The Ramsey Show - App - My House Is Paid Off...What Now? (Hour 2)

Episode Date: October 13, 2020

Debt, Career, Relationships As heard on this episode: Sign Up for a FREE trial of Ramsey Plus TODAY: https://bit.ly/31ricKt  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 Studio, this is the Dave Ramsey Show, where America hangs out to have a conversation about your life and your money. I'm Dr. John Deloney, and I'm with the number one best-selling author, podcast and YouTube sensation, Mr. Anthony O'Neill. Oh, man. Thank you so much, sir. We are taking your calls about your relationships, about your money, about your life.

You ready to rock and roll? I am, man. All right. Let's go to Mike in Chicago, Illinois. Mike, how are we doing, brother? I'm living the dream. How are you gentlemen doing? Doing well. Exactly the same you bet you man how can we help perfect uh well my wife and i were currently on a baby step six um we've been making some additional payments to her mortgage but uh we recently decided that we want to really

kick it into the overdrive and we currently owe about $162,000 on it, and we have some different ideas on how to approach it. One of the accounts that we have is an investment of $45,000 in it, and she wants to essentially close that account and throw it towards the mortgage. But I'm rather hesitant on that because it took me a long time to convince her to even open an investment account. What are your guys' thoughts on that? Mike, is this your only investment account, too, I'm asking? You have a 401k? What kind of investment account are you?

I have a 401k or something. Okay, cool. What kind of investment account is this? It's mostly mutual funds. Okay, yeah. We're not touching that, Mike. Yeah, yeah. We're not going to touch that.

I'm curious, why does your wife want to go into UR's retirement plan to pay off your mortgage? Is there a concern there? Give us that answer. No, there's no real concern there. She grew up rather poor, so I think she's hesitant on having money, which she can't really see in owing money in case something bad were to happen. We do have a sizable mistake, you know, in case an emergency does come up, and we're doing all right on our 401ks as well. Okay.

All right. Yeah. So here's the thing. I love the fact that you all want to pay off the house, but I do not want you to pull from your investment accounts. What's your household income right now? About $170,000. That's combined income?

Correct. Okay, cool. Great. Yeah. So about $170,000, you owe $ you owe 162 on it. And if y'all really just get aggressive over the next three to four years, you all can have the same paid off. So don't touch your retirements. I'm curious, how much is the house worth? About 350. Yeah, man. So y'all in a good place, bro. Just go ahead and sit still. Do not touch your retirement accounts. You're making great income. Sit down with your wife and say,

you know what, babe, I understand you want to go ahead and aggressively attack this loan, but I do not want to pull from our future. This mortgage is actually making us a little bit of money, so let's just go ahead and here's the game plan to how we can pay this off in the next three to four years. Will you commit

to this with me? And just have that conversation with her. Okay, great. All right, man. Thank you for calling in. All right, let's go to Hannah in Spokane, Washington. Hannah, you are on with John and Anthony. How can we help? Hey, Anthony. Hey, John. Thanks for taking my call. I appreciate it. No problem. So I have just begun to step into my passion and I feel like it's God's calling for me. And actually the thing that really just, you know, lit the match was I was on the Dave Ramsey site looking for jobs. And I saw that you guys are looking for another personality. I said,

well, I don't have the experience to do this. But so I started doing my own research. And I have a passion and just deep desire to reach single women, single moms who have been through domestic violence and homelessness and financial insecurity. And those are all things that I have been through myself. So my only experience is my personal experience. And I have reached out to a few different churches in my community as well as some nonprofit organizations that serve that specific demographic of women. And my question is, or what advice can you give me to continue pursuing this in a professional manner but also still be making money? I'm only on Baby Step 2, and I just found you guys in July. So I'm still pretty new to the Dave Ramsey plan and whatnot,

but I also want to be pursuing my passion and the calling that God has for me. Such a great question. I can tell you my journey, anthony can tell you his i i've worked full time jobs uh until i i stumbled this is a full-time job too until i stumbled into um dave and his team i've worked full-time gigs and speaking has been a part of those jobs ever since and whether that was when i was a professor or an administrator or a teacher um i would and whether that was when I was a professor or an administrator or a teacher, I would, and whether it was work teaching at a local church or at a local school or speaking after hours or meeting with groups beforehand, speaking for me was just a part of my day-to-day job.

And so I didn't get paid for that outside of maybe a tiny honorarium here and there. And when I was working for the state, I did it for free because the state was paying my salary and I thought that was the right thing to do. Um, and then where I would say, you cut your chops, you learn how to speak by just speaking and you speak as often as you can, but also you only speak if you've got something to say. And there's so many people who are chasing microphones and they're chasing screens and it's just the same people repeating the same people's stuff and it's the world does not need any more noise and any more gongs where i really felt like i

turned a corner and what we were talking about what i was talking about was when i started teaching real students grad students and undergrad students and when i started working with people one-on-one and that's when i got outside of my experience and where my truth was not the way it's going to be. But I started learning a whole bunch of people have a whole bunch of different experiences in that these these same answers kept coming up and bubbling up and bubbling up. And so it was a lot of one on one experience, some schooling, some training, and then a lot of speaking engagements all over the place, most of which I didn't get paid for. What about you, Anthony? You know, I think, man, I followed Hannah, a method that Ken Coleman talked about that I definitely want you to get. You know, I would give it to you for free, but I want you to make an investment into you. So I want you to purchase Ken Coleman's book

called The Proximity Principle. One of the things that I did for myself was when I identified that I really wanted to help people. And at that time it was helping teens. And today has grown into helping millennials, minorities, and, you know, individuals with their money and really accomplishing their goals. And I had something to say, and I really learned, cause you said like, Hey, I don't have the expertise. Well, let me be honest with you, Hannah. I don't have the expertise neither to be on this phone. Okay. I don't have a bachelor's degree.

I don't have a master's degree. I don't have a doctor's degree. But let me tell you what I do have. I have a passion. Let me tell you what I do have. I have a story. I have experience. Let me tell you what I do have.

I have people around me who have bachelor's, doctorates, who are good in their field. And so the very first thing for yourself is you got to stop telling yourself you don't have the expertise and really tell yourself you do have something to offer. And so I want you to, one, work on your message to get around other speakers and powerful people. And then from there, just start building that bond. So right now, go get the book proximity principle and you'll notice when you get in proximity of other speakers and powerful individuals you will have a stage to speak on this is the dave ramsey show folks i love telling you about well-made well-thought-out products today i'm talking about grip six belts i don't know about you but I'm not a fan of traditional belts.

They never fit right, and they're uncomfortable. Grip6 belts are unique. Owner BJ designed a truly modern, minimalist belt made of high-quality materials with no holes, no flap, and no bulk. And the buckles come in really cool designs and are interchangeable. I personally own these belts in different styles, and talk about affordability, Grip6 belts come with a lifetime guarantee. And that means if you no longer like or fit the style of your belt, you can replace them for free.

Plus, I like the way these guys do business. Grip6 is determined to help build and modernize american manufacturing to learn more and get this month's dave ramsey special visit grip6.com that's grip6.com This is the Dave Ramsey Show. This is John Deloney with my good friend Anthony O'Neill. We're taking your calls about life, taking your calls about money. Let's go out to Atlanta, Georgia and talk to our good friend Adam. Adam, how are we doing, my man? Doing very well. How about yourselves?

Outstanding. How can we help, man? Well, I've got a question. I've been fairly familiar with y'all's show with Dave Ramsey. I've been starting to listen to those YouTube videos for the past two or three months. Awesome. I've been hearing more and more about stay out of debt and everything like that, and I've been slowly adopting that idea into my mind. Now, I know that you mentioned about paying off debt except the house for a

while. If the goal is to get out of debt, mind you, I'm not a homeowner, but if your goal is to get out of debt, why save up for a down payment on a house to get into debt for a home? And if you are to get into debt to get a home, how do you do that without getting a credit score or anything like that? Great question, man. I like the way you're thinking already two, three months into the game. Man, welcome to the team. And hopefully you can adopt all the way into the game. But to answer your first part of your question, why do we suggest that you have a down payment to get back into debt?

Our suggestion is not for you to jump back into debt. Our number one suggestion is if you could pay cash for your mortgage, pay cash for it. That is the best and our preferred option. But we do understand that the average person in America is not going to save up four or five, $600,000 to purchase a home. And so we believe that is okay to purchase a home because for the most part, that is an asset. And so we also want you to get into that very, very wisely so you can get out of it very quickly. So you save to put 10 to 20% down finances over 15 years and then boom, because we've also learned that the average millionaire person has a net worth of a million dollars or more pays off their home mortgage within a matter of 11 years. So when you get that 15 year fixed rate mortgage,

more than likely, you'll pay that thing off in between seven and 11 years. So then on the flip side, if you have no debt, like myself and like John and like the other personalities that we have here, how do you get a, you know, how do you get a mortgage without, um, actually having any, any debt? Great question. This is called a manual underwriting. Uh, we fully endorse and I personally use them myself. Um, and they're called Churchill mortgage. So they don't really go by my credit score. They go by, you know, did I pay my last mortgage on time? Did I pay my rent on time? If I was renting, they will ask you to bring in your electricity bill.

They will ask you to bring in stuff and they will manually underwrite you and look at your your situation. So and it's not in Churchill. Mortgage is the one who we prefer. Now, there are several others out there who do manual underwriting. So that's not just one particular bank. There are banks out there who do it. But Churchill, from our study and our relationship over the last few years,

they're the best one to do it. So you can get a mortgage without having debt. A mortgage still is debt. Let me be real with you. Mortgage is still debt. But that is one debt that we are OK with our our team team our tribe um our followers and our our loved ones to have because if they do it our way the average person would get out of it within between 7 and 11 years make sense adam you still there good man well we lost him that's all right all right let's go out to let me ask you this um adam you still there yeah i'm here okay there we go sorry great so did that make sense yeah it did make sense and i'm which is curious because i've been personally burned figuratively by debt and um

you want to stay away from him as much as possible. So hence the question. Good for you. And I'll tell you this, Adam. I just took out a mortgage. I've been renting. I haven't owed anybody money in years. And I just took out a mortgage, and it already is hanging on me. I've already had a meeting with my boss here to how can we accelerate.

It's already weighing on me. And so it's not debt that we love in fact we hate it it's something that we tolerate just because of how hard it is to save up for that long to to pay cash for a house yeah so it's not preferable um but it's the only one we'll tolerate and it's even that it's with with a really wrinkled up face right yeah the key word tolerate that's right that's's with a really wrinkled up face, right? The key word, tolerate. That's right. That's right. Yeah.

Yeah. But I appreciate your call. And, man, welcome aboard, like Anthony said. Let's go out to Eugene in Edmonton, Alberta. Eugene, how are we doing? Good, man? Good, John and Anthony. Thanks for taking my call, guys.

Hey, Niprom. Thank you, man. How can we help? Just got a quick question. I've got some long-term plans coming up, and basically the situation I'm at right now is I've been making lump sum payments on my mortgage for quite some time, and I've got some pretty decent equity. And now what I'm kind of trying to decide is I should just keep doing what I'm doing

or if I should now start looking more on the investment side of things. Okay. Talk to us a little bit. What's your household income right now? $200,000 a year. $200,000 a year. No debt. And how much is your house worth?

Last I checked, it was $450,000. And how much do you own it right now? $260,000. Okay, $260,000. How much do you have in your emergency savings account? I'm sitting at about $40,000 cash. Let's old are you man 35 let's go let's go you let's go man you 35 years old no well hold on no investments or or you know retirement savings or anything i ain't tripping don't bring yourself down we're gonna high five you listen nashville to Edmonton.

Yeah, bro. You're one year younger than me, okay? And you got $40,000 in the account. You got about $200,000 in equity in your house, and you're making $200,000 a year. You single? No, that's household income. That's household income. So you're a married man.

Any kids? About one, yeah. Okay, cool. Yeah. So what I want you to do is stop going after the mortgage aggressively right now. All right? Okay. I want you to go ahead and fully fund your 401k and your Roth IRA.

Okay? So right now, I want you to go in there and match it. Max out to whatever your company is matching, you and your wife. Okay? And then from there, what I want you to do is go open up a Roth IRA and max that out up to $6,500 a year. Okay. Then from there, if that's still not 15%, then I am okay with maybe looking into an S and P if you want to, or going back and just going ahead and just upping some more in your 401k. But with you, with your kind of income, I will highly recommend for you to sit down with a

smart investor pro, because here's why. You're not just also investing into your and your wife's future, but I also want you to invest into your child's future as well. How old is your child again? She's going to be three. Okay. So three years old. So right now is a great time to go ahead and drop some money into a 529 plan. So that way, when she gets ready to go off to college, you sit with him anything between 70 to 100000 dollars to send her off to school. And so that's one thing I really, really want you to do is slow down a little bit on going after and paying off the mortgage. Sit down with your wife and say, babe, let's start dreaming about our future, Cause right now I'm so concerned about our present, but I want us to think about our future. I want to think about our child's future.

I want to think about our retirement accounts. I want to think about what is it that, when do we want to retire? You know, what age? Because our good friend, Chris Hogan said this one thing, which is so good. He said, retirement is not age, but it's a, it's a retirement number. It's a financial number. How much money do you want to make a month to retire? When you two have that number, that's what you're working towards. Then when you go to SmartVestorPro.com. Sit down with them and tell them, hey, here's our goals. Here's what we currently have. Here's my income.

And I promise you right now, they are going to help you really be good. But what you need to do right now is go ahead and start investing until you're 401k. If they match in brother 5%, you give them 5%. Then you go over tomorrow and you open up an account with with the smart vestor pro and you get a roth ira and then if you still got some money there ask them can you look into an s&p maybe or what are some other retirement accounts we could be investing into for our 15 and also how do we open up a 529 and set my child up to win i love it boy i love it boy it. Boy, I just got excited. I just got excited. A young man, 35 years old, with some money in

account? He's way ahead of the game, huh? Listen here, man. Listen here, man. This is why I'm here. I don't know why you're here. People like Eugene, huh? This is why I'm here. For young people like that, boy. Listen, man. This is the dave ramsey show

give us a call 888-825-5225 you paying off debt is smart saving and investing is smart but there's one key to winning with money that's often forgotten that's protecting your family from emergencies there are 10 kinds of insurance coverage you might need based on your life stage and we've built a tool to show you what coverage you need to add drop or adjust and it only takes five minutes we'll even rank your to-do list by importance and email it to you so you can get your plan in place fast. It's called the coverage checkup, and it could be the most important five minutes you spend today. Donald H. wrote to us and said, and I like how he put it, he said,

for anyone who has not completed this checkup, do it now. You never know when something will happen, and you never want to leave your family in a bad situation. Get out your phone and text CHECKUP to 33789, or you can visit DaveRamsey.com slash CHECKUP today. Don't let an emergency sneak up on you. Protect your family now. And let's go, Anthony, to Blinds.com. Find out for yourself why Blinds.com is the number one retailer of custom window covering.

You get free samples, free shipping, and with the new promos they run every month, you'll save even more. Use promo code RAMSY to get the best deal. Rules and restrictions apply. Today's question comes from Holly in California. She visits DaveRamsay.com to ask, My husband and I were both married for over 15 years to other people, and we've been married to each other for four years. I was on baby step four before we married.

He had $10,000 in debt from the previous marriage and divorce. I have enough in the bank to pay our debts. So for the last four years, I've been, well, nagging. His mom says the first words were me do it he he's especially sour right now having been laid off and doing covet jobs he doesn't like for much less he could mooch off me but he doesn't he says he has no pipe dreams for if he had money he can't imagine having enough how do i nag less and address this in a way that preserves this great man's dignity oh that sounds like your type of questionnaire dr d go ahead and let me know what do you think anthony man i i think

she has to have a conversation um the definition of nag less i don't know what what she means by nagging uh but i definitely do believe that they need to have a serious conversation. Yeah, I think they've got a pronoun problem. I think she's got a pronoun problem and he's got a pronoun problem. Yep. They've been married for four years, so there's not, I've got money in my account to pay off our debts. Yep, yep.

It is we are married. There you go. That is our money. And I think the way you can preserve this man's dignity, and I love your heart in this. Love your heart, Holly, from California. How do you nag less? You get somebody on the same team. Yeah.

You speak positive. You become connected, and it's not a how do I get him to do what I want him to do. It's, hey, let's us get together, and so we can do what we want to do. Yes. Right. Yes. Right? Yes. And when you're connected on a team, people pull their weight, and you don't have to resort to nagging. Nagging has never solved any problem in the history of the universe.

Absolutely. It's never solved. And it will not solve anything. And now, honestly, it will just make things actually a little bit worse. It just brings gasoline to a fire. Nagging, complaining, whining. Yes. Men and women.

It accomplishes nothing. Nothing. I like how you said men and women there, John. Everybody. Men, everybody nags and whines and complains. It does nothing. Sit down and have a conversation that involves the right pronouns. Us.

We. Our. Where are we going? How can I love and support you? And here is how you can love and support me on our journey. Great question, Holly. Such a great question. It sounds complex, but it's easy.

Go get it. Go love him. All right, let's go to the phones. Let's go to Zach in Phoenix, Arizona. Brother Zach, how are we doing? Good, gentlemen. It's good to talk to you again. I've got a quick question for you.

Yeah. My amazing wife and me have just become 100% debt-free. All right. Way to go, Zach. We paid off our house. We're almost to the million mark. We're fully invested in Roth, 401s, HSAs. We hooked up with one of your amazing smart best of pros. What do we do with this surplus of money? Well, let's talk about this, brother. I love these kind of phone calls surplus of money okay so you all are fully

invested already okay uh and you have a paid for home because you're on babysat number seven correct yep all right uh talk to me what do you want to do man do you have any investment properties out there do you have any business ideas out there do y'all have any dream vacations are you even in your dream home like what right now babysit number seven is to build wealth and give so where where do you two see yourself going so we started the remodel on the house 12 years ago and we're just about done so it's really our home okay so uh i feel kind of guilty right now spending the money I'm spending on the house because I'm having to bring in contractors for health reasons. But the house is ours 100%, and we love it.

Well, why do you feel guilty? Because it's a lot of money. I mean, but you're making good money, and you're debt-free, and you worked hard. The main reason I'm so guilty is my wife is the breadwinner, so I feel like I'm spending her money. I know that's silly. No, no.

I know it's silly, but. Yeah, yeah. That's the pride in you there, Zachary. That's the pride in you because I'm pretty sure if your wife was there, she was saying my husband is every bit of a man and he's every bit of a leader and this is our money yes she makes the money but it's you two's money and that you have to get that out of your head that you're spending her money no you're spending y'all's money as long as you two sit down and you all have a clear budget, which I'm pretty sure by baby step seven, you two have a budget.

You know, does that spend that money proudly? Because it's not just you're not spending her money for yourself. Game. You two are spending money for the both of you. So enjoy that season. But let me ask you this question outside of the house, outside of, you know, making things better for you. How are you all being a giver? Like what's making you all feel joyful and proud and, and smile? Do you all have any of that in your life right now? Uh, come around the holidays. We do. Uh, my wife, she, uh, she sat on the board for a local charity company, and she actually not only donated

money, she donated her time to that. Yeah. So we do stuff like that. Zach, I want you to make giving a regular part of your life, not a holiday, seasonal thing. I want you and your wife to once a month go on a date at 11 o'clock at night to a local diner. And I want you to tip that waitress a thousand bucks. I want you to change her year and you're going to find out, man, that date is going to change your heart, her heart. It's going

to, it's going to change her, her monthly future. It's going to change her grocery bill, but it's going to give you some peace. And I want you and your wife to begin investing in giving in ways that you guys have never done before. Zach, just go before 11 o'clock at night, brother. Well, here's why I say that. Here's why I say that. Because nobody's working 11 o'clock shifts at a local diner because they want to. Well, but I don't think there are any restaurants open at 11 o'clock, bro, in Arizona. Is there, Zach? Yeah. Restaurants?

I'll be honest with you. That's how we got this far is I make my lunch every day. We eat dinner at home. Good for you. Literally, when the washer breaks, I fix it. We don't go buy new washers and refrigerators. So I couldn't tell you if there's restaurants open or not. Well, I want you to find ways you can bless people that you normally couldn't bless.

Yeah. You will be a light, and you're going to find that you thought getting to that seven-figure mark was fun. Wait until you start watching people light up like a Christmas tree because you've put groceries in their refrigerator. You've fed their kids. You've helped them get new clothes. You've become a gift and a light to them. You're going to find a, an opening in your heart and mind and soul that you didn't know existed. Yeah. So, so the principle here is that is to number one, go ahead and find a way to be a blessing, to be a generous giver. Number two, find a way to where you can invest this money,

maybe into a business, maybe into a rental property? How do you build more wealth now so you can leave some money to your grandkids or to your families and give more away? So figure out a way to feel that giving need. And also, how do we continue to building wealth so we can continue building our homes and building our communities? communities. This is the Dave Ramsey Show. We're taking your calls at 888-825-5225. John Deloney with my good friend Anthony O'Neill. Hey, John. Taking your calls on life and money. What's the number?

888-825-5225. That's 888-825-5225. Hey, man, so your show has been booming right now. Yeah. I mean, why? I mean, why? I don't know, my man. I don't know. I'm still figuring out how radio works. You, why? I mean, why? I don't know, my man. I don't know.

I'm still figuring out how radio works. You know why? Because people are calling with authentic, hard questions. Real issues. And you are an authentic, real brother who's going to answer the questions. Yes. You don't have the political, the safe answers. You're just real.

I'm not good on radio. I stumble my words. Me too, bro. I don't have good entrances and exits, but here's the deal. We're going to sit and we're going to get through the bottom. We're going to talk through solutions.

We're going to help people find the next crooked, wobbly step. Yes, sir. And we're doing it together. But yeah, it surprised me. I think it surprised everybody. It's taken off and taken its own little universe

and spin around the galaxy for a minute. Man, I love it, man. So we're having fun, but I appreciate that. Yeah, I just want the world to know, like, man, they need to honestly go check out your YouTube channel, you know, and just really listen to your show and listen to me, America, or wherever you are. If you're dealing with any issues around anxiety, around depression, around a relationship questions, um, you know, you need help. And I, I believe Dr. D is the first person that can tell you where to go, um, how to start the conversation, how to start healing and where to go for followups after the conversation.

Um, and so I encourage you. I want to encourage you. This guy has some great stuff coming up. Check out his YouTube show. Check out his podcast. Check out his social media. And I don't say this about everybody, but I definitely, I like real authentic people because I'm real and authentic. I'm flawed.

You're flawed. And so America, check him out, y'all. Check him out. I just had to give my brother some love. Well, thank you. I appreciate that, man. He's killing the game right now. I appreciate flawed. You're flawed. And so, America, check them out, y'all. Check them out. I just had to give my brother some love. Well, thank you. I appreciate that, man. He's killing the game right now. I appreciate it.

Let's go to Sue in Seattle. Sue, how in the world are you doing? Hi, guys. Thank you so much for everything you guys are doing every day. And thank you so much for taking my call. Thank you for calling in. How can we help? So, my story on personal finance is that we have two kids expecting a baby number three next February.

We started our journey, baby step journey, back in August 2019. Became debt free in January 2020. Just finished our 30K emergency funds in July. And started baby step 436 last month okay and we're having an appointment with the SmartVestor Pro on Friday to talk about our investments and whatnot however hold on hold on before you go Sue before you go yes can we pause for a second and just celebrate that you just blew through that you've got a beautiful new baby coming in February. You just reached some major financial and relational milestones.

Can we just clap for you for a second? That's incredible, Sue. Way to go. I know it's so – It's all because of your help. No, no, no, no, no. We put a plan up on a bulletin board somewhere. You're the one that actually grounded out and did the hard work. Now, that's facts.

You are the rock star in this deal. Yeah. And I know when you get in it and you are gazelle intense and you are sprinting through the jungle trying to, you know, through the savannah trying to get safe, it's easy just to go to the next thing and the next thing and the next thing. And I want us to stop for a second and pause and congratulate you. Thank you so much.

Way to go. All right. So now that we've laid the foundation, what's your question? So now that's on a personal side. Now, I am a small business owner. Okay. I turn around and see my $64,000 SBA loan for my business. Okay.

Yeah. So I don't know if we're supposed to apply the same baby step to my small business or whatnot. I'm not sure what I should do about my small business. Well, the key thing here is we want to go ahead and get that, that loan taken care of. All right. What are you generating profit a year with your business right now?

As far as the profit, I mean like the income that I will get from a small business our business is about 140 000 okay about what what is your business profiting because i'm pretty sure that your business has to be art well it may not be is your business profiting anything and keeping it in the savings for their business for your business it? It's close to $300,000. Okay, cool. Close to $300,000. Yes.

I'll go ahead and just cut that. I mean, not cut the check. Do you have any savings right now for your business? I have a little over $10,000. Okay, a little over $10,000. So this is what I'm going to do. I will go on ahead and start paying off that SBA loan. I'm going to attack that ASAP.

Okay. That's the very first thing I'm going to do. I don't have a problem with you keeping that money in the savings account for your business right now because that is important. I do believe that is important. But I would definitely sit down and go on ahead and map out how am I going to attack this loan. And if you're profiting $300,000 in a 12 month timeframe,

this technically means you should be able to knock this out within a matter of three to four months. If you really strategically do this thing correctly. So going into Q1 of next year or going out of Q1 of next year, your company should be debt free. Now, how about, you know,

like I said, I have a 30 K emergency for my personal account i shouldn't apply that towards the business no no no absolutely not because that's your personal all right that's your personal we need your personal life we need we need you all to have a solid foundation i do not want you to rob uh from your personal and put your family at jeopardy for the sake of your business all right your business is producing income. So let's go ahead and leave that over here to the side and go ahead and just sit down and start allocating funds that you're from your,

from what your business is making to go towards paying off that loan. Got it. Thank you so much. You guys. No problem at all. Thank you so much for calling in. Fantastic question, Sue.

Let's go to Jonathan in Atlanta. Jonathan, what's going on, brother? Thank you so much for taking my call. I want to thank you all for being such a good spiritual source of strength for me as men of God. I have gotten a lot out of watching you all. My question's not finance related, but what I'm struggling with is the social skills in the workplace because you have to have good social skills in order to thrive in the workplace. That's true. So tell me what you're struggling with. I'm struggling with a gentleman who has a heart of gold.

I'm a paramedic, work 96 hours a week. I do show up for work early, 30 minutes early. I'm a competent employee, a competent paramedic, and my partner is as well. I'm struggling with, I guess I'm either frustrated with him or it seems like he is, I guess the term would be upstaging me while I'm doing my patient assessments and constantly interrupting me. It feels like he's mad-dogging me, if you are familiar with that term. And I can't control his actions, but I can control mine. I can control my mindset.

And I'm just looking for a way to, I've already explained it to him that he can't do that it's how'd that conversation go how'd that conversation go it was it was fine and he said he would stop do it doing it but you know last night it did he did not stop so I don't know how I'm not going to escalate it because we're men. We should handle it between each other. I respect that. So let me give you a couple of thoughts here, Jonathan. One is EMS is hard work. And when I say hard work, not in the brick and mortar sense, even though it is, but it's hard in the trauma sense, right? Y'all see some stuff that people aren't supposed to see. You guys experience things that most people would never in a million years imagine

you guys see. I've been on the side of the road with y'all. I've been in homes with you guys. Y'all are the heroes in the darkest hours of the night. And people respond to trauma in different ways. And sometimes folks respond to trauma by puffing their chest out and trying to breathe deeply and trying to show how big and tough they are in a scary moment so it may be that your partner isn't as much of a jerk as much as he's struggling and if he if you had a conversation with him number one i want to high five you for not throwing a temper tantrum on the side of the road but you were able to have a conversation with him he heard you he respected you so i want you to follow up with him again and I want you to say, we're going to come up

with a code, with a word, that when I hear you mad-dogging me, I'm going to say hey brother, and then he's going to catch himself. And he's going to have to learn new ways to respond to trauma too. I love your heart, man, and I appreciate you trying to do it respectfully and also in a way that retains your character

and his dignity. That's awesome. This has been The Dave Ramsey Show. This is James Childs, producer of The Dave Ramsey Show. On your smart speaker, you can add our skill by saying, Alexa, open the Ramsey Network skill. From there, you can listen to all by saying, Alexa, open the Ramsey network skill. From there, you can listen to all our shows. Ask Dave money questions like, how do I invest my money? Or what is the debt snowball? Find out more at Dave Ramsey.com slash smart speaker.