The Ramsey Show - App - My Dad Started a Business in My Name (Hour 2)

Episode Date: March 11, 2020

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us, America. Open phones at 888-825-5225. That's 888-825-5225. You jump in. We'll talk about your life and your money. Garrett is with us in Texas. Hi, Garrett. Welcome to the Dave Ramsey Show.

Thank you. I appreciate it. What's going on? How are you? Going to make it, brother. How can I help? All right. So I recently just turned 22 on Sunday. I got a kind of interesting story, I guess you could say. I sell cars for a living. I work for Ford here in Austin.

And last year was my first year into the business. I made $55,000. But whenever I was in high school, my dad started this business underneath my name. Why? So I haven't filed taxes or anything like that. Whoa, whoa, whoa. Stop, stop, stop, stop,000, but whenever I was in high school, my dad started this business underneath my name. Why? So I haven't filed taxes or anything like that. Whoa, whoa, whoa. Stop, stop, stop, stop, stop, stop. Why did your father put his business in a high school kid's name?

I'm not sure. So he started selling, I guess we'll just say items, on eBay, and he got banned off eBay with his account and his name under his social and all this stuff. So he asked me to create a PayPal account for me. I didn't know what it was. I was young. He just said, make it. And he's my dad. I love him. So I did it. So I made the account and everything and he managed the account and he, he stored the items and stuff at the house,

sold the products for three years, and here recently he had quit. But I got this letter in the mail from the IRS saying that I had to file taxes for three years, and, you know, I never really made a substantial income or anything like that. I went to college, you know, whenever to play football for a year, and I got like $10,000 in student loans that I still have to pay. So your dad never filed taxes on these transactions? No, because it's in my name.

No, because he's a skunk. Okay. Well, yeah, so the business for 2017, it did $27,000 in sales, gross sales. So I don't know how much of it he can write off or anything like that. In 2018, he did $112,000. And then on 2019, he did like $108,000. It's roughly a quarter million dollars between the three years, just in gross sales.

Now, how much on that I can write off or whatever, I don't know. I talked to a CPA that I was referred to in the Dallas area. They said that it would be about $900 to get the taxes filed and all that stuff. I've been trying to get them filed since last year with him, but he won't sit down with me to figure out what I can write off and what I can't. And I even asked the CPA if I should just write off or not, or just file my regular income taxes with the company from Ford, and she told me, no, that would mess it up. We need to start from 2017 to file those years first because then the IRS would just mail out more letters. Exactly.

So I'm just trying to figure out. That advice was correct, and the $900 you're spending is what you're going to do immediately. What you're going to have. I'm pretty aggravated with your dad right now i have to say that um what kind of father does this kind of stuff to his own son uh he basically raised myself do what basically raised myself like my mom's in prison so i never had like a mother to talk to my stepdad abused me and my dad dad's, like, a gambling problem, alcoholic, that kind of stuff. Man, I'm sorry.

Well, you know what the item he was selling is, right? I do, but I don't know if it's appropriate for the show. That's fine. I don't. You don't need to do that. That's not the point, which is also not surprising uh the um but what we what you can do is we sit down with your cpa and you're going to have to file a return based on what you think your cost of goods sold was meaning you got a quarter million dollars in gross sales but every one of those items he

paid something for them okay and he bought them from china on the aliexpress store i know where he bought them but i don't know how to get that orders it's got your name on it the uh aliexpress it's like a different account he used a paypal card or a debit card or something that's in his name to pay for oh in his name the the the to purchase the orders yes so every transaction and everything that went through ebay is in my name i understand okay so what what you've got to do is get the best information you can get a hold of to make the best guess as to what he paid for the items my guess is that he wasn't making a – there's nowhere near $250,000 profit here. There's probably – there might be $30,000 or $40,000 profit here when everything's said and done.

So what you have to do – Whenever I talked to him last year, he said about 60% was profit. Okay. Well, what I would do is guess if you can't get real information other than off the top of his head. One thing we know, whatever he says, he's full of crap. We can't believe it. And so you've got to look and actually do some research as if you were going to reopen this business and find out what you would be paying for these items

and then reconstruct a business profit and loss statement with your CPA's help. And it's a guess, but that'll help you file. If you get audited, that's when you've got a real problem because you don't have real records. But you're just going to guess, and you're going to guess high as to the expenses. To write off as much as I can. Exactly. To have as little profit as possible to keep from paying

more taxes than you have to on the income your father used in your name and stole from you okay because that's effectively what's going on here this is going to cost you tax money to get to keep to keep straight with the irs because the problem is your Social Security is out there doing stuff. Okay? Now, the last thing is this. You need to have a conversation with him that sounds like this. Never use my name. Never use my Social Security number again ever for anything,

or I will file a police report for identity theft it needs to sound just like that it's going to piss him off and i really don't care and i currently live with him because i'm trying to save money to separate you you need to move i mean whenever i did move to georgetown and uh just the rent and everything because i roughly make about 4 500 gross i just i couldn't save anything because i want to i want to buy a duplex i want to be able to have the cash you cannot justify anything you're doing to continue to stay in that household this is a messed up situation he cannot use your name anymore and you've got to get some physical distance from him i hope someday you can repair and have some kind of a relationship at some level

but today your father has stolen 20 or 30 000 from you and stolen your identity you cannot continue in this path because it's not going to stop, man. It's going to happen again and again and again and again and again. He's a financial abuser and you've got to separate yourself from him as soon as possible.

I'm sorry. I'm sorry you're going through this. And listen, man, find you a good church and get plugged in and get hooked up with a good pastor to walk with you. Because you're entering manhood on a rocky road. And you're a good man.

You've got good places you can go. You don't have to be this way. You don't have to be like him. This is the Dave Ramsey Show. Are high health care costs getting you down? Are you confused trying to navigate your options? Do you wish you could find an affordable, biblical solution to your health care costs? Based on New Testament principles, Christian Health Care Ministries, or CHM, helps Christian families, churches, and ministries join together as the body of Christ

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That's chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. Thank you for joining us, America. We're so glad you're with us. Open phones at 888-825-5225. If you want to get smarter, let me tell you how to do it. Go to a smart conference. It's one of our smart conferences that are all day long, and there are the nation's leading experts in many, many different fields are going to be there. Dr. Meg Meeker, the country's leading authority on parenting teens, children's health, will be talking about parenting. Dr. Les Meeker, the country's leading authority on parenting teens, children's health.

We'll be talking about parenting. Dr. Les Parrott, marriage and relationship expert. Absolutely incredible world-class thought leader and speaker. Christy Wright, the creator of Business Boutique. Anthony O'Neill, teen and millennial expert, speaking on debt-free degrees. Rachel Cruz, New York Times bestselling author, host of The Rachel Cruz Show. Chris Hogan, number one bestselling author,

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There'll be thousands of people with us. We're so excited about it. Looking forward to it. The next one will be Minneapolis, November the 7th. Both are on track for early sellouts, and we would love to have you at any of them. You can be smarter. Oh, by the way, I'll be speaking at all of them, of course. But I always bring up the tail.

And I sit in the audience and take notes because the people on the stage that I just named are brilliant. And I learn from every single one of them. Every time they speak, they do a great a great great job so if something's missing if you could get better couldn't we all at our money our marriage our parenting our relationship iq we could all get better and uh you'll learn stuff here i can promise you that so hey don't miss this go to DaveRamsey.com. Get your smart conference tickets right now. All right, Corey is with us in Arizona.

Hi, Corey. Welcome to the Dave Ramsey Show. Hey, Dave. It's an honor to talk to you. You too. What's up? Yes, sir. I am in the military here, Station Arizona.

I've got a question about I live on base, just moved on base. Here, the base housing people, they have a housing allowance. They take all your housing allowance, depending on your rank, to move you into a certain house. Between me and my wife, we make about $90,000 a year before my BAH just took it out. If I get promoted this year, I will be paying about $1 17 50 a month for this house on base that includes your utilities uh water and no gas here but uh i'm just kind of curious how people work to like you should buy a house you know you're not going to pay eight hundred dollars for a house if you

buy one um i'm just trying to get uh more reassurance that i know i'm doing the right thing me and my wife are in baby step two so i just want to get some reassurance about that well if you want to live off base for a thousand dollars rent that'd be okay okay you know around here we just moved from off base and we were paying 1250 but they said if you read if i renewed our lease we'd be bumped up to about 141,400. But you get $1,750. Just for rent alone. They're charging you $1,750 on base, you said. Correct, yes, if I get promoted this year. Yeah, okay.

At that point, $1,400 would be a good deal, and you'd be off base. Would the housing off base be better quality or the housing on base? It's a little bit better just depending on what area here where I'm i'm stationed at which is base or not base which is better um i would say off base um of course on base has its um you know ups being close to work and everything yeah that's a nice no no traffic yeah okay yes sir so here's the thing i would not buy in this situation but I would rent if you want to move off, as long as you've got cheaper rent. Here's the reason. You're going to move.

They're going to move you every two to three years, and you're going to end up owning houses everywhere you live because you can't sell them. Correct. I will probably be here for at least, if I don't put in to move anywhere to a station somewhere else, I will be here probably for at least another five to six years. How do you know that? That's weird.

What makes you think that? You got a special job? I kind of sort of, if I don't put in this different stuff, if I don't put in for a base of preference to change stations. Now, what's your rank? E5. Man, they move you guys. Yeah.

You need to do a better job of convincing me you're not going to get moved before I talk about buying a house. If you're going to be there five years, you can probably buy a house because you've got to be able to sell it when you leave and make money on it. So is the market hot enough that you can sell it, or is it overdone? And there's 63,000 houses on the market because everybody in the military bought a house, and then they got shipped out. Now they've got all this supply on the market, which is what usually happens in these settings, and you can't give the stupid house away. If that's what you're getting into, owning a house is a dumb idea away if that's what you're getting into owning a house is a dumb idea which is usually what you're getting into and so i would not buy one until you know you're going to be a place long enough that the house is going to go up enough in value to offset your cost to sell it and you're going to be able to sell it off the back end if you're

convinced of all of those things then buying is okay but you need to do you need to be real sure you're going to be there because um e5 they're going to move your butt man unless you got something some reason to stay to keep you there some specific thing you've got a very unique job and uh it's done mainly at that location that kind of stuff will keep you there but it's's, you know, five years is unusual. Unusual. Hey, thanks for the call. Open phones at 888-825-5225. Joshua is with us in Nevada.

Hi, Joshua. How are you? Good. How are you doing, Dave? Better than I deserve. What's up? Okay. So last year I bought a car and i flipped over some negative value and i financed thirty

thousand dollars and uh now i'm about almost fifteen thousand dollars upside down on the car would you pay for the car uh i paid twenty two thousand for the car we're down seven thousand dollars in one year? Well, I financed $30,000 because I had... I know, I got that part. You said you're $15,000 in the hole. You paid $22,000. That means the car's worth $15,000 now. Yeah, exactly.

Went down $7,000 in one year? I've had terrible luck with this car. I've had like three people vandalize it. So I got damages on the car that I had to repair. So that's adding to the... You don't have insurance i do why don't you get the car fixed it just doesn't make sense to me because my deductible is a thousand dollars so i mean the damage is you know if each one uh i set up a claim for each one it's you know i could just pay out of pocket and it'd probably be less, and probably like $800 fixes.

Okay, so $800 fixes, and then what's the car worth? It was at best $17,000, $18,000. Okay, so you're $13,000 in the hole. Good Lord. What do you make? Well, me and my wife combined income is $6,000, but I use the car for Uber. I don't care. So with that, it's about $7,400.

So my question was, should I sell it and get a beater to, you know, just swallow, I guess, or deal with whatever I have or keep the car and keep the extra income? So you're making how much on Uber a month? About $1,000. So you're driving about three nights a week? Yeah. Well, five, actually.

You're not driving that much if you're only making $1,000. No, I'm not. Yeah. Okay. Five, six nights a week would be $3,000 or $4,000 a month. Yeah. No, I don't do very much when I do do it. Yeah.

I would sell it because you're not doing this much. Okay. Yeah. It's not justifying it, and you've got a mess on your hands. And, yeah, just get you a beater, and let's just work our way back out of this. You're going to have to drop a bomb on this because it's a mess. And that's what you're facing. That's if you can get a loan to cover that difference.

And you are deeply in the hole to cover that difference. Thanks for the call. This is the Dave Ramsey Show. I'm out. Thank you for joining us, America. This is the Dave Ramsey Show. Open phones at 888-825-5225. In the lobby of Ramsey Solutions on the debt-free stage is Steve. Hey, Steve, how are you, man? Dave, you are the man.

You are. Welcome. Where do you live? I am from Quincy, Illinois. Cool. Welcome to Nashville. Thank you. And all the way here to do your debt-free scream.

Oh, yeah. I'm so excited. Love it. I came here for two things, debt-free scream and some smooth Tennessee whiskey, sir. We got a good supply of both. Well done. How much have you paid off? $35,000.

All right. How long did that take? Six months, sir. Good for you. Wow. And what was your income during that time? My base pay was 50 with all the overtime I worked. It turned out to be just a little under $100,000.

Woo! You've been getting it. Yeah. It was crazy. Crazy. It affected every little bit of my life, for the positive. Yeah. I mean, you haven't done anything but work.

No. I didn't have a life. That was the hardest part about it, was saying no to all the social obligations and everything. For six whole months? Six months of just 16-hour shifts. I was lucky enough to get overtime. I'm a correctional officer, so I actually work at a prison. And thankfully for me, the prison I work at, it's very understaffed. So while other people were getting mandated and kind of crying, I was

the one that was like, yes. Yes, please, sir. Give me more overtime. I love it. Yeah. I love it. What kind of debt was the $35,000? It was student loans. So what lit you on fire, man, six months ago? Well, so I found out about the job. I did eight years for the military.

Nobody really chooses to be a correctional officer. Fall into the job, and I'm just sitting there for a couple years, and finally somebody left you on the radio at work, and I heard it, and I'm like, you know what? I can do this. And it was just part of growing up it and I'm like, you know what? I can do this. And it was just part of growing up and not just financially, but, uh, this gave way to everything else in my life. Wow. Great. Wow. Really open, open it up. And I'm about to turn 27 this weekend too. So

happy birthday. Yeah. Congratulations. So what else changed in your life? Uh, so much, man. Um, it just, uh, I started listening to people like you and Joe Rogan and Jordan Peterson. A lot of positivity started affecting my life. Good. It's just, I'm so thankful. Thank you so much. Cool. You going to stick with that career or you got another one in mind?

Honestly, I have no clue. I've never really put much thought into it. I actually had a side hustle while I was working overtime. The little amount of time that I had off that I couldn't get overtime, I was actually, I'm in a country band. So I'm the front man of a country band. We're called Non-Stop. We play three hours non-stop show, 60 songs, no breaks. Wow. So that was a good side hustle. I had to shake my butt a little bit yeah get some money my demographic was 45 to 60 year old divorced women so oh my god you gotta do what you gotta do though that's fine i mean yeah you're having fun that's good good for you that's fine thank you so much sir well so man

congratulations how's it feel to be free oh my god you know what i listen to you on youtube all the time and you're so right. It turns everything into an inconvenience. It's not stressful. When it comes to money, say, like, I drive a Honda out there that's beaten and battered. I'll probably drive Hondas like that for the rest of my life that are paid off. But if that broke down, I could just get another cheap car just like that. I don't have to worry about it.

It's insane. I can't believe I've never thought about it this way before. You're back in control of your life. Hell yeah. It feels great. Very well done. Very well done. Thank you.

Love it. We've got a copy of Chris Hogan's book for you, Everyday Millionaires. You're on your way to doing that, signed by the man himself. Thank you so much, sir. What do you tell people the key to getting out of debt is? Oh, my gosh. You've got to stop treating yourself so you can treat yourself.

In other words, live like nobody else so you can live like nobody else. So I had to stop treating myself with the little things and really set goals. That's what I've learned is I'm much happier when I'm in pursuit of a goal like that. You know, we all are. That's true. That's very true. Good for you. Thank you. i'm proud

of you man thank you so much who are your biggest cheerleaders uh a lot of my co-workers a lot of them are actually back there taking a lot of overtime from me right now all right you started a trend huh yeah yeah all right very cool i love it well very very well done steve good stuff all right thirty five thousand dollars paid off in six months, making 50. No, he doubled and doubled and doubled and went after it up to 100 with overtime. Count it down. Let's hear a debt-free scream. Tell you what, I feel like debt-free singing.

Uh-oh. Three, two. No, I'm not going to sing. Three, two, one. I'm debt-free! Well done, one. I'm debt free! Well done, sir. Very, very well done. Man, that's cool.

He, you know, those of you that are single, you have the distinct advantage of not having to talk someone else into this. And you also have the distinct advantage of not having to worry about someone getting their little feelings hurt because you work all the time and so what do you do he just said no life won't work all the time make a bunch of money and get this done and he got with it man that's very impressive very impressive he put in the hours my grandma used to say is a great place to go when you're broke to work. It's a surefire money-making scheme, this work thing.

And, you know, you hear the difference? That's someone who is a conqueror, is a victor, not a victim. When you're a victim, it's like everybody controls me. The world is bad, and I can't do anything. And they just whine their little butts off, the wussification of America. But then when someone says, no, baby, I'm in control of my life, they go, touchdown, I'll take all the overtime I can get. That doesn't work, we'll do the country band.

That doesn't work, we'll do this. If that doesn't work, we'll do that. And you get after it. You get up, leave the cave, kill something, and drag it home. It causes money to occur. And he's 27 years old. That's a millennial that can do anything he wants to do because he knows how to work, he knows how to set a goal,

knows how to hit a goal. What a rock star. He's a hero, man. He's a country star. But, I mean, that's incredible, Steve. That's just amazing. Very, very, very well done. Tell me the 27-year-olds are all dumb.

They're great, man. I love this generation. I run into them like him all the time. They're just on fire. Now, I know there's a participation trophy collecting living in their in their mother's basement group too but i run into more of these guys they're everywhere and they get it man they get it they get missional they go after it they go i got a goal don't get in my way i got stuff to do here and they score touchdowns, man. It's that simple. And this nation is in good hands with that generation coming up. Because there's more of those than there is the bad kind.

I've got a bunch of them on my team. I've got a bunch of millennials on my team. And they're awesome. They're incredible. The ones that are incredible are really, really incredible. And, you know, it is a good, good thing that we've got this idea that you can do this. You are not a victim. You are not entitled.

You can go do whatever you want to do. And he just said, real simple, real simple formula. I'll take all the overtime I can get. And 16 hours a day, baby. That's a lot of work and not much sleep even. And zero life. Zero. But done in six months.

Make it 50 grand, $35,000 in debt. Says, nope, going to just go ahead and double my income. You don't want to do that the whole life. That's workaholism. I'm not suggesting that. But for a short period of time, you can do anything. You can hold your breath that long. You can do anything for a short period of time.

And you bust it, and then you're free. And two or three things happen. One is you start to realize, God, I can do anything. It's like a superpower. You start to believe. It's called hope. And, man, it changes everything. It lights you a superpower. You start to believe. It's called hope. And, man, it changes everything. It lights you on fire.

Gets you in the right direction. Things are good. Very good. Well done, Mr. Steve. Proud of you, man. Woo-hoo-hoo-hoo! Yeah, baby! This is the Dave Ramsey Show. Thank you. Seth is with us in North Carolina.

Hi, Seth. Welcome to the Dave Ramsey Show. Hey, Dave. How are you? Better than I deserve. What's up? Fair question. I was listening to your show this morning,

and you were talking to a lady about possibly investing money in an S&P index fund short-term to save money faster. So I was wondering if that would be a good idea to do that, because I'm currently in Davis-Denver 3B. I said I'd keep my money in a money market fund. That would be if it was over five years. Over five years. Before you were going to use the money. Okay.

Well, our plan is about four to five. So, I mean, I guess. Yeah, you'd be fine. You'd be fine. You think so? Yeah. I mean, the S&P, since it began, since the stock market began, the stock market has averaged about 11.2%. Okay.

That's average. That's's an average and that means that some years did less and some years did more okay but it would have to do nine it'd have to be 90 off of the average to get down to a money market right gotcha i mean you're gonna make something you just not might not make that much and if you don't want to time it wrong, like if you were getting ready to buy a house right now and the market was down, you could actually be down, right? Right. So even after five years, you could be down. So you just got to watch that and be thinking about it.

But you should be fine that way. Okay. And, yeah, my thought is just with the market being down now, if you get time to buy anyway in five years, it should hopefully be up. Yeah. Yeah, I think it'll help you with that because I think it's just a great buying opportunity right now because this is all – the actual numbers of these companies on a permanent basis are not adjusted down.

Some of them have taken some short-term losses in revenue, but the market has engaged, like a lot of people have with their emotions, has engaged in hysteria over this and just gone completely bananas. So that's, yeah, I think it's a great buying opportunity right now. I don't time the market. I don't recommend you wait on buying opportunities. I just buy all the time. When it's up, when it's down, I just keep buying, keep investing, keep investing, keep investing, keep investing,

just steady, steady, steady, steady. But this is definitely not the time to sell. And if you were going to be a market timer, this would be the time to buy for sure right now, particularly these companies that are artificially down based on emotions like airlines and cruise lines because some of them have lost some bookings and people are going bananas with it but it's a temporary downturn very temporary and so the numbers are off way deeper than they should be than the actual revenue losses are going to indicate. See, the thing is, when you're pricing stocks, folks, you actually should use math.

You know, what are the assets the company owns, what's the revenue it makes, and what's the revenue it's going to make over a long period of time. You wouldn't buy, for instance, Home Depot if you didn't think Home Depot was going to continue to make more profits over the next five years. That would be the only reason you would buy Home Depot. That would be the only thing that makes sense. Okay? But, you know, and now if you want to be a day trader and you're trying to figure out, well, Home Depot is down today, but it's going to be up tomorrow, 78% of the day traders lose money.

Meaning it's stupid to be a day trader. Mathematically. It's the definition of stupid by math. Okay. So that's what you're doing. And you've got some companies that were being poorly run, and they're going to go broke when their revenues slow down. Because stupid, when it's stress-tested, reveals stupid.

They're being poorly run. They're deeply in debt. They've got no cash position. And if your company was running that, if you're running your own company and you're deeply in debt and you've got no cash position, your revenue slows down. See, all this stuff of living on the edge is going to catch up with you. You're stupid.

It's going to get stress tested. Warren Buffett used to say, when the tide goes out, you can tell who was skinny dipping. And that's what's going to happen here. It reveals what was really going on when things get tough. And they don't have to get tough long before everybody woke up. So there we go. Open phones at 888-825-5225. You all jump in.

Let's talk about your life and your money. Michelle is with us in New York. Hi, Michelle. How are you? Hi, Dave. I am doing okay. I'm a new listener, and it's a pleasure to talk to you. You too.

How can I help? Thanks. This is my situation. So my husband passed away just three years ago on the 4th of March, and I did not expect. I received a settlement check from the state. He died suddenly, and I wanted to purchase a new home and buy a car okay so we're talking about um roughly three quarters of a million dollars wow um but just for myself money for the children is put away separately we have two children and um they each have $200,000 a piece.

How old are your kids? Ten and eight. Okay. So you've got $200,000 in each of their names for their college and their future. Yes. And you've got three-quarters of a million, $750,000. No, I have just a little bit above three. I have $350,000. Oh, $750,000? No, I have just a little bit above $350,000.

Oh, $350,000. Oh, okay. Yes. I misunderstood. Okay. Yes. Hmm. Okay. And so what price range home were you thinking of buying? Good question. I wanted to know about $200,000.

Not more than that. You'll pay cash wanted to know about $200,000, not more than that. You don't pay cash, and that leaves you $150,000, and you were going to buy a car for how much? No more than $15,000. Good. Okay. And so that leaves you $135,000 to invest. Are you working? Not at the moment. I just graduated. With a degree in what? Liberal arts. What are you going to do?

Nursing. You're going to nursing school? Yes. When? I took the semester off. I'll be starting back in fall of this year. And how are you paying for that? Good question.

I had planned on taking some money out of sight to go to a private school for that degree. Why do you need to go to a private school for that degree? Because I've tried with City College and community colleges, and it's taking way longer and much fun around than I thought. Okay. What are you living on? Another good question. My husband, we are surviving on his Social Security survivor's benefit.

So you're not touching this money. You're eating off of that. Yes. But that basically eats up everything because that's the rent. Yeah, good, good. I don't want you messing with this nest egg, and I want you to go to the least expensive school that you can as fast as you can and get your income going because you don't have much money left after you do these things. You don't have any bills.

If you pay cash for a house for $200 and you buy a car for $15, you don't have a bunch of money left here. It sounds like a lot because you're not used to having that much, but it'll go away really, really fast if you don't stay on the budget with that Social Security and you don't get yourself in an inexpensive nursing school. That money's going to be gone. You see what I'm saying? Yes, I'm following you.

Yeah, you've been very wise so far. I'm very proud of you. You've done a good job. You've taken your time. You've been very diligent. A lot of people would have spent through this and not lived on that Social Security benefit. And so you've done a really, really good job. Have you been through Financial Peace University yet?

Thank you. No. Let University yet? Thank you. No. Let me give that to you. I want you to go through, okay, so that we can walk with you and help you on the details of how to handle your money and how to manage your money from this point forward because you've made good decisions so far. I'm very proud of you. But you're by yourself, and I'm a Christian, and my Bible says take care of widows. So that's what I'm going to do.

All right? You hold on, and we'll get you signed up. Kelly will give you a free membership to that. You go to the class. You've got full access to EveryDollarPlus online. You've got full access to the communities there. You're going to get a lot of people loving you and helping you as you walk through making all these decisions. You take your time and be very, very, very careful with this money.

You've done a good job so far. Don't get out of control. Hold on, Kelly. I'll pick up and we'll help you out. That puts this hour of the Dave Ramsey Show in the books. Our thanks to James Childs, our producer, Kelly Daniel, our associate producer and phone screener. I'm Dave Ramsey, your host, and we'll be back. Hey, guys, it's George Campbell, host of the Dave Ramsey Show video channel.

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