The Ramsey Show - App - It's Not a Math Problem, It's a Me Problem (Hour 2)

Episode Date: April 18, 2024

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Jade Walsh, our Ramsey personality, best-selling author, is my co-host today. And as we kick this hour off, we've also got one of the other Ramsey personalities, Rachel Cruz, on the line with us. She's on the road doing a book signing for her new book, I'm Glad for Where I Am, a great children's book and a great bedtime story all about gratitude. Rachel, how's it going in Los Angeles today? Hey, guys. Can you hear me?

Yes. I feel like I'm like a reporter for the news. I'm like out on the streets calling in. But yeah, doing great here in L.A. We got in last night here. We were in Phoenix before that, New York before that. So we're just on the road. It's been great.

So you had a Phoenix book signing last night. How'd that go? Yes, it was so great. There were probably, gosh, 50 families or so that came out, a lot of little kids, which was so great. That's what we want, yeah. And, yeah, it's always so encouraging being out because, I mean, literally every person that came up, they had a story, right?

And the Ramsey Show was always a part of it. And things, you know, from Deloney and Ken to Jade and George to you, Dave, you know, everyone's just like rocking it with their money, and it's helped them so much. So it's always fun to hear people's stories, one after the other with all these little kids. It was so great. Yeah, powerful.

So tonight in Los Angeles, the Barnes & Noble the grove from 7 to 8 p.m right that's right yeah i'll be there uh same thing we did this in phoenix and it was so fun so i do like a little story time read the read the book talk to the kids yeah you got them all right there so it's just so fun to hear from them. And then, yeah, line up. And, you know, we took pictures, signed books, did it all. So we'll be there at the Grove from 7 to 8. Yeah. That Barnes & Noble at the Grove is a great store. I've done signings there, and it's a wonderful store.

They do a good job for a signing. And so any of you in that area, in the Los Angeles area, the Barnes & Noble at the Grove tonight, 7 to 8 p.m. local time. Rachel's book, I'm Glad for Where I Am. Now, this book is gratitude, right? Yes. That's a big truck passing. Sorry.

That's all right. We're grateful for the cement truck. That's right. I know. Yeah. So, yeah, the first book, I'm Glad for What I Have that came out was contentment. This one is all gratitude. And I was telling I was telling the news anchors this morning when I did Good Day L.A.

that so much of my work, I feel like, you know, even on the Ramsey show, it's it's the tactical side of money. Right. Like we're talking about saving and investing in all of it. But that emotional side of money, those of you that have listened to Ramsey, too, we talk about this a lot. It is such an important part. And so whether it's contentment, gratitude, generosity, all of those emotional side is really important for our kids to grasp and for us to grasp. So yeah, the book, it's based on really the foundational principle of being thankful for stuff that you can't buy, that money can't buy, which is our family. It's our home environment and all of that so teaching the kids that foundation is what i wanted in this book so cool so you're in la looks like later on you go to dallas atlanta i want to know are your kiddos gonna make any cameo appearances rachel

oh you know no but do you know who is that guy wow doing my part he's doing his part he's on the phone with the guys in the booth they are at ramsey just in case this call drops i'm going to jump on his phone if this call drops so we're doing good so he came out to la last night he's technical support he looks like your bouncer like your security right there yeah he's It's got the glasses. It's got the L.A. vibe. Yeah. This is very good. We look sketchy. We look sketchy.

Yeah, we look good, but it's actually. I love it. All right. Dallas Saturday, the 20th. Lincoln Park from 1 to 2 p.m. And Atlanta next Friday, a week from tomorrow, April the 27th at Mansell Crossing. And Alfreda, all those are great stores. I've been to every one of them from 1 to 2. a week from tomorrow, April the 27th at Mansell Crossing in Alpharetta. All those are great stores.

I've been to every one of them from one to two. In each case, Rachel will meet with the kiddos, sign books for them, read the book. It's not that long, and so it's a great bedtime story. And we've already been using it on the old Ramsey kiddos. Papa Dave loves to read to the kiddos. So good stuff. So contentment, gratitude, that's what the first two are. The first one was a children's bestseller.

This one will be a children's bestseller. It just came out this week, and it's available at ramseysolutions.com slash store, or, of course, anywhere great books are sold, like where Rachel's going to be. So, again, Los Angeles tonight at The Grove from 7 to 8 p.m. Dallas on Saturday, April 20th. The Barnes & Noble at Lincoln Park from 1 to 2 p.m. in the afternoon. And Atlanta in Alpharetta the following Friday, April the 27th from 1 to 2 p.m.

So, Rachel. And tonight, I'll throw this out there. Tonight, the illustrator Lauren Gallegos Is going to be with me She lives in LA And so she's coming And so you'll get a signature from the author And the illustrator, which is so fun

I gotta tell you, illustrators sign books better than authors I bet They make little pictures They make little pictures with it Every time, yeah And Lauren's precious, she does a great job And these illustrations are world classclass in both these books. It's one of the reasons they've done so well.

And, uh, uh, the whole, the whole process. And it's just, it's so important if, as parents, if we can teach our children, these skills of character, the skill, the care, you know, godliness with contentment is great gain, content, content, gratitude. Learn to say please and thank you and mean it. And this book is all about gratitude, humility. These are skills that cause children, when they become adults, to become very attractive adults. That's right.

To employers, to future spouses, because they're good humans. Oh, yeah. And that's what we're trying to do is raise good humans. Andy Andrews, our good friend, Rachel, always says that we're not trying to raise great kids. We're trying to raise kids who become great adults. That's right. And that's what these skills do. So it's very, very vital.

Good stuff, Rachel. Proud of you. Keep it up. Thank you. Make sure that you keep that bodyguard straight back there. We're kind of worried about him. Look at him. So good. Thanks, you guys. Bye, Jay. Bye look at him so good thanks you guys have fun tonight i love it we will we will bye all right so again tonight for those of you in los angeles the grove barnes and noble from 7 to 8 p.m

tonight being thursday the 18th of april whenever you happen to be listening to or watching this. And Dallas, Texas, April the 20th on Saturday at Lincoln Park from 1 to 2 p.m. Atlanta, Friday, April the 27th, a week from tomorrow, for those of you listening live or watching live. And that's the Barnes & Noble at Mansell Crossing at Alfredo. You can find all this on our website. And obviously, Rachel's Instagram, she's going gonna post every bit of this and then some because that's what she does she's the instagram queen i love her and you with your cooking yes that's right yeah you gotta follow jade if you want some cooking now i'm just saying it's true i i'm not a

chef but i i cook a little bit no you're cook is what cook is what you are. I pop that open. I'm like, Sharon, I got to have dinner now. Jade's over here cooking. Got my mouth watering. So check it out, folks. You can learn all of that at ramseysolutions.com slash store. We'll get you going right here on The Ramsey Show. Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system is working against you, try a biblically-based alternative to health insurance, Christian Healthcare Ministries.

CHM is a health cost-sharing ministry that's helped hundreds of thousands of families like yours take care of over $11 billion in medical bills since 1981. And CHM has also helped them stay true to their values and avoid miles of red tape. And CHM support goes far beyond meeting financial needs. They'll also help meet spiritual needs. Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budgets at chministries.org slash budgets. Thank you for joining us, America. Jade Walshaw, Ramsey Personality is my co-host. We appreciate you being here. The phone number is 888-825-5225.

Scott is in Indianapolis. Hi, Scott. Welcome to the Ramsey Show. Hi, Jade. Hey, Dave. We're really grateful for your ministry. Thank you very much. Thank you, sir. How can we help? My mom passed away last year, and my two brothers and I inherited the home that my dad, who passed away 10 years ago or so, um, had, I'm wondering just how to be a good steward of that asset. And, and wondering if like an LLC is the best way to manage that going forward. Um, and in addition to that, my middle brother's living in the house and will likely leave in a couple of years. And my wife and I are considering like purchasing his portion at that time and, and had some questions about that some questions about that as far as doing that well.

Okay. If you're going to end up purchasing it and, in the meantime, a relative lives there, I don't think an LLC is necessary. Okay. The main reason you would do an LLC would be to save on risk management. So if a tenant falls off the porch and breaks their face and decides to sue you for $10 million, they have to sue the owner of the property, which is the LLC.

You're not the owner. And so we do LLCs for risk management. There's really no tax benefit to LLC, and it doesn't cause people to get along who otherwise don't get along. So you guys are the three brothers are discussing what we're going to do with this house all the three brothers are discussing what we're going to do with this house all the time. Is that what we're doing? Well, yes, basically. So we've done a few like renovations to it and it's in a decent area. And my wife and I have wanted to, you know,

get involved with some property, real estate. So you're thinking of buying it to live in or as a rental? As a rental. And so we were wondering about to live in or as a rental as a rental and so we were wondering about limiting our own liability um just in case not just my brother but you know something happens yeah and if you're going to keep it as a rental i would put it into an llc um at least your ownership portion now uh why is your how old is your little brother that's living in it? He's 53. Okay. Somehow I had him in college in my head or something. So what in the world?

Why has he got to live there for two or three years? Was he there before your mom passed? No, but that was something she wanted was to have him. He was renting an apartment nearby and she wanted him to have a home to live in. And so, um, I was, I helped her with her estate planning and then I'm the executor of her estate, but it's, it's the intent was to give him a place, uh, a home to live in. Um, he has a daughter who's, um, married now, but eventually we'll have kids. Um, and he would like to move closer to her, um, when that happened. So he basically stated his intent that, that it would be a short interim period, maybe

a couple of years, and then he would likely move to, to be closer to her. So the, uh, the other two of you are not receiving rent from him. So we haven't, we have told, have discussed that, and he is paying rent, but it is part to go into the operational cost of the home. So it's like a pile of money that we all contributed to in order to service the home, and that rent is being accounted for in that accounting. Okay. All right, as long as everybody's got their expectations set and we have a game plan um uh i mean it occurs to me that that you

guys could all put this into an llc and then the way you purchase the home would simply be to buy the shares from each of your brothers okay i think that's where we are leaning i just based on your real estate experience and yeah that would make sense in this case i'm now i'm catching up with what your plan was i thought he was just going to live there and then you guys were going to move in it uh at the first start of the conversation so that's why i'm changing my stance here but i don't own anything anymore i don't have a single thing in my name my cars aren't my name i i'm i'm a complete i'm a own anything anymore i don't have a single thing in my name my cars aren't my name i i'm i'm a complete i'm a complete poverty case i owns nothing so it's all it's

all in some kind of a company a trust an llc uh to and it's all risk management associated and so um then we're very very careful and very direct about that. So, you know, if something happens, worst case scenario, you can bankrupt an LLC. And it's, you know, it's just that piece of property. It doesn't touch anything else. You know, it's no big deal. And so, obviously, you don't want to do that. But before you let somebody take all your other stuff, you know, that's what you'd have to do, right? So, anyway, that's what you're facing.

And so, yeah, I'd go ahead and drop it into an LLC now. And I think I would put as much of this in writing, even if it's in letter form, that this is what our intent is. And if you guys can go ahead and come to a formula-type agreement as to how you're going to price your their shares to buy them out two years from now and and go ahead and put a two-year date on your brother so that two years isn't five years because she didn't have children yeah that's my that was my main concern was that timeline i wondered how fluid it would actually wind up being yeah it sounds like

all of you have a lot of grace for each other and there's nobody grabbing or anything you're being very kind and loose with this and that's that's good but also the best way for that grace to remain is if we all have an have a clear understanding of what the other one's doing and so okay if you just said um i i want i want to write all this up and then you guys all sign off on it and here's how i'm going to buy you guys out at the end of two years and here's how um and you know the 53 year old is going to move at the end of two years and in the meantime the money the rent comes in and it's just piled up there for the three of us to use to update the house and

keep the house moving operationally as you said and so all of that you know all of that makes sense and there's nothing wrong with any of that but I have found that even when I'm doing something internally inside the company I will send out an email and sometimes I'll copy myself. Just to have it as a record. Because I forget what I said. Yeah. I got a couple things going on. That's great.

You know, I can't remember what all I've done. I slept since then, you know, and I don't want to not keep my word just because I'm stupid and forgot, you know, and that's possible with me. So I like writing it all down and that way I remember what I said. You remember what I said you remember what i said we all said the same thing and if it comes to it and then i can just reference it yeah just pull it up and go okay this is what we talked about now if we want to do something different we can but this is where we left it and then you've got a base a baseline to have a change

discussion if you need to or you've got a baseline for referring back to you know i think we probably need probably need to go with what we said. Yeah. And that kind of thing. So it doesn't have to be mean, but it really helps maintain the quality of these relationships. And Scott, it sounds like the three of you have a very quality relationship, or at least you and your brother, your one brother. I'm assuming based on the way the whole conversation went that all three of you are getting along and that's good, but I lay out the formula now what's the price going to be or it's going to be we're going to get an appraisal at that time by a certified appraiser i'm going to pay for it and i'm going to pay you guys 80 of appraisal yeah uh for your share and uh that kind of or whatever the formula is I don't care that's not a bad formula

by the way because if you put a house on the market and sell it and you list it on the market with real estate agent at appraisal you very seldom get that number and so it's negotiated down and then you have real estate fees and you have closing costs and you have other fees and so you don't usually net more than about 85 percent 85 cents on the dollar so somewhere in there 88 85 somewhere in that range is where you're usually going to end up so then if they sell to you that's still approximately what they're going to so whatever the formula is y'all lay it out and i don't care what it is but it's just really good to lay it out in advance and nobody's mad later well yeah we're on a two-year timeline.

It's easy to forget in two years. Two years goes so fast. I mean, it's blinding. You know, it's, yeah, I mean, it's just everything moves so quick. And, of course, the older we get, the faster it moves. It goes faster. It just goes, goes, goes, goes, goes, goes, goes, goes. That's the plan. So, yeah, that's, but, yeah, just lay it out.

And, yes, llc would be an excellent vehicle the three of you own equal shares in it and you're able to buy out the other two shares and uh you actually can probably quit claim deed it into the llc and you won't have any registration costs hardly and then when you buy the shares on the llc there is no registration cost because it's not it's not a register of deeds issue so it's going to save you on that too make sure you guys keep good strong insurance on this property as well this is the ramsey show jade washall best-selling author of the book, Money's Not a Math Problem. One of our Ramsey quick reads, a whole 74 pages.

You can read it in one setting and you're going to learn some stuff about money and yourself when you read it. She's a Ramsey personality. She's my co-host today. Our question of the day comes from Barry in Indiana. Yeah. Barry says, I'm hoping for some validation on a decision we have made regarding flipping baby steps five and six. We completed baby steps one through four, and we have 95,000 parked in CDs. Instead of saving for college, we currently pay 5,000 a month on a 4.85% mortgage, where

the monthly payment is about $2,500. If we stay on track, the mortgage will be paid off in four years. Once the house is paid off, we plan to use the extra 6K that we have been putting on the mortgage to cash flow college. What are your thoughts on this plan? What are you doing with $95,000? I underlined it. I don't know. It sounds like they already made the decision, i mean that's not even that's not even baby step five and six that's just too much in facts i mean he never he never says baby you flip baby step three yeah yeah that's a lot of money um there's a lot here yeah go ahead no you feel like you had something to say i mean my thing is the baby steps are in order for a reason. In four, five, and six, you can do them simultaneously, but you do them in order simultaneously. So if you're going to prioritize one over the other, you prioritize it in order.

Does that make sense? So you don't skip four to do five. You don't skip six to do four. You do four. And then if you have money left over, you do five. And then if you have money, you do six. And if five doesn't apply to you do five and then if you have money you do six and if five doesn't apply to you because you don't have kids then you skip it does that make sense so my thought is you have an emergency fund of three to six months of expenses which is not

95 freaking thousand dollars so you take some of that and throw it at that mortgage that's right and my thought is uh i think there's a lot of ambiguity around baby step five. It's like, how much do I do? How often do I have to do it? And I think that that's something that you guys can sit and decide. Because it sounds like... I'm fine if you put 50 bucks a month in baby step five. Me too.

That's what I'm saying. I'm like, it's not to say that you have to stop putting extra to the mortgage. Just put a little something. Because this is a four-year plan. Who knows what's going to say that you have to stop putting extra to the mortgage. Just put a little something because this is a four-year plan. Who knows what's going to happen over four years? And I want to have something put aside for them. The only reason I might, and it's not to say that you wouldn't put it aside. It's just where you put it.

If this is a less than five-year, less than four-year deal till college. We don't have his mortgage balance. By the time I drain most of that 95 down to three to six months of expenses it might be a three-year plan that's true and so fifty dollars a month going into the kids college for three years while you lean heavy on the mortgage is perfectly fine but um but barry i've been doing this for 30 years, and I don't flip baby steps. Yeah, don't do it. Just put something aside.

There's no reason to. If it's, you know, I would probably, and Dave, you can correct me on this, but if their kid is 16, I'm not putting it in a 529. I'm just throwing it in a HYSA. Let it sit. Yeah, it doesn't matter. And, again, the interesting thing here is that he didn't just try to flip 5 and 6. He's also sitting on 95K.

I see. So you're just kind of making up your own deal here, Barry. That's what we're saying. So this stuff works if you work it. I mean, we've taught 10 million people to do this, literally. I mean, actually more, but that's a minimum. And so that's what we recommend but i the point of five of fifty dollars is just you're building the muscle

you're making an intellectual not a big mathematical but you're making an intellectual spiritual um uh muscle building moment says i'm called i'm doing college and then and then i can move on it's also so for instance let's pretend you got two year old right fifty dollars a month for three years and then you do it and you pile it on yeah let's see but he doesn't he doesn't say how old the kids are or when they're going we plan to use extra 5k we've been putting on the more cash flow college but kind of it kind of indicates you got teenagers but maybe but either way, I think you're going to accomplish exactly the same thing you want to accomplish if you put $50 towards this,

and especially if you use the vast majority of that $95 and take it down to a three to six months of expenses, because you do not have, you've got too much in cash. And the fact that it's sitting in a CD is somewhat laughable. Aaron is with us in Richmond, Virginia. Hi, Aaron. How are you? Good.

Thank you for having my call. Sure. What's up? All right. So we are, my wife and I are in baby step two. We've just driven in and found you, which is fantastic. However, it has occurred to us that we hit tax season and we had to pay this year. And we're worried about stopping our investments because we're going to have to pay probably three times more next year in taxes.

So I'm really wondering what's the justification of, you know, not paying ourselves first and investing and more so paying the government and losing out on some of that money, even though we'll have more to go towards baby step two. How much are you putting in your 401k? I have a 6% and a 6% match. The match doesn't count for taxes. How much are you putting in the 401ks in cash? About $540 a month. So $6,000 a year?

Yes, sir. And what's your household income? $131,000. Okay. So this saves you $2,000 in taxes. Okay. Right? Yeah.

Yeah. It does. Okay. And how much debt do you have? About $120,000. On what? We have $12,000 on credit cards, $50,000 on student loans, and $16,000 on vehicles. Okay.

So I'm trying to keep from being a smart ankle. So you've got $120,000 in consumer debt. You've been spending more than you make on credit cards, and now suddenly you're worried about tax planning. So, you know, sorry. What we have found is that the power of focus supersedes a little bit of tax savings and missing out on a little bit of match for a short period of time and so you've got cars you can't afford you've been living a life you can't afford and so you've never addressed the student loans they have their own bedroom at your

place and um and and you make a ton of money and you're still broke. And a little bit of tax savings does not fix that. What fixes that is a dramatic change in paradigm by you and your wife to completely take your lifestyle to scorched earth and get this freaking mess you made cleaned up. And with that visceral emotional movement, the way I just said it down in your stomach, that's when you quit everything because the house is on fire and we're trying to get the family out alive.

And we're not worried about whether or not we turned off the faucet. Does it make any sense? You're majoring in minors. Right. Is that something we just need to budget for the taxing? Yeah, you change your withholding to where you have the appropriate amount withheld so you don't have a tax bill above your withholding at the end of the year. don't have a a tax bill above your withholding at the end of the year but the the loss on taxes

and the loss on uh the match is temporary and mathematically you come out way ahead 10 years from today because you actually do clear the debt because you actually do transform the people in your mirror and that's the key to this. It's not a math problem. If you were doing math, you wouldn't be where you are. People that do math don't buy $60,000 cars they can't afford. People that do math don't have credit card debt. And so, you know, this is not a math problem.

It's a behavior problem and a shift in how we live and how we think and who we are as people. And that's what we're trying to get you to do. And so when we start nuancing and carving off the edges around the thing, it changes. It keeps that from occurring. reasoning on both sides. If you say you care about the $2,000 saved in taxes, then why don't you care about the $2,000 that you're losing on interest on your student loans and your cars and your credit cards? That's way, way more than that every month keeping that debt around. Yeah. So let's get in attack mode and clean this out of your life for the last time, Brody. That's what we, I mean, Aaron, that's what we would tell you to do. And so, yeah. It's not a math problem. It's a me problem. Personal finance is not the problem.

It's the symptom. This is The Ramsey Show. Jade Walsh, our Ramsey personality, is my co-hosthost she's the author of the remsey quick read money's not a math problem which is kind of what we were just talking about that's right so yeah it's more about your way of thinking sometimes yeah so dave i don't want to pay i don't want to um take my savings and pay off my credit cards because it doesn't feel mathematically correct like you were doing math when you ran up an 18 credit card right so it's interesting when we choose to do math and we choose not to I think that's a cop-out when

when people say that they're what it's really is is I don't feel like doing that I don't want to do that yeah and I think I figured out how I'm smarter than this system that 10 million people have done that's right yeah that's what that is so it's kind of like you know I heard a personal trainer okay and he was helping me at the house you know at our home gym and Sharon's making fun of me she's like he goes down and counts to 10 you don't know how to count to 10 you got to have somebody count to 10 for you you can't tell you can't count to 10 by yourself and she's giving me a hard time i'm like no he's here because he has a six pack and i have a keg and so what he says to do about that matters more than what i think i need to do that's true and she

said that's true. That she agreed with. So there you go. The keg part especially. Well, then there's the layer of it where you actually have to do what he says. Oh, God, now you're getting meddling. Just saying. Just meddling.

All right. Janice is with us. Janice is in Cincinnati. Hi, Janice. How are you? Hi, Dave. Thank you so much for your ministry, and thank you for taking my call. We're honored to talk to you.

How can we help? Well, I would like to know if you can help me work through numbers to see if it's okay for me to retire. I've been working. I retired from the Navy and from teaching, and I've been working for about eight years. I am really tired, so I need to know if I have enough to retire. Okay. So how much do you have coming in from those two, from the teaching and from the Navy?

Thank you for your service. You're welcome. So the teaching, my retirement for teaching, I have $4,490.31. And just to break it all down i have 12,000 coming in monthly because i've got a rental income i've got the navy retirement and i'm working two other jobs i'm working two jobs that counts you that counts you not retiring so i'm trying to figure out 4,400 from teaching, how much from the Navy? $608.90.

So that's $5,000, and how much from rental? Well, the rental is $2,800 a month. Then you have expenses. And I have expenses, yes. So it's probably netting $1,500, right? Right. Okay. All right. So you've got about $ $1,500, right? Right. Okay. So you've got about $6,500 if you don't work. Does that sound right?

It sounds about right, yes. Okay. How old are you? We're the same age. I'm 63. I just turned 63 on April. I mean on Sunday. Well, on Sunday. Okay. Well, happy birthday.

And, okay, so how much debt have you got? Okay, that's my big problem. I have a condo. I've listened to you for years. I never got, well, I got out of debt, bought my cars for cash, and now I have a condo for that i owe um ninety eight thousand dollars on i bought it for in the pandemic i brought it for like 270 something

so i've been paying on it as much as i can so that's your only debt that's my only debt you have any money do you have a nest egg anywhere i have 30 000 in a um gosh i'm so nervous in a money market in the navy federal navy um credit union good okay and then i have yes you have anything else i just paid a big lump sum on the condo in order to get that. It came down to $30,000. It was $100,000, so I paid like $60,000 or $70,000 to get it down to $90,000. And what was your question? I'm sorry. Do you have anything else? Any other money?

Any cash? No. You have investments? Retirement account? I have a retirement account of about 200 000 and then i have you told me so when i turned 62 i stopped contributing to the 403 so i can start getting money to pay the condo off and then i start putting in a uh an ira how much is in it about 20 000 okay so your nest egg is 220 000 plus the 30 plus the $30,000 in the Navy Federal Credit Union.

Anything else? No. Okay. That's it. All right. And are you making $6,000 a month at work? I'm making $4,000 at my one job, and then at my other job, I just found out I need to pay more taxes. So now it's down.

I'm just getting $470. I'm having to rest, go to Uncle Sam, because I had to pay last month. I mean, well, last week. And I don't want to have to pay a lot. Okay, so you're making about $4,500 a month take-home pay working. Is that right? No, I'm making $12,000.'s 12 000 honey i'm talking about at your work i already got you i already got your 6500 from everything else okay yes what's what do you

what do you take you to live what can you live on i got a budget i got a budget about 2000 well for my house up here for where i live, because I don't live in the condo, it's $2,331. Where do you live? I live in Ohio, Cincinnati, Ohio. Where's the condo? It's in Florida. It's in Florida. It's about three miles from Disney.

Oh, that's the rental. Got it. That's the rental, yeah. yeah okay so when you pay it off are you pay it off and retire are you going to move in it um i love my home is our family's gathering place so the answer is no i may go down there for like a couple of months i would like to and so you're going to rent in ohio while you own a condo in florida i don't you told me to pay this house off and i paid this house off oh that oh jesus murphy okay that's great okay all right what's the condo worth oh that's okay what's the condo worth

uh i'm saying about 390 400 so what would happen if you sold it and quit work? You'd have a half a million dollars in investments, and you have $6,000 a month coming in. That's great. So you think I should sell the condo? I mean, it's only making you. I just asked you. I said, what would happen if you sold it and put $300,000 to go with your $200,000?

That'd be $500,000 in investments with a SmartVestor Pro. You're 63. You have zero debt. And from teacher and Navy, you've got $5,000 a month coming in that you easily can live on. Right. And the $500,000 is just going gonna sit over there and grow and your current home is worth what about 300,000 okay so you have 800,000 net worth at that point soon to be a millionaire sell the condo i like the condo i don't it's in florida and you're in ohio

okay i will you want to quit well you're you know what you're working your butt off you call me because you're tired and because this condo owns you yeah well i was the the one plan I was thinking is to sell the condo and get another condo there. I did boot camp in Florida, and I really want to go down to Florida. They got hotels in Florida, honey. How much time do you spend in Florida? Well, now that I'm working, I'll fly down for like a weekend or summer. If you retired, how much time would you spend in florida honey at least three months because i don't like the winter okay you want to be a snowbird then

you need to work another year and pay the condo off and keep it and don't put renters in it honey if you're going to live in it because they're going to destroy it hello and that you can't live there while they live there and that's how that works so if you want to go down there for three months and you have a renter in there you can't go so if you're going to use it as vacation property use it as vacation property um otherwise sell it and retire in ohio almost a millionaire and within a year or two you would be a millionaire if you sit down with smart investor pro and do good investing with the mutual funds with a half million dollars it'll double about every seven years roughly this is the ramsey show I'll see you next time.