The Ramsey Show - App - My Son Is My Boss and He Hasn't Given Me a Raise in 8 Years! (Hour 3)

Episode Date: August 18, 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. Ramsey personality, number one best-selling author, Christy Wright is my co-host today. Open phones at 888-825-5225 as we take your calls about your life and your money. Emanuel is in Bend, Oregon.

Hi, Emanuel. How are you? Great, Mr. Ramsey. How are you today? Better than I deserve. What's up? So, I'm 22 years old, born in the U.S., married, thankfully making about 80 grand a year and quitting bonuses.

The question, oh, I am on Baby Step 3B, by the way. Good. That was re-officially two weeks ago. Awesome. Well done. As well as my father. I was a co-signer for his truck loan, and I got him to sell it after him watching me be debt free. And that's what I'm calling about.

My father's 44 years old. He owns a house along with my mother. He makes about $50,000 a year. Debtfree now. Has no retirement because he's undocumented and not sure what to do because, morally speaking, you know, I've been trying to get him legalized and do everything the right way, but he did sacrifice his life and his home

to give me a better life here. So I kind of would like to return the favor and help him out, not give him any money, but at least put him in the right direction. Okay. I don't know much about immigration law. Is there a path for him to go from undocumented to becoming a citizen? As far as we know, we'd have to petition and get people's signatures and do all that jazz and then get a court case, and then he would have to go back to Mexico for about 15 years

if it doesn't go through. But if it does go through, then it's a done deal. But for right now, with all the COVID stuff going on, it's like on freeze. Okay, he'd have to go back to Mexico for how long? 15 years, according to our lawyer, if it doesn't go through. 15 years. Yes. Okay.

All right. And your mom is where? Here. They've both been here for over 22 years. And she's undocumented as well? Yes, sir, unfortunately. Okay. All right.

Well, I don't know exactly how to tell you what to do. It seems like once you get the other side of COVID, I mean, obviously, it's been 20 years. Nothing's on fire here. But if you can find a path that is reasonable for them to become citizens, I think that's going to give them the most stable life because they're not having to, quote, unquote, look over their shoulder all the time. Is that a fair thing? Yeah, for sure.

I was actually curious if, you know, maybe just throwing money into a mutual fund or, you know, something to keep the ball rolling and at least, you know, put $800,000 a month in and maybe it multiplies over time. Yeah. Obviously, he's not filing U.S. taxes, right? Pretty sure he is. I mean, when I was a little kid, I remember going to income taxes, and several times they would pay, several times. I'm not sure how that works out. I have heard that.

I have heard of a lot of, I mean, not a lot, but I've heard of people doing that. They pay taxes, but they're not yet American citizens. They're not documented. What do your mom and dad think of this? Have you talked to them about it? I'm guessing because of the 15-year possibility, they're not real keen on the idea of attempting it? Or what are they saying? So I do have a younger brother. He's 11 years old.

Actually, he's 12. And they would hate to do that and leave him behind here. I mean, this is a great land of opportunity. They love this country. My father plans to stay here forever. My mother would like to retire back to Mexico. I haven't spoken that to them about retirement necessarily i would like to almost like surprise and say hey mom dad i've

done the research i've spoken to even dave ramsey and chrissy right here and um you know how about this you know i got you debt free so how about the next step baby step four yeah well i guess there's two routes it seems to me like and or some variation of those two routes route number one is that they're able to build wealth in their name safely uh utilizing systems in the u.s like the roth ira or the 401k or those kinds of things because you've got a social security number because you become late became legalized okay that's route one and that has obvious risks and expenses associated with it that you guys have got to consider.

I don't know how that stuff works, okay? I'm not knowledgeable to it. That seems like the cleanest, most stable way, with the exception of the part where the thing could go sideways and you could have a real mess on your hands of 15 years or whatever, and I guess he could turn around and come back illegally again. I don't know why he would have to stay 15 years for real, but I guess.

I don't know. I don't know how that works, but I'm just thinking on the tactical side. Then the other way to do it, obviously, is less positive for them, but that is they build wealth in your name and you know you guys pool some money in the sense that you you but you open some mutual funds that they put the money into but they're in your name uh and that way they're safe uh they're not going to be confiscated in some kind of a uh uh you know an action against them for being here illegally or something like that. I don't want them to lose assets that they build, right?

Right. And as long as they're undocumented, I'm afraid they could lose the assets that they build if they're in their name. So I think it would be wise to develop a strategy for you to double down on some of your wealth building, but a section of that being money they funded and is in your name, and I guess I would go that way. But that's not optimum. If I can get the risk lowered on the process to become legalized, that's going to be their best route.

Well, and, Emanuel, you referred to your attorney that's been advising you on this. Make sure you have a great attorney to advise you, and they should be able to tell you all the laws, all the requirements, all the boxes you have to check, all the things you have to do to minimize, now it still won't be non-existent, but minimize that risk of it not going through and them having to go back for 15 years. So just having someone in your corner that knows what are they looking for, what are the instances in which they approve it and the instances in which they don't, and then you guys just follow everything to the letter if you decide to pursue that, and then you're going to go through it with more peace of mind knowing you've done your homework, you've

done your due diligence to follow all the processes, etc. So having someone in your corner that is more knowledgeable than Dave and I on that process is going to be huge. Would be a low bar. Yeah, well, that's valid. That's valid. I don't know squat about this. Oh, man. This is The Ramsey Show. We'll be right back. People all over the country are discovering a faith-based and budget-friendly way

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Now, I know it feels like there are a thousand unknowns if you're juggling when you're relocating, but you cannot lose focus of one of the most important personal and financial factors in your move. Of course, that's the house. Now, I always recommend you get a quality real estate agent like one of our high-octane, high-protein endorsed local providers. They're Ramsey-trusted, and they're there to help you find the right home in your new city. They're top-performing experts in their local market, and they've got years of experience helping folks just like you.

So if you want one of our endorsed local providers, they're endorsed, they're local, and they will provide you with help. Go to RamseySolutions.com slash agent, and you can talk with a Ramsey-trusted agent about how they can help you with your relocation. RamseySolutions.com slash agent. Our question of the day comes from Blinds.com, a great American company with a 100% satisfaction guarantee, which is weird because it means even if you mismeasure, if you pick the wrong color, if you screw up, their guarantee covers you messing up.

They'll remake your window blinds for free. It's an incredible offer, incredible place, incredible people, incredible selection. Free samples, free shipping, and new promos all the time. Always use the promo code RAMSEY at blinds.com. Today's question comes from Ashley in Oklahoma. I'm an e-commerce seller, and I'm starting to make a very small profit each month, which I'm putting back into purchasing inventory and shipping supplies. At what point in a side hustle do you start taking profits out of your business?

Well, if Ashley was here, I would love to ask some follow-up questions. You know, ideally, especially with a side gig, if you're starting small and you're getting scrappy, then you want to take profit out. You should have profit in there as soon as possible because we're starting on such a small scale. I don't know what upfront major expenses might have gone into this, but this is something where it makes me question if she's charging enough. If she says, I'm making a very small profit and I can't think of what the big expenses up front would be. I guess I just, I don't know.

I have some follow-up questions here. Could be a small volume. Yeah. Might be selling a lot. Yeah. And I'm just wondering, does she make the stuff that she's selling? Because that would then affect the time and the profitability and that type of thing versus just marking up something

that she's reselling on e-commerce. But the rule of thumb, back to the principle, the rule of thumb, especially with the side gig, I love helping people start small and grow slow and turn a profit quickly. And, yes, some of that profit you'll put back into the business for inventory and equipment and more business growth, and some you'll take home as your income. I'm always amazed when something like this,

I wonder if we're talking about $1,000 or $10,000. Right, yeah, yeah. So if we're talking about $10,000 and you call that a small profit, then you need to be taking some profit out and enjoying it. But if you're talking about the whole endeavor and you've been working on it for four months, it's made $1,000, it doesn't matter what you do. If you took it all out, you wouldn't have anything right so you've got to get your volume up and get your uh and or your prices up to get

your mark to get your profits up yeah whatever it is it's limiting your profits so that you have then it and if you're making ten thousand dollars a month it doesn't matter then right of course if you take it out but if you're making ten dollars it doesn't matter yeah yeah if you take it out. But if you're making $10, it doesn't matter whether you take it out or not. So you need to solve the not enough profit problem. Then this solves the other issue. Then where it goes. Right. We need to actually have some.

If you take half of very little, you got very little. And if you got a whole bunch in there and you take a little, nobody will notice. I mean, you won't notice. It won't throw off the business cycle of your stuff so um a lot is solved by increasing your pricing and your volume yeah yeah figuring out what that profit margin is and getting it up so uh and that's a good rule of thumb for any of you guys in business so many people i work with in business side business small business doesn't. They don't know their profit margin. They don't know what they're actually making on the products and services that they're providing. And you've got to know your numbers.

Because if you don't know your numbers, you don't know what dials to turn. You don't know what to change. You don't know how to improve it. You've got to know what they actually are. Well, the numbers are telling you what's working and what's not working. They talk to you if you listen. And if you don't know what they are, you can't listen. Dave is with us in San Antonio.

Hi, Dave. Welcome to the Ramsey Show. Hey, Dave. Hey, Christy. Thanks for taking my call. Sure. What's up? All right.

My wife wants to build a house, and I would love to do it for her. However, I'm a bit hesitant due to the cost, and I feel like we're in a great position. If we kind of stay put, we can really start building wealth. So I told her we've gotten a go-ahead from our financial advisor, but I feel like if I can get the dave ramsay blessing to move forward i might be able to kind of head that direction i'm so excited to listen to this call dave dave answer dave's question for him i can't wait to hear this or at least, you know, I'm not crazy for doing this. You are crazy for letting Dave Ramsey or your financial advisor decide what happens in your life.

What you need is principles in your life that you use by which you make good decisions for your life. Your financial advisor is not your mama. You don't need to ask his permission what to do with your freaking money and the same with me so you you know you um you're looking for somebody to bail you out because you don't want to tell your wife no um but and the two of you need to sit down together and decide what is best for your family i suspect by the way you've couched this that you got more than enough money to do this. It's just, you don't want to screw with it.

And you're, and so I think the two of you need to sit down and say, okay, here's what happens if we do it. Here's what happens if we don't do it. And, uh, this is not you taking,

you giving your granddaughter a stick of candy. This is you and your wife building a house. And so she's not a little girl. She's a woman. And so the two not a little girl. She's a woman. And so the two of you need to sit down with a good vote, and she needs to be a grown-up and go, you know, I'd love to build a house, but it's not really best for our finances, and I'm going to set that aside. Or you need to look at it and go, I don't really want to go through the hassle of this.

Building a house is a pain in the butt, which, by the way, it is. But it kind of sounds like it could be an adventure we got the money without any doubt mama really wants it and i don't mind engaging in this process even though it's not my favorite thing to do because it's a gift to my wife and and we've got the money so somewhere in there is your right answer and i'm not even going to ask your situation. I'm going to make you make the decision. I'm not going to give you a blessing. It's not my job. My blessing to you is for you to have the tools to make your own decisions, and I think you've got them.

But what you do need to do, what I am going to bless you to do, is for the two of you to sit down as two adults, not you taking care of some little girl that wants a stick of candy at the store. This is your wife. And, you know, there's times that Sharon wants some things, and there's times that Dave wants some things. And maybe the other one doesn't care, or maybe the inconvenience is the other one. It's a little outside my comfort zone, but let's go ahead and go that way.

And, you know, then there's times that we're both in complete agreement, and there's times that one of us just doesn't give a rip. You do whatever you want to do. I'm good with it. It doesn't bother me, and obviously it matters to you, so go do it. And that's an agreement too. But we're making our own decisions with our money that is not interfering with our future and our ability to build wealth because that then gives us the options to do the other stuff.

So it's really, really important that both of you have a vote. Well, and have the energy and care enough, both of you, by the way, Dave, to engage in this conversation. Because so many people, they just want one person wants to win or one person doesn't even have the energy to talk about it. So they just let the other person win. And you're going to come to the best decision for your family when you both engage and keep working through it. If you don't figure it out in the first conversation, have another one and another one and another one.

Keep working through it until you guys come to something that you both feel good about. And it may take some time and effort to get there, but it's going to be worth it when you actually both feel seen and valued in that decision. This is The Ramsey Show. Thank you. christy wright ramsey personality is my co-host today in the lobby of ramsey solutions glenn and mandy are with us on the debt-free stage hey guys guys, how are you? Hey, we're good. Welcome. Where do you guys live? Buffalo, West Virginia. Okay. Which is near Charles to West Virginia. Yeah, very cool. Good to have you. Welcome. And how much debt have you paid off? $140,000 in four years. Awesome. Way to go. And your range of income during that time? From $85,000 to $103,000. Cool. What do you all do for a living?

I'm an engineer. And I have my master's education, but I actually stay home with my girls. Oh, good. Yeah. Very cool. Good. Good for you all. What kind of debt was the $140,000?

It was our house. Whoa. Look at that weird big ball. Way to go, you guys. House and everything. House and everything, yep. How old are you guys? 38.

And you have a paid-for house. Paid-for house, yep. You are so weird. Yep. I love it. How much is this house worth? Probably about $225 now. That's fun.

Very cool. That is awesome. Very cool. Congratulations. All right. So what happened four years ago made you decide, okay, we're knocking this baby out? Well, we've been on the journey since 2010 actually so we paid off our consumer debt 2013 from 2013 to 2017 um we did our oldest daughter has special needs so we have a lot of um expenses with that plus we had another baby for our third

child all right and then we did a lot of things as well um so we went off put our foot off the gas and slowed down a little bit. You were working four, five, and six and just enjoying some of it. Yep. And then really in 2017 is when we got more intense and decided to pay off the house. We had a goal to pay off by the 40, but now we're 38, so two years before. Good for you. Good for you.

Very cool. Good. So you started with us way back in, you said 2010? Yeah, 2010. So actually her dad gave us the CDs about two or three years after we got married. Yeah. And so we listened to them. I listened to a lot of them.

Yeah. I told her about a lot of stuff. The engineer did the spreadsheets. He did. Lots of spreadsheets. Yeah, so then we went through, did the financial piece class, and then got out of consumer debt. And then her big thing was every dollar really got her going more. Oh, good.

Okay. So how are the investments going? Pretty good. Okay. So how are the investments going? Pretty good. We're probably over $500,000 in investments for retirements right now. And you said the house is worth three? Two. Two. Okay. All right.

So it won't be long. You'll be Baby Steps Millionaires. Yep. Yeah, you're on your way. Wow. Way to go, you guys. Thank you. Yeah, probably you'll be 40 years old and be millionaires.

Yeah, hopefully. Might be the first one in your family? Probably not. No, there's other millionaires. Yeah, probably what? You'll probably be 40 years old and be millionaires. Yeah, hopefully. Might be the first one in your family? Probably not. No, there's other millionaires. Yeah. Good. Very good. Okay, that's good.

Well, it's a family tradition then. Yeah. So you didn't inherit any of this though? Didn't inherit anything. Yeah, you just pushed it all the way through. Correct. Way to go. So you've been through Financial Peace University.

You got rid of the consumer debt. You decide you're going to attack the house. What do you tell people the key to getting out of debt is? Communication, I think. Me and him sitting down and doing the budget every month was really key for me because I would just be like, whatever, just do whatever. And he's like, no, I need to know what you need. And so we started doing that. And the EveryDollar app, just being able to go in and see every month and put it in.

And that's just what really worked for us. Yeah, that's good. Good for you. Everybody doesn't love budgeting. And one of the things that's so great about EveryDollar, and I use this, is it's such a beautiful experience. It actually makes it more fun. It's kind of gamified of like when you drag and drop your transactions

and you see the different numbers move. So well done, you guys. That's awesome. That's so a beautiful experience. It actually makes it more fun. It's kind of gamified of like when you drag and drop your transactions and you see the different numbers move. So well done, you guys. That's awesome. That's so, so cool. And you're right. Communication is such a huge piece of it. So many aspects of marriage are affected by communication, and money is a huge one. Way to go.

Glenn, it sounds like you did a good job of pulling her in. Yeah. At first, it was definitely me, but i was going through spreadsheets i would ask her all the time hey what'd you spend this on what'd you and then she's like i can't remember that was two days ago that was three days ago two weeks ago um but once we got on same page later on and going through the house is a lot easier because we were already past that point and be able to just, all right, we're both on the same page.

We're just chunking on this thing. We're just beating on it, knocking it down. That was the big thing for us. Yeah. The last like six months, he had, I think, seven different ways we could pay off the house. And I was like, just pick one.

I don't care. Just pick one. I'm tired of looking at spreadsheets. His hobby's gone now. He didn't have a hobby. For real. Microsoft Excel is one of the best ones. So how does it feel to not have a payment in the world?

It's amazing. Awesome. I mean, so we paid off in May. So we've had a few months now of not having a house payment. It was great going into every dollar and just deleting that out of the thing. So it feels very good. Nothing to do with $103,000 except pay some taxes and enjoy it. Exactly.

And she likes to enjoy it. That's good. That's good. You live like no one else later. You can live and give like no one else. Exactly. That's the big thing. Yeah.

Well done, you guys. That's awesome. Very well done. So you say the budget is the key for you. Mm-hmm. Okay. Because that's pretty cool to be talking to 38-year-olds with a paid-for house. Yeah.

That's got to feel kind of accomplished. Yeah, it does. Yeah. Very neat, guys. Very neat. We've got a copy of the Legacy Journey for you. That's definitely the next chapter in your story story for sure, that you become Baby Steps millionaires, change your whole family tree.

You are well on your way. You'll be there in a couple of years really with the way your numbers are stacking up. So pretty, pretty incredible. That's going to be neat. Very good. And of course the Total Money Makeover so you can give that away because you've been talking about this to somebody I'm sure. And give that away and get somebody started

on their journey. So proud of you guys. Thank you. Well done, heroes. Took control of your life, and you proved it can be done. Oh, yeah. Do you think this can still be done in America today? Oh, yeah, definitely. In all honesty, we tell everybody about it.

I mean, that's something, how much it's changed our lives. So we're telling people all the time. And so I had a lot of cheerleaders. We've had a few friends that have started with the Every Dollar Budget, and they're like, it's just so free. That's right. We've led financial peace, been financial peace coordinators. Awesome.

Got people that didn't really have any clue on them and been able to go through it. Wow. Very cool. Well, thanks for doing that, too. Yes. Very fun. Way to go through it so wow yeah very cool well thanks for doing that too yes very fun way to go you guys all right it's glenn and mandy from buffalo west virginia 140 000 paid off in four years making 85 to 103 house and everything they're officially weird people count it down let's hear a debt-free scream three two one i love it man oh man oh man oh man so i don't know what has shifted but something shifted in the past five years. Laura Johnson was a phone screener on the show for a long time and has moved up into leadership in our production team,

and is filling in today for Kelly. But, Laura, you can attest to this, that it is almost every break when I go out at commercial breaks to meet people in the lobby, I meet a Baby Steps millionaire, somebody who's been walking this stuff for five or ten years. Maybe we've just been doing it long enough that we're getting to see the final play of this stuff. But the number of people that have become millionaires, and the number of them, as they do their debt-free scream, they're also announcing by the way we're millionaires too yeah you know because they're they're you know during their baby steps four five and six yeah they're you know they're doing their 15 of their income and then that paid for house and it turns into money turns

out well it's amazing i talked to you about this a couple weeks ago during a break and i was like we are getting so many calls and so many debt-free screams of people that have paid off their house. And it feels like way more than we have in the past. And I think you're right. I think it's 30 years of doing this. And you're starting to see the kids of Financial Peace University coordinators and people that have worked the plan. And you're starting to see the compounding effect of people really getting serious even earlier in life, paying off their home, becoming millionaires. And it's way more common now, which is really cool.

We are normalizing paying off your house and being a millionaire. How cool is that? Yeah. Yeah, we kind of expect you to be a baby steps millionaire. Yeah. You should be. Yeah. You should be.

I kind of knew that with the math all along. Yeah. But now we're just seeing it like every commercial break. Yes. You know, I mean, they're everywhere. Yes. It's so inspiring. You're right. it's normalized.

Normalized being a millionaire. That's a cool thing to be known for. Dave Ramsey doesn't know anything about investing, though. I'll just tell you, he's really primitive. He doesn't know squat. You don't want to go to Dave Ramsey for his investing advice. That's what I hear. He's making more millionaires than anybody else in America.

This is The Ramsey Show. Our scripture of the day, Proverbs 28.1, The wicked flee when no one pursues, but the righteous are bold as a lion. Eleanor Roosevelt said, A good leader inspires people to have confidence in the leader. A great leader inspires people to have confidence in themselves. James is with us in Montgomery, Alabama. Hi, James. Welcome to the Ramsey Show.

Hey, Dave. Hey, Christy. How are you doing today? Great. What's going on? Hey, sorry. I'm kind of nervous. No, you're great.

Take your time. To set everything up, me and my wife are on baby step two we're about halfway through and um my stepson graduated high school this past year and he moved down to where his grandparents live about an hour away from us to be closer to the community college that he wants to go to and he's looking to study and to become an electrician. So he was told that whatever scholarships he didn't get, you know, by his grandparents that they would cover the rest. And I guess yesterday my wife told me that the grandparents only covered half of what was left over, not including books.

So my stepson ended up having to come out of pocket and pay the difference. And he hasn't come to us and asked for, you know, for the, for the money or anything, but it's something that kind of bothered my wife and I guess kind of weighing on her heart. And she wants to maybe possibly help him out with that. And, you know, I don't feel like he's been exactly financially responsible through, you know, high school and up to this point. He does have a halfway decent job working with his grandparents. They own a contracting company, so he's working with them, doing labor and getting paid for that.

But I just wanted some guidance on what you guys think, you know, what we could do. How much is he making, working? Last I was told, he makes about $500 a week, and I don't know if that's before tax or after. And he lives with them for free? I think he has to pay rent. I don't know how much that is. Okay.

Um, and they paid how much and how much did he have to come out of pocket? My wife told me that he ended up having to pay about $400. And I don't know if that's just the tuition or if that included books, you know, I'm, I'm actually on my way home now. I was going to talk to her about it and I sit down, but I wanted to kind of get your ideas, you know, I'm actually on my way home now. I was going to talk to her about it tonight, sit down, but I wanted to kind of get your ideas, you know, first.

And how's he going to pay for things going forward? That's going to be one of my questions, too. Yeah. Really more concerned about that than I am $400. Yes, sir. Because his lack of planning is going to constantly create a problem a crisis for other people yes sir and one idea i kind of had was maybe you know if we decide to help him say hey you know we're going to do this but here's some stipulations you know maybe go through financial

peace and you know kind of allow us to help him work through a budget and maybe kind of get on track and be financially responsible so that, you know, he can graduate that free because I want the best for him. Yeah, I think that's a really good plan. Because here's what I heard, okay? He didn't have his deal with his grandparents solidified. It was vague. He heard they were paying for it.

They said they would help him. Right. Nobody talked about how much it was and how much was going to be covered or uncovered. But then when it really got right down to it, when he found out what the real deal was, because this kid does not play through details. He just kind of wanders along. Yes, sir.

Am I missing something? No, sir. Now I'm hit. Okay. So his lesson, his life lesson that he gets out of this is the way you hit a goal is you clearly define the goal and every single step to get the goal. And that's what Christy was asking about, the community college and the process there. So, yes, Financial Peace University, and, yes, you map out you have to make $2,000 a month,

and, yes, we're going to know what the grandparents are paying, and, yes, we're going to lay out a game plan by which you are going to be able, with your grandparents' help, to pay for whatever you need to come out of pocket and finish this degree. And this is your goal, and here's how we're going to accomplish it. And we're going to be your biggest cheerleaders, and we're going to be your biggest coach, and we're going to make you lay that plan out, and we're going to make you go through Financial Peace University in return for $400. I think that's a great idea.

Yeah, it's your idea. It wasn't mine. But I think it's a great idea yeah he gets it's your idea it wasn't mine but um i think it's a great idea too but the uh but forcing him because here's the problem there was no um this is like building a house without a blueprint it's what he just did right and he's gonna have to get past that that's called growing up but i I'm curious, though, one quick thing. James, you said he, so the difference that he, that was not paid for by the grandparents, he paid that out of his own paycheck? Yes, ma'am.

Okay, well, I just want to highlight a positive here because he didn't come to you. He didn't ask for money. He paid for it with money that he's earning. So I think that there's, I think that's great. You know what I mean? Like he didn't come like, oh, I didn't plan, so please come bail me out. He paid for it. And so I think that he's earning so i think that there's there's i think that's great you know what i mean like like he didn't come like oh i didn't plan so please come bail me out he paid for it and so i think that he seems like the kind of guy that while he may not be a great planner

is receptive to coaching and direction and so on and so i think i think that this is going to be a great plan where you give him some more tools in his tool belt to be a better planner to make that money go further i know a lot of college students that could be like, hey, bail me out, I didn't know. And he didn't. And I think that's cool. Yeah, he goes, I didn't know, so I better pay for it. Right, right. And he still hasn't come to you, which is awesome.

But he owned it. Yeah. That's a positive. That's a real positive. Yeah, he didn't show up on your doorstep whining. That is a big deal. And I'd reward him and compliment him for that. And say, hey, man, I appreciate you manning up, but we want to help you.

And we want to help you two ways. One is we want you to help you with this planning tool in your brain. We want to insert it in your brain and coach you along on that. If you'll allow us to participate in that with you, we'll show you how to build that plan out and work it with you. And we'll show you how to execute on it by going through Financial Peace University, and then that'll make a ton of sense. Carol is with us in Philadelphia. Hi, Carol. How are you?

I'm doing great, Dave, and you? Better than I deserve. What's up? Okay, my question is this. I've worked for the same person for eight years and I still have that original salary. I've not gotten a raise and nor have I gotten

I'm sorry, it's like a wage cost of living increase. That's weird. Which is not a raise. It's just something that should be given. What do you do? What do I do? I'm his bookkeeper, et cetera, and a lot of other little things.

How many employees does this guy have? One. You. And he's my son. One, and he's your son? Yes. No, he employs me. He's my son. He's a son? Yes. No, he employs me. He's my son.

He's a multimillionaire. Can easily afford it. Whether you can afford it is not the point. Okay, I'm sorry. Who is your son? Your boss? Exactly. He hired me to do his bookkeeping and a lot of other things.

You know, like I do property management. Well, then why have you waited eight years to talk to your own kid about a raise? That's weird. I do this with other people. I expect people to be mind readers. Well, Karen, thank you for owning that. Hey, we have made great progress just in your acknowledgement of this. This is fantastic. How many women are not aware of that?

I do it even with my husband who would jump over the moon for me, but I want him to ask me. And I do that around. That's definitely an issue with me. Okay, so that's how you ask for the raise. Being aware of it is a great first step. There you go. You know, I thought you could read my mind son and that i needed a raise after eight years and you're not giving me a raise for eight years it's been in my mind and you couldn't

see it so i'm going to put it out here on the table so now you can see it and it's kind of ridiculous that you haven't given me a raise in eight years and you really need to give me like a huge raise you're the meanest boss ever. And you're my son. Please stop being so mean to your mother and your only employee. Do a better job. You know what? It hadn't even occurred to him. No.

He never has thought about it. She's keeping the books. He just assumed if she wanted some money, she would have said so. Well, she's about to. Carol, you're about to. Yeah, you're going to walk in there today and go, I'm taking this out of my mind, and I'm going to put it on the table. It's crazy that for eight years I haven't asked for a raise, and it's even crazier you haven't given one.

So today's the day, Bubba. Different way to ask for a raise. That puts this hour of the Ramsey Show in the books. 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. Did you know The Ramsey Show is one of the most popular podcasts in the world? Subscribe or follow today wherever you listen to podcasts.