The Ramsey Show - App - My Mother-in-Law Gossips About Me (Hour 3)

Episode Date: July 29, 2021

Debt, Relationships, Budgeting, Business Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/3rZTUAx Tools to get you started:  Debt Calculator: https://bit.ly/2Q64HME Insurance Coverage Checkup: https://bit.ly/3sXwUn5 Complete Guide to Budgeting: https://bit.ly/3utmVXi Check out more Ramsey Network podcasts: https://bit.ly/3fHhbVE

Thank you. 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, Dr. John Deloney. Ramsey Personality is my co-host today as we talk about your life and your money. It's a free call at 888-825-5225.

That's 888-825-5225. Keisha is in Wichita, Kansas. Hi, Keisha. How are you? I'm good. How are you? Better than I deserve. How can John and I help?

Well, honestly, I'm not sure that I'm asking the right question, but I'm struggling with feeling like if I approach my mother-in-law, I disrespect my husband because my mother-in-law talks negatively about me to family and friends when she is upset. And honestly, I'm not sure why. It started shortly after we became married. We've been married almost six years, have two great children. And it's just kind of getting worse. I know I can't control other people, but I want to support and respect my husband in every which way because he leads a wonderful family. Give me an example.

When she gets upset, give me an example of that. So the most recent was she was in a disagreement with her other son, and she then called him disrespectful and isn't sure where he learned that and said that I must be rubbing off on him as well. So did he immediately tell his mom, do not disrespect my wife? No, that was her son, her brother-in-law. That was my brother-in-law. But he shared that with my husband, and yes, my husband immediately talked to her and said, don't ever do this again.

Oh, good. Good for him. But this is, it's not the first time, and I know it's not going to be the last time. So what's her reaction when her son calls her on the carpet, your husband, and says, hey, mom, you can't talk about my wife like that. Come on. What's your problem? Stop it. What did she say?

Right. There's no apologies. There's blaming of either him or I. She's never wrong with it. Okay. So there's really two choices you got. Um, right.

Choice number one is let your husband know, Hey, I'm feeling this burning in my soul. I want to sit down with her and just ask. I'd love to make peace with the grandparents of my kid, the grandmother of my kids. Right. You'd have to understand and you make peace with the fact that peace may never come

and at the end of the day you've got to unhitch yourself from this woman who's just choosing to bring poison into your life and i know that sounds trite and silly and how am i supposed to do that at the end of the day you're gonna have to make a decision that old lady can just say whatever and I know that sounds trite and silly, and how am I supposed to do that? At the end of the day, you're going to have to make a decision. That old lady can just say whatever she's going to say, but I'm going to love my kids. I'm a good wife.

I'm a good friend. I'm a good neighbor. I got a great husband, and I'm going to go about my life. I'm not going to let her dictate my world. Right. I'm personally a fan of face-to-face conversations, but I've had to make peace over the years with the fact that some people, A, don't want to have them with me,

or B, they have no interest in any sort of reconciliation because, like you said, they're narcissists. They're never wrong. Yeah, they're never wrong. But I always want to know. I went down swinging on that one. Yeah, you gave it every shot. So it might be that you and your husband

and your father-in-law and mother-in-law go to dinner one night, you all by, and just say, you know, I'm not trying to correct you at all. I just want to tell you that we love you, we respect you, and I don't want anything but good things between us. And I won't be ever saying anything bad about you behind your back, ever. Right. You can count on about you behind your back, ever. Right. You can count on me to take your back. I'll always take your side behind your back. And if I ever have any issue with you, either your son or I will discuss it with you. We will not discuss it with other people.

And we just want you to know that we love you and respect you. And, gosh, if you could do that for us, that would be the greatest gift in the world. But even if you don't, we love you, we respect you, and you're the grandparents of our kids. And it just shames the crud out of her. It's the old Bible verse about heaping coals, right? If you can't have it in person, you can write her a letter. Just tell her, I'm glad you're the grandmother of my kids. I love you, and I want you to know I respect you. you and um like i love they i hope that you'll do the same

for me yeah if you ever have any challenge with me please give me a shout but here's the thing some people make a decision to be test pilot for a broom factory and and this woman is she's like a second degree lieutenant test pilot for the broom factory. That's what she is. And so if she just decides I'm going to be a biatch the rest of my life and you're attached to her through her son, you just have that attachment and you just go, that's the crazy one over there in the corner. Look at her. Check out the pointed hat.

You know, I mean, so that's just, you know, you just have to kind of put that in your head and kind of grin and go on because every family's got some, right? Right. That is very true. It's hard, but that's where you said it. You said it early in the conversation. You said it, Keisha. You said, I can't control her.

So, I mean, you've intellectually got that part, but the problem is the next trip is to emotionally get that part where you go i can't control it because here's what you're trying to do you're trying to figure out what it is you're doing and you're not doing anything you're not doing anything there's something way back in her childhood that just is in her interaction with her husband or something i don't know somewhere along the line hurting people hurt people and usually these situations are real frustrating for me because we got a husband who won't step up to his mom. And that's not the case here. You got a man.

You got a great husband. I love your husband. It's awesome. Well, I do too. Yeah. Good. He's, you know, because usually I get this call and I'm dealing with a wuss. Or a husband who won't stand up to his little mommy.

Right. You know, and this guy's a stud. And he wasn't mean to her. He just called her out. Yeah. But in her world, anybody in her little narcissistic world, anybody who calls her out is called mean. You're just saying mean. So here's the messy part of this.

You have a fantasy in your head about Christmas and Thanksgiving that has these perfect grandparents that welcome your kids, and they run out of the car, and they hug you, and you can call her about challenges with your kids. This doesn't exist. You're just going to have the Halloween character show up for Thanksgiving. You've got to let the fantasy fantasy go and i hate that for you but it's most families it's most families it is but i we all have the fantasy and it's in

often it's like freaking leave it to beaver did this to this culture we all think june cleaver's out there somewhere and she's i don't know where she went I think she died about a generation ago. But we've got the little white picket fence and the little functional family. Most families put the fun in dysfunction. I'm just saying. This is The Ramsey Show. You know, I heard a sad and touching story recently. Zander Insurance has set up a scholarship for children whose parents died without life insurance. Last year, they gave away over $165,000 to help kids avoid debt and go to college to pursue their dreams. It's touching, but also sad since it's a situation that occurs all over the country

and can be avoided in so many cases. This is the reason why I talk about Zander and term life insurance every day. It's not expensive or complicated, and it's gotten even easier with many companies no longer requiring medical exams. Zander shops and compares all the top term life plans and stays with you the whole time to make sure your family is taken care of. That's why I've used and recommended them for over 20 years. Go to zander.com or call 800-356-428 it's unbelievable i don't know how kelly and james sleep at night man those two are ruthless it's uh they are ruth yeah just getting an argument with a phd in psychology it's it's not healthy open phones at triple eight eight

two five five two two five that's true they're both crying triple eight eight two five five two two five y'all jump in we'll talk if you're struggling to keep up with payments uh you know 888-825-225. They're both crying. 888-825-225. Y'all jump in. We'll talk. If you're struggling to keep up with payments, you know what it's like to be scared? I do. It's not easy. And you don't have to live like this.

When you pay off your debt and you do it quickly, you never have to have that kind of stress in your life again. And you can do this. Here's where you start. Financial Peace University. Millions of families have taken this class and learned how to pay off debt, take control of their money, and you can stream all nine lessons right now. You can get some extra support by going through the class with others, and the only way to get Financial Peace University is through Ramsey Plus.

You can get a free trial to the membership of Ramsey Plus by texting TRIAL to 33789. Don't be held back. Put an end to the worry, end to the stress. Financial Peace University, a free trial at Ramsey Plus. Text TRIAL to 33789. Ishmael is with us in Denver, Colorado. Hi, Ishmael. What's up? Yes, sir. I have a trucking company.

Owned it for about three years and just been recently listening to you guys and learning the new ropes of how to manage my money. I have about, in the business, I have about $32,000 in debt. And then personally, I've got about $21,000 in student loans. And I just wanted to know how would be the best way to budget for the business and then also try to get out of my hole that I've digged myself. So I'm guessing that you own the truck and you drive the truck and that's your trucking company. Yes, sir. Yes. There's not other trucks involved or other drivers

involved. It's you and one truck, right? Hello? Uh-oh. He didn't like your answer, Dave. We just lost him. No, I think we just lost him. I didn't do anything offensive yet. I hadn't had him on the line long enough to be offensive. But, yeah, I was just getting there. Yeah. Okay.

So we'll come back to that. See if we can get him back up in a second. Open phones at 888-825-5225. John is in Atlanta. Hi, John. How are you? Hello. Good evening, Dave and John. How are you? Hello. Good evening, Dave and John. Question for you.

Sure. So, I have... I'm sorry, go ahead. Go ahead. No, that's great. Okay. So, I have beneficiary set on my retirement account as well as on my term life insurance outside of work, and then my life insurance at work,

and then the supplemental life insurance i have at work as well so i'm trying to understand like when and why do i need a will um in case i well when i die basically you're single yes single okay well i think your will is going to be very simple and very clean but i have one. My guess is you have a car, don't you? Yes, I have a car, a mortgage, and emergency fund money as well. Okay. So getting possession of that bank account, that car title, and getting that house sold is going to be 20 times easier with a will for whoever's left with this job to do than it will be without a will.

Because they're going to have to go into court and get permission on every stinking little thing in probate court if you don't have a will. So your will says, I name so-and-so. How old are you? 30, well, I'll be 37 pretty soon. And you're single. Who would be the executor of your estate? Who would be in charge of handling your estate?

I guess it would be one of my parents. Yeah. I haven't decided who yet, but one of my parents. Well, let's just, for purposes of discussion, we'll call it your dad, okay? Let's call it your mom. Your mom is going to be the executor of the estate. An executor, the word executor means execute. They're an executor.

They execute what the will says it's all they do and so if they have a will she hires an attorney a few hundred dollars they go to probate court get the will approved and then the judge will give the executor full powers to sell the house sell the car sign the title for the car sign the title to the house clean sell the car, sign the title for the car, sign the title to the house, clean out the bank account, and use it for the good of the people in the will. Now, the executor's job is to do what you said to do in the will. You're going to say sell everything and give the money to whoever, and that's what the will is going to say.

But, yes, you definitely need a will. Okay. Go to mamabearleg bear legal forms.com they're inexpensive to do online you can do it very quickly very easily um they've got some worksheets and stuff that'll help you get just you know you got to have an executor appointed and then you've got to decide who your heirs are and the the the more prep you do before dying, the easier it is on everyone that's left behind. And so this is a gift to people that you love, is the way you look at a will, the way you look at life insurance, the way you look at naming the beneficiaries. You're obviously a very diligent person anyway, so you're just missing this one thing.

But, John, my estate plan is very complicated because there's a bunch of crap in it. And so making sure that everybody knows where they stand, what the part is, what to expect, what not to expect, those kinds of things in my estate plan is a gift of mine to the relationships of the people that are left behind because people fight more over what somebody meant to do that they didn't say out loud in a will and didn't have documented properly than they do anything else just about in families and when you're grieving you hear things differently you imagine things differently i know so many folks who've already spent money of estates that they're not even good right everything comes to a head i love the way you said that it's a gift just think of So many folks who have already spent money of estates that they're not even going to write. Everything comes to a head. I love the way you said that.

It's a gift. Just think of the people that you love grieving your loss, and you want to provide them with the smoothest avenue towards cleaning this mess up. Yeah. I mean, the antithesis of it is snarky, but if you want to leave your family all fighting with each other and you think that'd be fun, that's like the ultimate existential practical joke. You want to just leave this bunch of jerks all being jerks to each other forever? Leave a very complicated estate with mixed up directions and not much of a will, and they will go into hyper mode. The statement that a buddy gave to me one time, we were just all hanging out, and they said, talking about their wills,

and I said, I don't have one. And my buddy John said, the only reason to not have a will is if you hate your wife and kids. Yeah. And I remember thinking, oh, okay, right? If you want the state of Texas or the state of Tennessee or the state of Nebraska

taking care of your family, don't have a will. They'll do a great job because they do a great job taking care of everything else. Yeah, I mean,'ll do a great job because they do a great job taking care of everything else yeah i mean you've been in that dmv line lately yeah yeah they'll just they'll be great for your weeping family looking for uh groceries so yeah man and if you're in his situation it's a gift to your mom it's a gift to your dad it's a gift to your loved ones it's a gift to your nieces or nephews whoever the beneficiaries are going to be

of your of your estate um And it doesn't take long. Less of it goes to the lawyers. Less of it goes to the state. Less time is consumed executing your wishes when they are clearly laid out in a will. And it's just an absolutely vital thing. I will say this. There is not an excuse to be an adult in the United States and not have a will, period. It's gotten too cheap.

You can do it online. You can go to a local will. Period. It's gotten too cheap. You can do it online. You can go to a local attorney's office. It's just too easy to do. It's inexcusable to not have it. Period. Our sponsor, Mama Bear Legal Forms, they make it very easy. They did mine. I wanted to see what it was like, and I got a simple will. Just get it done. And here's the thing. Wills need to be state

specific. Yes. Which means the state that you are currently residing, those laws will apply to your estate. Nothing else. So I don't care where you used to live. I don't care where you grew up. I don't care where your property is. The laws in the state you reside in when you die will apply to your estate. And so if you have moved states, your will may be invalid.

And if you've had a major family upheaval, you've gone through a divorce or the loss of a loved one or something, you may need to redo your will. When we moved here, we redid ours, right? Yeah, you should because you're not in Texas anymore and Texas law is considerably different than Tennessee. So there you go. Get it done. In the lobby of Ramsey Solutions on the Dead Free Stage, Zachary and Tracy are with us. Hey guys, how are you? We're doing great, Dave. How are you all doing? Blessed, blessed.

Blessed. Life is good, man. Good to have you guys. Where do you live? We're from Los Angeles, California. Awesome. And all the way to Nashville to do a scream. Yes, sir. How much have you paid off? We paid off $150,000. Whoa! And how long did this take? 44 months. 44? Yes. All right, cool. Whoa! And how long did this take? 44 months.

44? Yes. All right, cool. Just under four years. And your range of income during that 44 months? $78,000 to $150,000. Whoa, double it. There you go.

Game on. What do you guys do for a living? Oh, I'm a manager at a worldwide media company. And I work from home. I'm a stay-at-home dad, and I run an online company. Hope you're doing voiceovers. Used to be in radio in Hawaii, actually. Ah, you got the pipes for it, for sure.

Thank you. Well done. Good for you guys. Excellent. What kind of debt was the $150,000? Well, $100,000 of that was student loans between the two of us, and then the rest was credit card and miscellaneous. Okay.

So you're just kind of normal? Yep. Just been gathering up. How long have you all been married? We've been married for over seven years now, but together for a total of 17. Okay. So what happened 44 months ago that broke this loose? Back in 2016, I lost my job at a company I was at for 10 years.

I started there with 15 people, and then we grew it to about 1,000 plus. And it was basically bought out. They attempted to get rid of me, and that discouraged me going back to any corporate job. I was a repossession manager for an auto title loan company. Oh. So I used to be the bad guy. So it was a blessing in disguise that I was fired. And so after that had happened, I had done Uber and Lyft and Amazon deliveries.

And eventually that led us to starting our own e-commerce business. And that plugged us into a lot of online groups and communities of people who are like us, small business owners. And I noticed that every time somebody would ask a question about personal finance, your name would pop up. And I had no idea who you were. I'd never heard of you before. Finally, one day I decided to look you up online and it happens to be during one of your live shows. I saw a couple do their debt-free scream. And after that, I was hooked. I started listening to your show regularly, read the Total Money Makeover, put together a budget. But I knew that none of that would happen unless we were both on the same page. So I told him about Financial

Peace University. And he agreed to take the class with me. And at the time, we found out that we were pregnant. So we were very excited at becoming first time parents. And it gave us even more motivation to want to get out of debt. But while we were doing FPU, unfortunately, that first pregnancy ended in a miscarriage. And so that was one of the hardest things that we went through on this journey. Because I lost all motivation. I didn't want to talk to anybody didn't want to see anybody. And it took time to heal, but we got through it. We graduated from Financial Peace University, and Zach was 100% on board, and we both started attacking our debt together. Way to go, you guys.

That's awesome. You fought through a lot. Yes, we did. Job loss and miscarriage and everything. Wow. That's a lot to fight through, a lot of adversity in that 44 months. You kept going and kept going and kept going. If you scratch your way through all that, you're going to make it. That's a lot to fight through. A lot of adversity in that 44 months. You kept going and kept going and kept going. You scratch your way through all that, you're going to make it.

That's pretty cool. And you brought your little daughter with you. What's her name? Our rainbow baby, Bella Gloriana. Bella for beautiful, right? Yes. She's ready to see mom. She's ready to see mom. It's okay, baby.

I love it. It is beautiful. She's ready to see mom. It's okay, baby. I love it. Way to go. What do you tell people the key to getting out of debt is? Well, because we're a married couple, definitely being on the same page. None of this would have happened if we didn't share the same goals and the same dreams of wanting to change our family tree and to build a better future for our family. And for me, it's budgeting. I run online e-commerce. So it's a lot of purchasing, selling, whatnot.

And communication has brought us closer together, even though we were married for seven years and together for 17. We never talked about money until just a few years ago. And another key for us is giving generously. Before, we would only give like a dollar here, a couple dollars there because we were scared that we weren't going to have enough money. But when we started the baby steps, we started tithing regularly to our church. And that became the top line of our budget. And every time an opportunity came up for us to give, then we would. And we realized that by being generous and giving and putting kindness out

into the world, God has blessed us in so many ways. So we're very grateful for all of that. That's fun. Way to go. What's the name of your church? St. Charles Borromeo Catholic Church in North Hollywood. Cool. And where did you go to Financial Peace university shepherd of the hill and um porter ranch yeah yeah very good you guys well i'm proud of you thank you who are your biggest cheerleaders i i have a friend that i speak with daily uh he he runs an e-commerce business as well uh his name is jeff hey jeff and um we actually we we kept to ourselves mostly because we knew that a lot of our friends and family wouldn't understand what we were going through.

You know, we were all conditioned to believe that debt is normal, that student loan debt is good debt, and that it's necessary to have a good credit score. And we hope that our friends and family that are seeing this today will realize all the sacrifices that we made and why we had to say no to them so many times and that they realize um sorry um and that they realize that no debt is good debt and that um real wealth true wealth doesn't come from a high credit score amen way to Way to go, you guys. I'm so excited for y'all, man. Thank you. So cool, dude. Yeah. Just watching you two.

Love that little baby girl. It's so cool. And she's not going to experience any of this stuff. She'll go through her life's hardships, but she's not going to have this roadblock in front of her. Right. Congratulations, guys. Thank you.

Well done. We got a copy of The Legacy Journey for you. That's the next chapter in your story for sure is that changed legacy. Way to go. And a copy of The Total Money Makeover. And you can, of course, give that to somebody and pay it forward and get things moving. So proud of you guys. Well done.

Thank you. Zachary, Tracy, and Bella. Beautiful Bella. Los Angeles, $150,000 paid off in 44 months, making $78,000 to $150,000. Count it down. Ready? Let's hear a debt-free scream. Three, two, one.

We're debt-free! Woo! Woo-hoo-hoo-hoo! So cool, man. That's fabulous. I think little Bella was a little scared. I don't know. I think she's heard her parents yell like that before. That's fabulous. I think little Bella was a little scared. I don't know.

I think she's heard her parents yell like that before. It's all good. That's so cool, man. That's so fun. What a great celebration. Very, very, very well done. Open phones at 888-825-5225. Griffin on Twitter says, John, how do I find a balance between being a workaholic and being on Dave's program during and after FPU?

It's so hard. I think you've got to have a mission. You've got to have a destination and a deadline, and you've got to do the math, and you've got to work really hard. That's gazelle intensity, right? Working a lot of hours does not mean you're a workaholic. No. That means you're in a season. That's a hyperbole bunch of drama that's exactly what that is the definition of a workaholic is someone who's an addict to work who's trying to achieve for their self-esteem right and it goes on for years and years and years yeah and this is not someone trying to earn their way trying to hit

a goal that's right someone working to hit a goal in a healthy manner and putting in a whole ton of hours for a short period of time we're living like no one else so later they can live like no one else working like no one else or later than work like no one else is not by definition a workaholic that's what somebody calls their friend when they used to hang out and now all of a sudden they're working really hard so they can get out of debt and you say you're just a workaholic he's we should talk to him yeah no he's got a goal in mind he's laser focused on something well i mean uh i think the word is just misused yeah a lot and sometimes it's done facetiously and sometimes it's just people who have a bad definition of it

my wife has said in the past she goes you know back during those times you were kind of a workaholic and i really wasn't i've never in my life drawn well i'd say maybe in my early 20s i did but other than that i have not drawn my self-esteem from my work or my accomplishments see i have i've had seasons where i was on call 24 7 and then joined the police force and then was working and then you're not working for a goal then you're working trying to fill an empty hole that's exactly right in that hole no matter how much money you make how much you canolades, you cannot fill it. You cannot fill it up.

That's a workaholic. That's a workaholic. That's a holic something. That's right. Something a holic. That's right. When you're throwing stuff in that hole, that's what you're doing. But just simply working hard while you're in Financial Peace University, working three jobs,

and get out of debt so that you never have to again, that is not the definition of workaholic. It's called a champion. Go get it, brother. Yeah, that's it. This is The Ramsey Show. Our scripture of the day, Romans 116, For I am not ashamed of the gospel, because it is the power of God that brings salvation to everyone who believes. General George Patton said,

Better to fight for something than live for nothing. Ishmael is with us in Denver. We got him back talking about his trucking company, if I remember you. So, Ishmael, I was asking you before we lost you, you have one truck and you drive it or you have a whole staff or what? No, sir. I drive it. I basically dispatch my own loads.

Yeah, your trucking company is you in a rig yes sir okay that's what i want to make sure i understood what i was talking about okay so the budget for your business is you're already doing one we're just going to formalize it and make it more accurate because you're forgetting some things. You already do one in your head because that's why you take a, you know, you're dispatching your own loads. So you take a load and you know it's going to cost you X number of dollars in fuel and some maintenance to get that load to its destination, right? Yep.

And you take that load and you know about how many loads you're probably going to get in a month because how long you've been doing this uh for a little for a little over three years okay all right so you know pretty clearly then, you know, in a given month, typically in an August, you're going to make so many loads and your gross revenue is going to be X. You probably could tell me pretty close to what August is going to look like if I asked, right? Yeah, bare minimum, I'd say like about $20,000 maybe. Yeah, top line before expenses. And that's the bare minimum.

But more than likely, you think you'll make how much? Really? What's your real? Not way over, but not way under. Yeah, I would say about $25,000. That's what I was thinking. Yeah. Okay, good. And if you made $25,000, That's what I was thinking. Okay, good.

And if you made $25,000, you could probably tell me what your expenses would be. Fuel, for one, would be fairly easy to calculate, right? Yeah, my fuel runs about $1,500 a week. If you do $25,000 worth of loads, you're going to have fuel of $6,000. Is that all? Close to that, I would say. Well, it's been a little bit more. Lately, it's been right on the rise.

Okay. What we're doing is we're doing August budget. You're following me? Correct. I got $25,000 at the top. I'm going to spend, I think, $7,400 on fuel because it's on the rise, and we're going to do four weeks' worth of $1,500 plus a little bit on the rise, and we've got a pretty good month going here at $25,000. It's not a bare-bones month.

And then what kind of repairs would you have in your typical month? um i'd say about um anywhere from like 15 to 2000 maybe all right let's call it 2000 we got 7 000 in fuel that's nine what are we going to run our uh our food cost at while you're on the road you see what i'm doing here i'm just laying it all out i want you to just put this on a piece of paper you can do it with a blank yellow pad if you want yeah okay that's a budget that's a budget you're predicting your revenues and you're predicting your expenses thereby you're predicting your profits before the month begins and when it comes to your debts that you have you're going to put them in order smallest to largest and you're going to begin knocking them out one by one by one yep exactly in that order and there's not a business debt because

you signed personally for it so it's all your debt you got 32 000 on the business but you signed that personally you got 21 000 on personal but you signed that personally so you know you've got uh what 53 000 worth of debt you got a clear here and you can do that because you're probably making yeah you're probably making close to 100 a year profit aren't you um yeah close to about uh last year i think we're about 75 okay yeah we were after expenses that's not that sounds low but um but you go back and run it again i mean you got your actual taxable income you could look at your tax return and tell that but yeah so if you got 75 and are you sleeping in the rig uh no no um um sometimes i'm over the road but most of the time it's mostly local so

uh my rent's about 680 okay so now we're starting to run your personal budget, what you're going to do with your $75 or your $85, and then how much of that we're going to be able to apply to this $53,000 in debt. So I'm going to predict that you're going to be out of debt in under two years. Okay. And if you get an ice chest and go to a grocery store and make your lunches and your breakfast, you can get out even faster. Yeah, because this is, I mean, $25,000 a year for two years out of 75 would be 50.

Okay. And that'd be, you'd be debt free in two years. And I think you can do it faster than that because really you ain't got anything to do but work and get out of debt. That's right. That's all you got to do for the next 18 months. I think you can get there but you just need to get real business like about your uh trucking budget which creates your profit and then get real business like on that profit and what we're going to do with it you need to set 25 of it aside for taxes when you figure out what your profit is

because you're supposed to be paying quarterly estimates on your profits and if you don't you're going to get a problem so uh that that's the process and uh you know you just gotta get out stay up with your taxes and then you you know pay your rent pay your light bill but pay your food bill and get out of debt and this is what we're going to do it's all going to be just written down ahead of time on paper on purpose before the month begins dave do you recommend somebody pull out depreciation on something like that nope okay no uh what i would do is i would set aside repair money okay on a truck if you don't spend it because you. Because you may not have an expense on a repair this month, but you will within some period of time. So just say that. So on average, if we drive that many miles in a truck, you're going to have X number of dollars in a year of repairs.

Tires and brakes. Divided by 12. Okay. And I'd be setting that aside monthly so that when that repair comes up, you've already put the money aside for it, in a sense, in a truck repair envelope, in a sense. Okay. So you're setting that aside all the time because typically you're not going to have an even repair budget month to month to month to month. Even on your personal cars, you don't. Yeah.

So, yeah, that's a good way to do it. All right. Pregatti is with us in Jacksonville, Florida. Did I say that right, Pregatti? It's Pregatti. How are you doing? I knew I was going to mess it up. I'm great.regatti? It's Pregatti. How are you doing? I knew I was going to mess it up. I'm great. I'm sorry I messed up your name. How can I help? So, yeah, I'm a college student.

I've been working, doing an engineering internship since January. So I have some safe money, and I'm going back to school in three weeks. So I owe about $10,000, but I probably won't need it until I graduate, which is in December of 22. I was wondering if I should invest it, should I split it up and invest 50% and put some in savings, or what should I do with it? I'd leave it all in savings and not touch a dime of it and pay cash for everything until you get out of school. This is your insurance policy that you graduate and graduate with no debt.

Okay. Because the chances of a tire blowing, of you getting a job interview, but you've got to fly yourself there on a week's notice. These expenses are going to pop up in your last year. Keep that money in account. Don't spend it, and you will be set up to win. We're spending it on you and you completing this education and you transitioning into the new job. That is a better investment than an investment.

I see. Do you suggest, I still have about $6,000 in my savings account. Do you suggest, should I put maybe 30% to 40% of that $10,000 into high-yield savings for a little bit? High-yield savings is an oxymoron. There is no high-yield savings. High-yield savings is one and a quarter instead of 0.75. And you lock your money up. It doesn't matter. Yeah. You're not going to make enough on it to matter. If you made 20% on $10,000, it's $2,000. That does not change your life. What changes

your life is you completing your education and you going and getting the new job. That's worth a lot of money. And then in a year, if you get there and you've got the car, you've got the clothes that you need for this new job, you're ready to rock and roll, and you still have $16,000 in the bank, then you get into investing. Yep.

Good for you, though. You're crushing it. Way to go. You're doing great. So proud of you. Very, very well done. John Goodhour, Dr. John Deloney. Check him out on the Dr. John Deloney Show,

our very popular podcast from Ramsey Networks. James Childs is our producer. Kelly Daniel is our associate producer and phone screener. I'm Dave Ramsey, your host. 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 Ramsey Show.

You can listen to all our shows with the Ramsey Network app on your smartphone. Browse by topic or even send clips to your friends. Download the Ramsey Network app on your smartphone. Browse by topic or even sing clips to your friends. Download the Ramsey Network app in your favorite app store today.