The Ramsey Show - App - Is Bankruptcy Our Only Option? (Hour 3)

Episode Date: August 1, 2022

Dave Ramsey & George Kamel discuss: Whether or not to file for bankruptcy, Selling land or building on it, Student loan forgiveness. Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. We help people build wealth, do work that they love, and create actual amazing relationships. George Campbell, Ramsey Personality, host of the Fine Print and the Entree Leadership Podcast, is my co-host today. Open phones at 888-825-5225. That's 888-825-5225. Lauren is in Atlanta starting off this hour. Hi, Lauren.

How are you? I'm doing okay. How are you doing, Dave? Better than we deserve. How can we help? Well, I will try to keep this short. My husband and I are currently upside down in the house that we're in, and the mortgage is in my name.

And I'm just desperate to find options besides bankruptcy but wondering if you think I should just go ahead and file bankruptcy. Are you behind? No sir. The house. How much is your payment? It is $750. What do you owe on the house? $115,000. Okay. And what do you think it's worth? Well, that's the thing. So back in 2008, I put a lot of money in the house because my grandmother insisted on staying there until she passed.

That was always what her goal was. And so the house was very under, you know, in bad shape then, but just wanted to honor her. So put, had a friend that helped me kind of put work into the house. I was unaware that the work that was being done wasn't done properly. For instance, they put a new kitchen on a rotted subfloor. The sills in the house are rotted. There's wood-eating fungus that's destroyed the base of the house. It's just, the house is sick. We had to move out about a year and a half ago for our health. We were losing our hair, and our dog was getting sick as well. So we've been paying rent and paying the mortgage, thinking that we could just kind of be positive. Have you had anybody look at it to tell you what it's worth

in the crummy condition that it's in? So it's worthless. No, no. And we've been told not to put another dime into it. No, stop, stop with the drama. It's worthless. No. And we've been told not to put another dime into it. No. Stop. Stop with the drama. Have you had anybody that's a professional real estate person or investor look at it and tell you what it's worth?

We've had several people. And they say it's worth zero. No. Well, $40,000 is what the land is worth. So that's what I mean. We're upside down. I don't mean to be dramatic. It's kind of dramatic.

Well, you said it's worth less. That was dramatic. It is not worth less. It's worth $40,000. Okay. So it's worth more. But the land is worth $40,000. How much land is involved?

5.8 acres. Where? In Atlanta? 5.8 acres where in atlanta it's actually outside of um outside of atlanta uh closest big city i would say is atlanta um but athens outside of athens georgia so a rural community yes sir okay do you have homeowners insurance i do um and in 2015, I tried to contact them to see if they would help with the mold. I had some of the mold remediated, and it worked temporarily. But it's back. Who do you owe the money to?

The mortgage company currently is Regions. Is it an FHA loan, loan a va loan or a conventional loan i believe it is a conventional but i'm not a hundred percent okay and what is your household income uh my husband and i make around 30 000 currently. You are not bankrupt, but you are in a mess. You already knew that. Yes, sir. You already knew that, okay? Yes, sir.

So worst case scenario is you get foreclosed on because you quit paying payments on this today. And worst case is. Okay. I would go ahead and contact Regions and say, I'm done. The house is falling in. I can't fix it. I only make $30,000 a year. Put me in touch with your short sale department.

Okay. Get in touch with a real estate agent at ramseysolutions.com and interview some of our ELPs, our endorsed local providers. Ask them when you're interviewing them if they have any experience with a short sale. Okay. Very few short sales in today's world, but you have a house that has rotted down and lost its value and you've got basic structural thing. It just needs to stick a dynamite thrown in it. I hear you. It's over.

It wasn't a great house to start with, and then it's gotten worse. And so here's what's going to happen. Let's pretend that $40,000 is a real number. I'm not positive it is. That means this land is worth less than $10,000 an acre. I suspect you'd probably get more than that for it. It's in a floodplain i i forgot to tell you that the whole thing railroad the railroad expanded well the d.o.t

expanded the highway in front of the house years ago we have the whole five acres is in a floodplain no no sir okay that's what i was asking has been flooding under there for for many years that's okay the house is gone so here's what's going to happen the real estate agent gets you an offer of 40 or 50 000 but you owe what'd you say 150 115 115 then that offer goes to regions and regions can decide if they want to accept that okay and if they accept that offer then they forgive the rest of the loan. Now, here's the word you must remember, the phrase you must remember. This is a short sale without recourse. Without recourse.

Which means they can't come back after you for the difference in the $115,000 and the $50,000 you get for it. Okay. But if they get $10,000 an acre out of this, that'd be $50,000. And they take that offer to Regions. Regions says, hey, look, after we foreclose on and we take this property back, we're not going to get $115,000 for it. We're going to get $50,000 for it.

Then we've got to go sue this woman named Lauren who makes $30,000 a year, at which point she'll file Chapter 7 bankruptcy and we're going to get 50 for it then we've got to go sue this woman named lauren who makes 30 000 a year which point she'll file chapter 7 bankruptcy and we're going to get nothing so we're just going to take this okay that's what a short sale is that's how the logic works but you've got to have an agent that knows how to make that pitch to regions and work through the regions mess and regions is no picnic to work with they They're a pain in the butt. But maybe they just are. It's a stupid bank. But, you know, here's the thing.

Quit paying payments, A. B, number two, get a real estate agent that will help you with a short sale. You can do that at Ramseysolutions.com and then um see hopefully we can get them to accept an offer from an investor or a local guy who wants to just farm it and push the house down or whatever right maybe your next door neighbor wants the property um yes and they'll accept it without recourse okay that way they don't chase you for the difference, kiddo. But this is going to be a, it's going to take six months to a year of your life of screwing with this. But all that time, you're going to be saving $750 a month because you ain't paying any more payments. If they do come around and foreclose and come after you, you can deal with it then.

Settle with them on that. This is the Ramsey Show. george camel ramsey personality is my co-host today open phones at 888-825-5225. Okay, one of the things you're supposed to do when you listen to this show is be entertained, and you can't help but do that because people are just plain entertaining, especially George. I thought you were talking about the callers. Yeah, well, I was, but I was also talking about that you're just an amazing talent. Thank you. The other thing you're supposed to do is you're supposed to learn.

And so there are, you know, we have these things called mentors, and a lot of our callers are anti-mentors. I thought you were going to say de-mentors, which is different. Well, yeah, they're anti-mentors. You don't do what they did. Now, so you learn from that last caller. Okay, what was the whole thing that set this whole thing up? What went wrong?

Grandma wanted her to put $50,000 to $75,000 more into a rotted-down house than it was worth in order to be happy in her last days. Now, this is the point where you look at Granny and you use the magic word. Is it no? No. Yes, it is. No is the magic word. No, Granny. I'll be happy to take care of you.

I love you. Me going bankrupt is not an act of love towards you. Right? You would have been better off getting her an apartment somewhere. Yeah. Yeah. I mean, for what they spent in pain, trouble, and mess. But it was an old family place.

It was probably Granny's old place. And there's a lot of emotion and uh you can just get caught up in the family drama and get into stupidville real quick instead you've got to back up pan back and look at this and go wait a minute this is a bad idea now i love my grandmother i there's no question you should love your grandmother some of your grandmothers aren't lovable but you should love them anyway and that's not a it's not a question but the but but that you know you still have to have wisdom about how you go about this and um we don't bankrupt ourselves for grandma it's well for grandma's wishes which are ridiculous especially okay now if we can save her life by paying for her cancer treatments yeah okay that's different i'll go there you know you do

whatever you gotta do there but you know grandma wants a better house and that's how she's going to be happy in her last days uh you should have thought of that 50 years ago when you didn't save money granny uh because i can't do this and i'm not dropping a bunch of money and this house is rotting down because that's obviously was a piece of crap house before this whole story started um probably should have been pushed down in 2008 instead of fixed up it sounds like sound like it's a mess and so um instead we renovated a kitchen on top of a rotting house right i mean there's just there's a lot so you know it's not to pick on the poor girl that called in i mean bless her heart she's got a mess we're here to help her everybody's done something stupid

and that's hers okay i've done done plenty of more stupid things than that, things that were more stupid than that, or however you say that. Both, really. But, yeah, so always be listening to these calls and learning from them. That's a deal. And the advice was shoot for the short sale is her best bet. Yeah, yeah. The one thing i didn't think of until we got off the air at the break is i still i mean i i uh thought maybe that was

old family farm and maybe it's in granny's name and if that mortgage was in granny's name which i doubt it was because she said she had to go get the fix up but if that mortgage is in granny's name and granny died and the farm is in Granny's name and Granny died, I'll just call Regents and tell them, here's the keys. Good luck with this. I mean, just give it to them. Because who are they foreclosing on? The estate.

And, you know, there's nothing here. The estate has a negative net worth. So they get nothing for making this loan. They just eat the cost. Oh, by the way, how do they make this loan? That's what I was wondering. How did this thing even appraise for financing? It didn't.

It didn't. So bogus, horrible lending practice here. So a little bit there on regions, but they're going to get to pay for it, so it's okay. It's going to work out. Blake is in Atlanta. Hi, Blake. How are you?

I'm good, guys. How are y'all? Better than we deserve, man. What's up? All right. My wife and I, we sold our house a year and a half ago, and our kind of long-term goal was to have as much acreage as we could and build a house and live the dream, yada, yadaada so we purchased with the profit that we made on our house we purchased 26 and a half acres in

uh dairiesville georgia and we are we were looking to build there and that was the plan um we've got the land cleaned up it's uh it was really grown up and now it's not now it looks good and we're ready to build on it but these interest rates just kind of went through the roof and just kind of pushed us outside of where we were comfortable building um in regards to what the what the monthly payment was going to be uh conservatively speaking so um now we've got the land on the market we've kind of stepped back and and feel like the best decision for us is to be able to sell that land and then take the profit that we make from that and then just purchase a home. Outright is what we're thinking.

Kind of where we were on the fence is kind of just, I guess, putting the dream on pause for a minute. I don't know if, you know, over time the land's probably going to be more expensive if we try to go do this again. But on the flip side, we're thinking about just our lifestyle in general and it being just having the freedom of not having a mortgage, being 33, and going that route. What would be your advice on should we? How much would the payment be with the new interest rates?,500 what's your take on pay uh we we made 123,000 last year sell the land yeah i figured i kind of served you a beach ball on this one so you're saying you could sell the land and buy a home with cash a beach ball with a very

low net yeah yeah yeah so uh so yeah so that's kind of what we're thinking man you know i just i thought for us to be to be and my wife's not she's in her 20s and i'm 33 so for us to do that buy a house not have a mortgage and then well that part that part's really cool and i like that part i mean if you told me your payment was going to be a thousand dollars and you're just you're just freaking out over nothing i'd tell you to build the house but your payment ratio is off yeah when it was in the four percent range we were we were you were still high yeah yeah because we tell you what you know what, right? 25% of your take-home pay? Your take-home pay is what?

$6,500, $7,000? Yeah, something like that, yeah. Yeah. That's tough. A fourth of that is what we would tell you on a 15-year fix. You've probably heard us say that, right? I have, yeah. You weren't making that on a 4% loan either. No, no, I wasn't.

Yeah, so I'm glad you didn't call me back then because I would have burst your bubble earlier. Right. How long ago did you buy this land, Blake? We've had it a year and a half, and thank me just for the way the market's been. We bought it at $4,500 an acre, and we've got it for sale right now for $15 an acre.

Woo-hoo-hoo! We dropped it today, actually, to the 15 from 18 an acre, and everything surrounding that is what it's selling for. Yeah, good. Well, you're going to make some money, and life is good, and you move on to the next deal. And like you said, you're going to be having a very peaceful life in a paid for house and you save up and you'll do your land deal later and uh you know sometimes sharon and i when we're looking at deals um we did this the other day we're actually looking at a piece of ground the other day and um we both neither one of us could get real

comfortable with it so we kind of just think this is, this is like not so fun. It's okay, but it's not like, it's not a spike. You're not excited about it. It's okay, but it's not, you know. And when we do that, sometimes, because we've lived in Nashville for 40 years, I mean, been married 40 years and lived in Nashville, right? And I grew up in Nashville. So sometimes we'll just go driving around and look at all the deals we didn't do. Remember when we almost bought that?

Aren't you glad we didn't? Remember when we almost bought that? Aren't you glad we didn't? Remember when we almost bought that? Aren't you glad we didn't? That is called JOMO. Remember when we sold that? Aren't you glad we did? Yes. And we've done enough deals that we can do that for a couple hours,

and then we just go home and go, we're not doing it. I love that. That's called JOMO, Dave, the joy of missing out. Oh. Dodge that bullet. Dodge that bullet. JOMO, the joy of missing out. A George Campbell original.

Maybe. This is The Ramsey personality is my co-host today in the lobby of Ramsey Solutions on the debt-free stage. Shannon is with us. Hey, Shannon, how are you? Hi, I'm good. How are you? Better than I deserve. Where do you live? I'm from Houston, Texas. All right, good Texas girl. Awesome. How much debt did you pay off? I paid off $204,000. Awesomeness. How long did this take? It took me about 45 months or three years, nine months. Got it. And your range of income during that time

i started out at 104 and i ended out one around 120 cool what you do for a living i'm a physician assistant oh good pa that's the 204 student loan debt i guess yeah was it most of a student loan or all of it was mainly student loan and then a car fleece ah Ah, okay. Cool. Very cool. So almost four years. Yes. You've been chugging at this. Yes. How long have you been out of school? About that same amount of time, about four years. So you got out of school and you said, I'm going to attack this. How'd you get connected to this Ramsey stuff and how'd you decide to do it? I know. I was trying to think about that on my way here. I think I just got out of school and I knew I had this mountain to get over. And I think I just started Googling getting out of debt. And I think I just started Googling getting out of debt.

And I think I just found you and everything worked out. And there it is. Good old Google. And you just went with it. You were just like, all right, sounds good. Yeah, yeah. It took me a while to really get gazelle intense. At first, I wanted to start my 401k

and get going with the future. And I just realized I wasn't making enough traction. And so I just went, dove right in and- Wow. Game on. took right off yeah okay so you found us on google and then and then I've just been going kind of gung-ho I mean I've read all the books I listen to the podcast every day and just kind of and I did FPU too oh wow wow okay you did go all in I did yep so financial peace university read the books and podcasts

and all all started from a simple I want out of debt search yep yeah good for you yeah good for you well one thing about being a that's a tough line of study and i took a lot of discipline and some sacrifice to hit a goal and so when you say oh there's a goal oh i know how to do that discipline and sacrifice right so it's not you know how to delay pleasure you've already done that right to get this degree to be able to be in this field right right yeah and you come out of school and you and you want to live on your nice paycheck and but i just put my head down and i did it so i don't have to do it ever again i love that did your pa friends think you're weird they're like you're doing great why did you pay off this debt so quickly they were all really supportive they're all doing their own things and they and they were proud of me for doing it.

Well, that's good. Maybe you'll inspire them. They go, wait, you did it in 45 months? Tell me more. Exactly. I hope so. That's awesome. How does it feel to be free?

It feels so good. I know people say this, but it really does feel like a weight is lifted off your shoulders. It's just you're free of this burden. You just don't have to worry about it anymore. You can just get on with your life and not worry about what you did when you were 18 right do you remember what the payment was on that 204 000 the most it got up to and i've heard another girl say this on her screen the most it got up to was like when i did extra it was like five thousand dollars a month and i remember somebody saying that that was like a

luxury vacation they were paying off every month and i just had that in my mind i was like $5,000 a month. And I remember somebody saying that that was like a luxury vacation they were paying off every month. And I just had that in my mind. That's a fun way to look at it. I was like, I just want a luxury vacation at the end of all this. So are you going to take one? What are you doing?

Well, this is our start. This is the start. And then we'll do one in a year or two. Yeah, well, Nashville's a nice place to visit. It's no cop-out, but it gets the job done. Right. That's awesome. It's not Italy, but it'll work. Right. Allout, but it gets the job done. Right. That's awesome. It's not Italy, but it'll work.

Right. All right. Good for you. Well done. Thank you. Well done. So now you've done it. You're a person who sets goals and knocks them down.

The latest one is $204,000 in 45 months. What do you tell people the key to getting out of debt is? The key to getting out of debt, everybody says the budget. I totally agree. It's the budget. I love the EveryDollarBudget app. And then just getting really gazelle intense. At the beginning, I just had all my, I just want to do my 401k and I wanted to save up for an emergency fund and I wanted to do my student loans and I just wasn't making any traction. And so just putting all your eggs in one basket, just going all in and then just putting your head down and it's done.

The power of focus. Yeah. Yeah. Just zero in. If you have to do one thing because nothing gets done if you don't do the one thing first. Right. Yeah. It feels like wisdom to try to do a little bit of everything.

Right. But then you wonder why you're in the same place you were a year ago. Yes. You're not seeing the numbers move. We need that as part of our psyche as humans. Absolutely. You experienced it. Yeah.

That's awesome. Yeah. Good job. Thank you. Way to go, hero. Thank you. Who was cheering you on? I had lots of cheerleaders.

One of them was my boyfriend, Nick. He bought me FPU. Go, Nick. You go. I like Nick. And he actually paid off his debt alongside me as well. So that was really helpful. Good motivation.

And then my parents, and I asked them to be here today. They couldn't make it with us, but they were really big cheerleaders along the way too. And then my best girlfriends, Rebecca and Jennifer, they're financial, finance nerds, kind of like me. And we would just kind of text back and forth about all the tips. And I would text them with my milestones

and they were both really encouraging. So it was really helpful. Oh, very good. There's a theme theme today other people matter in your financial journey don't do it alone absolutely accountability and encouragement it's really important yeah you're amazing thank you well done thank you very well done she already knew that good stuff we got a copy of baby steps millionaires for you that's the next chapter in your story for sure you are on your way how extraordinary people built or how ordinary people build extraordinary wealth and how you can too we'll give you another copy of financial peace membership

you can give that away to somebody since you've been through the class and also a copy of total money makeover for you to give away to somebody uh since you and nick are in the business of encouraging people and getting them moving in the right direction good stuff very good stuff and thank you for trusting us on the journey yeah thank y'all for being here we're honored to have uh been sharing you on uh even though we didn't know it until today so uh we're proud of you very Very, very, very well done. Thank you. All right, Shannon in Houston, Texas. $204,000 of Sallie Mae PA loan done in 45 months, making $104,000 to $120,000. Count it down. Let's hear a debt-free scream.

All right. Three, two, one. I'm debt-free. I'm debt-free. Woo! Yeah! Three, two, one. I'm debt free. Wow, that's amazing. Absolutely amazing. Very, very well done. Very well done.

Well, we've got, we're coming into a political season with the midterms coming up and um you're going to hear the volume come up watch the volume click click click on student loans and how out of control they are and what an epic failure the whole system is. Completely agree with all of that. And so it must be that we forgive the loans. And so there's going to be some politics played. That's a nice way to put it. Where they act like they're doing something, and they're not.

That's what politics played is about forgiving loans. But there's going to be a lot of discussion and a lot of rancor in the air again and a lot of carrying on about how stuck people are and that they can't move on with their lives and millennials are putting off having children or the careers that they want and all because of their student loan debt, and enter our last debt-free scream, who says, don't think so.

No thanks, I'll do it myself. No thanks. I'll take 45 months, and I will pay back the $204,000 that I borrowed to go to school, and I will have the dignity of having done that. I did sign the paper that said i owed it and i'm not waiting on the white house to fix my house i'm going to do this you just keep this in mind when you hear this volume knob start clicking up because it's just a matter of well just a matter of a couple three four weeks we're going to start hearing it and

it's going to get louder and louder and louder and louder until we get to October. And then it'll just get real quiet again. It happens every year. But over time, it's been happening more and more because the crisis is finally getting, you know, it's getting out there. People, this is not a secret anymore. But I mean, there's two messages we want everybody to get from this. Don't get in student loan debt.

And if you did, you can get out. And we'll show you how. And the politicians, they're half right in presenting the problem. But the solution to them is vote for me. I'm going to be the savior on the white horse. But instead, you got to look in the mirror and go, no, the politicians, I'll talk.

No shock there. I'm going to do this thing. The white horse is a hand puppet. So I'm just saying, it's not working remember that left-handed puppetry thing yeah got the degree in left-handed puppetry then they went into politics this is the ramsey show Thank you. our scripture of the day colossians 3 9 through. Don't lie to each other, for you have stripped off your old sinful nature and all its wicked deeds. Put on

your new nature and be renewed as you learn to know your creator and become like him. Mark Twain said, if you tell the truth, you don't have to remember anything. That's another way to put it. There you go. He was like tweeting before tweeting was a thing. Short, snappy, witty.

No question about it. With rising costs everywhere you look, we know you've had enough. Right now, Normal in America is getting freaked out by the total on the cash register in the grocery store, asking the cashier to take stuff off like a gallon of milk so you don't overdraft your bank account. Well, Normal sucks. You deserve a chance at some extra breathing room we're super excited to tell you this month we're giving away five hundred dollars cash every week and a grand prize of three thousand dollars in our ramsey cash giveaway you can enter every day

there is of course no purchase necessary and you must be 18 to win ramaysolutions.com slash giveaway every day enter ramsaysolutions.com slash giveaway so we had a uh our business has been open now for 30 years i've been on the air for 30 years. I've been on the air for 30 years. We currently have about 1,200 folks working on our team. And over the years, folks that have come and left and got married, left and, you know, had a baby, went home, or took another job, or got fired, or whatever, we probably got another 1,500 or so over that 30 years that don't work here anymore and over the years of running a business that size and growing business and so forth we've had team members go through tragedies with the loss of children spouses certainly grandparents and parents all kinds of things like that over the years we've

our family we've walked together through all that but we have had a new experience this weekend try to get through this not cry a young man named Michael Pretorius that's been with us for five years and two of the five years that he's been on our payroll, he was not at work because he's been fighting cancer, and he graduated and went to be with Jesus last night. And so the first time in our history we've had an active team member pass away, and so our whole place is kind of uh we've all been walking with him and his wife and his family his mom his sister works here um and uh through the whole process and

and you know just watching the horrible thing that cancer is and um it's um i'm stammering because i'm about to cry but uh it's painful and uh uh but it's real and uh just an incredible young man oh yeah incredible his faith during this journey was one of the most inspiring things to watch as he fought and i just i was reading a text from him i got the other day as I was letting him know we're praying for him. I mean, he's in one of our social groups. He's been a good friend of mine. We've, you know, bunked together on some of the trips we've done as guys.

And, man, that guy is a warrior. And he loved Jesus more than anyone I know. Yeah. Yeah, he's a stud. And so our hearts are heavy. Yeah, it's been a somber day here. And, our hearts are heavy. Yeah. It's been a somber day here. And, yeah, and certainly for his wife, Amanda. And, you know, rest assured, he's got 1,200 family members that are all around him making sure, around her, making sure she's okay as best she can be through this whole process but um there's been a lot of tears

in our building today and um we'll continue to be in the weeks to come i'm sure but um yeah so if you want something to pray for today that give you something to pray for and um you don't there's um no amount of preparation you can do for something like this. Yeah. You can't get ready for that, other than making sure you have a good, strong spiritual walk with the Lord. And he did.

He's an incredible, incredible young guy, 29 years old. Just amazing. Just amazing. All right. incredible young guy 29 years old just uh just amazing just amazing all right open phones here at 888-825-5225 rose is with us rose is in pennsylvania hi rose how are you i have post polio syndrome and fibromyalgia oh That's how I am. Wow. Yeah. You got a lot you're dealing with. Pardon? I said you got a lot you're dealing with. Yes.

So how can we help today? Okay. I have approximately $150,000 saved. It's in CDs and money market and just savings account and that is all i have and i would like to know how i can invest it wisely and have something to live off well i call uh cds in a situation like this certificates of depreciation because you're making nothing girl as you noticed right you're making nothing on this anything anyway yeah you're not making nothing off this money it's just sitting there right and so uh if you made 10 on it it'd be

15 000 bucks you know 1200 bucks a month coming in something like that, and you're making nothing. Years ago, the interest rates were up to... Yeah, they were, but they're not now. They haven't been in recent decades. That's a couple of decades back that you're talking about. What I would tell you is this. I would personally invest, I do personally invest, George personally invests in good growth stock mutual

funds with long track records um what you have with your uh by the fact that you're invested in by the fact you got this money parked in cds number one and number two you're fighting all of these uh medical things uh both of those things tell me you are really, really, really anti-risk, and you probably would see mutual funds as really scary. They're no more scary than buying a house. They've got as good a solid a track record. If you buy a house, you're going to make some money if you hold it a while. There's only been one time in history in the last 70 years that

80 years almost 100 years that house prices have gone down and that was 2008 one time now mutual funds are more volatile than that they go up and down but i would sit down with a smart investor pro and i would not do what the smart investor pro says and i would not do what the SmartVestor Pro says and I would not do what Dave Ramsey or George Camel says. I would learn about mutual funds and then you do what you decide to do. That way you won't wake up in the middle night freaked out scared because you will understand that'll make you understand and be comfortable with before you move forward. When you meet with an investment professional as a heart of a teacher it changes everything yeah they're not going to sit there and go well here here's all the things we're

going to do they'll recommend things and they'll help you understand why they're recommending what they're recommending but it's up to you to actually make the call and so we get calls sometimes they go well they made me do no they didn't make you do anything. Yeah, my financial advisor lost money for me. No, you lost money for you. You took their advice. So they're called an advisor, not a teller what to doer. That would be a terrible name anyways. Yeah, it's a horrible name.

But, yeah, that's good. It didn't even work when I was saying it. Teller what to doer. So for long-term mutual funds, for short-term, now, I don't think she needs this money today, clearly. It's locked up in a CD anyways. Yeah, it needs to be making some money that's why she called so yeah you need to learn about the mutual funds and buy super conservative that don't have the volatility because you're going to be it's going to scare you to death when you first do it and don't even move all the money at once in there move just 50 000 and then kind of get comfortable with that

and it's like kind of wading into the water. You get used to the water up to your knees and you get used to the water and then you can kind of get out. And then you can just go on in. But you don't have to just dive in and go, it's cold! That's what crypto is, Dave. That's the polar ice plunge. You throw all your money in crypto.

No, polar ice plunge is good for you. That's true. Good caveat. Bad metaphor. Shock the system. So sit down, go to RamseySolutions.com, hon, and sit down with a smart investor pro and let them guide you and teach you and you learn. And if you know what's going on, you'll have peace with the investing. That puts us out of the Ramsey Show and the books.

We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. Dave here. You can find all of our shows with the Ramsey Network app on your smartphone. It's the only place to listen to the entire back catalog of episodes. Download the Ramsey Network app in your favorite app store today.