you want to go back to work, and you're going to go back to work for how long? The plan is for a while until I feel like I need need to stay home again my son was having a few problems okay so i felt it was best for me to stay home no i get that and and here's the deal you're you're learning the the aspect of making decisions not together right um and yeah and you know you know how frustrated and irritated everyone was when you you know stopped working he didn't want you to and

you stopped now you want to go back he doesn't want you to, and you stopped. Now you want to go back. He doesn't want you to. Here's the deal. I want you guys to get aligned on the family goals. All right. And it's so much easier when you start to think of what's best for the kids, what's best for the family. Then you go to the individuals.

Okay. And so if you go through in that lens, you guys need to have some conversation and, and really talk about it. And if he's, you know, I don't know, is he frustrated that you're going to make more than him? Um, is he frustrated? You're not going to be at home. Is he fearful about something happening with you working in the stress with the baby? I don't know, but I think you guys talking about this openly and honestly, not with attitude, but talking about it, because there's obviously an opportunity as a family to clean up some of this debt. If you go back to work, right. And as far as taking care of the $8,000 camper,

the $2,000 credit card, there's some benefits, but like anything in life, there are pros and cons. You got to weigh it. And when you said I do and we do, now you guys have to make a decision together. So I know it can be frustrating and irritating to have to walk through. And sometimes it's really frustrating to rehash and repeat something you've already said. But for the sake of gaining understanding and working together, for the sake of the family, it's important for you guys to spend that time. And if need be, you may need to reach out and speak with a pastor or you may need to go even talk to a marriage counselor.

This is not a bad thing. It's a good thing because it helps that communication helps with understanding. So that's what that's what I would suppose that you do and walk through this. But please don't just go make a decision on your own. All that's going to do is create drama. And the cleanup on aisle 13 is not fun. Okay, be focused. I got a social question in.

It says, sometimes I wonder if I have enough money for retirement. This is from Jose on Facebook. I only have around $30,000 saved for retirement, and I'm 39 years old on Friday. How do I know how much I will need? Well, Jose, I can tell you this. The fact that you have money saved for retirement is a good thing. 52% of American workers have less than 10,000 saved. So you're way ahead of the game.

But how do you know? How do you start to get plugged in? Well, you start to dig in and use tools available to you. I've got the RIQ, the Retire Inspired Quotient, on my website. Go over there, check it out. It is free. Again, it's ChrisHogan360.com. You've got to have a plan.

You know, I don't know anybody that reaches anything of significance without a plan. That means you know what you want and you know what you're willing to give up to get there. So I would encourage you, Jose, to just relax and understand and know, That means you know what you want and you know what you're willing to give up to get there. So I would encourage you, Jose, to just relax and understand and know if I've got a plan and I've got a purpose, I'm walking through this process. That's something you can do. And I want to encourage everyone else out there that you can do this. You know, I'm talking to people all around the country. I was just in Austin, Texas for an event, and I bumped into people that told me, hey, Hogan, we did it. And someone else said, we're going to do it. And I love seeing the drive and being intentional. So I want you to believe that you can do this. You make a decision, then you wake up the next day and you make another one.

Well, listen, I want to thank all of you for your calls. Thank you very much for the social questions. I want to thank James Childs, our producer, as well as the rest of the team for this production. And thank all of you, America, for listening. This has been The Dave Ramsey Show. This is James Childs, producer of The Dave Ramsey Show. Did you know you can now listen to The Dave Ramsey Show on Pandora and Spotify? For all the ways to watch and listen, check out our show page at DaveRamsey.com slash show.