The Ramsey Show - App - My Mother Is in a Losing Battle With Math! (Hour 3)

Episode Date: April 6, 2021

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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. This is the Ramsey Show. Ken Coleman, Ramsey personality, host of the Ken Coleman Show, which is a show all about your career, your jobs, and doing the work that you love, is my co-host today. So we'll take calls about your money, your life, your job, your careers.

We're here. The phone number is 888-825-5225. So, guys, over the last 13 or 14 months even pre-pandemic we have been planning the largest tech project that this company has ever worked on and we want to make sure that we can be there to help you guys to serve you guys with the website with with technology, platforms, and so forth. And we're always looking at ways to do that. And why we do this is we take all our possible resources, we point them at making you guys get better.

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Robert is in Baton Rouge. Hey, Robert, welcome to the Ramsey Show. How can we help? Hello, gentlemen. Thank you for having me on. Sure. What's up? My wife and I are 2010 FPU graduates. We're living the dream. Thank you, by the way. Awesome. I am currently suffering from a severe case of powdered butt syndrome. My mother is 73. She's on a fixed income, and she's in a losing battle with math.

I've given her your book. I've told her the baby steps, and I am failing miserably. I was actually on your website. I like it. I like it a lot. I was looking at Ramsey Plus, and I just want to know if I put her in front of that and click go, can it help her? That's my question. Well, it can help anyone who wants help. So my question is, does she want help, or do you want her to have help?

Well, I mean, she's given me signs that they're, to me, a cry for help. You know what I mean? There's always been, we lost my father in 2019. They've always been very close with their, thank you, they've always been very close about their financial situation, but, you know, she's approached me in tears. She's made some very poor financial decisions. So is a lot of her hesitation just shame? Possibly.

Very possibly. It was for me when I did stupid stuff by the way my biggest thing was I just felt stupid I felt ashamed I didn't want to tell anybody how stupid I was I just wish she had gotten some advice before doing yeah but she's there now

and she just feels bad right and your dad's con you know and so I mean she's not even got anybody left to blame it on she gotta blame it on herself now she's stuck yeah we can help her i think she's more ready than than the than that then she's able to verbalize and we'll give it to her we always take care of widows we're christians and so uh you know she's got Ramsey Plus for a year on us. Thank you, Dave. And that'll put her into Financial Peace University. Does she use a smartphone? She has a smartphone and I actually bought her

a computer. Does she use a smartphone? Yes, sir. Okay. So, you know, you help her download the EveryDollar app, and let's get the budget system going online. You know, there's lots of 73-year-olds doing this stuff, and it'll give her a sense of peace to the extent she has a sense of control. I don't hear this woman being obstinate. I hear her being scared and ashamed. And I think that you've acknowledged that it's a cry for help. Acknowledge it with her and say, Mom, I'm going to walk through this with you. It's still scary. Talk about the times that

you did some stupid stuff, Robert. So she doesn't feel alone in it. And hold on. Kelly will pick up. We'll get her signed up as our gift. People all over the country are discovering a faith-based and budget-friendly way of meeting health care costs through Christian Health Care Ministries. Christian Health Care Ministries, or CHM, is a nonprofit organization that helps members carry one another's burdens with healthcare expenses, and they have successfully shared each other's medical bills for nearly 40 years. See if CHM is right for you by visiting chministries.org. CHM is a proud sponsor

of Dave Ramsey Live Events. Ken Coleman Ramsey personality is my co-host today. Open phones here at 888-825-5225 as we talk about your careers, your jobs, your money, and your life. Shane is with us in Cincinnati. Hi, Shane. How are you? Hi, I'm good. How are you? Better than I deserve. How can we help? Well, I'm 22 and recently married, and my wife and I are on baby step number two. And we're wondering if we should use the money that we have saved to buy a rental property, to beef up our annual income and attack the debt then,

or to use the money that we have saved now and just go all in right now. How much money do you have saved, Shane? About $16,000. Okay. going on in right now how much money do you have saved shane um about 16 000 okay no under no circumstances you want to know why yes put 15 000 on a rental property you're not going to make any money by the time you pay the payment after the rent you have expenses you're going to lose money every month you don't have enough equity in the property to actually freak and create a cash flow it's an illusion dude you need to stay away from get rich quick channels on youtube okay so let me tell you what let me tell you what happened to me okay i graduated from college at 22 years old with a degree in real estate and i worked for a real estate company for a little

while and i started buying and selling real estate all borrowed money with almost no money down like you have almost no money i was broke when i started and with all borrowed money i bought properties like crazy and by the time i was 26 i had four million dollars worth with a little over a million dollar net worth and i was making two hundred thousand dollars a year doing flips and then rentals i grew a portfolio but i had almost no money and a lot of real estate the bank got sold to another bank and i spent the next two and a half years of my life losing everything i owned because i did with extra zeros on the end what you're talking about doing uh and now i own hundreds of millions of dollars of real estate you know 30 years after going bankrupt uh and i

paid cash for every bit of it with wealth that I built, and it has made me even wealthier. Real estate is something to make you wealthier. It is not something to put $15,000 down and make a monthly income on. You're going to make a huge mistake if you keep going down that path. There is no shortcut in this process. Okay. Does that make sense to you at all? Yes. Yes. Yeah. you let me tell you something

else you said you're married yes your wife thought this was a dumb idea didn't she um actually she's the one that thought of it okay i'm sorry i threw her under the bus all right i'm a little shocked okay well here's the thing here's what happens in our culture um and it happened to me um and the way we grow up and see if this sounds right to you we all if you grow up without money which i grew up without money and i'm kind of thinking you did, Shane. Okay? Okay.

We're looking at these people with money, and they all seem to have real estate. And so we think then the connection that we make in our brains, because we don't know any better, because we didn't grow up around wealth, is that real estate is what made them wealthy. And actually, the data that we have on millionaires says that very few people become millionaires with real estate. Now, here's what they do. They do buy a lot of real estate as they become wealthy, and it makes them wealthier. But very few people start from broke doing real estate deals become wealthy and retain the wealth because they're usually have so much debt that there's actually no cash flow lots of risk and one little hiccup one little covet gets loose and um you know and you get all kinds of problems, and you'll end up in a worse situation.

And so there's quite a movement happening among people your age, Shane, that says real estate is the way to get rich. Starting your own business is the way to get rich. When in reality, you can start your own business if you want. You spend a few dollars and make a bunch of dollars if you want with a lot of hustle. But real estate, usually you should buy later on in your wealth building process, and it accelerates the wealth you've already built. But very, very few people statistically become wealthy from nothing, starting with and only using real estate to do it.

Does that make sense ken it makes total sense shane here's the deal uh young married couple i would be working a lot more extra hours you want more income get a better job or work another job and that increased income gets you through baby step two faster you move into baby step three and now all of a sudden you get to a point if you walk the baby steps out you guys could be there and you could be saving up money then buy your first house you could have your house paid for and buy your first rental by the time you're 30 in cash if you just start walking these baby steps and working your way out hold on i'm going to send you a copy of the book the total money makeover and show you what we're talking about

you read it and then you decide for yourself chris is in new york city, Chris. How can Ken and I help? Hi, Dave. Thanks for taking my call. Always appreciate it. I've been a long-time watcher of yours. Thank you. I've been watching you since I've been about 17, 18. But my question is, how do I set myself up for a better future? Currently, I'm a college dropout.

I work part-time jobs. I make under 30,000 a year. Uh, and coming up soon, I have to help out with rent because, uh, my family's finances aren't really the best. Um, basically the only breadwinner. How old are you? Um, I'm 20. Okay.

And you're the only breadwinner. Like you live with your mom and dad, you're going to be supporting them and you're the only breadwinner. Like, you live with your mom and dad. You're going to be supporting them in your 20? I live with my mom and my grandmother. My mom is currently on disability. She hasn't worked for the past couple of years, and I'm the only one that works. All right. Ken?

Yeah, so a couple things here. what do you want for your future because i understand the short term you gotta you gotta make more money to help mom and grandma out with the what are you gonna be doing when you're 30 living with mom and grandma that's not your vision no my my vision is to you know get out of the house um i i very late while I was going through school what my actual career path, what I want to do. Which is what? I learned that I want to be a pilot. I look through all the steps, look through everything that I have to do. Great. But financially, I would, you know, be looking at, you know, $80,000 in loans and that number just kind of scares me. Well, no, it's not $80,000 in loans. I will tell you kind of scares me. Well, no, it's not $80,000 in loans.

I will tell you it is very expensive, no question about it, to get that license. But there are a couple ways to go about that. And I think for you, you want to be flying. And I think there are multiple ways to do that. And so you've got to look at, do I need to do this type of training to get in there, or can I work my way, get in the aviation industry, make some great connections, start making more money? You can go any industry you want to because it's the day job that's going to fund the

dream job. Why don't you investigate the Air National Guard? I agree. I think you're looking at that to get that flight experience. Or even the Air Force. The Air Force. They pay for your education. You've got to get real serious right now.

You're not stuck. You're scared. And there's a big difference. And let me tell you what people get scared of, the lack of a plan. You don't know the details. You need to look at International Guard, the Air Force. You need to look at multiple ways that you could eventually get that pilot's license and do what you want to do.

The more information you have now, the less scary it is. And so you're absent of knowledge. You're not stuck. But then I will tell you as a young man right now, you better get after it. You can be doing more. You can be making more money to help out mom and grandma. And I'd be encouraging mom to be doing something from home, too, even in a disability situation. Yeah.

I would sit down with a recruiter for the Air National Guard, and I would sit down with a recruiter for the Air Force and learn about what your options are, what they will pay for, what kind of sign-up bonuses and processes that they have. That will get you out of the house, and that will turn you into a pilot if you're qualified. And Air Force pilots, you know, they walk into commercial air, it's not unusual at all. No. Into a career in flying. And so, and for that matter, chartered air and other miscellaneous jets that you have the opportunity to fly. So I would investigate that. And at 20 years old, it might be the answer to a whole lot of structure and a whole lot of things that would be great for you.

This is The Ramsey Personality, is my co-host today. Zach is on the line in Fort Worth, Texas, and my screen says you're debt-free, Zach. Congratulations. Thank you so much. Well done, well done. How much have you paid off? $38,670 in 21 months. dollars in 21 months phenomenal and your range of income during that time uh 55 000 to 65 000 cool what do you do for a living i am a teacher and coach

oh wow well thank you we're doing our teacher appreciation giveaway right now at ramsey solutions.com so you need to sign up for that man we're going to give away five thousand bucks to say thank you to some teacher so it's uh well done man so hey so what kind of debt was the 39 000 uh it was all student loans okay cool how old are you i am actually turned 26 today today is my birthday oh cool so you got of school, and 21 months ago something happened and lit you up to knock this out fast. What happened, Coach? Well, I had just graduated, and my parents paid for me to go to FPU. And me and one of my best friends from high school,

who's one of my groomsmen at my wedding that I have in 18 days as well, is we went to the class together, and I had just gotten my first paycheck with a comma in it and was excited. And so I had all this money that I had never made before and I needed a plan. I'd always been a saver. My dad taught me from a young age that save 10% of everything that I ever made. And that's exactly what I had done. And it gave me a game plan, and I'm greatly, greatly appreciative of you and your course and how it helped me get myself out of debt, and it has really set me up for my future with my future wife. I'm really excited about it.

Very cool. Well, congratulations, man, debt-free and getting married in 18 days. Life's pretty good. So where's the fian fiance on all this subject well fiance is actually she became debt free uh about a year ago and so we are getting married i'm 26 she just turned 25 and getting married and neither one of us have any debt we're already through baby step three with our six-month emergency fund and we have a pretty good sized uh down payment on a house for when we get one well done man touchdown i love it baby that's awesome very very cool so uh mom and dad give you the course when you come out of high come out of

college and go okay now get this student loan cleaned up how was it you didn't i mean a lot of people might have bowed up and said i'll do whatever i want to do why why did you believe that you should do that well i i always i always believed that i could do things that nobody else could and i knew so many people who were paying off student loans 10 15 20 years down the road and i did not want to do that. I actually listened to one of your podcasts. It was a couple of years ago. And you had said that you were going over the top five professions that end up everyday millionaires and teachers are one of those top five.

Yep. And I thought, you know, if, if they can do it, I can do it. And I take pride in doing something that people say is impossible, and that's exactly what I'm going to do. I'm planning on becoming an everyday millionaire, everyday multimillionaire, and being a teacher all the same. Wow. I don't think there's any question you're going to do that.

I agree with that. What did you do to increase your income by $10,000? I took up coaching. So I started off, and I wasn't a coach and i uh i'm now coaching three sports i coach football uh power lifting and uh track and field and actually as soon as i get off the phone i'm headed to a track meet tonight nice wow well congratulations so obviously mom and dad were big cheerleaders the fiance was a big cheerleader who else uh my i have uh i have co-workers that that listen to you and i have multiple friends that have actually led your fpu class themselves um and i've been keeping

them updated with what i've been doing i was keeping them updated that i'd be on the show today and everybody's super excited for me and i've had people i posted on facebook that i was debt free and they were very excited. I had messages coming in. How in the world did you do it? And the number one thing I told them was the budget. And I gave them the every dollar app of that. The every dollar app has been a great, great tool and staying on track and sacrificing things that a lot of my friends were doing. We don't go out to eat very much.

We don't go to the movies. We don't go on a whole lot of trips. We stick to the budget, and that's the plan, and it's really easy to do. How does it feel now that you did it? It feels like a huge weight off my shoulders. I can look forward to the future. I can look forward to getting a house with my almost wife and having kids and being able to help them with college and help pay for their college and give them a life that I've always wanted to give them. I actually wrote one of my college entrance essays was about a long-term goal, and I wrote about the long-term goal about being a good

dad. And this is my first step on being a good dad, being financially stable and being able to provide for them. That's so good. Zach, you said something earlier about the co-workers. I thought that was so beautiful. Talk to people that are listening right now about the importance of community, people that are like-minded on this journey, and that they can encourage you when everybody else is still going out to eat and going to the movies. And what is the effect that it has on a person when they've got community? Well, I think that, and even I do the same thing with my students, is if you give them encouragement and tell them they're doing the right thing rather than telling them what they're trying to accomplish isn't possible

it makes it a lot easier mentally to be able to accomplish it if you've got people in your corner telling you man what you're doing is awesome you are setting up your future you can absolutely do this I'm rooting for you please let me know every step of the way if you ever need any help or anything that kind of support behind you goes miles oh it does uh and it's it was really awesome to have yeah i have a lot of positive a lot of positive peer pressure around you instead of people telling you all the time you can't be done. Exactly. Yeah. You surround yourself with people in any situation that are that way, you're going to have a much higher probability of success.

Well, Zach, we're very proud of you, brother. Congratulations. Very, very well done. Thank you so much for calling in to do your debt-free scream. We've got a copy of Rachel Cruz's latest New York Times bestseller. It's called Know Yourself, Know Your Money. And we'll send that out to you to say as a wedding gift and as a prize for doing your debt-free scream. So very well done.

What's your fiance's first name? Ashley. All right. So Zach, on behalf of Zach and Ashley, 18 days away. Fort Worth, Texas, $39,000 paid off in 21 months, making $55,000 to $65,000. Count it down. Let's hear a debt-free scream. Three, two, one.

I'm debt-free! Yeah! Way to go, three! Yeah! Way to go, coach! Woo! I love it. Man, future's so bright. Absolutely incredible.

Very, very well done. Misty is on Facebook, and she says, I'm 42 years old, and I work as a respiratory therapist. I really want to go back to nursing school for better advancement. Do you think I'm too old? No, for heaven's sakes. You're not too old. You're 42 years young. You know, when people ask that am I too old question, there's a lot bottled up in that, Dave.

Number one, it's an insecurity, and it comes from, you know, you're advancing in age. You're in your 40s now, and you go, I'm not 22 anymore. Will they hire a 42-year-old, or in this case, maybe a 44, 46-year-old nurse, if I'm competing against gals that are 25 and 26? And that's a false narrative. You know, they're going to hire the person that they think is best for the job, whether you're 42, 32, 22. So, no, you're not too old, not at all.

If you're 82, we'll talk about it. Yeah. That's going to be an issue. I think hiring an 82-year-old nurse is probably an issue for reasons that I'm unable to articulate with intelligence. But, I mean, seriously. Not 42. Yeah. No, no.

You're able-bodied, and you'll bring a lot of maturity and wisdom to the job that the youngsters might not. You're fine. Freaking 42 is not old. I'm 60, and I'm not old, so shut up. Seriously. There you go. My gosh. This is the Ramsey Show. Thank you. Our scripture of the day, Jeremiah 17, 7.

But blessed is the one who trusts in the Lord, whose confidence is in him. Jerry Rice said, Today I do what others won others want so that tomorrow I can accomplish what others don't. Chris is in Orlando. Hey Chris, welcome to the Ramsey Show. How can we help? Hey Dave, thanks for taking my call. I've been a long time listener and your program has helped me and my family out tremendously. My question today is really on behalf of my mom. She's in a bit of a pickle.

She's never been the one to handle financial stuff, and my father just passed away about two and a half weeks ago. Oh, my gosh. Yeah, it's been pretty rough, and she's just now, me and my sisters, we're working with her to get her, you know, kind of get financial things in order. My question is that she was just served some papers regarding a past debt from 2005 that has gone to collections and has now been assigned to an attorney. It's now passed judgment. A judge has signed off on it, so she's getting ready to be hit with, have her wages

garnished. The original amount was about $12,000, but it's now gone up to about $24,000. So my mom contacted them today, and I kind of coached her through, you know, don't give out any information, no checking account, none of that. Just let them know that you're just asking questions and that you received the paperwork. And I know that we'd like to try to find some way to settle, but their first offer was about $21,000, which my mom doesn't have. She has a little bit that I think we could scrape together, but seeing how this situation has already, it's about to go, she's about to start being garnished. I know that we don't have a lot of... Who said she's about to be garnished? So my mom lives about two hours away from me, and my sister took pictures of all the documents.

She sent them to me, and so I have, like, the court orders in front of me. In fact, my mom thought it was – she thought that they could have been fake. They went to the clerk of the court. They verified all the documents, and the paperwork that she's been given is saying that she has, you know, X amount of days to file a response if she's going to claim exemption on the garnishment. Based on the available options, I don't believe she will qualify for an exemption. Does she live in Florida?

Yes. Okay. And how old is she? Sixty-six. And what kind of money does she have? She's still working. She makes about $30,000 a year. I do believe that she's got, you know... You said she could scrape together some money, and it was a little bit, and you guys could help, and it was a little bit and you guys could help and it was a little bit what's the total the um i don't know exactly what we could put together just yet because with my dad passing

she's not she's a renter she's not going to be renewing her lease and so we're going to be looking at trying to downsize to save her as as much as much as possible so there's going to be a move happening but i i do think that we could probably get, you know, between five and I think between maybe five and $10,000 put together between what she has and what me and my sisters could throw in. I just, I'm going to go down and spend some time with her next week. I just didn't know if you had any advice in terms of like, if this does go to garnishment,

which it looks like the judge has signed off on it. It's been verified by the clerk of the court. Unless she files an exemption, she's going to be garnished. So we don't have a lot of, you know, we don't have a dog in the house. What does she do? What's her job? She works for a hospital on the front end staff. She's a receptionist.

She helps out in the child care. She's been with them for years. Okay. So here's what I want you to try first. And you'll need to jump online and pull a form that or just make up one giving you permission to discuss her account and have her sign it and your name and her social security number and everything on it that you can fax to this attorney and then you get on the phone with this attorney and here's how it sounds all right? You need to remember this attorney is not a, this is not Matlock.

This is not some real big attorney. This is a collections attorney, and your mother's account is one of 10,000 accounts that they're working right now. She's a widget in a factory. There's no emotion. There's no big drama. There's no big anything going on here. Okay?

And so they just want some money. That's all they want, and they have no soul at all when you're talking to them. All right? And here's what you're going to say. My mom is 66. My dad passed away two and a half weeks ago. She makes only $30,000 a year. So let me tell you what you folks are going to get. Zero. Because I'm taking her straight to the bankruptcy attorney and we're going to file a chapter seven and you're going to get nothing. Or we're going

to come to terms with a deeply discounted settlement on the phone today. If you screw with me, I'm leaving with my mother in five minutes to visit the bankruptcy attorney. Chapter 7, you're going to get zero. Don't screw with me. I've got $6,000. You need to take it because it's all you're going to get from this broke little widow. Don't screw with me. Chapter 7.

Yeah. Chapter 7 bankruptcy is a traditional bankruptcy in which all unsecured creditors get zero. You're not going to file a Chapter 7. You're bluffing. Okay. a file of chapter seven you're bluffing okay but get all up in their face and explain to them this is a 66 year old widow it's my mother i'm highly offended at this situation my brothers and sisters and i have scraped together six thousand dollars we can offer you that and that is all and you will take it in this phone call.

Don't screw with me. Because let me tell you, when you get somebody on the phone on the other end, what you have is a collector, and you're dealing with a credit card collector, which by definition is scum. And so once you do get agreement, and you're going to have to pound them, are you ready to roll up your sleeves and stiffen your backbone? Because it's going to be a mean, tough tough conversation because you're dealing with soulless human beings you with me absolutely yeah i'm with you you are fighting on behalf of your mother in this conversation and then you get it in writing from this soulless creature that they will accept six

thousand dollars from this 66-year-old widow, and then you send them the $6,000, and you do not give them any information on her, nowhere are you going to find her. Now, your worst-case scenario is she goes and gets another job, and they never find her. And that would be like a money order? Yeah, a money order that you would just make? Yeah, a money order. You could get a prepaid debit card at a single usage,

but no electronic access to her checking account or yours. Okay. And then you said a paper that has to be faxed to the attorney that gives you rights to speak on the mom's behalf. Do you know the name of that paper? It's a simple paragraph that says that right there. Oh, okay. Okay.

Just something that is in-house. Okay. There may be. Did you go through Financial Peace University at any time? I did not go through FPU, but I read my book. We used to put those forms in the back of the books 1,000 years ago. There might be one in the back of an old Financial Peace book out there. We never put them in the total money makeover books.

So if you've got one of those laying around, but it's not that big a deal. You just write up a paragraph that says, I so-and-so give so-and-so permission, my Social Security number, so-and-so, to act on my behalf. And, you know, permission to discuss this account and negotiate on my behalf. My son. My son, Chris. And your name and her name. It doesn't have to be a big deal. Just something that you can scan and email to them.

Because they're not supposed to discuss her account with anyone but her. It's illegal under privacy law. But, dude, you're about to enter a whole different world here. Be ready for the fight. Ken, good show today. Thanks for having me. Always good to talk to you. James Child world here. Be ready for the fight. Ken, good show today. Thanks for having me. Always good to talk to you. James Childs, Kelly Daniels in the booth.

Thank you for a great show. I am 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. Hey, guys, this is James, senior producer for The Ramsey Show. Did you know over 18 million people listen to The Ramsey Show every week? Christ Jesus.