The Ramsey Show - App - Normal in America Sucks - Don't Be Normal! (Hour 1)

Episode Date: January 16, 2024

Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. I'm Dave Ramsey, your host. Our phone number here is 888-825-5225. That's 888-825-5225. George Campbell, Ramsey Personality, host of the George Campbell Show on YouTube and co-host of Smart Money Happy Hour and author of the brand new book that launches today, Breaking Free from Broke. He is my co-host today.

And today is book launch day around Ramsey. I hear we're putting George's new book into the wild officially. It's been shipped and a bunch of you should be getting it in your mailboxes today or tomorrow, depending on where you live and how all that works. Breaking Free from Broke, the ultimate guide to more money and less stress. The pre-sales on this were excellent. Thank you guys for participating with us on that. And for those of you that haven't gotten the book, well, this would be a great week to go ahead and get it. Breaking Free from Broke. And George, this has been quite a project. You guys have done the research that went into this book and the new things that we did with the audio book.

There's a lot of things that we did here that we've never done before. I like to do things the hard way, apparently, Dave. And it's always worth it in the end, but it can be a grind to get there. And this one review sums it up, which is so beautiful. Self-deprecating, honest, data-driven, and pop culture filled. I'll take that. That's exactly what I aim to do. Can we write a money book that's easy to understand, conversational, funny, relevant, and data-driven? And I think we accomplished all of that. It is. It does have all that. I mean, a data-driven automatically

sounds boring to me when you say that, but. Well, it's just not my opinion. When you put it in there with George's snark and his pop culture references, suddenly it comes alive. We bring it to life. And yet the audio book, I read it myself. A lot of people are asking, and the team did an amazing job with sound design and effects. And you even hear Dave pop in at random points with some quotes. And so we just tried to bring it to life. I love audio books, and I think if you love audiobooks, you're going to enjoy this. But the hardcover, if you pre-ordered, came with all of that for free. So you got the email this morning, which is very exciting. So

it's like Christmas morning for me. I couldn't sleep last night, Dave. It's exciting. I was pumped, amped up for the feedback and to see how many people break free from broke in 2024. Well, and doing a book is a, I mean it's a task there's a lot of work involved you've been we've been fooling with this for a year over a year yeah and um it you know getting one out into the wild is as you can throw them out there or you can do them properly and we do them properly here at ramsey and this is your first one so i mean you had a baby this year and you birthed the book i literally submitted the final as we were in the delivery room Dave it was it was a real nail biter yeah but I mean your first book is not unlike your first kid in a lot of ways I mean

it's a lot of it's a little scary it's super exciting it's all of those things at once and congratulations I'm very proud of you thank you well I I like to say that I'm a turtle on a fence post. We have an amazing team here at Ramsey. You've built an amazing platform with amazing fans and I just hope this book can carry the torch. You called it Financial Peace for the Next Generation in the foreword and I feel like that's what we're doing here. We are taking this message and making it even more relevant and showing people it's still possible and that the principles still work. Now, those of you that have friends that are sick of Dave and his boomer-isms, well, that's fine. Now you've got George saying the same thing in a lot more culturally relevant ways

because he actually cares. Yeah, Dave's like, I haven't seen a movie since 2003. I'm just like, get off my lawn that's it so uh with undeniable research and data georgia exposes the most common money myths and excuses head-on credit card schemes investment traps mortgage myths all of this you hear promoted nowadays on instagram on tiktok uh youtube bad stuff out there floating around on some of these platforms and really nasty results if you actually infect yourself with it. And you're going to get the knowledge and the confidence to break free from a system

and some people that believe lies so that you don't end up broke because there are real villains out there in this story. Oh, absolutely. And you've been fighting those villains for years, Dave. But now, back in the day, it was radio. You had to have a book. Now everyone with an Instagram account can just be spewing this crap out there to get clicks and views and get them to buy their insurance product.

And so I just want to help people clear the noise and go, it's so simple to build wealth if you just change your inputs, change your paradigm, and start creating the right habits. Yeah, I mean, common sense can show up in any generation or generations, and it has really over the years. And so now it's shown up definitely for the millennial, the Gen Z, and whoever else wants to read Breaking Free from Broke, The Ultimate Guide to More Money and Less Stress. Yeah, pick it up, guys. It's very, very well done. Very proud of it.

Also, every book includes a special offer for you to get three months of the premium version of every dollar, which includes the bank connectivity, the paycheck planning tool, all of that for free, three months free. And basically, there's QR codes in the book that allow you to do that, right? You scan the QR code, it takes you right to the page, you enter your email, and you've got an account set up. And I wanted this to be so practical and applicable that you read the book and you put it down and then go actually follow the plan. You actually create the budget for 90 days, which is how long it takes on average for folks to get the budget dialed in. And that's really the crux of this money plan. You want to

live on less than you make, you got to make a plan for your money. And that comes down to doing a budget. So it's one of the chapters in there. It's not a book about budgeting, but there's a big chapter called Budgeting is Freedom that will help you get a grasp on what it takes to finally get your money dialed in. The endorsements we got for it are pretty phenomenal. Damon John from Shark Tank, our friend Mike Rowe from Dirty Jobs, Graham Stephan, one of the biggest YouTubers out there today, our friends The Minimalists, and, of course, Rachel Cruz. She has to endorse it, though, because you sit next to her

and you would have bopped her on the head, right? She was happy to, but I also forced her. Dave, some of them didn't even make it to the back cover. We had John Maxwell. We had Seth Godin. We had Willie Robertson from Duck Dynasty. So many people were kind enough to write a good word about it after checking it out and saying, I endorse this.

I'm going to put my name behind it because I think it's going to help people with their money this year. Yeah, very cool. So launch day around Ramsey. We don't always take a segment for books but we always do on launch day means a lot we're going to do that for sure today and have just to make sure you guys all know about this breaking free from broke the ultimate guide to more money and less stress you can get it anywhere great books are sold including ramsey solutions.com or Amazon or your bookstore, Barnes & Noble, Books A Million, all of them have got it.

Most every book outlet purchased them from us and should have them on the shelves today for launch day. So wherever you need to pick it up, you can pick it up that way. Certainly you can get in touch with us at RamseySolutions.com. We'll take care of you. All of them, regardless of where you purchase it, have that QR code inside that will give you three months of the premium version of every dollar for free.

That's worth it alone. That is a greater gift than the cost of the book. Exactly. That's a bargain. That's a serious bargain. But still read the book. It's worth the read. Breaking free from broke.

The ultimate guide to more money and less stress george campbell's brand new book out today this is the ramsey show george campbell ramsey personality is my co-host today dake is with us in savannah georgia, Dake. Welcome to the Ramsey Show. Hey, Dave. How are you? Better than I deserve. What's up?

I wanted to ask your opinion here. I'm getting ready to build my first home, and I'm not sure if you're familiar with the Barn Dominium style, but that's what it's going to be. Yeah, sure. It's on some family land. My dad's going to deed out like five acres. We own like 400, but I was wanting to know,

what's your opinion on, on borrowing against the land and what the value of the home would be? I'm going to be doing, I would say 85% of the work myself, other than having, you know, buying the actual building and having somebody put it up. Um, that's about it. Maybe some tile work, but if you, if you could, if you got it appraised before, you know, going to get a bank loan, if I only truly needed 50 grand and they were willing to give me say 80 would you would you take the 80 and kind of use it

and and and speed up the process or would you only borrow truly what you need to get it started and slowly do it speed up the process what do you mean getting that get in the home getting the home built oh you mean hiring people to do it faster than you would have done it by yourself yes okay all right so that i i what i would like to do is you know are you married i am not actually i actually was in a relationship she was she was she was great but she was well i was asking i was not asking about you i just wondered about the the dynamic of the barn dominium okay so uh this is just for you though that that's that's good the uh um all right so uh okay so there's several thoughts coming to mind the first thing is um what's your household income what do you make i'm an apprentice electrician so right now probably 35 a year but that'll i mean yeah that's

based off of percentages what i would top out of the tournament so 35 grand what do you make next year when do you finish your apprenticeship i will be done about a year from now okay what do you make after that i could travel on the road i could make anywhere between 90 to 200 000 is that what you're going to do travel on the road yes yes okay all right so 30 000 if you're making 90 000 30 000 extra debt on a home is not that big a deal right yes sir okay so if you're making $90,000, $30,000 extra debt on a home is not that big a deal, right? Yes, sir. Okay. So if you want to hire out part of it done and you want to have an $80,000 loan

rather than a $50,000 loan, that's not the end of the world. No problem at all with that. Okay? Now, I do want you to think, how old are you? 24. Okay. um i do want you to think how old are you 24 okay i have a barn with a an event barn on our farm that's very nice with a nice really nice one bedroom studio apartment built into it a barn dominium if you will uh which basically is a very large dog house if i decide if i get thrown out i can run over there okay i don't live there but it's the same concept, all right?

But I have a five- and a 10-year plan for that property. I'm thinking out into the future. I didn't just randomly build it. So I'm a little bit concerned that five years from today, you meet someone and her goal in life is not to live in a barn. I understand that. So what are you going to do with it then? I would like to turn it into a shop, you know, if I had to.

Okay, so if you bought a home somewhere else and moved in with your future wife 10 years from now, you would just keep this as a barn? I would use it as an office space. I don't plan on going anywhere, Dave. I'm pretty hell-bent on it being home base for me for the rest of my life. It's on our family property. I love the area. I've loved growing up there.

And that's what I want, and that's you know that's what i want and that's where i'm going to be okay well i'm just presupposing that you might marry someone that doesn't agree with that and they might want to live somewhere other than a barn and um you might not it's okay with me if you stay there i'm not mad at you for it but i just want you to have a good i want you to be very thoughtful about how this thing could be utilized in the future if it is not where you live. And I want you to be thoughtful when you're designing this, when you're building it about that, and even when you're having discussions with your family about the fact they're giving you five acres out of their 400 to do this because you can really get in a pinch. Yeah, this could end up being just very expensive office space one day and so that we just don't want you to step into something that's going to be hard to step out of and if you could pay cash for it i mean if you're going to be

making 90 continue to live on less than you make you could be able to cash flow this whole thing well in a few years pay the 80 off in a very very short period of time yeah that free but yeah like two years or something these projects usually are more of a headache than you realize. Yeah, it takes a lot more. Tanner's in Minneapolis. Hi, Tanner. Welcome to the Ramsey Show. Hi, Dave.

How are you doing? Better than I deserve. What's up? Yeah, so I have an opportunity on the table where I can advance my career by taking a new position, and it will include a title change that is better than the one I currently have and a raise. And I'm just wondering, how do you think I should go about approaching my current company and current boss about the opportunity I have on the table

and not destroying my relationship with this company and the people that I work with? What is your goal? Are you quitting? Yeah, yeah, I'd be leaving and moving to a new company, yep. Okay, so how do you maintain relationships when you quit? Is that your question? Yeah, I don't want to ruin it because then down the line if I reconnect with them, I don't want them to be like, oh, this guy left me, I hate him now.

What do you mean reconnect? Like like you need a job there again no but if uh if they move to a new company and we're still in the same network and then i want to reach okay i got you okay you just want to you're just saying i want to do this with class okay number one you can't control someone else's response all you can do is have your side of the equation with class okay so i mean if they're short-sighted and angry or whatever then they're just going to be that you can't keep them from being that but when someone leaves ramsey if they come in and go gosh our time here was incredible uh you know, we love being here. We're going to miss all you guys. I hate leaving. It's one of the best places I've ever been.

But here's my two-week notice because I got a $50,000 raise and a title change, and I got to go that way. But, man, it's been awesome working with you guys. I mean, then we don't get mad. We don't shun you in have you we don't we don't we don't shun you in the future if you do that if you come in and give us a double fingered uh a double fisted middle finger and go i'm out of here in an hour and then you go trash the employer you people suck and then everywhere you go you talk negatively about your time here then guess what

then we're not going to be friends. Hello. Well, no kidding, right? But we're good friends with a lot of people that used to work here, and that's both on them and on us, right? Does that make sense? Awesome. Is that what you're talking about, Tanner?

I mean, am I missing something? No, no, you nailed it right on the head, I guess. Do you have this job offer? You have the contract? Yeah, we're actually negotiating salaries right now. Okay. I've seen it happen where it backfires. You tell your employer, I'm out.

The other job didn't land yet, and then you're in a real pickle. And so just be careful as you approach that. Yeah. Yeah, no, I already have. We're just in salary negotiations. I've already signed a letter of intent for it there. It's just now we're nailing down just the X's and O's and everything. So a lot of ethics questions, Tanner, particularly business ethics questions, can be solved by the simple golden rule that Jesus said,

treat other people like you'd want to be treated. Pretend like you had someone working for you. How would you want them to leave? I mean, with a smile? Yeah, I mean, I would want them to, yeah, smile and then approach me and say, hey, I have this opportunity. Don't want to leave you, like, high and dry. Yeah, it's, you know, a lot of gratitude for the time we had together.

And, gosh, if I can ever help you or serve you in the future and be your friend i want to do that and thank you for all the good that we got to do together and the work we did and lots of gratitude and um you know all that kind of stuff so that if you do all that then that'll help you with always just reverse the moccasins and walk in the other guys for a few minutes, and that helps me know what to do. Book launch day today for George Camel. The new book, Breaking Free from Broke, is out. It's officially in the wild. George is my co-host today, Ramsey personality, big-time YouTube star,

and now hopefully best-selling author. So check it out. Love that. And Dave, you were on an episode on my YouTube channel of Millionaires and Cars Getting Coffee, and it has blown up. It's the number one video on our channel. Y'all posted it? We posted it. You thought that was just for us? I was a little worried about that. To start with, I was worried that I was riding in a Tesla. That was the best part. We talked about how you've been skydiving. You've done some risky things, and yet you were most freaked out about just riding around. I was afraid I was going to burn up.

I mean, those things catch on fire. I need to get you a shirt that says, I survived George's Tesla. I survived a Tesla ride. But you took us very kindly over to your barn. That was fun. And you gave us a little tour, and you made me some coffee. And we had a great chat about building wealth and how you're spending your money this year. And so if you want to go check it out, it's on my YouTube channel.

I had to get the coffee maker working. That was the toughest part. Fancy coffee makers are hard to run, man. Back in my day, you just had the old bun, glass, coffee pot. The Mr. Coffee. The Mr. Coffee. There we go. Simpler times.

Yeah. All right, Keisha is with us in Atlanta. Hi, Keisha. Welcome to The Ramsey Show. Hey, times. Yeah. All right, Keisha is with us in Atlanta. Hi, Keisha. Welcome to The Ramsey Show. Hey, Dave. How are you? Better than I deserve. What's up?

So my husband and I got married about four months ago. Congratulations. Thank you. We're both very excited about it. So we've begun the process of combining money, but I think we've semi-combined it. And we have some money things about to happen, and I just have questions on how to move forward as far as money is concerned. Like what? What's your question? Sure. So we own two homes. I own a home. He owns a home.

And he has a tenant currently, but his home needs some work, more money than we can afford to put into the home to get what market value calls for it. So he's made the decision to go ahead and sell the home. I make probably 80 to 90 a year, and he's making about 60, 65 a year. I also have a business, a seasonal business that brings in some income. And so my income, my seasonal business, his equity, his income, do we throw all into the same pot or do I keep my business separate? How does that work? Okay.

The couples that we see that have the best quality marriage and the highest probability of building wealth combine everything. There's no yours and mine at all. It's all we. You become French. Oui, oui. Got it. Okay.

Got it. So it's we now own two houses. One he used to live in and one I used to live in. The one he used to live in, we are thinking we should sell it, but it needs some repairs, and so we're trying to figure out what to do with that. I run a business. How do I do that?

How do I combine the income from that business into our new household? You hear my pronouns changing? Yeah. There's no more yours and mine. It's all we and our. Yeah. So we've created a joint account. We have a joint account that we just opened.

We also have our separate accounts that our income gets put into. No reason. They should all go in the same account. Gotcha. It forces you to combine your dreams. And when you combine your dreams and you combine your fears, you start to have this. Now, George, you and Whitney have been married how long? Five plus years now.

So you guys went through this because you were both young professionals with your own everything before you got married right we have it so simple that how did you combine it though i had my checking account and i made that a joint checking account added her to it she closed hers and now we have a joint checking and a joint savings that's it that's it and so you can do the same what you have a business checking that's why you keep your business you have a business operating account but when you take money out of the business called profit or income and it, quote, comes home, then it goes into the joint account and it's part of our income. Does that make sense? Yeah, that makes sense. And I guess, you know, any personal expenses like hair and nails, whatever, it just comes out of that account.

The two of you together talk about your budget before the month begins. We lay out what we are going to spend our money on. And since he's newly married, he's very smart, and he's going to include hair and nails in our budget. Yeah. I think all that makes sense. And i think one of our both both biggest fears that we both have children of our own my son um his father's passed away years ago and so his care has always been top of mind for me and it's scary to let his financial care just leave

my grasp alone you know How old is your son? He's now 19 in college, and so he's still being financially cared for throughout his school. But your new husband married into that. Yeah. He knew that you had this on your heart, that you wanted to continue to give your 19-year-old some support until he launches into manhood, right? Correct. Yeah. And so we can do that. Yeah. you to give your 19 year old some support until he launches into manhood right all right correct yeah and so we can do that yeah you know if sharon and i had that situation um you know i know when i'm marrying into that that this lady has this son and part of her life and to for her to not

support him is not going to be okay for a while i I mean, we don't want to support him until he's 29. But, I mean, we want to make sure he gets out there and gets a good start, right? Right, exactly, and vice versa for his daughter. Exactly. So just streamline this. You've got one checking, one savings. Now we can make as many line items in the budget as we want, and there's just full transparency and accountability for those items.

Yeah, we have agreed to take care of his daughter and your son because it's something that we are concerned about. And if he's not concerned about the 19-year-old and you're not concerned about his daughter, you all shouldn't have gotten married. Yeah, definitely. No, I don't think that's the issue. I don't think it is either.

That's what I mean. No. Yeah, I mean, because it all comes with a package. You don't get to set these things off to the side in a silo. They're all wrapped together whether you want them to be together or not. And so that's why the marriage vows in sickness and in health, for richer, for poorer. And the old marriage vows in the Book of Common Prayer said, unto thee all my worldly goods I pledge. I like that.

That's old school. But you know what? The current data confirms that that is the best route relationally and as a probability for wealth building. It's amazing what happens when you have shared goals, shared dreams, shared vision, shared bank accounts. Shared fears. Shared fears. And you put it all out there. What most people do, Dave, is they brush it under the rug. They keep separate accounts because it will avoid conflict,

which really just means I'm going to have resentment later. It also means I basically have a secret. Exactly. I have a part of my life that is not. That I'm not willing to share. That is not open to my spouse. Ooh, danger, danger, danger, danger. That's what most culture tells you, David. You've got to have five bank accounts, and he's got to have his and hers. No, have one budget, and she can have a line item for hair care and nails, and he can have a line item for fun money there. But that transparency is what causes marriages to succeed. That culture that's giving that bad advice is the one where 52% of the marriage is ended in divorce,

and they're the ones that stand slack-jawed and look at me with their mouth open and go, you've been married 42 years? What's the secret to a successful marriage? Yeah, well, there it is, buddy. You know? So, yeah, what the culture, you know, that's like, you know, saying the culture believes nutrition. Who cares about this?

What this culture believes about nutrition? This culture is obese. Who cares about this? What this culture believes about nutrition? This culture is obese. Who cares about what this culture says about money? This culture is broke. You don't want to be normal. Nobody wants to be normal. That's a great question, Keisha. Thank you for calling in with that and your sweet spirit on the way you're approaching it.

You know, I want to give Keisha a gift. Can we give her Financial Peace University and our Every Dollar budgeting app to help them get on this plan together? I think we can. We did it. That's our late wedding gift. I like that. There we go.

We didn't get invited to the wedding, but you'll get a gift anyways, Keisha. So hang on the line. Austin will pick up. We'll gift you Financial Peace University. Watch all nine lessons with your spouse and work on that budget together. Georgia, if she had only known,

she would have invited you. I'm sure. I've gotten invited before. It's very kind, but I go, I'm not traveling to Boise. Sorry. Maybe next time. This is The Ramsey Show. The Ramsey Show Question of the Day is brought to you by Neighborly,

your hub for home services. There are a lot of things you need to remember when the weather gets cold. The Ramsey Show Question of the Day is brought to you by Neighborly, your hub for home services. There are a lot of things you need to remember when the weather gets cold. Thankfully, Neighborly has a free winter maintenance checklist that can help save you time and hassle. Check it out at Neighborly.com slash Ramsey. Neighborly.com slash Ramsey. Today's question comes from Jenny in Alabama. I'm new to the baby steps and really want to get on board, but my husband is reluctant to do them. A couple of years ago, we ran a

restaurant and made really good money. Lifestyle creep set in and we now have almost $58,000 in debt on a car, four wheelers, credit card, and home equity loan. We currently only have one income, which is mine, bringing in around $3,600 a month. I want to become debt-free, but my husband considers our debts to be normal expenses. How do I go about doing the baby steps without the support of my husband? Can't. Got to get the support of the husband. You didn't sign up for the solo trip. You're married.

You started acting like it. And I think we both need to own the decisions we've made, and you need to have a hard conversation with him. And I don't know what he's doing. You said you have the only income. I don't know if he's staying at home or what the heck's going on, but we need more income coming in to clean up this mess and probably need to sell everything we can, including those four-wheelers.

Yeah. But I think the core issue here is that you can't be the only adult in the relationship. And so the both of you, you know, if my wife comes to me and says, this matters to me, I need you to put the phone down, turn off the TV, and listen. Well, I do. Not because I'm a wuss, but because I love my wife. And if something really matters to her, even if I don't get it, I'm going to listen to her and think about what it is she's saying and give her a hearing on that.

And so basically it's not the baby steps that matter. It's the two of you deciding to plan to have a future and not be in denial about your situation. And so it's not about Ramsey or about every dollar or about baby steps. It's about, you know, we need to do something different because where we are sucks. And we need to be in a different situation. I think you two need to have that discussion. And if he won't come around on that, you got husband problems. You haven't got financial problems at that point or wife problems or whatever it is you people are facing out there, right?

Whoever it is that's listening to this, it has in a similar situation. So, but don't use Ramsey or the baby steps or anything else to beat him over the head. This is a thing where the two of you, honey, I'm scared. $3,600 worth of income, all this debt, it may feel normal to you. I'm terrified and I'm requiring that we do something about this. One thing we could do is look at this Ramsey stuff, but I'm not okay. I'm laying awake at night. I'm freaking out. I'm scared. You should be. You got $3,600 a month in income and all these bills going out, and he's right. This debt is normal, but normal in america sucks you don't want to be normal normal is on the edge of bankruptcy and looking good owning a bunch of crap you can't afford with money you don't have to impress people you don't

even really like that's normal who the crap wants to be normal he sounds like a kid they got too many toys and he's just happy with his toys and said well this is normal we're just gonna have fun well the fun is over you're not having fun anymore yeah i mean it's the math quit working here boys and girls i mean thirty six hundred dollars oh and she said she admitted lifestyle creeps set in and that's most people they think well dave if i just made more money we did we wouldn't have any problems back when he worked apparently he's not working right did i get that right yeah husband so we currently only have one income which is mine so why is he why is he not working what happened you know i mean there's that so i mean yeah we need to create some more income and we need to clean up the dadgum messes that we've made either

sell these things or get them paid off and no yeah debt yeah, debt is normal, but it's not okay. I don't want to be normal. I don't want to be in debt. I don't want to live like this. And so this, you know, this is going to change. And, you know, this is a marital discussion that you've got to have. But there is not a method. I've been doing this 30 years.

I have never figured out a way that. Drag a spouse into it. That you can get a, you can, you know, go do this by yourself and hope they come along. We've never seen a debt-free screen where they went, well, Dave, really, I did this on my own because they didn't want to do it. Every single time it said we got on this plan together. Being on the same page. They say that all the time. Being on the same page.

We worked the budget together. They say it every time. It's not unusual for unusual for one to be more gun-ho about it, have more of the initiative, but how can I go about doing the baby steps without the support of my husband? You really can't. You really can't. Because you really can't do hardly anything in your life when you're married without the support of your spouse.

It's like trying to run a marathon with chains on. Yeah. How can I go get a four-year degree without you? You could probably, you know, but it's hard. It's dadgum near impossible. It'll destroy the relationship or what's left of it, that's for sure. To go uphill. A lot of resentment.

Williams in Jacksonville, Florida. Hi, William. Welcome to the Ramsey Show. Hi, thank you for taking my call. Sure, what's up? Okay, so here in probably the next month or two, I will be going into the Navy and hopefully receiving a sum of money that I am not accustomed to. And I was wondering if I should save all of the money I make in the Navy since I'll be living with little to no expenses, or if it would be better invested somewhere else. So how much money are we talking here? About $75,000. Wow. Good for you. And thank you for your service. Thank you. So how much money do you currently have? Currently, I have in savings around $6,000. Okay. And what does this look like over the next few years? Is there

an end of the contract or what's next for you after this? Uh, well, it is a career that the Navy can carry me through until retirement, but I can also leave the Navy and make a lot of money working other places for what I'm going in for. Okay. The reason I ask is because if you have a long time horizon, investing this money is wise. But if you're going to need this money in two, three, four years, it's going to be better off sitting in a high yield savings account ready to work for you when you need it. So if you don't have any future goals like that, it could be okay to invest a portion of that. And I would label the investment or wherever you put the money, the savings account, I would give it a name.

Okay, this is my house fund. I'm saving up to pay cash for a house. Or this is my, I want to be a millionaire fund. Or give it a name. Every dollar ought to have an assignment. You know what i'm saying because if you just kind of lay it there and it has savings on it then that that means you can use it for anything including something stupid okay so i would give it i would give it a uh an inspirational name that that causes you to stay you know i can't use that that's my money for my house i can't use that that's my money for my house. I can't use

that. That's my money for my whatever. And it keeps you from going and buying, you know, something silly with it. Um, but, uh, I think you also, let me tell you, I always think people ought to do three things with money and at different stages of life would be how you wait the three things, but you should be generous with some of the money. You should invest some of the money and you should enjoy some of the money. So I wouldn't put a hundred percent in savings or investments. Uh, I would, I would put, I would, after generosity and enjoyment, I might put the bulk of it in investments that you might wait it very heavily towards that, but pull some money out for enjoyment you're in the navy you're going to be working really hard and you're going to be doing some wild wonderful things out there and

you know so get some have have some enjoyment the problem is most people that's their only thing they all they do is just burn spend a hundred percent on spending yeah so uh and a lot of your buddies are going to be doing some really your new friends are going to be doing some really, your new friends are going to be doing some really stupid things with money. So you don't want to emulate them. But you ought to very intentionally have this much for fun, this much for generosity, the rest of it, the big bulk of it going into saving your investment and give that saving your investment a name.

And that keeps your hands off of it, keeps you from being tempted to buy something so it helps you avoid paralysis analysis too when you have exactly you need kind of divvied it out already yeah pre-decided what you're going to do with money yeah which is really good which means they're really wise to ask this question the way you did before the money starts coming in because this is your first big paycheck that you're going to ever have way to go william keep it up man this is the ramsey show I'll see you next time.