The Ramsey Show - App - My Family Is Asking for Money During This Crisis (Hour 3)

Episode Date: March 26, 2020

Ken Coleman, Debt, Budgeting Tools to get you started:  Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE Check out other podcasts in the Ramsey Network: http://bit.ly/2JgzaQR 

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. Talking about your life and your money right now, and both are a little crazy for most people. The phone number is 888-825-5225. That's 888-825-5225. Ken Coleman, Ramsey Personality, and host of the Ken Coleman Show, is with me to talk about jobs.

Jobs are a big deal right now. We've lost somewhere around 6 million of them due to the corona shutdown. And it's wild out there. Some of you, most of you have been more impacted by, statistically speaking, you've been more impacted by the economic problems with the corona shutdown than you have the actual virus. And both are very serious. Both are very real um and so ken's with me this hour as we talk about this the phone number if you want to talk

jobs or anything else 888-825-5225 tonight ken and rachel and i will be doing a message of hope at 7 p.m central time on our our website at DaveRamsey.com. It's broadcast on SiriusXM. It's broadcast on many of our radio stations are carrying it tonight. It is broadcast on Facebook and on YouTube. But the easiest way, just go to DaveRamsey.com at 7 p.m. Central Time. If you want a reminder or a link to send to your friends, the word hope to 33 789 and ken um last i checked when we met yesterday you rachel and i had to discuss with the team what we want to talk about

for 45 minutes or so tonight none of us had any magic dust. Nope. Nope. Just we've got some experience, we've got some knowledge, and we've got a lot of hope. And we're going to dispense that hope free of charge, no interest. It's yours. It's not a loan. We're going to give it to you. But we're going to be practical in how we do it because what we do know is that there is a way forward. We do know that. We know that there is a way forward. We do know that. We know that there is a way forward.

We know that Dave Ramsey's baby steps work. We know that this economy will rebound. We know that the American people, and let's be honest, this is a global show. We know that the human spirit, when it is challenged, will step up. And what we want to do is stop the panic. We want to give some perspective tonight. We're going to do that. We're going to be very practical. And I think it's going to encourage you. I would ask you, if you're part of this tribe and you just need to be encouraged, come on. But if you know some people who need to not just be encouraged but be equipped,

we're going to equip some people tonight. and that's what I'm excited about. Just the panic and the hysteria has, you know, because it's the first time that some people in their adult lives have faced a nationwide issue. Never seen anything like this in my lifetime. I'm 45. Never faced this. We had a weird time with September 11, but that was a different animal. We felt like we were being attacked by an enemy like it was an act of war. You could see it. Yes.

And there was a little bit of a shutdown, a little economic shutdown, but not much at all, and we kind of banded together. If we look at the American story in the historical context here, you're talking about, and this is in no way near the Great Depression, but this type of just society-wide boom, like this just landed on us. Like somebody just hit a stop button, and everybody's like, whoa, what happened? And the reason I bring that up, Dave, is because I think you've got to have that perspective. If you're really scared of the next three, four, five, six months, I would tell you not to be so scared.

I would take those emotions and I would put them into, okay, I've got to get busy. I may be forced into a pivot, into a temporary crazy hustle like I did when I got out of debt. If you're following Dave's baby steps, those of you that are working Dave's plan right now and you're getting out of debt if you're following dave's baby steps those of you that are working dave's plan right now and you're getting out of debt even if you've got to pause those baby steps right now you know what gazelle intensity is and i think we all got to have this gazelle intensity right now leaders uh in business leaders in government we got to take this thing seriously we can't just kind of well we're just going to wait and see what happens over the next six eight weeks no i've never seen anything where i've seen a lot of crises where we get kicked and knocked down as a culture and get back up. And we'll get back up after this one.

That's right. But I've never seen anything where people accepted as fact that fear is the order of the day. Yeah. You're supposed to be afraid. You're supposed to be afraid. You're supposed to be afraid, and you're supposed to cow in the corner. I've never seen mass hysteria like this. It's an interesting thing.

And, you know, it's funny. I just finished reading the Churchill book that just came out with Eric Larson. What is it? The Valiant and the Vile, or something like that. And it's a great book. But it's all about the year that Hitler bombed London and Hitler bombed England,

his first year as prime minister. And so you're looking up the name because I got it wrong. Well, I got to get it right. I did get it wrong. But anyway, I mean, 17,000 people died in those bombings, and they were bombed every night, virtually every night. Oh, yeah. And it got to the point that they were desensitized with fear

yeah they just got to where they went and had a picnic on the roof yeah while the bombs are i mean it was and it wasn't like they just said well i i see the statistical probability of my death uh there's millions of people here 17 000 die and um i'm no longer going to just cow in my basement every night all night i'm no longer going to uh do this my basement every night, all night. I'm no longer going to do this. And they just got desensitized to it. They were credited with having stiff upper lip, but really it was more of a psychological study. They just said, we're just not going to let him beat us down. We're coming out of our houses.

And it's a very interesting book to read in light of where we are right this second. Did you find it? I didn't. I stopped because I wanted to pay attention to what you're saying, because we talked about this the other day. And here's another thing. And this is a challenge to business leaders that are listening right now, government leaders that are listening. One of the reasons that the English people acted that way was because of Winston Churchill's leadership. He continued to ride the subway, whatever they call that, the tube, I think they call it.

He continued to be among the people. He projected confidence. And, you know, I'm glad you started this hour this way, Dave, because I got to tell you, we the people have a tremendous amount of power and influence. And I think we the people need to be paying attention to the numbers. It's okay to listen to the news, but don't let other people tell you what you should do and what you should think. The social pressure of this has become enormous.

It's become Nazi jackbootish. I mean, it's just nuts. Well, that's the real. You want to talk about pandemic. You know what the epidemic is? Epidemic is like worse, right? I think that's right it's wrong see there you go see there it is i start talking medicine it's over here's the point the the scarier pandemic is panic and then just peer pressure like oh everybody else is angry angry oh well then shaming people angry and shaming yeah and uh i

just think that we're in a situation the number of people who are scared and they're in their neighborhood Facebook group going off on everybody walking down the street. Oh. This has got to stop, y'all. It has to stop. This is called growing up, okay? Stop. The Splendid and the Vile is the name of the book. There it is.

The Splendid and the Vile. It's a great read. Eric's a wonderful author. I've read some of his other books, and it's really thick, but you're at home for 14 days. You'll get it. The Splendid and the Vile. Just selling books for old Eric here. But it's a great, especially in the midst of where people's heads are right now.

It's a good one. Yeah. Ken Coleman with me this half hour, this hour, rather. This is the Dave Ramsey Show. If you do this one simple thing that we all do, you are literally at risk of being hacked and someone stealing what you've worked so hard for. Do you ever use public Wi-Fi? I'm talking about getting online at a coffee shop, a store, the airport, or even at home. Hackers can use a simple $100 device to mimic Wi-Fi, and with just a little bit of skills, they can take over your financial life. This means you may think you're on your bank's site or app

or securely making that purchase online, but hackers could see and steal that information. That's why I trust CyberGhost VPN. CyberGhost thinks about cybercrime so you don't have to. You can try it for free for seven days, protect up to seven internet devices, and keep all of your internet connections secure. That's CyberGhost VPN. Download it today from your app store and be secure in seconds. Rosie is in Oregon. Rosie, welcome to the dave ramsey show your question for ken and i hi guys thanks for having me sure um so my husband is self-employed through both construction

and commercial fishing um and he goes up to Alaska every summer for about six to eight weeks. And we're approaching the time that we usually spend some money on the season with insurance and permits and sending food and stuff up there. But with all that's going on in the world, we're just trying to figure out what we should weigh in deciding whether or not he'll be going this year. What kind of cost are you talking about? What's the number? So it's about a $15,000 to $17,000 permit lease for the boat, a fishing lease,

and about, I don't know, $3,000 to $5,000 on supplies like food, tools, etc. Because where he is, it's so remote that everything is very expensive. So what does he net on a typical season? What's he net profit? Last year, well, over the last five years it's been very steady last year specifically we netted 55 000 okay so why would he not be able to do that again um well all of the all of the tenders up there are just sort of sending out the message of you know we don't know what this is going to look like.

Alaska's regulating, you know, when you fly into Alaska, you have to quarantine for 14 days. Almost all of the employees at the canneries have to fly there because everybody travels there to work the summer. When does the season begin? Only in June. That's why it's, I mean, it's still early to tell, but we usually spend all the supplies in May, the first week of May. Yeah, and so you would have to spend $15,000 now to be ready to go in June. We would have to probably spend closer to $20,000 because the permit that we released, we leased rather than buy it because to buy a permit is around $200,000 right now.

And so we just pay year by year to family. Okay, so let's say you took the permit out and the whole place is shut down in June. You can't go. Uh-huh. I assume you pay cash for the permit, right? We pay cash for all of the expenses. Yeah yeah so it would just be down the toilet and it'd be really painful but it wouldn't break you you just have to go back to work where you are stateside right you'd lose you'd lose 15 20 000 bucks and

you'd go back to work right in cash yes yeah okay so what you know what you've got to ask yourself is what you think the probability is by june alaska's opening up and i don't know the answer to that i never dreamed we'd be that we'd have an entire country sitting in their homes i i can't i could not fathom that that would ever happen i just three weeks ago i couldn't fathom that it was going to happen so i can't fathom that it was going to happen. So I can't fathom that by June that this economy is not back up and running and that we have moved on for God's sakes. But I can't fathom it. But that doesn't mean it won't happen. So you've just got to ask yourself, what probability is this, and can you emotionally handle and financially handle losing that money

on your worst-case scenario? I personally would be pretty sure enough that we were going to go in June that we would go in June, okay? I mean, I would drop the money right now. I wouldn't think anything about it because I cannot fathom that we won't be back up and running. But I can't guarantee that to you. You know what I'm saying?

So you just got to walk through it that way in your mind and decide, you know, which direction you want to go. Yeah, because you've got to weigh the cost. So you're going to lose the 55 if you don't go or not. So how much do they rely on the 55 if that's the average? That's what she said the average net has been over the last few years so how much do you rely on that 55 because if you lose the 20 in cash and you don't get the 55 you gotta weigh that so maybe you hold on to the 20 cash and you say we're gonna live to fight next year you know or do you say let me get up there now okay so yeah i'd be thinking about

could i get to alaska now you know or is he doing construction they're all they're everything shut down now yeah 14 day uh quarantine she said now? No, everything's shut down now. 14-day quarantine, she says. I've got to tell you. It's like it's a foreign country. It's crazy right now. So here's the problem with this whole thing. Okay, that is a microcosm, and you multiply that times millions. Yeah.

That decision right there. That's exactly right. She doesn't spend the $15,000. The guy that holds the lease up there is out that money. That's exactly money. His economy is hurt. The food she would have bought up there, those people have lost their money.

Oh, by the way, not as many fish are caught, so now there's a shortage on fish, so the price goes up on fish next year. And so you just multiply this out in every industry in America. It's not only the two weeks we can shut down to make sure we kill the coronavirus.

It's you are now making decisions all the way into the summer. Yeah. All the way into May, June, July. And people are changing. You know, we're working with Marriott on some of our events, and they just closed all of their hotels. Yeah. Through April. you're talking about a true way through april earthquake not a ripple like it it just shakes so many different people yeah it's uh this is real you guys it's real the um i i think the people that were

honestly very uh intellectually uh engaged in the curve and the geometric progressional growth of the virus and the fear that they felt associated with that caused them to not even consider the misery index of what is going to happen to people's lives on the economic side. Well, I certainly... The trade-off is greater than any of them understood. Well, we've got to be studying the mortality rate, and we've also got to look at if it's overwhelming health care systems,

and let's help the health care systems. Yeah, I don't want anybody to die. I don't want anybody to be sick. I don't want anybody to lose their job. I don't want anybody to lose their whole way of... You know, she lost $55,000 if she doesn't do this. Yeah, and to your point, that has an economic impact on the other end. It's a ripple effect.

That stuff really does work that way. There really is a trickle-down, and that makes people cringe because they don't like trickle-down if they're liberals. But there truly is. If I don't buy food for our cafeteria here because our team is not here, the people that make that food don't have jobs. Well, a large portion of the 3.3 million or 3.2 million unemployment cases come from people staying home and not going to restaurants, not going to hotels,

not going on vacation. It's real. And at some point, the nation's governors, they ultimately are the chief executive officers of their states. This isn't a political statement. This is an economic statement. At some point, the American people and the governors of these states are going to have to say, what do we do to take care of the health side of this thing but also get people back in the economy and working? I'm not saying it's easy.

I don't think people – I do not think the medical people and the people coming at it from that lens had any grasp of how much misery they were going to cause with this no i don't think they any grasp yeah i don't think they would have done it if they well they probably would have but well i mean they're coming at it from a medical standpoint they're going look we're trying to save lives and we get that but we got we you But we are an intricate world. And when you have a health crisis like this, you've also got to have the ability for the economies to work. Folks, these governments around the world can't just keep bailing it out. And to your point, you said earlier in the program today, appreciate the $2 trillion package, but you've got a $20

trillion GDP. So this isn't going to fix everything. And by the way, Congress says the House of Representatives haven't even passed it yet. So, you know, this is a complex time that requires difficult leadership. It's unprecedented. It is. There's no playbook. The only thing I know how to work on is helping you guys, and we're going to do that tonight with a message of hope from Ken Coleman, Rachel Cruz, and me at 7 p.m. Central Time here on our website at DaveRamsey.com.

And I want you to go to DaveRamsey.com slash hope. There are a ton of items we have put there free or near free just for this particular moment in time. For instance, Financial Peace University has a 14-day free trial. You can take the whole class and binge watch it. And some of you are realizing now that you need that information. And you've been holding off. Well, now you're at home.

Watch it. 14-day free trial. Go to DaveRamsey.com slash hope. And you can find Ken Coleman's Proximity Principle book there on jobs for only $1.99 on the audio book. Be sure and check it all out. This is the Dave Ramsey Show. We've been voted one of the best places to work in Nashville 11 times. You want to know how we do it? Well, our team has been using LinkedIn jobs for years to find the best people from all over the country to come and help us change lives.

Think about it. LinkedIn has more than 600 million active members. I'm talking about people who come to LinkedIn to make connections, grow their careers, and discover new job opportunities. In fact, 90% of LinkedIn users are open to new opportunities, but not actively scanning job boards. This means LinkedIn Jobs gives you access to an entirely different demographic. Don't wait. One hire can change the direction of your company. Post a job today at linkedin.com slash Ramsey

and get $50 off your first job post. That's linkedin.com slash ramsey terms and conditions apply ken coleman joins me this day on the dave ramsey show ramsey personality author of the number one best-selling book, The Proximity Principle. And at KenColeman.com, we have thrown up a jobs board. And, Ken, if somebody wants to post a job or wants to see the list of jobs, what do they do? They go to KenColeman.com slash jobs, and that is if you have lost a job or feel like you're going to lose a job and you want to get yourself out there,

KenColeman.com slash jobs. Very simple. We're going to get your information, and we want to then connect you to the Entrez leadership companies that are expanding and growing in this season of uncertainty over the next month or two. We want to help you as much as we can. Now, if you're an employer, Dave, and you're looking for great people that are going to go to that website, KenColeman.com slash jobs, we want you to email us, jobs at KenColeman.com. Say, hey, Ramsey Solutions, we're looking to hire right now.

We want some really great people. And if you email us, jobs at KenColeman.com, we will reply to you, and we will do our best to connect as many people with great companies. And that's just one of the things we're doing. It's free. There's no strings attached here. We just want to connect people. The message of hope tonight with Ken and Rachel Cruz and I is at 7 p.m.

Central Time, about 30, 45 minutes, probably be more like 45 minutes long. You can join us on our website at DaveRamsey.com. It'll be broadcast on many of our radio stations. It'll be broadcast on SiriusXM, Facebook, YouTube, everything. If you want the link and a reminder about this evening, text the word HOPE to 33-789, and then you can send it to all your friends and relatives, and they can have some hope. We're going to give you a very realistic, not a Pollyanna, false positive thinking message,

but instead a real reason that you should have hope and some things you should actually tactically do in different types of situations, because we've been getting, of course, slammed with a ton of questions on this. Michael is in Virginia. Michael, your question for Ken and me. Yes. So how are you doing today, Dave?

Better than I deserve, sir. How are you? I'm 150% better than I deserve. Good. How can we help? Yes. Good. How can we help? start baby step two in April. We're wondering, while we're doing baby step two, should we also save a little bit of money here and there to help support my wife's transition from being a full-time employee to work to part-time and then to work full-time from home?

What is she going to be doing and what will it cost to set her up? She's actually going to do online lessons. There's a lot of people that do like online classes and stuff like that. So she's going to be selling those things. Yeah, that sounds like a prospective business. What does she make right now? She makes around $36,000 right now. what will it cost to set this business up um she does it in her free time i think right now um the website costs about 300 and she's actually contributing to her website in her free time she's building all the stuff herself and so she needs 300 she needs 300 to start this business yeah yeah well after you get into your baby step two just put three hundred dollars in your budget what's your household income

um our household income is around 108 000 a year right now i think you can find 300 bucks dude i mean it's it's that's not i mean i if you told me $30,000 to set up a business, I would say wait until you got your baby step three done. But $300 out of $100,000 income, and that gets her going. And, you know, she starts it as a side hustle, gets it going, gets it big enough that she can justify coming home, and then works it and makes it into even bigger than her old income used to be, all for $300 plus her sweat and knowledge. Yeah. Yeah. Hustle, grind, baby baby get after it yeah just i just and i may have not heard it clearly dave but i just

want to make sure that they're not transitioning out of that 36 000 a year until she's she's replaced her 36 with that side hustle or they're completely right now rodney she's not made a dime right so we're not quitting our job today no okay she stays in the job she does this as a side hustle yep spends 300 bucks get the website up and running hustle grind hustle grind get it up where she's making 20 000 bucks a year yep and 25 000 bucks a year then we can talk about her coming home that's right uh but until you've proven your theory you don't turn you don't jump towards your dream you'll turn it into a nightmare don't do that rodney is with us. Rodney is in

New York. Hi, Rodney. How can Ken and me help you? Hi, Dave. Ken, hope your family, they're doing well. They are. Thank you. Thank you. Everybody's good. My question for you is, I have some extended family who have fallen on hard times. They've been laid off, unfortunately, and they've asked me for a loan. And to be quite frank with you, seeing how they spend money, I do not believe that I will be paid back. I don't think they have the discipline, you know, to manage it well,

but I also don't think this is the time to be like, hey guys, you should manage your budget better. But I really don't feel comfortable giving them this loan so how do you how much how much is it the loan they're asking for uh 15 15 000 yes and how what is your uh situation is that an easy number for you, or do you have to strain to do that? I'm in baby step four, so that would come out of the, what, I guess three to six months. Yeah, this is not an emergency. So what do they need $15,000 for? They said that they managed to get creditors to give them a temporary reprieve on some, on their car notes. Um, they have some credit cards down, but, um, they don't think that their jobs are going to come back before the temporary, you know, um, suppression of all the, all the fees and the interest and whatnot. So, um, and then they also don't have any savings and they have kids so you know they're they're they're sort of are they near you in proximity i mean can you sit

down with them at the kitchen table geographically yes okay all right well if it was my family here's what i would do okay i do not want to be an enabler. I do not want to give a drunk a drink, which was your concern in the way you stated your question. I don't think you have $15,000 to loan anybody or give anybody right now either because this is not an emergency for your family to give them $15,000. So if I sat down at their kitchen table, it would probably result in two or three things that would be very uncomfortable for them occurring. I might give them $3,000 or $4,000 to meet some absolute horrible things like food or lights. And on the condition that they attend the 14-day free trial for financial peace university and take every

class in the next 14 days and on the condition that they sell both of their cars and on the condition that they put together a budget and show it to me every week for the next two months and on the condition they're not going to want to do any of that you're not going to loan them any money as a result this use this as a way to help them get on track yeah i mean here's the thing i'll help you help you but i'm not going to stimulate your stupidity by giving you fifteen thousand dollars so you can act like that you hadn't been stupid so you're going to sell both these cars because you shouldn't have bought them in the first place you're going to get you a couple of hoopties oh and then you're going to get on king coleman's site

and you're going to get like three of these part-time jobs that are popping up everywhere. Everybody's hiring in certain sectors right now. You don't have to sit at home. Ken, what could they do? Yeah, I mean, they need to be delivering things. They need to be stocking shelves. They need to be in warehouses. They're doing whatever they've got to do.

You've got Target, Walmart, Amazon walmart amazon cvs walgreens i'm just naming a few things go to my instagram account we have every pizza place is hiring everything they can do hiring i think to your point dave you're right they're gonna have to do a lot of things with evidence and i don't think they're gonna do it by the way but i would if i if i could sit down with them and i could wave a wand over their little brain and change it and say the cars are gone you're getting all these part-time jobs and get some income in i'll give you three thousand dollars to cover these one or two things uh you're gonna be on a budget and you're going through this class because you're gonna change your life and i'm gonna be happy you did and this is a gift it's not a loan i don't loan people money but i but i also don't

give gifts to people who are i don't give gifts of jack daniels to drunks Our Scripture of the Day, James 3.13, Who is wise and understanding among you? By his good conduct let him show his works in the meekness of wisdom. Pablo Picasso said, Action is the foundational key to all success. Andy Andrews did a whole talk on that, maybe even a book on it, that the whole, the essence of successful people is they act. Yep.

They act. And they don't paralyze. Yeah. They act. They do something. And even if it's wrong, they do it. I think it's great that that's from Picasso. Let's look at that as an artist. What do artists do? They just start. They start painting. And even if it's wrong, they do it. I think it's great that that's from Picasso. Let's look at that as an artist.

What do artists do? They just start. They start painting. They start sculpting. They look at it and they go, okay, I didn't like that. I'm going to do it this way. You know, the great entrepreneurs. A number of times, though, that you and I are around people that they ask you, how do you be an author?

And we always say, you start writing. Yeah, right. Write something. Then you're an author. That's exactly right. Yeah author that's exactly right yeah it's exactly right you know i mean you can't hold on to something forever and just hope that it gets perfect and then it's going to explode you know the great entrepreneurs you know edison you know just go study the great american entrepreneurs how many times they failed at something michael

jordan once said i'm paraphrasing i'm i've kind of created this aura this iconic status as the guy who made the shot under pressure but i missed more shots at the buzzer than i ever made by 10 20 x hundreds of shots i missed at the end of the game but i'm known for the ones i made you know he's known for taking the shot he kept taking the shot he still wanted the ball and that's what picasso's. You've got to act, edit, keep acting. There you go. Sabrina is with us in West Virginia. Hi, Sabrina.

Welcome to the Dave Ramsey Show. Hi, gentlemen. Thank you so much for being the voice of reason and hope during these trying times. Well, thank you. How can we help? Last year, in 2019, I took financial peace. By the end of the year, I was out of debt. And I found out then during that time that God was preparing me because he was going to give me a large inheritance.

So he was preparing me to be a good steward of his money. And my question for you, though, Dave, is I have $160,000 in an IRA, the inherited IRA, and I'm not sure whether I need to go ahead and take it all out at once or a little bit at a time. I think I have five years to take it out. I know that I have to pay taxes on it. It's 10 years now as of the first year They're making you remove it all within 10 years. So you're going to take out $16,000 a year for 10 years minimum. Uh-huh. Or whatever you take out, whenever you take it out, it's taxable but not got a penalty. Now, do you have any need for the money?

I do not. No. I was already debt-free before I got the inheritance. When I got the other part of the inheritance, I paid off my house, and so I have no debts at all right now, thank God. Okay. Well, basically, every $10,000 you take out of there, you're going to send $3,000 to the government.

And so I'm going to take it out as slowly as I can, thereby using the money that would be taxes, the government's money, to grow money with. So I'm going to take it out on the 10-year schedule, which is mandated by the new SECURE Act that came online at the first of the year. Prior to this, the inherited IRAs were on a required minimum distribution, but it was tiny that you were required to take out. But now they're basically draining these things to create the tax revenue for Washington.

And you've got 10 years to get it all out of there on a 10-year schedule. And that's as of January 1st of this year. That's a new law that just kicked in. The SECURE Act, meaning they're going to secure their pocketbooks in D.C. Oh, my gosh. secure their pocketbooks in dc oh my god so yeah i would take it out as slowly as i can and keep it invested well in good mutual funds like you learned in financial peace university matt is in texas hey matt your question for ken and me hey dave and ken um largely in part to ken's proximity principle um i have a very secure job at night. I'm a tax accountant.

So my business is going anywhere. And my wife and I make about $84,000 a year. And we have about $26,000 in student loans left. So we're, man, I can smell it. We're close. Good. So in April, because you both get paid every other week, we'll have a couple extra paychecks plus potentially the stimulus check. But before the stimulus check, we're looking at putting $3,200 toward debt, which is more than normal for us.

We are hurting for all the people out there that are losing jobs and they've got stuff going on and we're confident we're excited about where we are and we want to help them so is this something to where i just channel this man i want to help into getting out of debt faster so i can do it later or can i earmark some of this to help some people. Generosity is never a bad idea. The only time that I question generosity is if you're putting someone else's household ahead of your own. And so, I mean, if you can't take care of your household, you're worse than an unbeliever, Bible says.

So we want to take care of that. And so, you know, I think you can probably scratch that itch and still make some substantial progress on your other goals. I mean, what if you set aside 10% of what you were going to put on the loans and use that to just find a family to help, as an example? So that sounds, I think, like $300 or $400, right? Right. And that would go a long way to help somebody. Find somebody, you know, got to put somebody on your path that needs some help

and find somebody you can just step up and be generous with right now. But would I completely curtail your game plan? Not unless you had a very specific call and you don't. You know, if you call me and say, God told me, then I don't ever, if you play the God card like that, I don't ever go against it. But this is more like, I just want to help people, and it's because you're a good guy. I would probably allocate some of it, but it would be something like, you something like $300 or $400 out of the numbers you're giving me, something like that. Ken, we're seeing a lot of generosity out there, and that is the good news.

It's one of the things that gives us hope, and we're going to talk about hope tonight. We are, and I think that's a great point that we're seeing Americans step up. We're seeing people around the globe step up and say we're going to help each other, and I think this is a key point. I think pride, I'm going to touch on this a bit tonight. I think pride could be a really, really harmful thing in this time of crisis and the unknown. And in a couple of ways, well, I'll talk about it more tonight, but if you need help, ask for help. Because this is not a you thing. This is a global pandemic that has now turned into an economic tsunami.

And help is on the way. I do think the governments are going to be able to help. I don't think they're going to solve everything because they never do. But there is help coming. I see the private sector stepping up in so many ways, story after story. But in this situation, really, really admire you, you matt for what you're doing and you know whether it's helping one family or taking that four hundred dollars and saying i'm gonna just look for opportunities to bless somebody twenty dollars at a time or fifty dollars at a time

i think the the more we can step up and help others is great but i would also say don't be afraid to ask for help in this time don't let your pride uh keep you from taking care of your family hey i need a job right now. And some of you guys that are in Baby Step 7 and some of you guys that are even in 4, 5, 6, and you're in a really, really good place, I just challenge all of you, double your tips. There's very few people in the service industry working right now, but if you find one, double your tips. Even if you're going through a drive-thru, blow a teenager's mind in the drive-thru. Just blow their mind. I did that yesterday.

It was so fun. I'll bet. Her eyes were like saucers. It was so fun. It was great. Yeah, I mean, just double, triple tip. I mean, because nobody gets tipped in a drive-thru. That's exactly right.

And so, you know, you just, but, and everybody's kind of geeked out and weird right now. And don't be weird. Be nice. Yeah. And just double up your tips. Everybody doubleed out and weird right now. And don't be weird. Be nice. Yeah. And just double up your tips. Everybody double, triple your tips right now. You can do that kind of stuff if you've got some margin. That's right.

If you're in a good place. A lot of good things to do. Ken, thanks for hanging out. It's good to be with you. We'll see you later tonight. Absolutely. 8 Eastern, 7 Central. At DaveRamsey.com and anywhere else, great messages of hope are shown.

Yeah, that's right. That's right. We'll be there. Look forward to seeing you guys tonight. That puts this hour of the Dave Ramsey Show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. Catch the full show, browse by topic, or send clips to your friends. Head to the App Store and download the Dave Ramsey Show app today.