The Ramsey Show - App - It's Time To Make Your Life Behave! (Hour 2)

Episode Date: June 8, 2021

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Music Music Music Music Music Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, 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. I'm Dave Ramsey, Anthony O'Neill. Ramsey Personality is my co-host today, host of The Table on YouTube, and lots of wonderful, interesting folks join him for conversations at The Table. And you guys, are you taking calls from people at The Table? Not yet, no sir. Not doing that. So it's just a discussion every time.

I should know that. I listen to it, but it just occurred to me, why don't you take calls? So anyway, if you want to talk to Anthony, now here's your chance then. So the phone number is 888-825-5225. AO is in the house. 888-825-5225. Tori is in Cleveland, Ohio, starting off this hour. Hi, Tori.

How are you? Good. How are you? Better, how are you? Better than I deserve. What's up? So I am kind of in just like a pickle of what to do. I've been listening to you for a little bit now, and I've worked really hard the last, like, two months to just get debt paid down.

I originally was living with someone in an apartment, and I ended up moving back home in an unfortunate event. However, it's a really, like, toxic place to live in, and so I'm, like, basically fiending to get out. And I just kind of don't know what to do because of, like, going through bills. Like, I have the EveryDollar app, and, like, when I look through it, it's very much so that I either would live, like, pennies in the dollars or I'd be over. So I just don't know how to go about this. Tori, why do you say it's toxic? I'm curious. Um, like, I mean, it is meant,

it's like messing up with my mental health. And so like it makes things almost worse. Cause then like, I'm like, I just hate it. Like it's like every day, like a problem. I'm one of five kids, and the three younger kids have disabilities. So, and my parents just, you know, definitely struggled to handle it, and it's a mixture of disabilities of mental and behavioral issues. So, just even a quick example, like, if I'm sleeping and i need to wake up at like eight around the clock because that's what time i want to wake up i'll probably wake up around seven to

my father screaming at the kids and that's just like i mean barely even a tiptoe dive into like like what it's so how old how old are you 23 and i think I heard you say you don't make enough to live on your own. I feel like I don't make enough. No, it's not a feeling. It's a math thing. Yeah. How much do you make? My base pay is $35,000 a year.

I make a little bit of commission each month on a conservative end my monthly income is right around 200 or 2200 you make enough to live on your own you sure do okay i don't know what all you're trying to put in the every dollar app what all you're trying to finance here have you got a bunch of debt i have 33 000 in debt it's's a mixture of an auto loan for $13,000 that is under someone else's name, but I'm a co-signer, and I've been trying to figure that out for a while, and I just pretty much, the gentleman's not letting me do anything with it. Then I have a personal, my personal loan. Are you driving the car, or is he?

I'm driving the car. Okay, so you need to treat it like it's your car loan and get it paid off and get your car, right? Yeah. Yeah. So I've been doing that very much so, yes. Good. And then I have $15,000 in student loans, and I just went from $6,000 in credit card debt to $2,000. Yeah.

What do you do? I work at Verizon. Okay, 40 hours? I'm actually at Verizon right now. Do you work 40 hours? I do work 40 hours, yes, and I've been looking at a part-time job. Okay, yeah, you need one. You do, yeah.

Yes. Or two or three. Stop looking. You don't have anything else to do. Do you have any kids, Tori? looking. You don't have anything else to do. Yeah. Do you have any kids, Tori? No, I don't have any kids. Okay.

All right. So, yeah, you do need to get out, and you may just need to get a good roommate and find yourself in an apartment situation that's very, very affordable. No, you can't afford something super expensive. You don't make a lot of money but if you got a rent if your rent was five six hundred bucks your part um which is very doable in cleveland ohio uh if you had a roommate for sure you can do this uh or find just a little studio somewhere in the you know garage apartment out back of some old lady's house type of a thing uh it doesn't need to be anything fancy. It just needs to be quiet and yours.

Yeah. Yeah. My monthly payment on my car is $143 a month, and it will be paid off in less than three years. Your car is going to be paid off a lot faster than that because you're going to get six jobs, and you're going to pay off all of this really fast. I want you to double your income.

Yeah. Okay. But all you're going to be doing is working for a little while because right now here's what you've got you don't make enough money to not be miserable with the debt and the living situation so the way to fix the debt and the living situation is more money to fix both of them does that make sense? and money to fix both of them. Does that make sense?

Yeah. And if you fix both of those, if you had no debt and you could make a budget that you could live in a decent apartment, you'd have a really good life right now at 23 years old, and you'd be on your way choosing what career you wanted to do and all that kind of thing, right? Yeah. So I want you to get like six jobs i want you to be a nanny i want you to be dog sitting i want you to be i don't care whatever

it is you like to do but let's go make up some money absolutely i mean you can make two thousand dollars a month just you know delivering pizzas on the week you know five days a week at night yeah yeah and tory depending on what your education is, I want you to go to tutor.com. Start tutoring some kids. They're paying right around $75 to $150 an hour depending on what you can bring to the table. And if you can do that from home a few nights an hour,

I mean, not a few nights, but a few hours a night, I mean, you can really make it. So there are some things out there that you can do to generate some extra income to go towards paying off your debt and getting your income higher. Yeah, but here's the first thing. The first thing is you lay out a budget that takes care of food, utilities, shelter, and car payment. Yeah. And minimum payments on the credit cards and call the student loan in as a hardship deferral if you have to.

And then you go get six jobs and you start plowing through your debt snowball, listing your debts smallest to largest. I'm telling you, if you go make another $30,000 next year on top of what you already make, you could be 100% debt-free in one year. Easy. And that's going to change your whole position of where you are. You can actually do this, but your brain's kind of foggy because you're just kind of stuck in this job that's not like your big career job that you really wanted.

You've got this situation back at the house that you're trying to get away from, and it's hard to just do simple math when your brain's working like this. So we're telling you we're looking at it it and i think you can lay out a simple budget that just says food utilities roommate rent and pay the car payment keep gas in the car and work all the time no life you're not going to get to go out running around you don't get to go out to eat you don't get to go to bars on the weekend you're going to be working unless you're working at one of them that's the only place you're going to be working. Unless you're working at one of them. That's the only place you're going to see the inside of a restaurant or a bar. So it's time to get game on

and go take your life by the throat and shake it and make it behave. Absolutely. No matter what time of year it is, focusing on your family's financial plan is always a smart move. I get questions all the time about where to start and what to do first. One of the most crucial and affordable first steps to take is to protect your family and get term life insurance. I know it's not glamorous, but all the other steps mean a lot less if something happens to you and your family has no financial protection. Getting

term life insurance needs to be a top priority. I recommend 10 to 12 times your family has no financial protection getting term life insurance needs to be a top priority i recommend 10 to 12 times your income and lock in rates for 15 to 20 years this gives you plenty of time to get out of debt and build wealth i've been recommending zander insurance for over 20 years and they understand and live this strategy and will take the time to help you find the most affordable term life rates. Go to Zander.com or call 800-356-4282. It's not that expensive, it's not complicated, and you need to do it now. Anthony O'Neill, Ramsey Personality, is my co-host today. This is the Ramsey Show. If you're stressed or you're hurting because you're worried about your retirement savings,

well, I can help you with that. Maybe you were super close to retiring and now you're wondering if you should work a few more years. Maybe COVID scared you to death. Maybe you weren't investing in the right things or you were investing too aggressively and you lost more than you could handle emotionally. Maybe you pulled everything out at exactly the wrong time last year when the market dove during COVID before it came back. Oh, no. If you're in any of these situations, I want you to know that you don't have to face this pain alone. Now more than ever, seek out the advice of an investment professional. If you're in any of these situations, I want you to know that you don't have to face this pain alone.

Now more than ever, seek out the advice of an investment professional. A conscientious investment pro, like one of our SmartVestor pros, is not going to tell you to invest in something dumb, like gold or Bitcoin. They're going to say the tortoise wins the race. Long-term investing strategies. Steady, conservative, don't lose your money investing strategies. That's what I do, and that's what they're going to tell you to do. You don't have to let 2020 kill your confidence in your retirement. Go to ramsaysolutions.com slash investor. That's ramsaysolutions.com slash investor. Sandra is in Cincinnati.

Hi, Sandra. Welcome to the Ramsey Show. Hi. Thank you so much for taking my call. I appreciate this. Sure. What's up? All right.

So I have a question about term life insurance. My husband and I, we have nine years left on 20-year policies. In 2019, he became disabled and spent an entire year with no income. In 2020, early 2020, he was approved for permanent disability. So my question is, with him being on disability and no longer working, we pay $85 a month for his insurance. It's not very much for his term. It's only $140,000 in coverage.

And I wonder if it's worth, should I keep paying the next nine years on that with him not working any longer. So before he became disabled, he already had expensive term? Yes. Yeah, he's had health problems. You're sure it's term? Yeah, it's a 20-year term. We have nine more years on him. Okay.

Yeah. So he had other medical issues before? Yes. Oh. Yeah, absolutely. So it's a rated policy. Okay. Yes.

Okay, so it's only $140,000, but if he dies, you would lose his disability, right? That's right. I'm not 100% sure on that. I was hoping you would worry about that. You definitely would. Your children would receive SSI if they're not 18, but you don't receive any. No, they're grown. Okay.

Then disability payments die when the person dies. You lose them. So how's he doing overall? Overall, I mean, he's not terminal. I don't think he's gone to where we all are, but his mobility is very limited. He stays at home all the time. That's tough.

I'm so sorry. Thank you. I appreciate that. What do you make? I make $90,000, a little over $90,000. Okay. And so this is $1,000 a year. Is that right?

Yes. Yes, yes. Do you all have any savings right now sandra um we have we actually just this month after 30 years of marriage i mean this month we're writing off our last debt payment and we're going to be done so we have the emergency funds we're going to start building the three to six month fund. But we also have IRA retirement accounts, about 150 each ballpark, nothing crazy. And how old are you? I am 53. He's 57.

I would keep it about five more years until you get your nest egg building a little bit better. I'm not sure I'm going to keep it the whole nine years, but I'm going to keep it three or four or five, maybe maybe something like that while you get this nest egg cranked up uh it's only a thousand dollars a year and 140 000 to go a long way right now in your situation but uh i you know what i love about the question is you're actually trying to think it through and you know can i make it without that money if something happened to him which you didn't know for sure would be the case until you talked to us just now, but that is the case. So you've just got to say, all right, do I need this little bit of cushion

until I get this nest egg going a little bit further now that I'm finally out of debt and I make $90,000 a year. So, yeah, I'm going to keep it a little while longer, but you can make that decision again in a year, in another year, in another year. You don't have to do everything exactly the way I said it, but I think the three- to five-year mark is going to make a lot of sense, another $3,000 to have the insurance in place. Three years from today, you ought to have a lot more money in investments

than you have today because now you're debt-free and you make 90 grand so that's good news so dave in this situation uh correct me if i'm wrong i like what you said should her focus be and for to anyone else who's listening get a fully funded emergency fund start investing and then maybe put a little bit more in savings for possible barrel cost so she can have some extra cushion if something was to happen. Might make sure you had the full six months in your emergency fund. Yeah. Have a full emergency fund, but that's all you would need. Okay.

It's a good question, though. Yeah. Just thinking. But the point, Sandra, is you're doing a really good job of re-evaluating now that things changed. Yes. And guess what? You're going to do that every year. You're really good job of reevaluating now that things changed. Yes. And guess what? You're going to do that every year.

You're going to reevaluate now that things changed because they're going to change every year. And so, you know, you may get a big raise. Your investments might take off and do really well. It could be just the opposite. We have struggled getting money into the investments, so we want to keep it a little longer. But somewhere in there is the plan to to somewhere in between there is the plan. But for today, I'm keeping it at least one more year. And I'm okay with a three to a five-year plan somewhere in there.

I think you're going to be okay towards the end of it, though. Thanks a bunch. Open phones at 888-825-5225. You guys jump in. We'll talk about your life and your money. Anthony O'Neill, Ramsey Personality, is my co-host today. Casey is in Little Rock. Hi, Casey.

How are you? Fantastic. How are you? Better than I deserve. How can I help? Yes, sir. I'm trying to get your insight. I have about $80,000 in debt.

My highest is my student loans for about $60,000. And last year I bought a car. It was about $21,000. Right now I have about $19,364 left on it. I'm trying to get your insight. Do you think I should keep this car? I make about $53,100. No. No. No. No. You need to get rid of the car. You should have never bought the car.

What kind of car is it, real quick? 2020 Hyundai Accent. Hyundai Accent. Okay. Alright, yeah. We need to trade this car in. We need to sell it, actually, and then go get you a cash car. Do you have any cash in the bank right now? Just $1,000. Yes, sir.

All right. We're about to go to a commercial here, but once Dave gets done talking to you, I'm going to have Kelly stay on the line. I'm going to have her send you a copy of my Destroy Your Student Loan Debt. That's going to help you walk through these student loans, But right now, you need to get rid of this car. So our rule of thumb, Casey, that he's using to do that is if the car is more than half your annual income or you can't be 100% debt-free, including the car within two years because of the car, then it's time to get rid of the car. The second one is what got you.

Obviously, $19,000 is less than half of $53,000, so that'd be okay. It's on the bubble, but it'd be okay to keep it. You shouldn't have bought it, but it'd be okay to keep it and pay your way out of it. The problem is you're not going to be able to make debt free if you do keep it within two years. It's going to take you three years, and so it is worth stepping down out of that car. And that's how he made that decision so quickly. Those are two guidelines we use because here's the deal. Cars come and go.

But wealth is built when you get rid of the payments. The faster you get rid of the payments, the faster you can build wealth, and the faster you can buy a different car. But right now you need a beater. Stay on the line. Kelly, we'll take care of you. faster you can buy a different car. But right now, you need a beater. Stay on the line. Kelly, we'll take care of you. Give you a copy of that book. Anthony O'Neill Ramsey personality is my co-host today. A couple of cool-looking gazelles on the stage right here in Ramsey Solutions on the Debt-Free Stage.

It says Gazelle Intensity. A little unicorn action on there. Great t-shirts. I don't know what a gazelle is. It's a unicorn you put on your t-shirt. Oh, my gosh. Oh, it's fun. So Q and Katie are with us.

Hey, guys. Welcome. I'm so proud of you. Thank you. Thank you guys for having us. Except for that unicorn part. It's a story. It's a story.

Oh, okay. Good. I'm glad. I'm glad you just don't know what it is. I feel much better about you already. How much debt did you pay off? $116,000. What?

Look at that. How long did this take? 27 months. Whoa. And your range of income during that time? Started at $90,000, and we're at $160,000 now. Wow. Oh, there you go.

What do you guys do for a living? So I work for a wire fraud prevention tech startup cool yeah and i'm a outside claims adjuster okay good good so uh 27 months your life has radically shifted your income doubled and you paid off 116 000 this has been a wild two and a half years for you so tell us the story what in the world happened and tell me what happened with the unicorn um do you want to do the unicorn okay so um we have a gazelle group and um we all have iphones so we're texting emojis and there's no gazelle emoji so we just like hey we got to pick an emoji and we're like the unicorn pick

the unicorn so every time we paid off, we would text in the group unicorn. Just a bunch of unicorns. That was like our celebration. We had to work on old Apple. Some gazelle action. Oh, man. Yeah. What do those people know?

You would think there's everything else. Everything else in it. Right. We need a gazelle emoji. Yeah. Yeah. Yeah. I wonder if we can sell one and add it somehow.

Ooh. I don't know how to do that. That'd be brilliant. So your tech startup guys could tell me that. Right. Yeah. We'll work on that. Yeah. I wonder if we can sell one and add it somehow. I don't know how to do that. That'd be brilliant. So your tech startup guys could tell me that. Right. Yeah. We'll work on that. Okay.

So this is the best we can do for an emoji because it's lame. Exactly. Exactly. We liked it. We liked it. It was exciting. Well, you are unicorns because you're very unique. Yeah.

Well, thank you. Very hard to find. They're rare. And paying off 116 in 27 months is very rare. What kind of debt was this? So we had a little bit of everything. Student loans, personal loans, credit card, medical debt, cars. Yeah. Everything.

Yeah. Cousin A.O., we were normal. Hey, man. You're not normal anymore. You're unicorn. You're officially weird now. That's right. Rare.

Rare. Right. I like it. So what got you so inspired and on this for 27 months? Yeah. So we were going into the negative. We were overdrafting on our account probably for like three months in a row. And I was just like feeling really stressed out about it.

I started to really look for a plan. And I found you. And I was like, oh, this is a really good idea. It's steps. I love a good action plan that I can follow. Just give me the steps. I was, I started to really look for a plan and I found you and I was like, oh, this is a really good idea. It's steps. Like, I love a good action plan that I can follow. Like, just give me the steps. I'll follow them. I like to follow rules. And I, you know, I said, I think we should do this. He was like, I don't know. I don't know what that's about. And I actually happened to work for Churchill Mortgage at the time. And you spoke at the 25th anniversary party and he was there with me and he was like, who is this guy on stage? I was like, that's Dave. That's the guy I've been telling you about. Like, that's the thing we got to do he was there with me, and he was like, who is this guy on stage?

I was like, that's Dave. That's the guy I've been telling you about. Like, that's the thing we've got to do. We've got to follow him. He was like, still not impressed. And then. Wow. That just got personal.

Dave, I actually took a photo of you, Dave, and I was like, somebody said this guy's famous or something. That's true. I don't know. He's not. That's okay. So then he ended up going on a road trip relatively soon after that and kind of magically lost service. So none of the other apps were working for music or anything. But the Dave Downloaded podcast was available for him and listened to four hours of Dave on a road trip by himself

and then came back and thought he had this really good idea for how we were going to get. Came home from a road trip a genius. I'm curious. How was that conversation when you came home though? I came home and I was like, hey, babe, this is awesome plan. Dave Ramsey, he made total sense. Everything he said, we got to do this now.

She was just like, that's what I've been trying to tell you. Who do I look like? I was telling you the same thing. That's so fun. You guys are fun. I can tell you weren't too stressed out about it. You joked around, had a good time. Game on. How old are you two?

I'm 29 and she's a beautiful young woman. Okay, then. I hear you. That's a smart man. I'm not, and this is my, she's a beautiful young woman. Okay, then. I hear you. That's a smart man. I'm not going to say her age, because she did look up at you like. Some kind of anniversary of her 29th birthday coming up. Maybe just a little older than him. Hey, it's all good.

So I got to ask, millennial couple. Dave says some of us suck. Some of us are good. Right. So you all are on the good side. Hopefully, yes. Yeah, okay. up some of us are good right um so you all are on the good side hopefully you know so i gotta ask throughout these two and a half years uh what was the hardest part being a young couple you know

having to be this this diligent being unicorns being gazelle intense what was hard throughout this process yeah that was um and i told her there's two things it's uh communication um learning how to communicate. Because before this plan, we realized we didn't communicate that well. And then hope. One thing that Dave Ramsey in your plan does is give hope. When she first brought the plan, I was like, you go through life. You have a car payment.

You have a house payment. You have debt. You have student loan debt. We had no hope. And then we went through financial peace, and it brought hope back. And it strengthened our communication. Very cool. So you went through Financial Peace University?

Yes. Okay. Once the road trip is over, we're going to go do the full class, get this going. Very good. So how do you double your income? Yeah. I mean, definitely we brought in, started side gigs and side jobs, but we also just worked and hustled really hard at our primary jobs as well. Got promotions.

Moved and increased income. Yeah, we used to live in Antioch. And so I was a pizza delivery guy. And she worked at O'Charlie's. And we grinded. Then we moved to Michigan. Started a website. Side hustle.

Followed Kristen Wright. Did everything. Yeah. Oh, wow. Good for you. I got promoted, too. Good for you guys. Well, I mean's that's amazing and really the

116 in 27 months is very impressive but when we see you know the way you did that was a clear plan plan hope communication yeah and game on yeah i mean with the income you've doubled your dadgum income yeah i mean you throw an extra seventy,000 worth of wood on the fire, it'll burn. That's true. It helps. And funny is I called you, Dave, when I didn't really know who you were and you basically just yelled at me. That's what kind of got me fired up.

Now you know who I am. Exactly. Now he loves you. Yes. Yes. What did I tell you? That's funny. You said, because I asked though, we had two lease cars and you said, sell them.

We weren't married yet. And you said, why are you shacking up without being married and so we turned it on we turned it on we said game on well listen next time just call into the anthony o'neill show that's right and uh you'll be all right i listen to you all the time there yo oh thanks man it means a lot to me it means a lot yeah me too what would you say um what would you say is the secret for millennials to getting out of debt or all people yeah yeah i think it would apply to everyone i mean i think um you know saying no a lot right to things or we really in this in the moment it felt really hard and it felt like you know we had to turn down a lot of things and say no to a lot of things and had other jobs but and dave says it all the time it's a really short period like now

we get to do whatever we want to do so like if you can really really hustle and be just really disciplined for that short amount of time um it feels really good when you're done yeah you know it creates so much momentum in your life that that um because you guys did basically 10 years worth of work in 27 months yeah i mean you just you compress those time frames and then there's an explosion out of that you create momentum from yeah you got the big mo on your side you know exactly and it's just very cool i was talking i did a talk for churchill this morning oddly enough yeah they told and um yeah and i was talking to them about momentum and about the momentum theorem.

And the way you create momentum is compress those time frames. That's just very powerful. I heard that when I was a little kid. I was 22 years old at a sales conference. And it stuck with me. So there's something powerful about doing a whole bunch of work in a short period of time. It creates an explosion versus doing a little bit of work over an extremely long period of time, which creates no energy at all.

You know? And so you just drag butt stuff out. I work six hours a week, you know. No, no, no, no, no. Go crazy. And you guys got crazy. I'm so proud of y'all. Thank you.

We got a copy of the Legacy Journey for you and Total Money Makeover for you to pay it forward and for your next steps. $116,000 paid off in 27 months, making $90,000 to $160,000. Count it down. for you and total money makeover for you to pay it forward and for your next steps 116 000 paid off in 27 months making 90 to 160 count it down let's hear a debt-free scream all right three two one what a cool couple They're fun And they can call your show If they want somebody nice

What? What? Anthony O'Neill, Ramsey Personality, is my co-host today. Michael is with us in Austin, Texas. Hey, Michael, how are you doing? I'm doing good, thank you very much, David, for taking my call. Sure. How are you doing? Better than I deserve. How can we help?

David, I want your advice. I'm a 50-year-old healthy man, very happy, and I feel very successful. I've run into you videos about a year ago, and man, I cannot stop following you. And I know that I want to anyways. I have a salary of roughly $115,000 a year. And I have $600,000 in my 401k and $100,000 cash in my savings account. And recently I became a private pilot and I wanted to buy an airplane. So I just wanted to ask you if you think that would be a good idea,

considering that the aircraft price is in the neighborhood of $250,000 to $300,000, and I'm planning on paying cash. So there you go. That's my question. Yeah. Well, the truth is an airplane falls in the bucket of things with motors and wheels. And they go down in value. They're not as steep as, say, a $250,000 yacht would be. It goes down faster, much faster.

But it is a luxury item. It's a fun thing, especially when you've got your pilot's license. That's super fun. And, you know, I don't want half of your net worth tied up in it. What am I missing? Is there a bunch of other investments somewhere? No. Well, I recently run into your video where you advise to invest in multiple funds.

So I took $15,000 just to try out of my $100,000 cash that I have, run into your video where you advise to invest in mutual funds so i i took fifteen thousand dollars just to try out of my hundred thousand dollar cash that i have and i'm putting an investor on a mutual fund and man you're right it's growing fast and i thought okay i think if i i divided this and and put an open different portfolio so in a neighborhood of fifteen thousand to twenty thousand and and it grows fast. In two years, I have the $200,000 that I need. And then I still have eight more years to work and continue saving. My house is paid off.

Did I misunderstand you? Didn't you tell me you make $115,000 per year? He did. That is correct, sir. So you're putting in $15,000 per year. Is that what you're saying? No, I put $15,000 in the mutual fund a couple of weeks ago. Yeah.

Following one of your videos. But I have a $100,000 cash in my savings account. I know, you told me that. But $15,000 is not going to turn into $250,000 in three years. No, I continue saving. And then also I'm going to wait a couple more weeks, and then I'm going to open another portfolio with another $15,000, and I'm going to do two or three of those.

Yeah, I got you. Well, I mean, you have the money. You're obviously a grown guy. You can do whatever you like. I would not recommend, as your financial advisor that you have half of your net worth or 40% of your net worth tied up in things with motors and wheels that go down in value. And that includes really nice small airplanes. So, you know, it's a toy. It's a toy. It's a toy.

It's a very expensive toy. And you don't want half of, I mean, let's say a guy had $50,000 saved to his name, and he wanted to buy a $20,000 boat. No, you wouldn't do that. It wouldn't make sense because you'd have too much of your entire net worth tied up in something that goes down in value. And it's the same ratio. I mean, you've got $700,000 to your name

and you're talking about putting $250,000 in. So it's approaching 40% of your net worth. Am I missing something? No, you're not. Dave, I was going to ask, isn't it the maintenance on the plane? I don't own one.

I'm just thinking like the maintenance, the gas, the keep it stored. I mean, just isn't that, doesn't that also add on to? Boy, there is an extra cost and everything, airplanes are like boats. If they sell you a screw

that at Ace Hardware would cost 50 cents, but because it says marine or aircraft on it it's six dollars you know everything's marked up like eight fold if you buy it for a boat or buy it for a an airplane they just go bananas on it and so it's the everything is uber expensive to fix and to work on in those situations. So, yeah, you're right. There's the added ongoing fuel, other things, and so forth. So I think you enjoy your hobby by renting aircraft is what I would do. And that's what you're doing now to get your hours in and to continue your process. Now, if you continue to invest and in a few years you have $2 million and you want to put 10% of it into toys at $200,000,

then that would make more sense. That's okay. But I can't recommend you put 40% of your net worth into toys. I just can't. It's not in good conscience. I'm with you. I hear your heart. It's not in good conscience. I'm with you. I hear your heart. I hear how you really want to do it.

And I want you to do it, but I don't want you to do it and it be a mistake. I want to do it with you. Well, I'm not sure I want to do that. I'm kind of careful about who I get in an airplane with. I think Michael's a good guy, but I don't know him that well yet. All right. Casey's in Little Rock. Hey, Casey, welcome to the Ramsey Show.

Casey? Hi, how are you? Great, how are you? I'm fantastic. How can we help? You okay? Yeah, I just spoke to you a minute ago um you just spoke to me a minute ago okay well we'll work on that all right uh julia is with us in colorado springs hey julia what's up

hi can you hear me yes hi i just wanted to make sure. I just wanted to ask you for overall financial advice. I am currently just beginning dental hygiene school. That's going to be about a year. I pay about $1,100 a month for that, as well as taking out some unsubsidized and subsidized student loans. My husband hasn't been working for about two years. Why? He's struggling with his mental health. And so he doesn't even know if he sees working in his future. So I am currently working while going to school. I'm not sure if I should keep working while I go to school, stop working, all of that stuff.

Wow, you're carrying a heavy load, girl. Huge load. Yes. So what is the nature of his mental health issues? He just struggles with some depression and anxiety. Is he seeing someone for help? He sees somebody like maybe once every other month. Not good enough?

Not really, no. Okay. No, it's not. Not that I feel, correct. No. Listen, here's the situation. Okay. Mental health is like other health. You work on it to get better.

You rehab to get better you rehab i agree to get better a friend of mine busted his shoulder i saw him this morning he's doing the pt and he said it hurts like crazy but if you don't do the pt you don't get better and he's going to lose the he's going to lose the action in the shoulder due to the surgery he has so he's got to do the pt their is not magical, but it very seldom fixes itself. Correct. He has a, obviously both of us and my in-laws have a huge Christian faith background, and so a lot of his reasoning for not wanting to see somebody is that he's continually speaking to God. Well, he needs to find a counselor that is Christian-based. There's plenty of them out there.

There's plenty of mental health professionals that don't think that faith is incongruent with mental health. So, yeah, you're going to be working. But I need to see a future for you all where he's working again because he gets better because him sitting at home on the couch and being depressed for 25 years is not a plan. I don't want that for him, and I don't want that for you, and I don't want these student loans for you, but I don't know what else to tell you about this second. So, lots and lots and lots of hours on your part because you're carrying the whole thing by yourself, girl. I'm sorry. What a mess you got. He needs to

get some help regularly. This is The Ramsey Show. Hey, it's Kelly, associate producer and phone screener for The Ramsey Show. If you would like to do your debt-free scream live on the show, make sure you visit theramsyshow.com and register. We would love for you to come to Nashville and tell Dave your story.