The Ramsey Show - App - Nothing Is Worth More Than Your Integrity (Hour 3)

Episode Date: February 7, 2024

МУЗЫКАЛЬНАЯ ЗАСТАВКА МУЗЫКАЛЬНАЯ ЗАСТАВКА Live from the headquarters of Ramsey Solutions, this is The Ramsey Show. It's where we help you win in your life, very specifically in your money, in your work, and in your relationships. 888-825-5225 is the number. 888-825-5225. the number 888-825-5225 hey we'd love to hear from you always fun to be sitting alongside my good pal my friend i don't know if you can call a lady a pal but i just an old pal just my old pal rachel crew is old pal known each other forever uh and we love love taking your questions so let's have some fun let. Let's get some hope established for you so you can move forward. Let's start off in Philadelphia, Pennsylvania, the city of? Brotherly love.

There it is. She used to make fun of me. You're welcome. I think you've been paying attention to my little quotes. That's it. You're so happy about it. Melanie, how can we help? Hey, guys. Thank you so much for taking my call. I'm excited to talk to you both. Well, we're excited to talk to you both. Well, we're excited to talk to you. What's happening? Awesome. So I'm in a little bit of a professional conundrum. I love a conundrum. Great word. I'm currently working two full-time remote jobs that have been great for my family, kids in school and all that. I've been fortunate to find two remote jobs. Hold on a second. Hold on.

This is fascinating. I've got to know. Do both companies know about the other? Of course not. So you are a professional polygamist. Are you aware of this? Can we say? Yes, you can say.

Melanie, I am so sorry that you have to deal with him. No, she's not offended. She's not offended at all. I expect Ken to give me a hard time. Listen, not even doing that. I just wanted to say professional polygamist because you've got sister wives. You've got two companies that you're working full time for and they don't know about the other. And I'm not even trying to.

I think sister wives knows about each other. That is fair. You get my point. It's a fun little metaphor. How are you pulling this off? How long have you pulled this off? I've been doing it now for a year. Are you exhausted?

Huh? Are you tired? I'm a little tired. Yeah, I'm not going to lie. I mean, two full-time jobs. Yeah. And keeping them away from each other. It's like having a mistress.

It's exhausting. It's a lot of great time management. That's all I can say. You must be incredible. So what kind of money are you knocking down? So I'm netting $96 a year. Okay. All right.

So what's your question? So I've just been offered a different job that will cause me to be hybrid, three days in the office and two days working from home, with a base pay of $100K and with up to a potential of getting a 20% bonus of my base pay. Oh, wow. And what has kept you from saying yes to that offer? Well, because I technically would be netting less. I guess, you know, right now my husband and I bring home about 12 a month.

And then if I take this, we'd be bringing home about 97. Why would the net be less? That's not including the bonus though. Yeah, exactly. And you're not cheating on another company and thus risking getting fired from one or both. Yeah. And also I think professionally, the job that just offered me this position would be a step up for me professionally. Great. But I just, I don't know. I just, I'm a little nervous about. So it's the net.

Giving up to remote jobs and, you know, flexibility with the kids because I do have like school age children at home. Let me ask you, Melanie, let me ask you a real question. And you've been a great sport because Rachel thinks I'm being mean. I'm not. I'm not judging you. I'm just trying to coach you. How long do you think you're going to be able to keep this up and then not find out about it? How long do you think you got? Not very long. I mean, honestly, I think it's more just to do the debt snowball for my, you know, for my husband and I were a baby step two. I don't think you understand the concept. Hold on a second, Melanie. I don't think Rachel understands the concept. She's working two full-time jobs.

I hear that. It'd be like you being a personality for another company, and they not know about it. She knows she can't keep this up because she's going to get found out, and then she's fired. Yeah, but wouldn't it be like having a part-time job, but you're just doing more hours? It's pretty much what it's like because they are in two different fields.

No, no, no, no. Okay, hold on. Just for point of emphasis here, okay? We're not going to get stuck on this, but I got to help my friend, Rachel. And Melanie, I'm going to help you. Rachel has to help me here. No. No, she doesn't understand it.

Once she understands it. Rachel, listen to me. Here's what's happening. One company, let's call it ABC, is paying Melanie to work a full-time job. Yes. That's what, 40 hours a week minimum, Melanie? Roughly? Yeah.

Okay. Yeah. Company XYZ is also paying Melanie to work 40 hours a week. And Melanie, just tell us, how many hours you work in a week for both companies? 80. Now I didn't see that coming. She's trying to get me on a technicality. I still think it's unethical that they don't know about each other.

Yeah, I can get the secret, yes. And again, not to judge you, Melanie, because there's no judgment. It's more protection. So we've already covered. Now do you get my... No, I always have. But in my head, if she's working, I get the secrecy, right? But if you're working both full time... Okay, I said, I acknowledge that she kind of had me on a technicality, but it's still

dishonest and we still have an ethical issue that she could get penalized for. Yes, but with one company... Which all I care about is Melanie. But if ABC Company doesn't care that she's also working for XYZ... How do you know? Because they don't know. No, but what if they're not? Then it's not.

Then in your book, is it okay? If they're okay with it? If they're okay with each other? A hundred percent. So it's the secrecy that's bothering you, that they don't know about each other. It's not bothering me in a sense that I think she's a bad. It's just, it's risky for Melanie. Yeah.

I'm literally playing defense lawyer for her going, I'm not going to tell you what you did was wrong. My job is to help you keep getting paid and not get fired. So now the question is, do I take this other job, which has a bonus above and beyond the 100 base, plus a path for growth, Melanie? You said this is a job that's a better play for you long-term. Melanie, it's a no-brainer. Now I'm not working 80 hours a week. Yeah yeah now i'm not working 80 hours a week yeah now you're not working 80 hours a week and you're not cheating on another company and you're and again it may be a lifestyle shift because it's a hybrid idea and and but maybe you get into that and and it works and it's great and you can you figure out the logistics with the kids and your kids are in

school which is helpful um yeah or you you pan back a year from now and say wow this is hard so maybe i go back to lmno company you find another job right but melanie melanie you do know i'm on team melanie right we love you melanie i do but listen i do and i just wanted to make sure that i'm not you'm not kind of shooting myself in the foot with the $3,000 less that I'd be making. Yeah, but you told us you're not including the bonus in that exercise. I'm not. So you've got to put the bonus in, amortize that over 12 months, and then you start looking at the monthly. It's not quite $3,000 because you said $97,000.

So my point is, I think all in all, it's not going to be that much of a difference at all in the short term. And we know long term is better if you take this new job. And just for your own benefit. So you're not working 80 hours a week. You're working 40. Yeah. That's true.

That's true. All right. Thank you so much. I appreciate your input. Yeah. Melanie, take the job. Man, you got to get out of jail free here on this one. I mean, whoa. By the way, this is a new job. Man, you got to get out of jail free here on this one. I mean, whoa.

By the way, this is a new trend. She is not alone. There are millions of Americans that are professional polygamists. They have two full-time jobs and they don't know about each other. And it is cheating. I don't care how you slice it. I'm all for you getting them paid. But man, you could get fired and it makes me nervous.

You know? Oh, man. Woo! This is the Ramsey Show. Welcome back to the Ramsey Show. I'm Ken Coleman. Rachel Cruz joins me this hour. What do you think, America? That last call, it was really fun. We had a good debate.

We really did. In the lobby with some people that are here. Yeah, and make no mistake. I want to say again, I got a t-shirt on. It says Team Melanie. I just don't want her to get fired. And I feel like we got her a path to where she's going to escape. Yes.

And nobody hurt. But again, it's fascinating. What do you think, America? Comment. Get out there on YouTube and comment. Do you think it's okay to have two full-time jobs and both companies don't know about each other? Okay, the don't know thing, just so everyone's clear. They don't know about it.

I know. I know. I know. And I would say that's the part for me that I'm like, yeah, you can't. I mean, you want to be honest. But if both companies are okay with it, I say get after it. Okay, there you go. So yeah, we're more on the same, we're more aligned. I knew we were. But if both companies are okay with it, I say get after it. Okay, there you go. So yeah, we're more on the, see, we're more aligned.

I knew we were. This is America. We're America right here. You think you're on two separate sides and actually in reality. Oh yeah. We want the same thing. If both companies are okay with Melanie. Yeah, it's the secrecy.

I get that. Then I'm like, fantastic. Yeah, yeah, yeah, yeah. Go get you some money. Because for some companies, what your position is, you're a graphic designer and you have these projects and you got to do it. And if you get it done in 30 hours, 60 hours, you know what I mean? I'm with you.

Yeah, you're getting paid for that position too. You know what? I want to get your opinion on something really quick. This is fun. I'm going to bring you into my lane for a second. Career. Leadership. Work. Listen, listen, listen, listen. The kid world. really quick this is fun i'm bringing you into my lane for a second okay career leadership work listen listen listen listen i think the 40 hour work week is an antiquated metric anyway

uh meaning i feel like most people work more i think that and i here's what i'm gonna say i'd love that you're on this i think that if you look at the world of work in americans it's either you work more than 40 hours or you work less. I don't think there's anybody that's knocking out 40 hours. Let me explain why. If you work an eight-hour day, you're taking a lunch break, which is probably an hour. That's not eight hours. You're seven. So I'm just going, and then you start, we know the data. Don't look this up, leaders, the data on how much time people spend on social media during the work. Oh, sure. So now you're way below 40 hours. Sure. I'm just calling it out to say to your point, I thought you made a good point. It's about the production. Yes. Not the time clock. That's right. That's right.

So you agree? I do agree with that. Yeah. The world of work is changing. You do know this. Oh, gosh. It's crazy. Have you heard about four-day work weeks? Have you heard about the four-day school week? Oh, the school week? There are school districts now that are testing a four-day school week because of shortage of teachers. Oh, no way. Mm-hmm. Mm-hmm. Mm-hmm.

So anyway, I digress. The world is changing right in front of us. Always. COVID did it too, right? Wouldn't you say? I mean, it fast-forwarded everything. Could not could not boy we are really in alignment today wow you should keep making predictions we were a car just it's it's it's it's great i agree with you i think kovat literally it was like a fast forward button on change and and i think too for people depending on how they're

wired it works like i have so many friends that are hybrid i have so many friends i completely agree that want to be in an office and they're like get me out of the house there's no way i could work from home yeah some that are like nope all i want to do i will only find work for from home job i mean like yeah and so it just get i like it because it gives the variety to fit within your life and you know i feel like a lot of uh gen z-ers we were talking about this oh yeah with the yeah a recent article yeah but they really see work as a means to an end that's it versus it being part of this life and yeah it's fascinating and i get yeah i i see that so there you go so anyway america we want you to sound off we love it get in the comment section

tell us what you think about melody it's always fun and and just for for the record rachel agrees with me so took her a minute but we got her there you came to my side a little bit was that what it is whatever okay so i'm gonna capitulate again this is all i do i've been married for 25 years i have a teenage daughter i'm always giving in to the women in my life what is going? Can I not be right once? Yeah. So fantastic. Tiffany, rescue me from this. Tiffany's on the line in Houston, Texas. What's going on, Tiffany? Okay. So I actually wanted y'all's input on something. So me and my boyfriend have been kicking around the idea of you know renting or should we buy like a mobile home and no on a piece of land no never because there are mobile homes around here for like 24 000 yeah and guess what it's going to

be worth in six months after that they go down down, down, down, down, down, down, down in value. It's one of the worst investments you can make, honestly, Tiffany. It's like buying a giant cannonball and trying to hold it in the water. It's just you're going under. You can't keep the cannonball up there. It won't float, folks. So I'm just telling you, why would you do that? It's not a good investment.

I'd rather you rent and keep some stability, but not buy an asset that's going downhill. And don't buy something together with someone you're not married to as well, Tiffany. Oh, that's a good point. So don't put both of your names on something. I mean, it needs to be very separate. Have you ever lived in a mobile home? Yes. Did you like it? Well, I was pretty well too young to remember. Okay. Did it have a redwood deck, while I'm asking? As far as I remember, no. Okay. It had like a lighter wood.

That's a Sammy Kershaw song, I think it is. But the point is that you're trying to figure out a way to cheaply live as opposed to doing what it takes to live smartly. And what I mean by that is you're going to buy an asset that goes down. And instead of people think, well, I'm renting, I'm throwing money away and renting gives you options and renting gives you stability. And so I just don't understand why you would consider it other than it may be in your family or it's just something you think is a normal thing to do. I actually had a couple of people in my family to buy them, pick them up, and then sell them

for like twice as much as they put into it. I don't believe that. Do we have paperwork on that? Yes. They bought a mobile home and sold it for twice as much who'd they sell it to now that I don't know yeah they showed me the paperwork they sold it for like 50,000 they only had about 20 in it Tiffany how much do you make a year? Just me. I make about 50. You're 50.

Okay, that's great. Yeah, so Tiffany, what I would do, honestly, yeah, I would rent you. What kind of debt do you have? So I have like two credit cards. How much is... They have like $1,000 on them. Okay. Collectively.

Okay. Both of them have a thousand dollars so so two thousand in credit card debt what else no it's like one has five hundred one has four oh okay oh i'm sorry to get okay okay perfect okay what else um i have like a payment to the electric company that i have to make when me and my ex-husband split up because my name was on the utilities. Okay. He couldn't keep it paid, so I just had him shut off. Okay.

Do you have a car payment? Well, my boyfriend does. Your boyfriend does, but you don't? Not in your name? No. No. Okay. So, okay.

Well, you're in a good spot. Do you have any money saved? I'm working on that one. Yeah, that's great. That's great, Tiffany. Well, I think, you know, one of your first goals is to get $1,000 saved. I would not combine anything with your boyfriend. You want to keep finances separate when you're not married for many reasons,

but one of them easily is just the legal reason. I mean, if you put your name together on something and then you guys break up, he stops paying. We get that call all the time. You're stuck with it. So keep everything separate. My first goal, Tiffany, would be to save $1,000 emergency fund on your own with your money and put that away and then cut up these credit cards. You could probably cut them up today. I would just get rid of the credit cards and pay off that debt after that thousand dollars is saved and then bump up your starter emergency fund to three to six months of expenses. So kind of starting to get you a strong foundation financially for you where you don't

have payments, you have some good savings in the bank. And in the meantime, Tiffany, then I would rent. And again, on the lease or whatever, I would not sign something together. Let it be in one of your names. And if something happens to the relationship, then that person is the one who will live there. The other person will have to find somewhere else to live, but just don't merge your life and act like you're married when you're not because from a financial standpoint,

it gets people in a lot of trouble. So just protect yourself in that, Tiffany, financially, but I would rent, I would not buy a mobile home. We just see- Please do your research. Yeah, we see the stats on it. Yeah, it's not a great investment long-term. I would love for you to own a home and save up for a down payment here in a few years.

All right, we'll be right back. Don't move. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm Ken Coleman. Rachel Cruz joins me this hour. The phone number is 888-825-5225. So glad you're with us.

Let's go to Fort Myers, Florida now, where Tracy joins us. Tracy, how can we help? Hi there. Thank you for having me. My husband was in a near-fatal car crash a little over a year ago. Oh, my gosh. I'm so sorry. Is he okay?

No, thank you. Yeah, God is good. Oh, wow. So he suffered with paralysis at the accident. And a month later, he coded and he blew a stroke, which gave him brain damage. Oh, no. So he was the breadwinner. He was the breadwinner.

And so I'm just, I'm sorry. I didn't know I was going to cry. No, listen, you've been through a lot. That's a lot. So anyway, we have a 22 and a 20-year-old. So anyway, all that to say, I homeschooled the kids, and then I was just working at just a fast food restaurant takeout for about six months until the. And so I don't make that much. It's about 24 hours. It's part-time, obviously, because I'm with my husband on Wednesdays and Thursdays in Tampa. And so anyway, I make roughly about $1,700 a month through that position. And so I'm just wondering what I can do to sustain our house. I want to be able to keep our home. I'm not quite sure if I'm going to be able to,

but there is debt. I have about $17,000 in credit card debt. Our mortgage is at a good rate. It's 2.875% and our mortgage is $15,18 per month. So, I mean, those are very comfortable numbers to me, but when I don't have income really slowing, I do have a stable amount in savings, but it's going to go. I mean, it's already been dwindling. How much do you have in savings? About $8,000. Okay. And so what have you been doing for income since this stroke? The truck that he totaled in the accident, I did get money back from that and I got scared. I'm still paying on that as well. It's like $180 something a month I use to basically live on. And so I had that. And actually, you know, friends, you know, through different churches were so gracious.

And my daughter actually created. Tracy, did you say, Because you're in Fort Myers And he's in Tampa Yeah, so Fort Myers is our nearest city So how far is he from distance wise? How far? About two and a half hours Okay, and he's there

Obviously for medical reasons Yeah, he's at the VA in Tampa So that means his expenses for care are covered? For now, until they switch him to perhaps a long-term because he needs 24-7 care. Okay. Will he be in Tampa? Do you think he'll be there for the foreseeable future, or will he be coming back closer to you guys? I don't, I'm able to, I would rather him stay there. I mean, well, actually, I'm torn about that. He would end up in a nursing home probably if it would, you know, be near us.

Because my question to you, Tracy, is, I mean, have you thought about moving towards him if he'll be there? You know, to tell you the truth, I'm not quite sure about that for different reasons. Did he have any retirement or any, where were you guys at on that? I'd like to get a pretty high level picture of your finances. Did he have retirement? Do you guys have retirement? What's that look like? No, it doesn't look like anything because we just don't have that.

And how old are you? I'm 57. Okay. How much is left on the mortgage, Tracy? The current balance for the mortgage is $233,778. Okay. What was he making before the accident? He was making roughly like $4,000 something a month. Okay. Take-home pay? Yeah. Okay. And how much is on the truck? How

much do you owe on the truck? To tell you the truth, I don't have the balance. I've been paying it for, I mean, he was already paying on it. So it'd been like two years loan, and it was only a $5,000 loan. Okay, so probably not much left on that. Okay, I want you to find that today. I think as much details as you can have about your money situation, usually kind of just the more peace that you have, because it takes, yeah, all the guesswork out so you're able to see. So I want you to find that today if you can, how much is left on that truck loan. And then the credit cards, the $17,000, is that just lifestyle? Is that just to keep you guys, keep the lights on and throughout this last year? Or did you guys have this debt before the accident? We had some of it before the accident.

We usually like to use cash, but it just got up. So, I mean, just out of note. But I also used it this past year, you know, just for different things. Yeah, for sure. It feels like you have been scraping by. Do you have a pretty good budget? You know exactly where the money's coming and going? I do.

But I just know that with me being out of work and him, you know, for over a year, we really, I mean, it just, we took a big, big hit. No, no, I get it. But what I'm getting at is this. If you have a really good grasp of your budget, then you should be able to say, all right, I have to bring in this a month. So for instance, all I'm doing is looking at the one bill, which is your mortgage is $1,500 a month and you're making $1,700 a month. So obviously we've got to come up with a number where you say, I have to make, and I'm just going to put a number out there. Don't freak out. But if it's like, I have to make $4,000 a month or $3,500 a month just to have some breathing room. But in this situation, Rachel, I'd love to see if maybe selling the house.

What's hard, Tracy, is I think with these numbers, as Ken was pointing out, that working part-time long-term, that can't be the solution. It's not the option. So that's why I was asking about you moving closer to Helm so that you could work full time and be close to Helm. But those decisions, they have to, yeah. And that's what's so hard, Tracy. And I commend you. I can't even imagine what you've walked through the last year. And like you said, and I feel like this is so true for a lot of women, you know, they

leave the workforce and they raise kids and then you get put in a situation and you think, oh my gosh, I have to go back to work. What am I going to do? So, Tracy, I think it would be a good goal for you just from a, and Ken's the job. I'm going to give an example here in a minute. Yeah, but you're the job career expert, Ken, so you can speak into this. But Tracy, I would want you to have a timeline soon. You know, it's February that, and I don't know what that looks like for you, but where you feel like, okay, I can now step in and get something more full-time. And even if it's a receptionist job somewhere or anything that has benefits that gets you a stable, good income and use the gifts, the talent,

everything that you have, it is marketable. I'm like, to run a household and do what you're doing. So- Yeah, let me give you a couple of things here, okay? So $20 an hour job, Tracy, okay? 40 hours a week, that's going to gross you $3,200 a month, okay? That's a sizable raise. That's at $20 an hour, okay? And I'm giving you examples. You have companies like Walmart, Target, that are paying really good hourly rates between, let's call it $18 to $22 an hour. You

don't have to have a ton of experience. They want somebody who they can count on, and believe me, they can count on you. They also give great benefits. And right now, because of your husband's long-term situation, I'm not just thinking short-term when I give you this advice. I'm thinking long-term. You can get in, start getting some good benefits, right? And maybe you sell the house as an option, and then maybe you rent something. Maybe the 22 and the 20-year-old, depending on what they're, they got their own life too, but maybe you get a roommate if your husband's living. We've got to do everything we can right now to lower your expenses as low as possible while increasing your income, Tracy, to your max of what you can do where you are right

now. And then you can build out, you can get out of this hole. You can pay off the debt. You can begin to invest. You can do this because you're going to have to, Tracy. It's on you now and you can do it. Hang on the line. I want to get you with one of our financial coaches that'll just further help lay out a path. Let's also give the full suite, every dollar, total money makeover, financial peace. Let's come alongside Tracy in this situation. So sorry. Thank you, Tracy, for calling. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm Ken Coleman. Rachel Cruz joins me. And the phone number to jump in is 888-825-5225. Our scripture of the day comes from Romans 12, 9. Don't just pretend to love others.

Really love them. Hate what is wrong. Hold tightly to what is good. And our quote today from your friend. Rachel friend makes the quote today. Candace Cameron Bure. Is it Bure or Bure? Bure or Bure? And Rachel Friend makes the quote today. Candace Cameron, is it be or bur? Buray or buray?

Do you know? Buray. Buray. That's how I say it. Sorry, Candace. I don't know if that's right or not. Your integrity is worth so much more than proving a point or having the last word. That's a good point.

Great quote. That one kind of gets me because I tend to be the last word guy. I've had to learn in my marriage to i tend to be the last word guy you know i've had to learn in my marriage to let stacy have the last word what's the quote they say it on bluey uh you can either be right or can either be right or have fun or something i don't know shoot generally for me it would be i can either be right or wrong in stacy's eyes and then that ends up being right you know happy wife happy wife, happy life. You know, just be wrong. Just be wrong. It's easier, guys. Tiffany is up in Atlanta, Georgia. Tiffany,

how can we help? Hi, guys. So about five years ago, my husband, myself, and my then 10-year-old son were in a really, really horrible car accident. Oh, my. My son's, yeah, it was really tough. My son was in the children's hospital for 40 days, 28 in the ICU. Oh, my goodness. I'm so sorry. Yeah, and I say he's great now. He's a thriving, like, 15-year-old freshman in high school. I say he suffered the physical wounds, but my husband and I suffered the emotional wounds.

Oh, without question. We had done a lot of work, but he received a settlement from that accident that after attorney's fees and insurance companies negotiated totaled about $180,000. Um, uh, uh, yeah,

his dad and I are financially like debt free, stable. Um, so we have like college plans for him. We have no need to access that money. So as far as we are concerned, it's his money and it's been invested for him. It actually has had some growth. It's worth about $215,000 now. Wow. Yeah. So my concern, well, it's kind of a twofold question. That money becomes his at 18. And so I'm not sure there's any way I can legally kind

of safeguard it to protect it from, you know, decisions that 18 year old boys can make other than we've tried to raise our son to be fiscally responsible. Um, and then also what is the best avenue for that money? Do we continue just to keep it invested in the market or is there something we What kind of fund is it in right now? I'd have to go look. I mean, I think it's in like kind of some mixed index. We had our financial planner just invest it. Okay. Okay. Yeah. I mean, pretty significant growth. Yeah. Well, yeah. And the market, you know. But you opened the account in his name, or do you guys have any authority over it? It seems like you have the authority over it, yes? I do, but from what legally was explained to us, that I'm the trustee, it becomes his money at 18.

At 18. Because the lawsuit was in his, yeah. Yeah. For him. I don't know the answer to this, Rachel, but could she as a trustee put that in a trust? Put it within? I don't know. I don't know.

I would get legal advice. I really would. I would sit with one of your, we would send you to SmartVestor Pro. I would get some legal advice on this. Okay. That would be the only thing. And I don't know the answer, but I would go, okay, as the trustee, I have authority over it until the kid turns 18. So what decision?

So this is the, I don't have the answer, but I think I have the right question. I want Rachel to correct me if this is the wrong question. But I would be asking, what can I do, he and his father, me and his father, do as his trustees with that money to further protect it? Okay. And that's what I would look into. You may not be able to do anything i just feel that there's got to be something that you guys can do with that money as the trustees that would maybe push it out maybe to maybe put it in a trust looking i yeah somebody can answer

that question i wish i knew the answer but i would be looking into that Rachel you yeah because yeah and I think the goal you know because it's amazing you guys have college and all of it is that is he doesn't touch it I mean the only reason I would use that money if I were him and you could kind of walk through this with him which I know you guys probably have had these conversations right but I'm like you know if you're a 25 year old kid and you can buy a house and start your life off debt-free you know what I mean like the thing so would you put a limit on it what gauge would you I'm curious what age would you recommend Rachel that he have access to these I would like him to be out of college I think that would be that would be ideal right so 21 22 years old um and then what do you think mom? Is that where your head's at? Well, yeah. And his dad and I,

like I said, we have a 529 plan for him. We're debt free. We have a large net worth ourselves. And so he doesn't have to worry about finances through college. And so ideally, I think what we would like him to do is to have it to start his life with. When he's done with grad school or college, he shouldn't have a need for it before then. That's right. That's right. When he's done with grad school or college, he shouldn't have a need for it before then. That's right. That's right. Yeah, I agree. And so to start your life debt-free and then with a chunk of money that, you know, has

continued to have compounded growth over the next 20... Because if he's 15 now... 10 more years. Yeah, I mean... 10 years. It's wild. That's going to be some really nice money. Yeah, yeah.

Tiffany, I think that's the question to ask. And, and, and, and again, and if you can protect it, that doesn't feel like overly controlling. I mean,

if he's 32 and you're like, I'm still pretty, you know, like that's one thing, but to get them out of college, like, yeah, I feel like in college,

everyone just doesn't make smart decisions between 18 and 21. So it's like, Oh yeah. And I should correct myself for these. We have people listen i said 10 years i was thinking 25 give it 10 years to grow and now he's you know he gets out yeah because and i'm not disagreeing with either one of you ladies but there's part of me that if i'm putting myself in the situation i want him to come out of college which you guys have been so

amazing to save up for him i want him to get out there and and make it on his own for a couple years before he comes into this wealth. Yeah. You see where I'm going? I'm not saying delay it to 35 or that. No, right, right, right. But either way is right. But the point is, that's what you've got to figure out is how can you extend it beyond 18 if you can.

Yeah, yeah. Until he's out of college would be my goal with it. That's a lot of money to start with. But from a legal standpoint, I mean, like an up my account, like all that kind of stuff, it does turn over, you know. But I would sit down and have a real mature conversation and even show him, I mean, I don't know how

intrigued a 18 year old would be at that point, but pull up an investment calculator and just say, hey, if you just, you don't need this money. Let's pretend it's not there. And when you're 22, 23, 24, you can watch it as it grows. And at that amount of money, it's going to do great. You make a great point.

Tiffany, does he know about the 215? He is aware of it. He does know about it. And he's actually seen some of the financial statements just because he's a very intelligent 15-year-old. Yeah. And he has his own checking and savings already because we wanted to teach him fiscal responsibility. And he's actually a great saver. And so he enjoys seeing this growth already that it's had.

So we're trying to instill those values because we felt like that it's better to use this to help teach lessons. Yeah, sure. So that's why I ask. I'm wondering, are you guys sitting down with him going, hey, so $215,000, it could be this in three years or five years. What do you think you'd do with that? Are you having those conversations just to see where his immature, even though he's a great kid, he's still 15, where does his head go on these things?

What does he say? He says to buy a house one day yeah good that's a great answer it's a great answer he didn't say buy a Porsche which isn't a bad idea but the point is is like that's a pretty mature response so I think talking with him about it and letting him take some ownership before he ever can touch it is an interesting way to go about it, Rachel. Yeah, and I'm like, you know, which the judicial system did its work, but I'm like, as a 10-year-old kid, what you went through, like, you know what I mean, like this money, it's not that it heals, you know, the wounds and the scars and the memories of what happened

by any stretch of the imagination but for him to to feel the the weight of what you you know this is again i don't even i hate comparing money to like a medical situation but but we don't we don't want to go and waste all of this because what you went through this money's worth more than that you know what i mean like that feeling of what you guys went through as a family. I'm like, honor this money because it came because of a horrible cost. And we don't want to, you know. And I would say the same is true with inheritances. When people get an inheritance, use that to further that person's legacy and something that they would be proud of. So you kind of take it in that vein as well.

But to me, I'm so thankful you guys are okay and that he's okay. And great parenting. By the way, you guys have thankful you guys are okay and that he's okay and great parenting. By the way, you guys have done a great job. Your financial situation is great. So that's what we want you to do. Go talk to people who know the answers to that locally on the ground and you'll know what you can do next. Rachel Cruz, great show. Thank you, my friend, for always hanging out. Great time. I want to thank Austin and the team for keeping us on the air. This is the Ramsey Show.