The Ramsey Show - App - My Girlfriend Wants to Buy Me Out of Our House (Hour 3)

Episode Date: July 21, 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 done, 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, Chris Hogan. Ramsey Personality is my co-host today on the air. The open phones are for you. The call is free, and some say the advice is worth what you pay for it. The phone number is 888-825-5225. That's 888-825-5225. Kayla is with us. Kayla is in Washington. Hi, Kayla. How are you? Hi, Mr. Ramsey. Hi,

Mr. Hogan. It's such an honor to speak with both of you. You too. What's up? Well, I'm a stay-at-home mom. I've got two little boys and one on the way, and I also run my own business, but I want to expand it and I really want to grow. Eventually, I want to run my own company. Like I've got big dreams, but I'm also strapped on the amount of time I can do my business because I'm a stay-at-home mom. So I guess I have a couple, I have two questions. One is how, what are my next steps to expand my business and get it to this point where I, it's just really, really successful. Um, and then also I would like to invest in a mentorship that might help me grow. But, um, personally we're on baby step two. And so I didn't know if that's

okay to invest business money back into your business. If you're on baby step two, how much are you making on the business? year i made about 33 000 profit uh about uh like 29 000 profit okay good very good okay so you're making a couple grand a month after it's all said and done, give or take. And what would investing, what portion of the $2,000 a month or $2,500 a month would you put back into the business? Well, that's the thing. It's a mentorship, and I'm not sure how to gauge how much I'll get out of it.

That wasn't what I asked. I asked what you were going to spend out of the $2,500. How much would you spend? Oh, $500 or $700, either one. A month. Less than $1,000. A month. No, just one time.

Okay. Okay. Well, out of $29,000, would I spend $1,000 on education or $700 on education? Yeah, once I've verified that the education has a value by studying and learning about it. And don't look for magic beans. There aren't any magic beans. No one has magic. When we sell leadership training and we're Entree Leadership Summit and those kinds of things,

we don't have magic beans. You know what Jack found when he got to the top of the beanstalk giants you don't want magic beans right right no i want to put in the work and i know that it's going to take time and that's why yeah but don't don't think that some certain mentor or some certain entree leadership event that we teach or something something else is going to suddenly make business easy. It's still going to be hard. Yeah. Kayla, what kind of business do you have? It's a photography business.

Okay. And so you are the business, correct? Yeah, I own my job, and that's where I, like how Dave says, I own it. And I want to get bigger. I want it to expand. Well, but you're also growing your family. So you've got two kids, you've got one on the way, right? And so right now you're the one that is traveling. Are you going doing weddings? Is that your primary source? Yep. Weddings and portraits. Okay. The wedding spring in the biggest cash. Okay. And see, you are that you are the bottleneck for

that business as well. So, you know, you've got to look at it and give yourself ample timing. What can you devote? You've got this new baby that's coming. You've got to be very intentional with it. But you are right now the product and the service. And so how much more of your time can you give? And are you charging enough for it is would be one of the first steps I'd walk you through if i were coaching you yeah let's do this let's put you in christy writes business boutique academy and do that for a few months and that puts christy right up in your face because she's all got her she's got her hands deep in that stuff and do that before you pay for this mentoring and i'll just pay for that for you we'll give it to you. And see if you can get things moving with that. Because I think your bottleneck right now is that you've got a lot of different things on your plate.

And probably your biggest holdup is not some magic pill for your business. It's that you just have a limited amount of time because you're raising babies. That's right. And that's okay. There's nothing wrong with that. And you've got your priorities straight if you're putting them first. But maybe there's some efficiencies you can gain. And let's see if you can do that for free before you spend on the mentoring.

And I'll put you in her Business Boutique Academy, which probably costs not much, but you're going to spend on that anyway if I didn't give it to you. And it's not even open right now. You can't get in it. But I know the guy that owns it, so I can get you in. So hold on. I'll have Kelly pick up, and we'll get you signed up for that kayla's in that's it kayla's we just spoke it that's it we said it i said it on the air and that makes it happen somebody fix it it's kind of like those magic beans that is like a it is like somebody make it happen noah's in raleigh

hey noah what's up hey guys how's it going? Great. How can we help? Hey, so I'm just curious what my conversation with my financial advisor should sound like so I don't come off like, hey, I listened to this guy on a podcast and he told me to tell you this. Basically, I have a little over $8,000 in a Roth account and a little less, a little more than that in a non-retirement account that my dad had helped me set up with a friend of his from high school. He's a financial advisor. And at the time I didn't know what was going on.

And so I was just curious. I was thinking about taking out the, that's about $8,600 and start paying off my student loans. And so I was wondering how I should approach that conversation, what exactly I should say and what questions I should be prepared to answer. Right. Noah, how old are you? I'm 23. 23 years old. My goodness, this is fantastic. But here's what I would do. As you talk to this financial advisor, you want to talk with them just like you were having a conversation with anyone else. Talk with them, not at them. And what that means is you're putting them through the paces. They need to prove to you that I would talk with them about your goals and your dreams. They should totally be asking you about that. But you want to find out, hey, what's their level of customer service? How often do they meet with clients?

What's your access point to them if you have questions? And just begin to kind of walk them through the process to find out, is this male or female someone that's going to help me reach my dreams? So maybe I misunderstood. Did I understand that you've already have the financial advisor and you're going to take your money out of your Roth and you want to know how to ask them to do that? No, not the Roth, the, um, in the non-retirement account that I have. Okay. All right. Well, um, okay.

Here's the thing. The guy was the, the guy that you're with, your dad handed you to, right? Right, yes. Okay. So there may be a bit of a challenge in that because he may, if it's a guy or gal, they may adopt a parental tone with you. And if I were you, I would gently not tolerate that. You don't have to be a young jerk about it, but you can just say,

no, you work for me, and I need you to teach me things, not tell me things. And if he can't do that because you were handed from your dad, then you may need to get a guy that you hire rather than your dad hires that can have the heart of a teacher and walk with you through that that's good so you're looking for someone and they'll adopt a parental tone with a 50 year old too that's just what they do in that business so stay away from that i heard a statistic recently that absolutely blew my mind 43 of americans are not protecting their loved ones with life insurance this drives drives me crazy, people.

What are you thinking? Taking care of your family has to be a top priority. Think about it. If you died today, would you be the hero by making sure that your family had the money necessary to carry on their life without struggle and hardship? Would they be able to pay the bills and plan for the future? That's what term life insurance is all about. Regardless of where you are in the baby steps, you've got to make this a top priority. Have I gotten my point across yet? That's why I talk about Zander Insurance every day. They keep it simple and make sure they find you the best rates out there. Zander will do their job to find you the best rates and make sure you're served like I expect. But you have to take the first step. Go to zander.com or call 800-356-4282. Chris Hogan, Ramsey personality, my co-host today here on the Dave Ramsey Show.

Open phones at 888-825-5225. That's 888-825-5225. Well, there's been some tough times, obviously. The number 2020 is going to come to mean sucks simultaneously. It's just, man, it's amazing out there. A lot of people hurting. You could be hurting. You could be jobless right now.

You could be broke. You may be struggling to put food on the table. You may be having the best year of your life. I've talked to a few people in business that are booming in the middle of all this mess. John Maxwell says, change is inevitable. Growth is optional. And if you've said to yourself, I am here, but I will never be in this mess again. Next time something comes at me, I'm going to be ready.

I'm going to have my emergency fund. I'm going to be out of debt. Never again. If you've had that moment and you want to take the next step to get to where you can sleep easy and join the portion of America that's not freaking out right now, and there is a bunch of us, oddly enough. We can show you how. We've launched something new, and it's huge,

something that will change the trajectory of your life. It's called Ramsey Plus. This is the all-access membership that gives you our best money products. You learn with all nine lessons of Financial Peace University and several other curriculum that are in there. You budget with the world's best budgeting app, the premium features of every dollar. It syncs up with everything. It syncs with your spouse, with your bank, everything.

And then you track your progress with the new Baby Steps app. You can do a free trial on Ramsey Plus and get all of that in the free trial. The budgeting, the learning, and the tracking. Set yourself up so you never again have to face something like this without confidence. So how do you do it? Text, if you want the free trial to Ramsey Plus, text TRIAL to 33789. Text TRIAL to 33789. Kenny is in Odessa, Texas.

Hi, Kenny. How are you? Good. Thanks for taking my call today, Dave and Chris. My question for you today, my girlfriend and I bought a house two years ago. We paid cash for it. She paid three quarters of it. I paid one quarter of it.

And we've drawn up paperwork. If we die, if we split up, you know, how the money is to be to our grown children. And she's recommended that she buy me out my part of it. That way I can put it in an investment account, get it growing on top of my other 401k and investments but i'm worried you know because then my name wouldn't be on the house i wouldn't be an owner i would be a tenant so i was wanting to get your input on that um the data that we have from people who build wealth, don't do it the way you're doing it. Okay. And so the data that we have from millionaires is they have, you know, north of 80% of them,

we studied 10,000 millionaires in Chris's book, Everyday Millionaires. North of 80% of them were in lockstep, complete shared goals with their spouse. We found almost none of them being people living with someone they weren't married to. That's the actual data points. And so I'm kind of a practical guy in that respect. And so you may want to reconsider your whole model is my point. Because if you were married and you both and you had a big pile of investments and you had a paid for house, you wouldn't be dealing with all this crap. You're spending a lot of your energy running sideways. Kenny, I'm curious.

Go ahead, Kenny. She's wealthy. I mean, she's got plenty of money for retirement. She gets alimony every month. I have a great career. I make six figures. I've got plenty of my 401K, plenty there. Like I said, we just bought this house together.

This is the only thing we have together. All of our debts are paid off and everything and that's all we have together but like i say she was just wanting to buy me out just that way there's no hassle in the end if something happens to one of us or both of us you know we travel a lot and stuff and it's just easier you know it's in her will that her child yeah it's no hassle at the end of the relationship either you're just gone right yeah that's what i'm worried about well and and it sounds like to me she's not wanting to get married because the alimony set up true we'd be the one want to get married we've both been married before and we and we like our relationship the way it is we've been

together almost five years and like i said we just moved in two years ago and so she brought to you the idea of buying you out of this house i would we were just talking about investments and everything and yeah she just brought it up she goes hey would it be easier because we're doing our wheels again and stuff like that it would it would be cleaner easier it would be much cleaner okay yeah but you don't think there's a problem with my name not being on the house you know and it's the problem is you don't live there if she don't want you to right and she don't see that as a real problem though that's a that's a relationship issue. That's not a financial issue. Right.

If you want to own some real estate, you can go buy some real estate elsewhere as rental property, right? But when you don't own the home, when you don't have any ownership rights at all to the home you live in, when the owner says leave, you get to leave. Good point. Yeah, you're a tenant.

But that's a relationship issue. But you just outlined what your model was and how you're a tenant that's a but that's a relationship issue you know you but you just outlined what your all's model was and how you're approaching this um i'm telling you there's very few data points that lead that say that leads to prosperity um it usually doesn't as a matter of fact so um uh i'd be a little bit worried she wants to buy you out just out of the blue telltale sign don't spend that i want to buy you out hashtag get out we're just teasing you we're just teasing you kenny sort of hang on to the money kenny no i i would do it it would because it would clean up everything it would clean up everything you're just mean hogan i'm telling you you're mean hit the button you're

a big mean man canaan is with us in north burlington north carolina hi canon how are you good how are you dave how are you ch? Better than we deserve, for sure. What's up? Yeah, just got a quick question for you guys. So last year, my wife worked at a credit union for about 10 months while she was finishing up nursing school, and they started taking some of her income and putting it into their 401k. Well, about the time that they left, there was only about $450 in her 401K, and they said that they wouldn't allow that to stay in her 401K, so they rolled it over to just one of the bank's investments and then charged $50 for the direct rollover fee.

So there's $400 in there. Creep. These people are sharks. Yes. I'm going to help you roll over your $56 account and charge you $50 to do it. I know, exactly. So my question is, I know with the bills that Congress passed, would it be better for me to just withdraw them in a 12% tax bracket?

Would it be better for me to withdraw $400 and pay $48 in taxes or pay another $50 rollover fee to get it and something that's actually going to make a little bit of money. It doesn't matter. If you just set fire to it, it won't change your life. That's what I was thinking. I'm certainly not leaving it with those characters.

Unless they charge you another rollover fee to get it out of there. It's $450, man. It doesn't matter. It's not going to make or break your life either way. So stay away from these people moving forward. Yeah. So what do you learn from this?

Banks charge fees. Be watching for them. Yep. Be watching for them. Aaron is with us. Aaron is in. Whoa, wait a minute. Yep, be watching for them. Aaron is with us. Aaron is in. Whoa, wait a minute, wait a minute, wait a minute. Come on.

We have to get the right button here, Dave. There we go. Aaron's in Nashville. Hi, Aaron. How are you? Wait a minute. No, you're not even there. Oh, God, I screwed it up completely.

I think I hung up on him then. He's gone. Yeah, well, he'll call back maybe. Call back, Aaron. Sorry, Aaron. Tell me I'm the mean one. What? No, you're the mean one.

I'm the klutz. Yeah. Hit the wrong button. I hit the hang up button. You'd think I'd know how to work this crap by now after 30 years, but I don't. All right. Anyway, Chris Hogan is here to help me get through this other half hour on The Dave Ramsey Personality, Chris Hogan is my co-host today here on the Dave Ramsey Show. Open phones at 888-825-5225.

Camilla is in Las Vegas. Hi, Camilla. How are you? Hi, Dave and Chris. It's a pleasure to speak to you guys today. You too. How can we help? Okay, well, my husband and I are going through a divorce, and we own a small business together and I'm wondering

what formula to use to split up that small business. I'm sorry. How long have you been married? Thank you. We've been married 10 years. What happened? He

just walked out of the marriage. So who's been running the business? Tell me how that works. Uh, he runs the business day to day. I've worked in the business, um, throughout the years, but he's taken over all those responsibilities in the last six months. Okay. So what do you plan to do with your life? I'm not quite sure yet. I'm working on that. How long ago did he walk out?

A couple, let's see, probably like three months ago. How many kids you got? Three kids. What age? Um, eight years old, four years old, and a year and a half. So I assume over this three months he's begun paying child support during the separation, correct? We've had our accounts together still. So we've been working together at one account,

and he's living with his parents so he doesn't have any extra expenses. So you're just using the money with the combined accounts to take care of the family? Yes. Okay. All right. Do you all own anything else? Any money? We own our cars, and that's it.

Yeah, that's the only thing that we have. You don't have any money anywhere? There's no retirement accounts. Yeah, we have, we both have retirement accounts like $15,000 each. Okay. And we, our home, we have a little bit of equity and probably like $100,000 worth of equity. And what's the home worth? It's worth about $100,000 worth of equity. And what's the home worth? It's worth about $300,000.

Okay, and so you owe $200,000. Yes. Okay. And Camilla, were you a stay-at-home mom or did you work outside of the home? I was working in our business. Okay. But, yeah, but not a regular set time. Yeah. It changed and it changed over the years that we had the business. We've had it for five years. Okay. What is your attorney saying? I don't know. I haven't gotten their advice about it yet.

Okay. Let me help you with this. Three months after your husband walks out and lives with his parents, it's too late to get an attorney. No, I have one. We've been trying to mediate mostly and not use attorneys. Okay, that's fine. There's nothing wrong with mediating, but you need an attorney to close and put a lid on this,

and so you're not getting any legal advice at all. I am. I guess I just don't know what the right questions to ask are. Well, the legal advice says that you're going to get a pile of child support from him for three little kids. And the legal advice then should say that you're getting half of everything else, at least. Yeah. Okay. Yeah.

So what is the net profit on the business in a year? Net profit, taxable income. What did you all pay taxes on last year? Last year it was $40,000. Okay. All right. Last year it was $40,000. Okay. Well, the business is probably worth between, if that's an exact figure, it's worth somewhere around four times that, so around $160,000.

Okay. And so if you sold the house and you took his retirement account and you got the equity out of the house and he got the business, that's probably not a bad trade. Okay. you took his retirement account and you got the equity out of the house and he got the business, that's probably not a bad trade. Okay. So you had $30,000 in retirement at that point. You got $100,000 and you get the most expensive car of the two. You're getting pretty close to half of the assets at that point. Okay. And he has the business free and clear of you, and then he can run it and pay child support and maybe alimony depending on what you come up with. Yeah.

Okay. I also wanted to mention that in the beginning of 2019, we bought out a partner that we had that had 30%. We bought them out for $90,000. You overpaid. Yeah, that's what I'm guessing. Yeah. And you paid cash for that?

No, we took out a second loan on our home to do that. Okay. Has that been paid off? We've been paying it down, but no, it's not paid off yet. So that's part of the equity in the home you're getting in my scenario. So that is an interesting part of the equation. So what I'm trying to do is to get you half of the assets and him end up with the business because you don't want to remain in the business with a guy you're divorced from. Right. You don't want to trust him to give you accurate numbers on the P&L. No, yeah, he's already locked me out of all the accounts.

Right. And here's the deal. He doesn't want you to get an attorney just because he's trying to get it done as cheap as possible. Yeah, and he's trying to probably, I think you probably need legal counsel. You do. You do. Yeah.

Camilla, that's the only way you're going to get clarity, and it's going to be equal, and it's going to be something that you get done in the best interest of your children. I'm not trying to pick a fight. I'm just trying to keep you from getting bullied. Right. Yeah. It's time to make the phone call, young lady. Yeah, I agree.

Okay. It is. And you walk them through what you've been through, and they'll hear in your voice. I hear the fear and the nerves, but you're going to be okay. And here's the last part of the equation, and this is going to add to your pain, not take away from it on the short term, but on the long term it's going to help you. Unless you're going to land a very, very serious career very quickly, like $80,000 income or above above you're not going to be able to stay in this house yeah i work i'm planning to sell it and just rent something cheaply okay good

and then you've got to get your career started and start putting tools in your belt with that money that you get from the house i think you get the house equity and the nicest car and all the retirement accounts and then maybe some more okay and then he gets the business that's because the business is probably worth about four times 40 so somewhere between maybe five times so somewhere between 160 and 200 is his portion and if you can get everything else to add up to close to that you're getting pretty close or have him you know give you 50 grand he goes to the bank gets it i don't care what he does at this point he's walking off from a wife and three kids so i'm not getting much use for him so um ah man what a mess it is yeah i think the best pain came out the whole call though chris is what you said that she needs an

attorney she does and not everybody that ends a marriage is a horrible guy it's not me guy bashing so you stupid people that send me that stuff i don't guy bash um every you know we don't know the whole situation but um all we're hearing all we've got is what she told us the facts yeah so the details so so but but yeah you're entitled to i think more than it is being hinted that you're going to get. That's my opinion in listening to it. And sometimes that just requires standing up, and that's what Chris is saying. So get some legal counsel. I would get the house sold, take all of that money. I'd take one or two cars, and I'd take all the retirement and maybe some other business,

unless there's some other money somewhere else. But I tell you what, I also love the fact that you're just being straight up with her and letting her know that that house can't stay. So she can emotionally go ahead. She'd already done it, though. That's good news. Yeah, she was aware. That's good news.

That's a good thing. A lot of people try to hold on to a house they can't afford after a divorce, keep the kids stable in the house. All the stuff. And it continues the nightmare. Yeah, it really does. Instead it shortens it. This is the Dave Ramsey Show. We'll see you next time. our scripture of the day Romans 15 5 may the God who gives endurance and encouragement give you

the same attitude of mind toward each other that Christ Jesus had. My friend Lou Holtz says, ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it. That guy is a dynamo. Yes, he is, Dave. He came and spoke last week at our Entree Leadership Summit. He's 83 years old.

Two weeks ago, his wife passed away and was buried, and he came from Orlando up here to do the event up to Nashville. An absolute gentleman. Yes, he is. An absolute dynamo and a world-class communicator. The energy that came off that stage. Man, I want to be him when I grow up. Yeah, I do too.

You could just see and feel just the passion. And this man is absolutely the epitome of attitude and character and just caring about what it is that he does. And growing all of these young men these many years in the sport of football. He's a good man. He's a very good man. It was really fun. He was a world-class communicator, but in the midst of all kinds of peril and troubles,

he still stands up there and just home run. Absolute amazing. All right, Eth there and just calm. Home run. Yeah. Absolutely amazing. All right. Ethel is with us in Long Island. Hi, Ethel. How are you? Okay, Dave. I just want to let you know that I did call you eight years ago, and I paid off my mortgage.

Way to go. I did, because I had a little bit of an inheritance, and I paid it. But I'm still in my house. I'm divorced. And I have $700,000 in retirement funds. And I'm doing a lot of reading lately, and it doesn't seem like that's enough. And also, I looked at the rule that you take the age 100 and you subtract your age, which mine is 70, and you shouldn't have more than 30%, I guess, of stocks in your portfolio.

Bull crap. That's not a rule. That's an idiot. Okay. All right. Well, I was an idiot for a long time. During the boom years, the last three years, I had all my retirement funds in CDs, and I changed it to Vanguard in February, and I had it there for a couple of weeks, and then the COVID thing happened, and I lost a tremendous amount, but I have it all back now.

Good. It's back. So you didn't cash it out. You wrote it out. I did. Smart. Good job, Michael. Good job.

Well done. Yes. Well, I didn't sleep for a couple of weeks, but I did write it out. But now I'm wondering, I have pre-election jitters. I don't want to get too political, but if President Trump doesn't win, I'm afraid that the market may not do so well, and I'm afraid of the same thing happening, another dive. And I'm wondering if I should cash out now since I have everything that I have

or what I should do. You know, I've been on the air almost 30 years, and I've heard that every election. Well, this one seems a little different. Oh, it's definitely different. The players are different. Yeah. Well, I was, during the Obama year, so I was an unhappy,

I had a lot of trepidation, I'll put it that way. I saw things closing on Long Island, and I just thought, I don't know, I'm very concerned. Yeah, well, whether you agree with someone's politics or not, if you look at the historic ride of the stock market as an investment um it really um other than occasional blips here or there has not necessarily followed a party um okay it actually boomed under bill clinton it boomed under ronald reagan it dove under jimmy jimmy carter uh so, I mean, they can do things to screw it up, but they really have to work at it to screw it up. Because this economy is just more robust than who's in the White House. And now, can they do things to make the business climate more friendly, to make money in business, which helps the stock market go up. Yes, they can do all of that, but it's not a guarantee.

What happens in your house is, you know, the bottom line is people are going to still go to Home Depot, regardless of who's in the White House. They're still going to buy an iPhone, regardless of who's in the White House. They're still going to do whatever, and those companies make that money. So I don't disagree with the concern about our nation and the lack of character among anyone that is running anywhere ever, but I don't disagree with you on that. But I wouldn't freak out about that. Now, if you want to be a little bit more conservative in your portfolio,

that's fine, but no, I would not have 30 percent in mutual fund you're healthy and vital at 70 there's a strong chance statistically you're going to live to 90 and if you my father yeah my father just he died and he was um 92 there we go all right so the thing is you got you got 20 some odd years 30 years that you're going to ride the market and so this idea and even after that the um you know your heirs will and so it's um i i think you're fine and when i am your age i will be 100 invested in the market uh in terms of in terms of mutual fund purchases. I won't be sitting in cash and bonds and this other crap that these people put out there. Well, Dave, and that's why it's really important to have that smart investor pro in your corner

that you can have a conversation with, talk about these things in a rational way or an irrational way. Either way, you get an opportunity to get some wisdom injected into whatever your politics might be you know it's a good point because you got 700 grand like she's got you're sitting down with your smart investor pro and they can walk you through the trend line of exactly what i'm talking about where you say okay you remember when you thought bill clinton was going to bring into the universe remember when you thought uh ronald reagan was going to bring in whichever your politics you can and you can look at it and the trend lines just don't follow your fears no it really doesn't and your your investing will follow your intention and so you want to have a plan but it's good to have the conversation

and to be able to see it but you know for goodness sakes do not eject out of the market uh it's just it's unnecessary and it's costly financially to be honest well the the news cable news you just cannot use that as your investment no your investment advisor needs to be someone to show you actual historic data and then you say okay yeah i think this is crazier than it was back then okay so add a crazy factor to it but it's still not going to say the world's going to come to an end. That's right. The market's going to dive, you know, as open phones. I can't even think about what to say. It's just, yeah, it's horrible what could happen in society. Yes.

But the truth has been over the 30 years I've done this, and even when you look back further than that in the trend lines, the truth has been that what happens in your house is 90-something percent of the equation, not what happens in the White House. That's right. And so quit trying to elect someone to fix your life or being afraid that someone's going to destroy your life that's going to be affected. They just don't have the power unless you give it to them.

That's right. That's exactly right. We live in a democratic society with checks and balances, and ultimately you need a budgeting plan in your home, you need an emergency savings plan in your home, you need a plan for your future, and you need a spending plan. And those things are very realistic, and those are things that we can control. Yeah, but I'm not going to stop buying real estate.

No. I'm not going to stop buying good growth stock mutual funds over a long period of time in my 401K. I'll turn 60 here shortly, and so I'm going to continue to do that. I'm not going to stop doing the things that got me here. That's right. Because of who goes into the White House. That's right. I agree. It may or may not do better or may or may not do worse,

but it's not going to substantially change. Staying, sidelining yourself and going into CDs costs you a lot more than those guys being elected could cost you. Yes. That's what it comes down to. So, interesting stuff. Chris Hogan, thanks for hanging out. Good day. Good job today. Thank you,

my friend. Thank you. It's always a pleasure. Great, great job co-hosting today here on The Dave Ramsey Show. 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 your host, Dave Ramsey. 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. This is James Childs, producer of The Dave Ramsey Show. Once again, you made The Dave Ramsey Show one of the top four most popular podcasts last year. To get your daily dose of motivation and inspiration from the Ramsey Network, subscribe or follow today wherever you listen to podcasts.