The Ramsey Show - App - My Bank Job Pressures Me to Push Products That Put People in Debt (Hour 3)

Episode Date: February 25, 2021

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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. Dr. John Deloney, Ramsey personality and host of the explodingly popular Dr. John Deloney podcast. I is my co-host today. Open phones at 888-825-5225. You get real talk on life, relationships, mental health issues, the chaos of anxiety, depression, disconnection, and all kinds of just good old grandma common sense stuff

from Dr. John all the time on his show and when he's on here too. So you can call in right now, 888-825-5225. If you can't get through today because the lines are always pretty full around here, you can always e-mail and participate on John's show by e-mailing askjohn at ramsaysolutions.com or leave a voicemail at 844-693-3291. Ryan starts off this hour in Akron, Ohio. Hey, Ryan, how are you? I'm doing well. How are you, Dave? Better than I deserve.

What's up in your world? Awesome. Hey, well, I've always enjoyed personal finance and learning about it. And in college, I even helped friends, you know, make budgets and just basic stuff like that. And I just got so excited about it. I know I wanted to help people with their money. And I graduated this past May, May 2020, got a job at a bank because I thought, you know, that's a great place to help people with their money.

And that's right around the time I started to listen to your show consistently and really do the baby steps for myself. Good for you. Yeah, yeah. I've seen how many lives your plan has changed dramatically. And I feel like the stories I hear on your show are from people who would walk into the bank and I would feel pressure, you know, from my boss and from corporate to sell credit cards and sell home equity lines of credit. And I feel like I'm in this position where I'm putting people in a position

to, you know, come to your show. You know what I mean? Like, I just feel like I'm pushing, you know, my job is to push debt and more debt. And I'm just wondering where, you know, in the financial world can I go where this isn't the, you know, tool of making money for companies is debt. Yeah. Well, I mean, if you work in a pizza place, you're going to be selling pizza. That's the way it works.

So, I mean, that's – and if you're a health food nut, that probably is not going to be congruent. And diabetes, right? Yeah. So that's kind of where you find yourself. A lot of people with your itch gravitate towards the investment advisory side of the business, like our SmartVestor Pros, where you work for a local organization that is a member of a broker-dealer, and you help people get investments going. And most of those people do not peddle debt. Most of them peddle investments, and some of them go extend beyond that into some basic financial planning,

like they'll hook you up to help you get a will, or they'll hook you up. In that world, they do. Now, our smart investor pros generally just do investing, but the ones that we endorse. But, you know, some of them get into that some of them get into a little bit of but you'll have the opportunity let's say you had a uh a client that had an investment portfolio uh that was uh 60 years old but he had a 30 year old daughter who was struggling and brought her to you uh and could, you know, to help teach her about budgeting in the process. So we did to do a lot of that kind of thing in the crossfire like that.

The only place in the banking world where you're able to where you're not forced with a quota, a boss breathing down your neck to sell debt like you have experienced is small town local banks community banks aren't as aggressive in the debt marketing and uh and credit unions uh that's why i endorse both both of those and not the larger mega banks because the mega banks are pretty well they're just pretty well debt peddlers is what they do they just if they figure if you're breathing you need a bunch of their debt. And I don't know which one you're working at. I didn't ask.

But the larger ones are much more soulless in their approach. And, you know, I've got friends in the community banking business. Obviously, I don't believe in borrowing money. I don't teach people to borrow money. But they're much more responsible with their interaction. There's a moral component for them with their interaction with their customer versus these mega banks. They'll just shovel as much down somebody's throat as they can get in there. And, you know, you're going to lose your job if you don't sell a certain amount

of credit cards, car loans, and home equity loans in your position. And I'll tell you the 30,000-foot view of your question is you can't work very long in a job that violates a core value of yours, whether that's treating people disrespectfully, whether that's, like Dave said, peddling food that you think is not healthy, selling debt. At some point, you will begin to fracture from the inside out. Yeah, I mean, let's just completely change the metaphor. Let's pretend that alcoholism killed your father and you don't believe in drinking, and drinking scares you to death. You'd make a horrible bartender.

Yeah. You know? And that's what John's talking about. And you don't need to quit today. We're not suggesting you run in there with your hair on fire and make some political statement. We're not trying to make you into an activist okay but the uh but long term what is good for you is to find something and that's why that's what that's the itch you've got that's what you're scratching is long term you need to find something that is congruent with your belief system and your values

you're not going to prosper otherwise you're never going to be a really great banker at that bank that's exactly right and you're never going to be able to sleep either yeah you know the boss isn't going to be happy the customers aren't going to be happy you're not going to be happy nobody's happy you're not selling enough debt the customers are getting dead they're not happy you're selling debt you don't want to sell that you're not happy nobody's happy here yeah you know and so you know you're just you head on your pillow dude and and so what I would do is I'd develop, you know, like an 18-month runway or a 12-month runway that says, all right, I've got to start doing some of King Coleman's materials on hunting for a career, thinking about a career. I'm going to investigate, for instance, the financial advisory world. What's it take to get into that?

What have I got to do? What licensing have I got to get? What have I got to do to get hired in that world and begin to move in that direction but um yeah i i you know i i would not ask a pizza place to not sell pizza right and i'm not going to ask a bank to not sell debt i'm gonna ask all of you to not buy it from them so that you're not harmed but i'm not going to expect an alligator to quit biting it's what alligators do. And this is a common situation. He says he just graduated and started this job.

He wanted to help people. Right. You have a vision. We'll help people with money. And the bank's got money, so I'll go over there. That's right, man. But that happens to graduates all over the place, right? And then they get in and get to see behind the curtains,

see all the sausages made, see what we're actually doing here. And then they have a crisis of value. Yeah, right. Crisis of conscience. Yeah, it's very real. I appreciate you, Ryan. and then they have a crisis of value. Yeah, crisis of conscience. Yeah, it's very real. I appreciate you, Ryan. You're a man of integrity, and you weren't being a drama queen about it. You weren't being crazy about it, but you're just going,

this just feels weird, and I don't think it's going to work. And you're right. It's not. It's not going to work. And they're not going to change. Right, so how do you treat them with dignity, and then how do you hold your head up high when you go find something else? You know, you're going to suck at selling debt, so they're going to be happy when you leave.

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Hey, what's up? How are you doing, Dave? I wanted to ask you, I'm 22 turning 23 this year, and I wanted to start saving for my retirement. My company doesn't offer a 401k plan or anything else, so I was interested in what your thoughts are on what kind of ira ira i should get into a traditional one or a rough one or something like that or if you have a better solution i would love to hear it well good for you man you're way ahead of the way ahead

of the curve to be working on this at your age excellent so are you out of debt uh yeah i mean right now the only payment the only payments i make are on my phone watch and that's about 60 a month okay your phone what phone watch my my cell phone and my smart watch oh i'm sorry together they cost about 60 a month that's just the cellular service okay yeah and the uh and and how much money do you have in savings? Well, in my personal savings, I have like a few thousand dollars, about $3,000. But when I was in the eighth grade, I got hit by a truck. So when I was 18, I got some money from that, and I invested it in stocks, about $43,000. In single stocks?

Yeah, in E-Trade and stuff like that okay all right um all right well before we move into investing i need you to have three to six months of household expenses are you on your own or you live with mom and dad uh no i still live with my parents okay all right uh your three thousand dollars probably is your emergency fund um All right. To start with, Nick, let's just back up. The first thing is I don't do single stocks. I know a lot about them. I buy investments. I've got hundreds of millions of dollars of investments. But I don't buy single stocks because I don't like the risk associated with that. And the game you're playing there is a lot of risk.

Now, if someone is really loving it and you obviously have a knack for it and it's something you want to fool with, no more than 10% of your net worth, so in your case about $2,000 worth, is about all you ought to have in single stocks. You're taking too much risk, in my opinion. Okay, so I would move that towards mutual funds and then as far as starting a few etfs it's not only single stocks but it is mainly single stocks yeah okay and uh then the next question is when are you planning to move out and what money do you need to do that um i don't really have a plan on moving out yet i'm still

uh like i just started working and i probably would want to move out between 26 and 28 years old uh possibly yeah um i'm really not i'm not really sure on what are you with that yeah what do you make uh about 15 16 000 a year what i'm working in a work study program right now yeah so i'm not making a lot of when will you complete the work study program a few years two years two and a half okay when you get your income up to where you can i don't want you 28 years old in your mother's basement dude get out and get going you do not need to start your Roth IRAs yet. You need to pile up money to make the transition out of your household

and complete your studies and complete your career, get your career going. Then you need to start, and I would start with a Roth IRA in good growth stock mutual funds. I love that you're asking the question, but you're a little bit early in your process, not in your age, but in your process. You're in the middle of transitional things that need to happen before you start investing. Yeah, I'm just trying to wrap my head around that spirit and also that it just seems out of balance. You don't hear that very often. Someone's thinking so strategically and so far ahead and also,

I'm going to live into my parents' house when I'm about 30, 28. You know what I mean? And so it's always the other way around. I've got people like racing out of their parents' house the moment they can and buying a way too big a house or a truck and saying, hey, man, you've got to have a future too. And so this kind of flipped around a little bit. Yeah.

Yeah. Get your own place, Nick. Get your own place, man. As soon as you're, you know, you probably can't do that on 15K in New York City. Especially not in New York. But when you get this work-study thing going and you can get your income coming up in the next 12 to 18, 24 months or whatever, then let's move out. Get your fully funded emergency fund at that point of three to six months of expenses,

remain and stay debt-free through that whole process, and then you would start investing when you're stepping into your career. And 15% of your income is what I would do there in good mutual funds with a good Roth IRA. Bill is with us in Dayton, Ohio. Hi, Bill. How are you? I'm great, Dave. How are you doing? Better than I deserve. What's up in Dayton, Ohio. Hi, Bill. How are you? I'm great, Dave. How are you doing?

Better than I deserve. What's up? Awesome, awesome. Yeah, I have a question on inheritance. I'm basically debt-free, no house payment or anything, debt-free. I do have an emergency fund of about $25,000, $30,000, but I'm about to inherit about $440,000. My goodness.

Yeah, and it's going to be in a traditional IRA. Okay, an inherited IRA. Okay. Yeah, so I don't know what the best. I think I have to take that out. You do have to begin taking it out. Five or ten years. Yeah, you've got ten years on the new laws that just passed a year ago. And so you're going to take out a tenth a year.

It doesn't mean you have to take it out and spend it, but it's not going to be protected under the IRA, and whatever you pull out is taxable each year. There's no penalties on it. But you can take it, and you can't roll it into your own IRA. You can take it out, pay the taxes, and then you do whatever. So $40,000, $50,000 a year is going to be rolling out into your hand, and you need to decide ahead of time, after I pay the taxes on that, what am I going to do with it? Okay. And in the meantime,

it ought to be parked in. You can move the investments around inside the inherited IRA. Is it already in good mutual funds, or do you know? I'm not 100% sure. I'll have to look into that. If I can move it around, if I want to move it around. Yeah, you can move the IRA to a SmartVestor Pro, sit down with them, develop two different game plans, one for the existing pile of money in mutual funds, and two, what am I going to do with these mandatory rollouts, this mandatory money I have to pull out? And you can turn around and have another investment account, and it just moves right over into

that after taxes. Okay. You don't have to take it home. You don't have to take it home by truck. You know, it's not required. But you may want to. You may want to do some nice things with it. You know, there may be a few things you want to spend some of this on.

You may be some generosity things you want to do uh then all that's okay it's your money okay so it is better to take it over the 10-year period to take a little out of the time because i'm assuming it's a list of tax yes uh the the um the because all that money that is taxed, let's say you pulled every hundred thousand dollars you pull out, you're going to send twenty five grand or so to the government. That twenty five grand is going to continue to make you money in there over the using the government's what is effectively going to become the government's money. It's going to make you money. So I don't want to send it to him till I have to. The only downside is we may see some bumps in tax rates in the current political climate. So we'll see.

Hey, thank you for calling. This is the Ramsey Show. Hey guys, Rachel Cruz here. Ever feel like you'll never save money or pay off all your debt? We know 2020 didn't help, but it's a new year and you can hit reset with your money. It's time to focus and get debt out of your life so you can have more money to save and spend worry-free. We're here to help.

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Kim is with us in New York City. Hey, Kim, how are you? Hi, Dave. Thanks for taking my call. Sure. I'm considering selling my investment property that uses a down payment for a new home. The issue is I bought it for $375K, and it looks like I'm probably going to end up selling it for $345K, so it'll be at a loss.

Will I still get hit with capital gains? No, capital gains are based. I mean, you didn't do a 1031 into it. You didn't trade into it, did you? No, I didn't. No, you don't have a capital gain if you're not gaining. Oh, okay. So you're fine.

Why is it losing money? Current situation in New York? Well, yeah. So I bought it during that whole bubble. So it was when rates were high for homes, and now it just never went back up to that price point again. From 2008 or from COVID? Yes.

No, so for 15 years, it never went back up to $375. Wow. I am getting rid of that. Yeah, it's definitely not a keeper. Yeah, that doesn't sound like it's been a fun experience. I'm with you. I'll take my loss, take my lumps, and move on. Right, right, right.

You can see a tax professional, to be sure. I'm not a tax pro. I don't even do my own taxes, but I've been doing thousands of real estate transactions through my life, and so I do know capital gains law, and you do not have a capital gain if there's not a gain. It's a pretty simple thing. Wait a minute. You know what? You need to see your tax pro because whoever's been doing your taxes will give you your adjusted basis. You've been depreciating it for 15 years and so you've been lowering your basis for 15 years

your basis for tax calculations could be less than 345 it is not what you paid for it it's what you paid for it minus the depreciation you've been taking on your taxes that's your adjusted basis and that might be below 345 so you might have a gain but i don't have any way of knowing what that is uh you'd have to look at your last tax return or talk to your tax pro but if you've been systematically depreciating the thing for 15 years you may have a hundred thousand dollar gain you very well could so so walk me through that i know that if i have a tractor for my farm i'm going to depreciate that every year because it's actually losing value yeah and when you sell it if you depreciate it on your taxes as a business transaction as a business tractor not a gentleman's

tractor but yeah then then it's going down in value right and but how do you do that with a house is that a house with with a it's not the loss in value but it's the same concept you are allowed to write off 1 30th of the house every year i did not know and so as a tax of the uh not the lot but of the actual capital improvements so let's just make up a number let's say say that she paid $375,000. The lot was worth $75,000. She's got $300,000 worth of capital improvements that can be written off over 30 years. Then that's $10,000 a year. Regardless if that house could be worth a million dollars, she can still write off?

It doesn't matter what it's worth. You can take $10,000 of loss against your income, depreciation, in that case, if you divide $300,000 by 30 each year. But then that lowers your basis. And so let's say it was $10,000 and you did that for 15 years. That's $150,000. You've lowered your basis. Now when you sell it, everything above that lowered basis is a gain. Well played.

Okay. And so she's going to have a gain if she's been depreciating that house, and she probably has. Yep. Most people that have rental property do take the depreciation. Because in a sense, if you got $10,000 and you made $10,000 in rental income on the house, you had tax-free income. Right. It's a loss. It's sheltered.

Real estate has a tax shelter to it that's what a tax shelter is that's what that's where the phrase comes from all right colleen is with us in augusta georgia hey colleen how are you hi dave how are you thanks for taking my call sure how can we help i well i'm in a little bit of a bind, Oral Pickle. I recently came across your program through my church. It was given to us, and I started following your program about a month ago. I am on Baby Step 2, though I've already completed Baby Step 3, and I know you're going to say, you know, what you're going to say, but my concern and worry is I have my husband. His income has been kind of unstable, so I'm a little nervous about depleting savings and throwing it to my last debt. So I guess I just need some advice.

Okay. Well, you're right. You're not doing the baby steps. You're doing your plan. But the thing, how unstable is his income i mean do you think he's going to lose his job um he's been having some some problems with some struggles and um has had to go away at time to seek some treatment and um kind of left me holding the bag which is fine because i feel like we make enough income to...

And is he still fighting the addiction? Yes. Okay. Yes. All right. And what do you make and what does he make? I make about $80,000 a year, and he's around $50,000. Okay.

And how much debt do you have and how much is in savings? I have a $18,000 car loan and a $24,000 personal loan with zero interest and the car loan is about, I don't know, $1.79 and I've actually been able to spend about $2,000. And how much debt do you have? I mean, I'm sorry, how much savings do you have? $17,000. Okay. So there's not really a way to work it in our system like you're working it. What we tell folks is one of two things. One is work the system.

And that would be pull $16,000 or $17,000 out, throw it at this situation. I would not do that in your situation the second way to address this is i have i'm in the middle of a storm and so we don't work the baby steps we just push pause and we pile up cash okay how long has he been struggling with this, and how long have you all been married? We've been married about six years, and he's been struggling for about two that I was aware of. I guess I kind of... What's he addicted to? Mostly alcohol, which relates to a lot of PTSD or time issues and things of that nature.

He's hurting, and he's hurting you in the process. Y'all are hurting. And so you don't need to be working an intense Baby Steps program. You need to be piling up cash and addressing this, and you don't need an $18,000 car debt. So you probably ought to move down in car until you all get this situated. Because anything we can do to have more cash and less debt stabilizes your life while you fight through this and make these decisions. I'm so sorry. But let me tell you what you can't do.

You can't continue to sort of do life while he sort of fights this. And I'm sort of going to work a plan because i sort of hope this is all sort of okay it's kind of all in or all out am i missing something john no that's 100 right and i love dave you just said it right this isn't a time to be gazelle intense because somebody's hurt right um and if you even if you pile up cash and you put it in your checking account and just even mentally you can tick off. We're getting closer and closer. In six months, in a year, you're able to just write that check

and pay your debt down or pay your debt off. But he needs to go full in and get this thing taken care of, or to get on a path. You don't get taken care of in that way. But you need to go on a full adventure here to go get on a new road to getting well, and he needs you by his side in that process. Yeah. You don't glide in the middle with PTSD and with addictions resulting from it. There's no middle.

Can I ask you this question, Colleen? Sure. Actually, let's do this. Can we hang on and roll over? Hang on here, and we'll catch you after the break. And I want to ask you a question as we follow up here. Yeah, we'll make sure we walk with you because your financial stuff is ending up being the symptom of all these other things. And the fact you can't move forward is a symptom of all these other things.

So we've got to help you with the whole picture. And this is a good man who's been wounded and we want to help him it's hard hard stuff Our scripture of the day, Hebrews 10.23, let us hold fast to the confession of our hope without wavering. For he who promised is faithful. Amelia Barr says, it is always the simple that produces the marvelous. There we go. We're talking with Colleen in Augusta, Georgia. the young man that she married has some PTSD and is resulting in some alcoholism, not some, is, and so his income's unstable

because he's been apparently in and out of rehab a couple times, and so she's trying to figure out how to work the steps during that. We told her, don't, just shut down, pile up cash, and let's work on getting him well so that we are well, so that we can plan our future out. And that's where we left it. John? Does that sound right, Colleen? Yes, that's right.

So let me ask you this. Sometimes folks who are married, they love somebody who's struggling with addiction. That's such a helpless feeling it's such a unmoored unstable feeling that they start looking around their world and trying to grab hold of anything they can control and just start doing it really hard is there a part of this situation where you feel powerless as he's going up and down struggling with this that this debt journey is a way that you can grab control here or are you just looking at your budget and you're terrified this debt journey is a way that you can grab control here? Or are you just looking at your budget and you're terrified?

We can't hear you. Can't hear you calling. Your phone went sideways. Oh, I'm sorry. I'm sorry. I feel like it's a little bit of everything. I feel like I... It's just been a struggle because I feel like everything falls to my shoulders and not that he's never...

He's always brought in into the table, which... Oh, we just lost you, Colleen. Yeah, we just lost you there. Yeah, Dave, as I was saying, that powerless feeling, and it always brings, like she was saying, always brings it up to the table. Sometimes he does, sometimes he doesn't. The tendency is just to say, what can I do to make myself safe? And then you jump into a program like this that only works if both of you are on the same page. And one of you really is dedicated to a process, and the other person is kind of in and out and not healthy, not fully well. And, man, that undermines the relationship further accidentally. And suddenly you're going head-to-head on how we spend money, going head-to-head on are you making money,

and then it just separates you from the inside out. I love the idea of stacking cash, making sure you're on the same page. If you've got to do something, help him on his debt-free journey. I might move down and out of car, and other than that, I would just pile up cash as high as I could pile cash to get rid of that $18,000 car loan. Right. Not because it's an expensive car, but just it's a dadgum car loan. And I'd like for you to be free of anything we can do to make less stress so you can pile up more money so you can address the real issue.

That's right. And the real issue is to help him get some healing. And it sounds like he's a wounded warrior. Yep. Psychologically. Those are hard, man. Hard moments. It's a wounded warrior psychologically. Those are hard, man, hard moments. It's a tough thing to go through, and we love him, and thanks for his service. And then you guys work, and let's get everybody on the same page with an ongoing coach, an ongoing counselor, a 12-step program, and a rehab,

or whatever you need. Get it all lined up and pay for it, and let's do it. Let's get it done. And plug it in with a VA, whatever you've got to do to get the help. And you get a clear eye. You can't accept this as an ongoing, I don't want to project this for you. That's why I put you on hold and held you through this. I don't want to project this for you. That's why I put you on hold and held you through this. I don't want to project this for you.

I don't want you projecting this instability in and out, in and out, in and out as the way of life for the next 10 years. No. Or 20 years. No. That's not okay. That becomes codependent on your part. And it will get, with somebody with PTSD and alcoholism, that will get increasingly unstable. Right.

That will continue to devolve into deterioration. It's either going to heal or it's going to get worse. That's right. And so you've got to be working on the healing side of it to where you say, okay, we have a number of years, two years, three years, whatever. We're going to be clear of this, and we're going to look back in a rearview mirror and go, well, that was crappy, and I'm glad we did it together, and I'm glad we held on, and now let's work. Take this pile of cash, and let's work on through, and let's get going. And I tell you, you want to accomplish a goal, get a clear-eyed, well-focused veteran by your side,

man, you're going to fly through these baby steps, right? It's hard to stop a veteran. Oh, you mean him healed? I thought, man, he's going to be your greatest partner you ever had. Yeah, because I mean, once you've been through that stuff, you've been under a lot of fire. Craig Hartnett doesn't bother you. It's not a big thing.

So I want every veteran listening to this, driving down the road by yourself, if you're struggling please please not for anybody else but for yourself do what you got to do to go get well go see somebody go talk to somebody and then you're going to realize it is for yourself but it's also for your kids it's also for your wife it's also for your husband go get help but the healed version has an unbelievable ability to focus. To do anything.

And a rewired discipline that is there. It's a foundation. That's what you mean. You say a clear-eyed veteran. There's this built-in priorities. And don't sweat the small stuff and it's all small stuff hey i'll never forget man i i can tell you who he is right now i was walking down i was working at a law school we're walking down the hall and i said man all right it was exam time

law school exams are hard and i said man are you stressed and he said well sir nobody shot at me today and i'm in the air conditioning so i'm doing all right and i remember going whoa that's a stud what a what a perspective there's an old sales old sales uh motivational story of the guy that won uh you know the number one sales guy for one of the big uh yeah or one of the big franchises in in real estate and they brought him up on stage to give him the trophy number one in the whole nation i said you know well you know how did you do this and he goes well it's not hard you just talk to people about houses and they buy houses and he said what do you mean he goes well like i walked in burger king the other day and i was sitting there and looked over and there's a young couple looking at homes magazine i went over and

said hey y'all looking at houses they said yeah and uh uh ended up selling them house they said well weren't you scared to walk up to strangers and he said i did two tours in vietnam i'm not scared of people in burger king i'll tell you what a clear-eyed a clear-eyed veteran will help solve our community challenges will be the best husband you could ever have the best wife you could ever have um go get the help you need yeah go do it yeah and she she's brave to be fighting this beside him but don't don't go all in don't be under the illusion that you can sort of do this stuff you got to go all in and you you can do enough over here while he is over here tearing it down that's right that's not that's never going to work that's not all in on first, and then go do the baby steps, and you are going to sail through this.

New baby step. You have a new baby step. Yeah. You've got to do this before you start the baby steps. I like it. That's what it amounts to. That's true in any situation where there is a crisis of some kind.

What you guys are facing is a crisis, and a lot of pain, a lot of hurt. We'll be praying for you. We love you yeah and we appreciate his service we appreciate your her service man your your uh your bravery and you know staring this demon down if you hold on uh kelly if you can that phone went sideways like she dropped it down the garbage disposal i don't know but if you're still there kelly will pick up and uh we'll try to get you on John's show later,

and maybe he can walk you through some other stuff and walk you through the whole process. Personal finance, folks, is 80% behavior. We all know what to do. It's 20% knowledge. It's not a lack of knowledge. It's a matter of being able to do it. And since it's 80% behavior, it's also 80% relationships able to do it and since it's 80 behavior it's also 80 relationships i was going to say dysfunctional toxic screwed up twisted messed up family extended family

misbehavior addictions laziness whatever it is going on in people's lives um affects your finances more than your lack of knowledge about how to do the math. Get people in your life. If you find out, hey, I can't stop eating this thing, I can't stop drinking this thing, I can't stop fill in the blank, get people in your life. There you go. Good show, John. Thank you, man.

Nice job, James Childs and Kelly Daniel in the booth. I am Dave Ramsey, your host. 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. Have a friend or family member that needs a daily dose of Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes.

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