The Ramsey Show - App - My Friends Keep Pressuring Me To Buy Cryptocurrency (Hour 2)

Episode Date: April 19, 2021

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Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host, Ken Coleman, Ramsey personality and host of the Ken Coleman Show, where he talks about careers and jobs and how to find fulfillment and the most money you ever made in your life and all those kinds of things. Every day on 75 radio stations, Sirius XM, a podcast and YouTube, all at the same time. It's an amazing feat of technology that that team pulls off like they do with this show.

And you can join him there anytime you want, but you can join him today here at 888-825-5225. That's 888-825-5225. And Ken, we got the big Getting Hired event coming up on April the 27th, Tuesday. Yes, sir. Was that a week from now? Yeah, it's going to be here before you know it. Coming to you live from our Ramsey Solutions Lobby. We're going to have a limited crowd here, but it's going to be a lot of fun.

And then anywhere you've got an internet connection and a device, you can tune in. Get Hired. It's a live stream event that's coming Tuesday, April the 27th. Actually, today's Monday, so a week from tomorrow for those of you listening live. At this one night event you're going to learn how to get clear which ken talks about as your first step is next steps get qualified get connected get started get promoted get your dream job and give yourself away he's going to walk you through the seven steps of the path to your dream job and it's

time to take that next step he's going to show you exactly what to do why to do it and it's going to show you exactly what to do, why to do it, and it's going to feel like the baby steps, but for work. It works. He's developed a plan here, a system that thousands and thousands of people have used to get a different job, a better job, get the first job, whatever it is. Tuesday, April the 27th, Get Hired live stream. It's only $20. Text HIRED to 33789 to get signed up. Text HIRED to 33789 to get signed up. Text HIRED to 33789. So what is the emotion that people will enter that event with,

and then what's the emotion they're going to leave with? Yeah, they're going to enter in a little bit scared, probably a little bit of doubt, fear of if I start to make this transition, I might fall backwards financially. Doubt, is it too late? Do I have what it takes? And then they're going to leave with a tremendous amount of clarity and confidence. And so that emotion is going to be, wait a second, this is not as complex as I thought, and I can actually get there. And you know what?

It feels a little bit, when you're job hunting, it feels a little bit like you're trying to win the lottery. Like it's very random. That's right. And it's very, but you've got it dialed into a system where it's not random at all. It's cause and effect. Yes, sir. You know, you've taught us so well, control the controllables. And what I'm trying to bring to people is, hey, there are things you can control. Number one, you can get clear. You can assess and get great feedback and know what you do well. That's talent. You can figure out the kind of work that fires you up and the results you want to put in the world. You can get qualified.

You actually can. You can do the research and figure out how to get qualified. You can save up for it, cash flow your way through it. You can meet people, which are the currency. Connections are the currency, Dave, to opportunities. And you can summon up that confidence, if do those three things to actually start. You can get better in the workplace. You can grow and you can earn

opportunities to step up. So once you get the idea that I can actually do this, then they go, wait a second. All right. So many people think it's the unscalable mountain. But I was sitting in the green room with Jim Collins, who wrote Good to Great, and he had just finished the manuscript for great by choice and he was so excited he was just on beside himself and we've been friends for years he's a great he's a wonderful intellect and he

was saying we've discovered really that that luck is not luck no it's a choice that's right and he had shown that empirically with evidence and and research because he's a researcher it's a choice that's right and he had shown that empirically with evidence and research because he's a researcher it's what he does and he was just he was beside himself he said it's not random and let me just tell you you getting that job is not oh you're so lucky it is the result of a series of exact step-by-step processes that's right that cause you to put corn in the ground, water the ground, back up, let God put the sun on the ground, and then magically you will get corn. Yes. But otherwise, people just walking around throwing beans out there hoping corn grows. Yeah.

Listen, if you show me a person who's confused and been wandering from job to job, I can tell you that they just didn't know the direction they were supposed to go. And then there is a path up the mountain. It's intentionality. And those seven stages are all about intentionality. Each stage leads to the next stage. And it really is like climbing up to your professional pinnacle. And this is how all men and women who do what they were created to do, whether they're notable or whether you've never heard of their name, they've all been very clear on where they want to go. And when you have that direction, Dave, you can find the path.

You know, what's interesting is even if people don't know they're doing it, everyone who's walking into a successful career did these steps. That's exactly right. Without exception. Without exception, and we just put names on them. Yeah, and, well, you clearly identified that here's what the winners do. Oh, yeah. Whether they even realize they're doing it or not.

I mean, there's a mechanic, a series of mechanics to swinging a golf club, throwing a football, swinging a baseball bat, and the winners all do it a certain way. That's right. It's like, well, he has an unusual swing. No, his swing sucks. Yeah. And you call it unusual because he happens to still hit the ball. Right.

But he still is not a, you know, but there's a reason you call a golf swing a pretty golf swing. It's because it's mechanically correct. There's a series of things that are involved in that swing that cause that to happen as a repeatable, predictable outcome. And that's true in finance. It's true with money. It's true with careers. It's true with your marriage.

And these are predictable outcomes as a result of behaviors and attitudes and beliefs. Yeah. And you're going to outpace most people. When you're intentional and you know the path that you're walking on works, and this is just a function of showing up, and I'm going to keep showing up. You know, there's two magical words that most people don't talk about when it comes to really pursuing something, and that is, I've got to get up and persevere every day.

I've got to show up, and then I've got to be patient. And so we don't sell quick fixes here at Ramsey Solutions, because we've read the book, Dave, the tortoise wins every time well here's the intentionality no distraction you can automate applying for jobs yeah and dump your resume in sure in the hopper now that is playing the lottery yeah and you but let me tell you what i don't want we're gonna hire 300 people this year we will get get north of 20,000 applications. That's extraordinary. For 300 spots.

Now, you're going to do something that sets you apart some way or another, and Ken can tell you what that something is, not just at Ramsey, but that's the case everywhere you're trying to go to work. That's right. There's something that's happening that causes something. You can find common characteristics of the 300 that do get hired versus the 20,000 that applied and did not get hired. Here's a hint. A resume is worthless without a relationship.

Just soak on that. With the automation that's coming on the scene in American technology, Dave, we have AI. My husband is so distressed he has filled out applications, thousands of applications, and never even gotten a phone call. It's because he wasted his freaking time. That's right. He's spitting the wind. It's not going to turn out very well.

So we're going to teach you how to get connected. That's just one of the three stages that we'll cover in depth that night. And it works. It works every time. So Get Hired live stream. Giving you some important content out of that right now in the last 10 minutes. But even more, you want to learn more about this? Ken Coleman's going to be doing it April 27th, a week from tomorrow.

Text Hired to 33789. It's 20 boxes off. Text Hired to 33789. It's 20 boxes off. Text HIRED to 233-789. You'll spend more than that to add toppings to your pizza. This is The Ramsey Show. If current times have shown us anything, it's that the least expected events can and will happen, and we have to deal with it. That's why everyone who has a family counting on them needs term life insurance.

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Great rates and a simple process mean there's no excuse to not get this done, people. Ken Coleman, Ramsey Personality, is my co-host today as we talk about your life, your career, and your money. Open phones at 888-825-5225. James is in West Palm Beach. Hey, James, welcome to the Ramsey Show. Hi, I appreciate it. Thanks for taking my call.

Sure. My question was, I have a mortgage of $165,000, and I have two properties. They're vacant lots, but due to a lot of inventory going up now, I debated on maybe selling both of my lots and taking that money and putting down the principal onto their mortgage. I have three kids. One's 10, one's eight, and one's three. And I have accounts for them, but I only have like maybe $2,500 in each account. And I try to put money in when they get birthday money. I put the money in those accounts for them toward college. My question is, do I put it toward principal,

or should I try to set them up with accounts for college? What are the lots worth? The one lot is about $65,000, and the other lot, I could get $40,000. Both are paid off. Okay, so $100,000, and you owe $165,000 on the house. Correct. And what's your household income? $115,000.

Okay. Well, there's not really a wrong answer, putting it on kids' college or putting it on the mortgage, either one. Neither one are in the stupid column, okay? Both of these are smart. Huh? I'm sorry, it's that 15-year loan I have. Okay, yeah, but neither one are bad ideas. I mean, if you told me I'm going to cash out the lots and go buy a car, I would say no.

I mean, it's going down in value. The lots are going up in value. We're trying to think through this. So, but you're working the baby steps. You're putting 15% of your income away. You're putting into retirement. You've got your emergency fund, and you're debt-free but the house, right? Other than one vehicle, I have $14,000 I owe on.

Okay. But before we discuss anything, that vehicle's paid off. You have your emergency fund in place? Yes. How much? I have a total right now of $26,000. Write a check as soon as you get off the phone and pay off your car. Okay.

Okay. Now rebuild your emergency fund, and then we'll keep on going with this discussion. And you're also putting 15% of your income into retirement already, right? Correct. Yeah, so you're doing the baby steps out of order. Okay. You were not following our plan. Our plan says stop retirement and don't have savings in emergencies

until you're debt-free but the house. But we just did that, so you're good now. Okay. You're caught back up. But as soon as you're debt-free but the house. But we just did that, so you're good now. Okay. You're caught back up. But as soon as you get off, pay off the car, okay? Yes, sir. All right, good. Now, finish up your emergency fund.

You need to add a little to it in the next few months. But in the meantime, yeah, let's put those lots on the market and sell them. If I'm in your shoes, it's okay to put it towards the house, but I like putting it towards college more in this situation because it doesn't pay off the house. If it paid off the house and you no longer had a house payment and you could take that and turn that towards the kid's college fund really aggressively, I'd be excited about that. But you're still going to have a $65,000 balance on the house after the smoke clears,

right? Yes. I mean, I just like I did your payment calculator to pay things off early i think that if you know i did that i could drop it almost yeah you could get it paid off by the time they went to school but you still then would be trying to cash flow school out of a hundred thousand dollar income which is a pinch for three kids that's a lot so um yeah i'm gonna just start i would sit down with a smart investor pro and look at how much can I lump some into three different kids into a 529, into good mutual funds to get them, you know, 80% towards where they need to be at the age of 18. In other words, a 10-year-old, you need to put in X in order to have Y at eight years later, okay?

And they can tell you what X is. And so you've got X for each kid that you need to put in today. That won't use up the whole $100,000, and then I would throw the rest of it at the mortgage, and then let's go ahead and lean in on that mortgage and pay it off with your budget, okay? Okay. But since it, see what I mean?

Because it doesn't pay off the mortgage, you don't get any cash flow benefit today since you're not knocking the mortgage out. Now, if you told me you're getting 200 out of these lots i pay off that mortgage in a heartbeat my only question was i don't want to be greedy because i've had this lot for a while and before 08 and i could have sold the one lot for just 90 and you know that whole blue what is greedy what do you mean by greedy? Well, back in, I purchased one property in 2006. And then in like 07, I had a buddy of mine told me,

I was getting offers for 90,000 for the one lot I had. And I didn't sell it because someone was telling me, these lots are going to keep going up. And then in 08, the economy, you know, crashed. And I almost got nothing. Yeah, I basically had nothing. Everything was worthless. And now it's finally

coming back so i didn't know if well you know things are going crazy right now maybe i should hold on just keep failing oh you don't mean greedy as a spiritual problem you mean that you you just don't you know that pigs get fat hogs get slaughtered yeah okay all right well little piggy sell the lots yeah that's all you do. It's just time. Because it's not necessarily, we're not making a decision on what's right for the real estate market. We're making a decision on what's right for James. You're right. Today, your kid's college is more important than you being a lot speculator.

Gotcha. I appreciate that, because I've been torn with that a little bit. Yeah. It's okay to be a lot speculator, but it's secondary to your kid's college, right? Yeah, I think so. I mean, I think it's important. I would say this, that the 529s, and you really understand what we teach on this, because I just think college is changing, and I think that landscape is changing. I think parents have to plan for it financially, but give yourself some options so that money can go towards their training, whether it's traditional four-year degree, trade school, or what have you.

I think the way you get the knowledge from a four-year degree is going to change dramatically in the next 11 years for that nine-year-old. That's what I'm saying. But that's okay. Knowledge is never going to go out of style. No, no. No, no. Being dumb has never been a good idea.

That's right. So there's a lot of different ways to get knowledge, though. And the traditional four-year model where you have to join a fraternity is probably, you know, between the student loan epic disaster failure. Yes. Screwing people's lives up. Yes. And then I'll add to that COVID, the fact they're trying to charge the same amount and send people homework on their computer. That crap ain't going to fly.

And so people are done with this. But we at Ramsey are not against education. No. We just have a realistic view of what is going to happen to the poor people in higher education. And we have a realistic view of the actual value, marketplace value, of having the knowledge or having the degree, which is very high. You should get the knowledge. Absolutely.

And put that money away, parents, but make sure that you're thinking through what's the best way to apply that so that your kid actually gets the training that they need. You know, the sticker price and the return on this, Dave, as you know, is very different. Yep. Chris is in New York City. Hey, Chris, how can we help? Hey, Dave. Hey, Ken.

Great to be on the show. Thanks. How can we help? Yeah. Real quick, I just want to give a shout out to my girlfriend, Maria Jose. She told me to call in. The reason I'm calling is because I've got a lot of friends who are buying into cryptocurrency. And, you know, my investments are all in mutual funds, like you recommend. And I'm hearing about, you know, Bitcoin, Dogecoin and all these other

things. And I just wanted your thoughts on how to respond when people try to pressure you to invest into this stuff and maybe even get your thoughts on cryptocurrency in general. Okay. I wouldn't do it. Why? Because I think it's still very speculative. We've already seen big highs and big lows, and I think it's still rocky. I do think that crypto is coming to stay. I think right now it's a lot of speculation. And until it gets adopted and we start seeing businesses move that way, I'd stay on the sidelines. And it's not a part of our investment strategy at Ramsey Solutions either. So there's that, too, which, Dave, you're far more versed in that than I am.

But I follow what you said. It's had an incredible year. Yeah. People made a lot of money out this year, without a doubt. No question about that. But they make a lot of money on cocaine, too. And they make a lot of money on, you know, playing futures. And they make a lot of money at the blackjack table. And they make a lot of money betting football. But these are not investment strategies. That's correct. These are things that you can jump into or jump out of that are uber-unbelievable high risk. And so the problem is that people don't perceive the risk in Bitcoin, and it's there.

It's not fully adopted. They made a lot of money this year. Made a lot of money in gold a few years ago, too. I'm telling people not to buy gold. And all the gold bugs are going, Dave Ramsey's an idiot. He doesn't understand. No, Dave Ramsey completely understands. I've lost my butt in a bunch of high-risk investments over the years.

I quit doing it. I don't like having to start over. It's too expensive. So if you want to start over, play crap that's high risk. If you don't want to start over, do what you're doing. But you're not going to convince friends who are making a bunch of money that they're stupid.

Just let them be stupid and smile. It's okay. In the lobby of Ramsey Solutions on the debt-free stage, Eddie and Lindsay are with us. Hey, guys, how are you? Good. How are you? Better than I deserve. Welcome. Where do you Lindsay are with us. Hey, guys, how are you? Good. How are you? Better than I deserve. Welcome.

Where do you guys live? St. Louis, Missouri. Awesome. And all the way down here to do a debt-free scream. Yes, sir. Very cool. How much have you guys paid off? $105,103.

Love it. How long did this take? 16 months. Good for you. And your range of income during that time? $120,000 to $175,000. Wow. What do you all do for a living?

I am a revenue management analyst for Enterprise. And I'm a policeman. Awesome. Very cool. Very cool. Good deal. Good for you guys. Well done.

What kind of debt was the $105,000? Well, for both of us having four-year degrees, it was everything but student loan debt. Everything but? We had two was everything but student loan debt. Everything but? We had two cars. We had IRS debt. We had a lot of child support debt. We had two phones, credit cards, furniture. You're like normal.

You name it. Everything but the student loans. You were normal. So how'd you get by with the IRS? Sorry. That would be me. All of my secondary jobs, a lot of them are 1099 jobs. Oh, okay.

And you just didn't pay the taxes on them? I just waited until the end of the year and made payment plans each year. Yeah. And they just kept stacking on each other. Yeah, they do. Yes. And it's expensive. Yes, it is.

The penalties and the interest both are expensive. Wow. Excellent. Excellent. Excellent. Good job, you guys. I'm so proud of you. So what happened 16 months ago that got you on this journey?

Well, actually, kind of before that, before we knew you, we were kind of anti-Dave. I came into the relationship with the back child support and the back taxes. And then we got married, came back from our honeymoon. And, of course, my car had over 200,000 miles on it, so I bought a car. Then since I bought a car, the credit union offered me a $10,000 credit card, which I took. Of course. Then the next year, her car broke, so we bought her a car.

Because you can't have a car breaking. Absolutely not. Absolutely not. And then when that happened, we uprooted that $10,000 credit card to $20,000. Yeah. And then... Yeah, so I kind of took over from there. I grew up in...

Wait! Wait! Stop! Yeah. All right. I grew up in a Dave-minded family. My dad worked so, so hard and gave us a great life and paid for my college and my first car. And I still managed to screw up along the way. So him and I started in this together. Once we actually heard about financial peace at church and we thought it

was a scam. We blew past that and then listened to the podcast a few years later. And it sounded like home to me. It sounded like everything I grew up with. So me as the nerd, I set up our eight tab Excel budget and came to him with one of my yet another crazy idea that I'm known for doing. But he started listening and we both jumped in feet first um i sold a ton of stuff my coach her gabby's travel volleyball team so we get the opportunity to do that but still save money along the way and then eddie is the true hero here um even with the political environment that we're in he worked 80 plus hours a week of you know on the streets with his police force and then secondary sleeping two three hours a day so none of this would have been

possible without him wow wow so how long you guys been married five years on friday hey congratulations so five years but then 18 months ago approximately the podcast started sounding real both of you jumped on and did it eddie went to work, and you went crazy. Yeah. I mean, he's always been working a lot of secondary, but the money was just kind of flying out the window, and we weren't sure where it was going until we put it all down on paper and started checking things off. And seeing the progress really helped. You know, what's interesting is hard work isn't as hard when you're getting traction.

Yep. Right. Yeah. I was going to ask a similar question. Was there a point where you guys said, uh-oh, this is momentum, now we're feeling it? Do you remember that point in this journey? Positive? Yeah.

I mean, when we came into it, again, you know, I grew up with all this, but I didn't think it was possible for us with the mountain that we had in front of us. You know, my parents, my dad was really successful, and, you know, so of course it made sense that my parents were there, but for us to do it, it just, it seemed like the mountain was way too high. Um, but when we started and, you know, we started paying attention to where the money was going, he was bringing all these huge secondary checks in and to put them in the right spot and see that pile, you know, get bigger and, you know, knock a debt off and then, you know, really see that snowball go, um, was really, really exciting. And, you know, knock a debt off and then, you know, really see that snowball go was really, really exciting. And, you know, he knew all his hard work was paying off and all

our time apart was paying off. Yeah. And it's like one of the things that you say a lot, Dave, once we started managing our money right, I got, had a lot more opportunities for more secondary and more opportunities to make money that we could put in the right spot. So back to Ken's question a little bit bit because I think it's a great question. How far into the 16 months were you when you kind of went, dadgum, this is going to work? I think when we paid off our consumer debt and I started seeing that all of a sudden we didn't have consumer debt anymore and we just had a couple of the bigger mountains and God kind of kept providing. What were the big mountains? The cars? and the the irs that was okay the monster we were able to

break it up so we attacked it as we went but as soon as we weren't seeing those huge costs and how much was it it was over 13 000 when we started but there's 105 000 so it was the biggest uh so you had a whole bunch of little ones we had a whole bunch of little ones. We had a whole bunch of little ones. Child support was big. You had like twos and fives and sixes and fours and all the way up to get there, to get to 105 with 13 being the big ones. So you really had a very legitimate snowball effect because

you're getting to see these things go away all the time. All the time there's another one going away. Yeah. Our list was huge, but you know, they ticked off as we went and it was exciting. Yeah, I mean, almost every month

something went away. Yeah. Yeah, that's pretty incredible. Good for you guys. So fun. All right, when you back up now and you pan out

and people go, wow, it's impressive. You paid off $105,000. How did you do that? What is the key to getting out of debt? I mean, I stared at our budget every day at work.

I had it up, and I was working, and I'd pay into the budget, and we'd watch the secondary checks come in. And it's honestly just every day doing the small things and putting the money in the right place and every day focusing on it. Being intentional. Yep. Makes a big difference. Yeah, if you back up to the big picture,

I never thought we'd get there. But when we just looked at every day, they started to add up and go in the right direction. Yeah, the little fox just spoiled the vine. Yeah, that's good. Very good. As much as we keep feeling the little wins as we went, we actually came here in January on one of her volleyball trips.

And when I was here, I don't know if you all remember me or not, I had a big boot on because I broke my ankle. And I broke it in December. So for the first time, and I couldn't tell you how long, I had no secondary, no extra income coming in. And we actually kind of freaked out because we're like, what do we do now? And we had started Baby Step 3 at that point in time. And we made it through those months before I was able to go back to work without, I mean,

we lost momentum going forward, obviously, but we didn't fall back any because all those bills were paid off. We didn't have all these bills to pay. We never would have made it through that a couple years ago. Yeah, you were dependent on the second income to survive before. Correct. Yeah.

Wow, very cool, guys. So proud of y'all. Thank you. Who were your biggest cheerleaders? Definitely each other, and my parents were huge for me along the way. Okay, so did you end up going through the class at the church after all?

Never did. We still want to. Just did the podcast. Yeah. Just books, podcasts. Obviously, since i'm in a car all the time i listen to you even still i listen to you non-stop unfortunately well well fortunately for me i appreciate it but yeah so we're going to give you a a one-year membership to ramsey plus so you can go through financial peace university it's time you did it now thank you That's awesome. That'll be your prize for being here today. We're so proud of you guys.

Well done, well done, well done. All right. And Gabby survived, it looks like. She made it through this process. Just barely. Just barely. We almost sold her off, but she made the cut. We couldn't get enough for her.

Well, maybe you can get her some new jeans. Bless her heart. Don't worry, Gabby. Dave doesn't know that that's in style. It's a dad joke. Go ahead. It's a grandpa joke. It's a grandpa joke.

All right. Eddie and Lindsey and Gabby from St. Louis. $105,000 paid off in 16 months making $120,000 to $175,000. Count it down.

Let's hear a debt-free scream. Three, two, one. We're debt-free. Yeah. Woo-hoo-hoo-hoo.

I love it. That's so fun. What a neat couple. What a neat family. Beautifully done. This is The Ramsey Show. Ken Coleman-Ramsay, personality, is my co-host today. Our question of the day comes from Blinds.com. They have a 100% satisfaction guarantee.

It means even if you mismeasure, you pick the wrong color, you screw up like I do sometimes, they'll remake your window blinds free. You get free samples, free shipping, and with the new promos they run every month, you can save even more. This is an incredible company. I've endorsed them for years, and I did for a reason. They do a good job. Use the promo code RAMSY to get the best possible deal. Today's question comes from David in New Jersey. He asks,

Is it smart to get my doctorate in physical therapy even if it costs $100,000? After graduation, I'll make around $75,000 and can cap out at around $110,000 in salary. I would not mind working 60 hours a week to pay off this debt. Well, it is not smart, David, if you go into debt for it, because even though you're willing to work hard, this is just an unnecessary millstone around your neck. Now, if you can be patient and you can save up this money and cash flow your way through it

to then increase your earning potential over time, invest in an ability to be able to become an everyday millionaire, then it is smart. But until then, it is not smart to go into debt, which is what this insinuates, to get the doctorate in physical therapy. So the irony of this, Ken, is that if you are in PT, you meet people every day, all day long, whose life didn't turn out exactly like they thought it was going to. Yes. These are people whose lives were interrupted by an injury.

Mm-hmm. You have this plan figured out that your life is not going to be interrupted by anything. And so I'll just work hard and pay off the debt. Let me help you with this. Your life is going to get interrupted. About the only thing you can count on is that it's going to storm. You can just count on it. And so the assumption of debt is always a little bit,

shows a little bit or a lot of naivete. Yes. Meaning, well, I can pay the car payment, says the guy who's getting ready to lose his job in two months because of covid or i can i can afford you know when i can afford it means pay the payments these are what broke people say wealthy people say i can afford it that means they're getting ready to buy something and own it yeah there's no payments involved it means two different things i can afford it if you want to be mediocre financially means you're going to go into debt and you hope your little plan the best laid plans of mice and

men works out to your benefit only it won't yeah so i want you to be a pt if you want to be a pt i do not know i'm racking my brain do you know if you have to have a doctorate to do that not have to have a doctorate so uh this is implying that, again, he's topping out. Well, he's also going to get his table stakes, and it's not. It's not. We talked about this again. A degree is not a guarantee that you're going to get the job you want or make the money that you want to make. You're still going to have to put the work in.

So it's better off to be patient, save up the money, cash flow your way through. Then when you get the windfall of that sacrifice uh okay i i don't know i mean i've been to a physical therapist but i do not know what you i assume you have to have obviously i mean i was aware that you got a master's even yes mpt yeah but i was not i've never seen that you had to have a doctorate to play you do not you do not okay so what does a doctorate give you? Just access at a hospital that maybe you wouldn't have had? I think additional income opportunities, yeah, and probably placement.

That helps with that income. But to actually do PT, you don't need that. And there's no question about that. You definitely don't have to have a doctorate. This is topping out, the highest level here. And again, I'm not super aware of all the levels of physical therapy, but this implies that you can get the doctorate. But again, it's smart if you cash flow it.

Sure. If that's the level you want to get to. Yeah, if his assumptions are right. And I'm starting to wonder now if this is, I don't know. Yeah, I'm taking it at face value that he's done his homework on this and that there is a doctorate. Yeah, but every time someone thinks they have to have a degree to play, I almost always know they haven't done their homework on this and that you know there is a doctorate yeah but i every time someone thinks they have to have a degree to play i almost always know they haven't done their homework there's a few times i mean you have to have a law degree to pass the bar yes to become an attorney you have to have an md right or a dds if you want to be a dentist or a medical doctor right i mean

you have these are this these are table stakes to play that's that's the law it is it is an end you know it is what it takes to get to play at that table you have to have a master's degree in counseling to get licensed to do counseling in most every state if not every state now sure and so that you know having an undergrad in counseling is not going to cut it that's right if you want to go into that world so that that that is what it takes to be qualified literally but this idea then that oh it's going to help me or i'm going to be successful because that's what you want to break the back of and not be stuck on that because sometimes it could be that instead of getting your phd you need to open your own pt outfit and run

your own dadgum business and have six pts working for you and that's that's the path right you know i mean that's gonna make you a lot more and stick.D. and it costs a lot less, too. So but I've got a Ph.D. You know, you know. Well, you do. I can't wait to call you Dr. A Ph.D. in D.U.M.B. I know.

I've heard that line. I was waiting for it. I like that. OK. It's Grandpa Joke Theme Hour. OK. Having a business can be overwhelming and lonely, but it doesn't have to be with the right training and support. There's nothing you can't do.

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Join the Academy at ramseysolutions.com slash academy and become a part of the incredible community of women who are making money doing what they love. Now, Christy puts some real solid tools in people's belts to cause them to make it work. Open phones at 888-825-5225. Eddie is with us in Waco, Texas. Hi, Eddie. Welcome to the Ramsey Show. Thank you so much, Mr. Dave. How are you doing today?

Better than we deserve, sir. How can we help? Yeah, so I had a couple of questions. I'm a young guy, and I'm just kind of starting off on my path to life. I actually just enrolled in Ramsey Plus and trying to learn about money through your show and your programs and stuff like that. I was just wondering, what are some ways that I can practice money discipline in life? Well, I'm sorry. What type of money discipline? What are you saying?

I'm confused. Okay, let me rephrase that. So in the past, money wasn't talked a lot in my house, and I recently got a financial opportunity where i significantly increased my income from forty thousand dollars a year to sixty thousand dollars a year way to go dude what are you doing uh well i just got called up on orders in the national guard okay all right and you said you're 19 uh yes sir wow okay well thank you for your service to the country sir and congratulations you're doing something very wise to say oh oh oh all of a sudden there's more Yes, sir. Wow. Okay. Well, thank you for your service to the country, sir. And congratulations.

You're doing something very wise to say, ooh, ooh, ooh, all of a sudden there's more money than I've ever seen before coming at me. And it scares me a little bit. That's the voice of wisdom. You are being very wise. People who go, ooh, ooh, ooh, I got some money. Hee-haw. Let's have a party. That'd be some of your buddies, okay?

And you really don't want to be like them. So I don't want you to not have fun. I just don't want the fun to have you. I understand. And so really the answer to your question overall, thank you for getting into Ramsey Plus and doing that, but the answer to your question is simply this. If you will do what you're doing today by calling in, and that's pay attention. Make every one of these dollars be on an assignment as if it were in the military and was on mission.

And the mission can be, I want to go out Friday night with this pretty girl. That's a mission, and that's an okay mission. The mission can be, I'm saving up to buy a car. The mission can be, I'm going to buy a car the mission can be i'm going to be generous to this single mom the mission can be i'm going to buy some food for my refrigerator the mustard's running low i don't care what the mission is but it's done on purpose not chaotic and not random and not impulsive it's a detailed game plan. Does that make sense? Yes, sir.

So I was blessed to do a little training where I got my butt kicked for a few minutes with the Navy SEALs last year on one thing. And one thing they taught me in a high-impact, highly violent situation like they go into all the time. They spend about 5x time planning the mission of actually executing the mission. Five times as much time on the planning as they do actually doing it, so that the doing it becomes automatic and intentional. And that's true of anyone who's successful at anything. They don't win by accident. This is The Ramsey Show.

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