The Ramsey Show - App - Is Financing a Car at 0% Interest a Good Deal? (Hour 3)

Episode Date: June 1, 2018

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Live from the headquarters of Ramsey Solutions, it's the Dave 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. I am Dave Ramsey, your host. This is your show. Thank you for joining us. Open phones at 888-825-5225. That's 888-825-5225. Amanda starts off this hour. Well, maybe not. I'm going to try again. Nikki starts off this hour in Maryland. Hi, Nikki. How are you? I'm great. It's such an honor to talk to you. Thank you for taking my call. Sure. What's up?

My husband is in the government, so he has a pension system. And I am just wondering at what price or wage is it worth it to walk away from a pension system? Pension system has a very low set of golden handcuffs for me. Because I'm much more concerned that your husband be in the right seat on the right bus that causes him to live out the goals and dreams of your family. Too many people stay handcuffed to something like a pension system and give up their dreams. Now, if his dream is to serve in that area and in that way in the government,

that's fine. There's nothing wrong with that. But let's clearly define that. So has he got another offer on the table? He does, and he's also a little concerned because it seems like there's going to be some changes to the pension coming down the pipe here soon, meaning us paying more, having to pay more into it.

Currently he makes $123,000, and he has a line on a job making $150,000. I think his happiness is probably the same in both jobs. Okay, but which one takes him to his goals 10 years from now? Well, you know... Not financial goals, career goals. Yeah, I guess it could be either. The other one's just a contracting job for the government. Okay, so he's back in the same seat, or a similar seat, but just a different thing.

So let's look at the third option then that's not on the table. Is there something that takes him where he, you know, if I could ask him the question, you know, how old is he today? He's 35 if i could ask him the question okay when you're my age i'm 56 and you're doing your and you're doing something that causes you to smile every day and you're making really good money doing it what is that he needs to answer that question and if neither one of these jobs are taking him towards that, then he needs to look for the third option that takes him towards that. Because you'll make more money doing that.

Yeah. Yeah, I would say it's probably equal on both sides. I would say that both jobs are, he's on the track that he would like to be on. Okay. All right. Then, you know, how much is the mandatory pension contribution now on your part? One percent. One percent.

And it looks like it's going to go to six percent. Whoa. Mandatory. Yeah. Yes, sir. Yeah. In the next six years, they're looking to increase it by one percent every year for the next six years all right well we have no idea we the people what the federal government's going to do next right all we can do is go i can't believe they're already this far in

debt and it's possible and probable they're going to go further in debt i mean the debt the federal debt is deficit is just bananas none of those people up there have seemed to have a brain about spending and the problem with that concept is it affects your husband's pension because there comes a point in the math that they're going to have to start cutting some stuff back at some point and that may be the point that may be the place they cut it which one way they're doing that's going to make him start contributing here's the problem when you contribute to a pension you don't have any control on the outcome when you contribute to a 401k you have all kinds of control on the outcome because you own the money in the 401k you don't own the pension they could just decide they want to pay less on it after you paid into it for 20 years

they can just decide that it may have to do it within the current federal laws but this is the federal law so they can just change the dadgum law in this case so i i'm not a a fan of leaning heavily on a pension you know for instance baby step four is we tell people to put 15 of your income into retirement and i often get a call with someone that says, yeah, I have a mandatory pension contribution of 10%. Should I only put 5% in then? Because I'm already putting 10%. And I'm like, no, I want to put more than that in because that 10% you're mandatory putting in, you've got no control on the outcome. You've got no control on what it's invested in, what the rates of return are, and the outcome of how much ends up coming into your pocket.

With a 401K, you can change around your investments. That mutual fund's not performing. I'll put it in a better one. When you leave, you take it with you and roll it to an IRA. Pension doesn't happen that way unless there's a lump sum distribution model on the thing where you're vested or something like that, and then you can roll it to an IRA. But you just got no control so i am um i i have a you can

tell a lower opinion of pensions by far than a 401k because that's why i called i wanted it yeah because of the control factor you see what i'm saying and so but i'm very entrepreneurial i own and operate my own business which is the other end of the risk spectrum from, you know, seeking the security of a stable job. And so that's, you know, full disclosure, right? I have very little need for a stable job in my emotions. I'm perfectly comfortable with my ability to go into the marketplace, kill something, and drag it home. I don't have a need for that other part of it. Other people need that, and it's not a bad thing.

It's just a different way of looking at the world. And so, you know, how much does he value that part of the equation? Because the contract stuff is going to come and go, and so what happens if the contract's up and he can't do that job anymore? What's he going to do? Well, that's the concern. And like you were saying, you're different. What does he do? My husband definitely values it.

What is his job? He works for the State Department, and he is in the terrorism end of it. Okay. Training end. Oh, the training. Yes. Excellent. Okay. Excellent. Okay, good.

I mean, the bad news is that there's a huge market for what he does. Yes. Whether it's with the government or private security firms. Okay, I've got a friend of mine that runs security for Facebook and makes bank, obviously, doing exactly what your husband does, but for Facebook and the private sector. And if he's got that expertise, does he have military background or something? Yes, sir. He was a Marine.

Okay. All right. And so he's got weapons training and so forth, and a full security outlook can come in and do an analysis on the organization. Yeah, he's got tons of private stuff. I'm taking the contract job because I'm not under the illusion that he has to work there. If this all falls apart, he's going to be able to get work anywhere. And by the way, tell him thank you for his service as a Marine. We appreciate it.

So I'm taking the contract job as long as he's okay with that concept. Because I don't think the other thing is going to lead him long term where he wants to go. That's just my gut. This is the Dave Ramsey. You know, most of us have gotten behind on our bills at one time or another. That's nothing to be ashamed of. It happens. And many of us know the embarrassment that comes with those harassing calls from collectors.

Some of these guys are just scum. But then there are the collectors that are just plain crooks. These are the guys that take it a step further and they violate the Federal Fair Debt Collection Practices Act on a daily basis. They're breaking the law and they need to be stopped. The truth is, debt collection is the most abusive, out-of-control industry in America today, but you don't have to put up with it. If you have collectors calling you multiple times a day, calling you at work after you've asked them not to, cursing or

threatening you in any way, then you need to visit CollectionBully.com. These folks will connect you with an attorney who I know can help you. These attorneys know how to stop collection agencies from bullying and threatening you anymore. CollectionBully.com. Go to CollectionBully.com today. That's CollectionBully.com. Thanks for joining us, America. We're glad you are here.

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Chris is with us in Colorado Springs. Hi, Chris. How are you? Good. And yourself, sir? Better than I deserve. What's up? So I guess from the previous caller, I kind of got your view on pensions and all that.

So I work for the city here in Colorado Springs, and we have a mandatory 10% contribution that they match. And so I have... Is that into a pension or into a 403B? My understanding is a 403B. It used to be a pension years ago, and now that's the current employees that are grandfathered into that. The new one starting about 10 years ago, the 403B is my understanding. Good, good. That's to your benefit, yeah.

Yeah, it sounds like it um so i have for the past five years i've been putting into a 457 is what we have um i've been putting 10 into that and right now that's at just shy of 33 000 and so now i'm starting to get into i finally started my rough ira only three months ago. So that's got just about 1500 bucks in there. Um, should I stop? So I've got 10% right now, currently for the past month, I've got 10% going from the, into the four 57 and 10, I'm doing my Roth IRA, which after taxes, it's right around 10% of my take-home. Should I – I should mention I'm on baby step number six.

So I have the mortgage, and that's it. Awesome. That's good for you. Well, the Roth is growing tax-free. The 457 is basically – it is deferred comp. That's what it is. It's deferred compensation, meaning we put off your compensation. We deferred it.

And so what that means is you haven't paid taxes on it because you haven't received it technically. It's gone into that account, but it's not come into your pocket. And so no taxes have been taken out. That entire account and its growth will be taxable when you take it out, like a traditional 403B would be as well. Okay? The money you put in a 403B, if it's not got a Roth feature to it, is a before-tax contribution, and all of the growth will be taxable, and that will be taxable when you pull it out. A traditional 401K would do the same thing, right?

They all three work the same mathematically for taxes. And so the thing, not counting, if there's no match involved, tax-free growth always beats tax-deferred growth. Okay. And here's why. Let's say you save up and save up and save up, and you keep putting money in, and it grows and it grows and it grows and it grows and it grows, and in the account is a million dollars someday okay you

get ready to hit retirement there's a million dollars in the account well if you have to pay taxes on the million dollars or you pay zero taxes on the million dollars that's a big difference it's hundreds of thousands of dollars different right yep? Yep. And so the tax-free always wins. Now, if there is no match, so I'm going to do a Roth. Does your 403B have a Roth feature to it? Can you do the Roth 403B? That I am not actually 100% sure of. Okay.

Some do, some don't. It's up to them to offer it, and they may or may not have caught up to the times and be offering it. Do you have any match involved at all? Yeah, there's a 10% match. So essentially, kind of right now, I feel like I'm paying almost, you know, I know you say 15%. I feel like I'm paying close to 30%. Well, no, you're not paying the 10%. Well, I have the 10% that I contribute to it, and then they contribute another 10%. Right, I got that part. And then I have the 457 that I contribute. Okay, so you don't want to lose that 10% match.

That's free money. That is better than a Roth. So I'm going to put that 10% in and get that 10% match and that's in the 403B. That's a mandatory 10% by the way. I have no say in that anyway. So you have to put 10 in and then they add 10 to it. Correct. Okay. That's

awesomeness. Alright. Well then the 457 cannot have a match. It does not have a match. So I would do Roth before I did 457. Back to the reasoning I did 457. Okay. Back to the reasoning I was using earlier. Okay.

And then when you break through, you know, and get the house paid off and you want to put even more into something, then you can maybe look at max after you've maxed out your Roth. Are you married? Not yet. Okay. All right. So you can put $5,500 in, and, you know, you put $5,500 into a Roth. You know, you do your 10%.

If you want to put some more in, you can put some more in the 403B and just keep going there. If you were to get married, you could do another $5,500 into that Roth, into her Roth, that kind of a thing uh and you know then you can max out that 457 but that's all after you get the house paid off until then we're going to maximum contribution baby step 4 15 going into your retirement program as a whole and with it being a 403b and a 10 match uh you have control of that money i would count that entire 10 even though it's mandatory so i would count that as 10 and then your roth i would count

towards the other five to get you there that's how i would do the math all right bill is with us in seattle hi bill how are you hi dave it. It's an honor, sir. Me too, sir. How can I help? Yeah, my wife and I, we're trying to decide whether or not to sell our condo. And we bought it right at the beginning of 2012 for about $433,000. Our broker right now thinks it's worth about $900,000. Wow. Yeah, the Seattle market's really, you know, we feel like it's pretty much at the peak. Why?

Why do you think it's peaked? Well, I mean, that's sort of the opinion of our broker, but I grew up in the area, and I've never seen it like this before. Why is it peaked? That's really just my instinct. But I was just thinking, does it make sense if his best market analysis and sort of my instinct to sell and to rent for a year or two, does that make any sense to you? No, because I think your instinct's completely wrong.

Yeah. You have no basis for your instinct. You have to give me a reason that you think this market is maxed out. I know a lot about Seattle. I don't have any reason to believe it's maxed out. Yeah, okay. I was just thinking, obviously, buy low, sell high. Yeah, or buy low or sell too low.

Okay. So you think there's still some room at the... How old are you? I'm 55 years old. Do you remember what those things were selling for when you were 20? You know how many times in the last 35 years people thought that market was maxed out? Yeah. It's just your emotions.

I mean, if you can find some logical reasons from an economic standpoint that there's a bubble there or that that market's maxed, fine. But just because it's taken your breath away that you own a $900,000 condo is not a reason that it actually is maxed out. So if you can find that, there's a reason to get out. But I don't know of any reason to get out of the Seattle market. I think it's awesome. One-third of American households have no life insurance, and half of the remaining households don't have enough.

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your income. I've been sending you to Zander Insurance for almost 20 years. They shop the top companies to get you the best rates and keep the entire process simple. Call 800-356-4282 or go to zanderinsurance.com. Take the time to take care of your family. Call 800-356-4282 or go to zanderinsurance.com. Ryan and Allison are with us in Richmond, Virginia. Hey, guys, how are you? We're living like no one else, so we can live like no one else did.

I love that. Very cool. I see on my screen you're debt-free. Congratulations. How much have you paid off? We paid off $35,000 in 20 months, but we didn't get gazelle intense until about nine months ago. Wow. Okay.

And your range of income during that 20 months? It was actually for $46,000, and now it's at $112,000. From $46,000 to $112 to 112? Yep. Yes. Okay so what happened to your income during the last two years? Did somebody get a job that didn't have one? We both got new jobs. Yeah. You moved up considerable. What do you guys do for a living? I am a policy analyst at a small non-profit called voices for virginia's children cool and i'm a product manager um at child fund international very good very cool what kind of debt was the 35 000 mostly stupid i've never done anything like that. We had an $8,000 car loan, and then the rest was all credit cards, Dave, and we put some of our wedding expenses on credit cards, some tuition on credit cards, just health stuff,

all kind of stuff that you're not supposed to use credit cards for. Really? So, how long have you guys been married? Well, actually, this month is going to be three years. Good. Very cool. So what happened 20 months ago that put you on this journey? Well, Dave, we were just so sick and tired of just fighting over money and being frustrated

and living paycheck to paycheck and not understanding why we couldn't get ourselves out of debt. And so I started just like Googling, how do you get out of debt? What do you do? I came across your website and I read like, I don't even know how much in one day. And I went home and I was like, Ryan, we're getting out of debt, and this is how we're going to do it. Right, right. And then when she told me that, you know, I was like, okay, that's great.

I would love to hear more. And, well, she went out and said, you know, well, first I got to follow baby step number one, which is to have $100,000, I'm sorry, $1,000 in emergency savings. And I was like, okay, great. But then she said, okay, so that means we'll have to take the $5,000 that's in there to pay the debt off now. And I was like, okay, great. But then she said, okay, so that means we'll have to take the $5,000 that's in there to pay the debt off now. And I was like, oh, okay. What?

Right. Exactly. That's fun. So what do you tell people the key to getting out of debt is? You paid off $35,000 in 20 months. You did it. What's the key? I think the key is really about delayed gratification,

especially for younger folks. I think that we think that we're supposed to be, we deserve a vacation or we deserve a new car. We deserve to live a certain lifestyle. And that's just, that's not true. It's a myth. And you have to tell yourself that you're going to live like no one else right now so that you can live and give like no one else. And then another big part of it is, for us at least, is our faith in God. And we felt really compelled that we didn't want to be slaves

to the lenders. Like, this is not how God intended us to live or to be handling our money. Right. And then the sad part is, you know, when we started our marriage, we started off with this debt. And it really took a toll on us just as far as our communication and just how we were growing as a couple. And, you know, I think once we really, you know, once we gave our lives to Christ and, you know, we really started looking at our debt just really as a burden was weighing us down, we just started attacking it. And we were just like, you know, we're sick and tired of being sick and tired, and let's just get rid of this debt.

Right. And, like, on our prayer boards, it was really good for us to think and sit, like, how much do we already have? I think you forget that God often has already blessed you so much. And when you're using credit cards and things like that, it's like saying to him like, oh, it's not enough. And that's not the message that we wanted to convey. Wow. Very cool. Well, there's no question your spiritual growth was part of your journey, and your connection with God is part of what got you out. So well done, you two. I'm very proud of you.

Did you have cheerleaders along the way, people telling you that you were doing good? Yeah, yeah, we actually did. So a ton of our friends, once we posted that we paid off the debt, I mean, I feel like we had about maybe 30 comments, and people just wanted to find out more and what we're doing. And, you know, just, you know, amen. I mean, it's just been a great opportunity just to share what you teach with others and helping couples to grow in their, you know, communication and just to become more unified

and stay unified together. So it's just been awesome. Yeah, and our to become more unified and stay unified together. So it's been awesome. Yeah, and our parents were really awesome. We told them about our debt-free journey, and we were really sorry last year. We couldn't get them much for Christmas. Right. And they were really understanding. Hey, you gave them a huge Christmas gift.

You didn't move into their basement. Right. That's true. Way to go, you two. We've got a copy of chris hogan's book for you retire inspired that's the next chapter in your story become millionaires and outrageously generous along the way we want you to do both so very very well done congratulations ryan and Ryan and Allison, Richmond, Virginia, $35,000 paid off in 20 months, making $46,000 to $112,000 a year. Count it down. Let's hear a debt-free scream.

Our chains are gone. We've been set free. Three, two, one. We're debt-free! That's how you do it. Well done, you two. So proud of you. And people who take control of their own lives and their own destiny and their own future are heroes.

We love it. We live in a culture full of people who sit around and wait for somebody else to fix their life. But when people take control like that, take the proverbial bull by the horns and make it win. Yes, make yourself win. Deliver yourself. Deliver yourself like a gazelle from the hand of the hunter, a bird from the hand of the fowler. Deliver yourself.

That's what they did. I didn't send them any money. I just made them believe they could do it. And they went and did it. That's all it was. See, I didn't send them any money. I just made them believe they could do it. And they went and did it. That's all it was. See, I didn't transform their lives. They transformed their lives. God transformed their lives.

How cool was that? Very well done, you two. Very well done. Very proud of you. Our question of the day comes from Blinds.com. Give your home the simplest makeover ever. You can take advantage of site-wide savings at Blinds.com. You know, I've been endorsing Blinds.com for, gosh, man, a decade plus now.

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New promos every month. Use the promo code Ramsey, the magic word, and you'll get a better deal. Roslyn is in North Carolina. We have our $1,000 emergency fund. And our only debt besides the house is a car. We have 0% interest on the car. So we're wondering if we should save our three to six months of expenses no why we call it baby step two pay off all your debt everything but your house zero percent is there let me just help you with this by the way there is no such thing as a zero

percent car loan what there's not to start with the vast majority i think the number is like 74 of the people that wander onto the car lot looking for a zero percent end up buying a car at not zero percent the ones that buy a car at zero percent pay what is known as sticker price who the flip pays sticker price for a car people they got zero percent so let me ask something. When a new car drives off the lot and you hear that sound under your wheels as you leave the lot, blump, blump, that's the wheels going into the street. Do you know how much money you just lost? New cars drop like a rock the day you drive them home. New cars that you paid freaking sticker price for drop even more because you overpaid for the car. If you overpaid for the

car, is it really zero percent? No. Either pay the car off or sell it. Don't buy zero percent interest car loans. Pay cash for a car. You can't pay cash for it. That means, by definition, you can't afford to buy it. This is the Dave Ramsey Show. Are high health care costs getting you down? Are you confused trying to navigate your options? Do you wish you could find an affordable biblical solution to your health care costs? Based on New Testament principles, Christian Health Care Ministries, or CHM, helps Christian families, churches, and ministries join together as the body of Christ to share their major health care costs. Christian Health Care Ministries is

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chministries.org. Our scripture today, 2 Timothy 2.15, Do your best to present yourself to God as one approved, a worker who has no need to be ashamed, rightly handling the word of truth. Pat Riley said, Excellence is the gradual result of always striving to do better. Sean is with us in Charleston, West Virginia. Hey, Sean, how are you? Hey, Dave, how are you doing today?

Better than I deserve. What's up? Well, me and my wife have purchased a lot of land in a place called Glade Springs. And we planned on building a house there, but our wife made different turns. And when we looked up the deed for the land, it was for sale in 05 for $78,000. We bought it foreclosed for $20,000. So we went ahead and bought it thinking we'd get a good deal. And worst-case scenario, we can sell it. Well, since we decided not to build there, we've been trying to sell it for the last couple of years. And it turns out a lot of people now are selling their lots there for a dollar just to get out the HOA fees and everything.

The HOAs have doubled from $60,000 and went all the way up to 114 a month now. You know, we're just thinking about what do we want to do with this land. Okay. So it's a resort place that has unraveled then. Yeah. It has golf courses and stuff like that. Yeah. Yeah.

Okay. Okay. Classic land failure deal. Okay. Well, failure deal. Okay. Well, the thing is this. Is there a reason, a logical reason, that makes you think that this property is going to sell any time in the next five years for more than a dollar? I like to think of a sell.

No, I said logical reason. i said logical reason i said logical reason logical is there any evidence i didn't hear anything anything you've told me so far yeah yeah i'll say i fell for more than a dollar in five years based on what? What makes you say that? I feel that land is worth more than a dollar. Why? It's a very nice lot. Other people are paying a dollar for it. If it's worth more than a dollar, why don't you go buy 25 of them tomorrow for a dollar?

Yeah. $25 will get you a lot of land dude yeah we get the hoas uh-huh yep yep yep yep yep i'm pushing your buttons here but you follow me yeah so i mean they ain't making any more no you're right but out there they ain't banking any that it's worth more than a dollar right now so i don't know i uh you know but what here's the here's the rule of thumb you have to have a logical reason you have to have some evidence of something going on in the community that's going to give you recovery that's going to say something other than oh crap i lost 20 grand yeah because i lost 20 Yeah. Because I lost $20,000 plus I lost, what, $1,200 a year for 10 more years, another $12,000. Are you going to put another $12,000 in this deal to see if it comes back? I see what you're saying.

So you have to have a logical reason. Now, a logical reason could be that you've uh you know the thing will hit bottom and someday it'll come back someday you'll be sitting around a campfire going yeah i used to own that and i sold it for a dollar and now it's sold for 20 000 bucks but it might be 25 years you know i don't know yeah i mean i bought houses in nashville tennessee for six thousand dollars that are bringing three hundred thousand now that was 35 freaking years ago yeah and you know that doesn't mean i should have kept them all that time it would have been nice if i'd had the money infinite amounts of money but if i'd have been paying hoa fees on

that house all those years that's that might not have been fun. You know? So what's your household income? $65,000. So $1,200 a year is a lot of money to you. Yes. Yeah. So here's what I would do if I was in your shoes, all right?

Number one, I would start learning everything i can about the area 10 mile radius around this property is there any economics going on is there something fun happening that caught will cause people to light up and maybe come in there and buy again someday because the original dream out there with the golf courses and all that crap is now what's known as a nightmare. It is. So we have to have something to cause the dream to come back and replace the nightmare for people to pay more than a dollar. Because the reason they're paying a dollar is what they're doing is they're betting the HOA fees against the future. And they're just holding their breath.

And they've got the money, and it doesn't bother them, whoever they are, right? Yeah. But now if you can look up and go, yeah, doesn't bother them, whoever they are, right? Yeah. But now if you can look up and go, yeah, you know, six months ago everything was selling for a dollar. Now some stuff's starting to bring $300 an acre or whatever. And so I'm going to wait it out two more years. And you say, you give yourself a deadline that says, I'm going to give this a while to come back. But two years from today, if it's still selling for a dollar, and there's still no hope, and it's still a nightmare and not a dream dude sell it for a dollar gotcha and and take your lumps because otherwise you're going to lose another 20 000 bucks over the period of years right yep and so i don't know when this thing's going to turn it might take it 20 years to turn

and it's not worth it if it does yeah it might take a lot of land they have out there too so yeah i'm and you know here's the funny thing it's west virginia property and so it's probably beautiful yeah it's probably a beautiful piece of ground isn't it it is it is nice it's um very nice yeah i mean, that's over there on the edge of the Appalachians, right? Yep. Yeah. I mean, that's kind of – I came from East Tennessee, and so I know what it looks like.

It looks beautiful. It's beautiful stuff. So that's what throws your emotions off. A, I got $20,000. I don't want it to go down the tubes, and I don't like losing money, and I don't like feeling stupid. And then, B, it's beautiful. And, gosh, somebody ought to give something for it.

But that's not the problem. The problem is they developed this thing out on a shoestring, and the shoestring broke. And then, again, the dreams turned into a nightmare. So how long are you going to feed this thing on a hope it comes back? You and your wife need to prayerfully say, here's the number of years. We're going to do this for five years, after that we're going to give up or we're going to do this for two years and after that we're going to give up but we're going to invest twelve hundred dollars a year for this many more years and give this thing a shot knowing that we may lose every bit of what

we're putting in but that's our our roll of the dice to see if it'll come back a little bit and i probably would i'd probably give it some, but I don't want to just say infinitely, and I don't want to illogically believe. I want to have some evidence in the area that this thing's going to recover at some point. Eventually, someone will come in and finish the development out. And, I mean, I know one in Middle East that uh when i was a kid went broke like this and it's a pretty cool place to live now but that's 50 years later but you know it's 45 years later you know i i remember the deal remember my parents talking about the deal oh it's one of

those land deals everybody lost their butt you know and they're just paying those fees and there's a golf course and there was a pond and a lake there's a lake is what it was and all this stuff and same kind of thing uh but literally 45 years later now it's a wonderful place but it's you don't want to wait that long at 116 bucks a month you don't wait that long life is too short short. Pam is with us. Pam's in Knoxville. Hey, Pam, what's up? Hey, Dave.

How are you today? Better than I deserve. I'm short on time. Right quick. Okay. Got a blessing. My daughter just got accepted to UT's pharmacy school. Go Vols.

Now we have to pay for it. We are kind of cash flowing. We've done everything that followed you for years as far as all the undergrad work. But how are we supposed to attack these pharmacy school costs? Talk to the industry. The pharmacy industry is hiring people coming out like crazy, the Walgreens and the CVSs of the world. Right. and it may be that you can pledge your first couple of years of pharmaceutical work to them in return for some big scholarships, kind of like an army-type deal or a military-type deal

where you promise to work for them for a few years and they pay for your school and that kind of thing. Check on that and check some of the big hospital groups as well. It's not a thing that's published, but it's something I would dig around on because it's so competitive to get these pharmacists straight out of school. They may be doing some cool stuff to help you get through school. That puts us out of the Dave 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. Hey, guys, it's Blake Thompson, Senior Executive Producer of The Dave Ramsey Show. This hour of the show is over, but you can also watch on our free mobile app, our website at DaveRamsey.com, or on the Dave Ramsey Show YouTube channel. We are everywhere to serve you. For years, I refused to endorse any company that claimed to get people out of timeshares. I told my listeners it's a horrible product and that, unfortunately, they didn't have a lot of options. Then a few years ago, I sat down with Brandon Reed, the owner of Timeshare Exit Team.

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