The Ramsey Show - App - Our Favorite Calls of 2023 (Part 8)

Episode Date: July 4, 2023

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Live from the headquarters of Ramsey Solutions, broadcasting from the pods of Moving and Storage Studios, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, number one best-selling author, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey Personality, number one best-selling author, host of The Ken Coleman Show, talking about work and careers as my co-host today. We're taking your calls at 888-825-5225.

That's 888-825-5225. Allison is with us in Seattle. Hi, Allison. Welcome to The Ramsey Show. Hi, Dave. Thanks for taking my call. I appreciate it. Sure.

What's up? I just have a question for you. I'm a longtime listener. We've listened for about 10 years. And I just am curious about your own personal story when you went through bankruptcy. It seems like, if I understand correctly, you became a millionaire pretty quickly after that, or if I'm incorrect, maybe I'm incorrect on that. But I just am wondering how did you do that? It just, it seems so slow to pay off our mortgage, and so I'm a little bit discouraged. Like I see all these young kids on YouTube, you know,

doing all of these, I don't know, investment-type things where they're buying duplexes, living in half of it. You know, I forget what that's called, but I'm just curious. It just seems so slow. No, it was about 10 years for us. 10 years. We filed bankruptcy in 1988. It was probably about 98 or even near 2000, somewhere in there before we hit a million dollar net worth. I guess I've never gone back and looked at it, but it's somewhere like that. It wasn't that fast. What do you make? What's your household income? About $105,000. Okay.

And how has that increased over the last 10 years? Quite a bit. I mean, my husband, I think he started around $65,000 maybe. Yeah, okay. And so you have just your home left to pay off? Yeah, it's probably worth market value right around 700 and we owe about 99 on it okay but we don't have any intention of selling it so yeah i didn't want you to sell it i just was asking what was going on okay so you got a you got a 700 000 uh you know piece of net worth there

and you've also got surely you've been saving for uh retirement through that time right yeah we we do the 15 in 401k and my IRAs yeah and how much is in there I don't know I haven't checked that for a while oh roughly maybe maybe 200 150 200 so maybe you're a millionaire and you just made 100 grand max that's pretty good well i don't know about i don't know well i mean if you're if you did if you have 250 000 in your 401ks and you have a 750750,000 equity in your house, that's a million dollars. Yeah. Yeah, I guess maybe. Yeah. Let's assume that you have a fast forward button because I'm hearing some angst here. I'm just curious. If you fast forward, I think you've been watching crap, get rich quick stuff on the internet and you thought there was an easier way to do it

than you've been doing it with the income you've had you've done an amazing job what do you want on the other side of this what's on the other side of paying the house off let's assume you've done that what do you want you know i really don't know i've kind of asked myself that question as well i just i think i think i come from a long line of on on both sides of my family, elderly grandparents and great-grandparents dying with nothing. And I'd like to have a better quality of life when I'm older, I guess. You're already on your way in a spectacular fashion. You're not dying with nothing. Yeah. How old are you and your husband? I'm 44. He's 46.

What does he do for a living? He's an electrician. He's already increased his income. Does he work for himself now? No. No, he works for a utility company. Yeah, but he's still a young man. A natural progression for him to be to start

his own company and become a millionaire just in that business alone plus what dave's already laid out for you guys i just think this is so fear-based that you haven't been able to look at your own life and your own reality and see how good you're doing yeah one third of the people that we'd studied that became millionaires did so on six-figure income or less. And that's you. Wow. That's you. Wow. Okay.

So far, I mean, you just now got over $100,000, right? Right. Just in the last year. Yeah. Yeah. And so you did everything to this point that you've done on less than $100,000 a year. And you told me the house is worth what? Right around $700,000.

Okay, and you owe $100,000, so that's a $600,000 equity. I said $700,000. I was wrong, okay? So you have a $600,000 equity, and if you've got $200,000, $250,000 in your 401ks and Roth IRAs, which you need to go look up tonight. You all need to sit down and talk about this. Yeah. Because you're stewing about this and don't even know the numbers. Yeah.

Because sometimes just knowing the numbers will relax you. So here's the thing. Let's pretend that you got $300,000 in there. That's $900,000. Okay? Very close to a million you follow me six hundred on the house plus three in the other very close to a millionaire at 44 years old that's a long way from dying old and broke yes and so yeah john deloney talks about when you're

running into these emotional things and you're you you're running the, uh, the catastrophes over and over in your head, that facts are your friends. They'll, they'll kick the drama queen out of your brain. Facts. So facts will do that. So sit down and look at the facts because here's a fact. Okay.

Let's say that, uh, your net worth grows at an average of 10% a year because you're invested in good mutual funds and real estate does well in the Seattle market, which it traditionally has done for the last 30 years. Okay. Now, Seattle could screw it up and, you know, cause it to fall in on itself like some of these other cities have done. But let's just assume that Seattle continues to be a boom town. Okay.

And so if that happens, your million dollars is going to double every seven years. So you're 44 at 51. It's going to be 2 million at, um, at 58, it's going to be 4 million at 65. It's going to be 8 million. And that's if you add nothing to it. See what I mean by facts, estate numbers yeah facts are your friends that's if things go up 10 a year if you got your mutual funds and your and your real estate goes up 10 a year now it may or may not go up that much it may be a little bit less but i'm not that far

off my point is not is that you know it's going to double if it doesn't all double every seven years it's going to double every eight years. Whatever it is, it's still going to be pretty close. And that's without adding anything to it. And you're going to continue to add to it. So your chances of becoming your relative that died broke is close to zero. I mean, you're doing so good. Way to go, Allison.

Go get you a mirror and pat yourself on the back. This is The Ramsey Show. The Thank you. Rachel Cruz, Ramsey personality, number one bestselling author, is my co-host today. Hey, thank you to all of you that have recently joined us. Our ratings and our rankings and all the different ways we measure success on the show are all up, meaning there's more of you out there than there was last month and a lot more than there was the month before. Thank you very much. And those of you that told your friends and neighbors to come visit, thank you. And we're going to ask you to continue to do it.

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But leave us a five-star, subscribe, follow, share, all of those things. It's a big help. We really appreciate it. Daniels Weathers in Huntsville, Alabama. Hi, Daniel. Welcome to the Ramsey Show. Hi, Daveave rachel it's great to be on yeah good to have you how can we help well so uh i've got kind of a conundrum at our house um i've accepted a new job about eight hours away um and i start this monday um i left my previous job about two weeks ago,

so I had a two-week period there of just kind of being home together and getting the house kind of set up. And my plan is that I'm going to be leaving this weekend, heading to the new job, using my wife's brother's spare room for a couple weeks and then looking for a place to rent uh while we're in uh and letting them stay here and finish uh school year and stuff like that but there's some apprehension from her wife about about the move and uh she's she's kind of feeling like we're really set up

well here and um not wanting to move the kids and worried about interest rates and stuff like that for the purchase of a new home. I'm a little bit confused. Why didn't we discuss all this before you took the freaking job? Well, you know, we kind of did. It seemed like a good idea at the time. For me, it's a promotion. It's a pay raise. It's a bonus increase.

And it's actually moving back home for us to an area that we're from. So there's lots of family around and everything. And the kids actually seem to be pretty excited about it. At least my son, who's six years old, he's excited to go be near all his little cousins. Daniel, what is her number one reason? Is it the kids? Is it interest rates? Because all of this can be fixed.

Or does she have a life in Huntsville that she loves and she doesn't want to leave? There's not a life in Huntsville that we're in love with. She likes kids' school that they go to. We send them to a private school here um she's uncertain about schools in the area that we're going to um which but they're schools that we went to and came from again i don't understand why y'all didn't discuss this before none of that has changed you did you take this job and half talk to her? Well, no. I mean, like, we talked about it.

You know, I tried to paint the picture of once I got the job offer, so I went to the interview, and once I got the job offer with the raise and the bonus of what we could do, because we could, we're going to, we have a lot of equity in our. I mean, but she didn't raise these concerns then. Not exactly, no. Or at least she says I won't listen to them. That was that.

That's kind of what I'm thinking. Like you bulldozed this, and now you're paying for it. Did I miss something? Yeah. Yeah. No, no. Oh, Daniel. Oh, no, man.

Okay. Well, you got, I mean, you start Monday, so you're going to have to make some, you're going to have to make some decisions. You guys are going to have to have a come to jesus meeting and and you have to lay out i mean she needs to lay out all of her concerns where she's frustrated with you if you didn't really listen to that and own that um you guys look at the schools do like like get as much information as possible because interest rates i mean whatever rent for a year and we just hadn't yeah interest rates i wouldn't do that there's school there's schools everywhere i understand people love their school i love where

our kids are but if you had to move for a job there's great schools in every city that you can find right like i mean for the most part yeah so all of that can be overcome my my issue though daniel is that that that um the problems that she's bringing up can be solvable but i think she's probably thinking holy crap you just went and did all this, and I may not be on board. Yeah. How old are you guys? 34, 35.

Okay, so you've been married, what, 10 years? Yeah, actually. Okay. We've been married 40 years, and my wife says we've had 33 good years of marriage um and she's referring to the first seven when her voice didn't get heard that's how i recognize this stuff so quickly because i'm you many years ago okay and um and and so one of the here's the skills that sharon and i had learn. Number one, I had to slow down and listen.

Proverbs 31 says, Who can find a virtuous wife for her worth is far above rubies. The heart of her husband safely trusts her, and he will have no lack of gain. I used to do a lot of what you did here, which is half listen, half let her talk, and then I go and did what I wanted to do. And that's what you did. And so you need to own that. She also needs to own the fact that she was being too freaking timid,

and she needs to freaking speak up. I mean, she, you know. She may have hate. Well, no. You don't know. No, listen. I don't know. No, listen. I don't know. I wouldn't put that on her.

I'm putting it on both of them. I am too. Their communication style sucks. Okay? You all did not talk up through a major life thing where both of you were heard because she didn't speak loud enough and you didn't shut up long enough. And those both of you got to work on that. And if you don't, I mean, Sharon and I had to work on that and if you don't i mean sharon and i

had to work on it took us a long time and uh we're now we loudly communicate and often so uh but the uh you know it's a good hillbilly fight sometimes but at least we both get heard and i have a rule i do not move forward on major decisions of any kind, especially financial decisions, without Sharon completely looking at me and saying, okay, I'm heard, I have some concerns, I've talked about them, but I think we need to go ahead, I hear what you're saying, and we come to total agreement, both having voiced our thing and done this. Okay, so what does he do? Starts on Monday. I think you go back and you apologize, but you need to own what you did here.

She needs to own and then say, okay say okay now what do you want to do do you want me to go in and quit the job that i've accepted or do you want to make the move and if the move goes bad and it's horrible then we can make another move if we have to that would actually be my suggestion is remember that this is maybe not forever uh it feels like to her it's absolute and there's no going back and she's especially since family's there and everything it's like you're about to go plant roots is what it you know what it kind of feels like but giving her the dignity of the option of like hey if this goes bad and we're not enjoying it and give it a year we'll come back or we'll go another place yeah yeah but yeah you got to own the fact you didn't listen and she needs to own the fact she didn't speak up and then y'all

got to decide what you're going to do before monday don't wander off up there while this is in a fog this is not going to go well you need clarity yeah before you do this especially moving my suggestion would be that both of you own your part in this horrible communication plan you have and address that for the future and go ahead and take the job. And I suggest she goes along with that with the caveat that we could leave in a year if it doesn't work. That's what I would do. But you're going to have to give her an out, man. You didn't listen.

This is The Ramsey personality, number one bestselling author, host of the Dr. John Deloney, Ramsey personality, number one best-selling author, host of the Dr. John Deloney Show as a podcast on the Ramsey Networks. Make sure you check that out. He's my co-host today. Open phones at 888-825-5225. Angel's with us in Des Moines. Hi, Angel. How are you?

Hi. How are you guys? Better than we deserve. What's up? So I love your plan, by the way. I don't have Financial Peace University, but I have been following the steps. I started in September, and I got my $1,000 emergency fund, and I've actually been able to pay $25,000 off in the last eight months of debt.

Way to go. That's awesome, Angel. Yes. Yes. Um, 10,000 of it was, um, a gift. My grandpa passed away and he left each of his grandkids $10,000. And I decided though, even though it wasn't fun and it wasn't something super meaningful, I decided to just throw all that at my debt. And I knew my grandpa. My grandpa hated debt. He's smiling then. How can we help today?

Yeah, so my car is paid off. I drive an Acadia. And we still have a little bit of my husband's truck loan. So we only have one car payment. I'm about ready to pay off my last credit card. And then we have a small personal loan and the rest of my husband's truck. And unfortunately, this past Sunday, we got caught in a hailstorm and it really banged up my car. My windshield cracked, shattered, and tons of hail damage. And so we've taken it to the adjuster and to insurance and all that. We haven't actually heard back yet, but he wants me to get a new car.

Who? The adjuster? Oh, I'm sorry. i forgot to say my husband my husband my husband well you're gonna have to get another car probably aren't you well no it's drivable oh okay but you think you think the hails totaled it because it was crappy anyway right oh well it's not crappy it's a 2014 i. I mean, it's a... Okay, what's it worth? I'm, honestly, I'm not exactly sure. Well, you need to find out before you start negotiating with an adjuster. Right, right. I'm thinking it's probably before the hail damage was worth about $10,000.

Okay, if they total it, then they're going to give you a check for $10,000. Why would you need a loan? They will. Well, because this is the thing my husband my next car he wants it to be like a tahoe or you know something we have three kids yeah but you're broke and getting out of debt where did he i thought so now i understand why you said i paid off all the debt i did this i did that because he's sitting on the sidelines not involved in this plan yes he's trying no he's not no he's not he's a whiner he just likes nice things no we all like

nice things but only when i can afford them that's the difference in a child but grown up yes yes and you've been defending him for a long time, haven't you? Well, and here's, like, I don't want to put all the faults on him because I'm part of the reason we've been in credit card debt. But you're the only reason you're getting out. That's the truth. Like, I put my foot down in September. Last September, I turned 37.

You remember that foot you put down? You remember that time when you put my foot down in september i last september i turned you remember that foot you put down you remember that when you remember that time when you put your foot down yeah okay you need to use that exact same motion again we're not taking out a loan to get a tahoe yeah and here's another one when you put your foot down you and i are going to sit down and get on the same page on money i'm not going to drag you i'm not your mother i need a man walking beside me not a little boy who wants to buy things he can't afford i've got to have some teamwork going here i feel like i'm dragging you around behind the car yeah that's your other foot going down and if you guys can't get on the same page spend a little money on some marriage counseling yeah because here's my promise if you're not on the same page

here there are other things in your house that you're not on the same page for true or false um true true guaranteed yeah so the the thing is this when you can agree on your money you've agreed on your life that's how john knows that because your money always flows away from your fears and towards your dreams and so you have to agree on your dreams and agree on your fears and agree on a process that the principles of money that are going to get us there the principle and so you know the when we're not in agreement on those things then you know we're not in agreement on hardly anything it comes it shows because the money disagreement shows up in all the other conversations

right so listen your marriage is going to get like five million times better when you guys are in agreement on what you're doing with money because it's going to filter into all these other areas. And I don't buy the argument for one single second that just because you have three kids means you have to buy a land tank. By the way, I love Tahos. I love them. They're incredible cars. You cannot afford one. You can't afford one. Well, if you can find one for $10,000, that's okay. Right. Or if you want to be a gangster, drive your car that's drivable, that looks ridiculous and looks awful, drive it around until you've paid off your debts. Well, this is what I was

wanting to do. And you tell me if you think it's a good idea, but obviously I need a new windshield. Other than that, the dents are just like cosmetic. I would like to take whatever money we get from insurance, whether it's totaled or just whatever it needs to get fixed. I want to take, after I buy a windshield, I just want to take that money and throw it at our debt. How much debt have you got left? So like I have $2, dollars left and with my snowballing i i will be

able to pay that two thousand dollar credit card off this month okay not counting this okay how much other debt have you got how much is all right truck is 15 oh no No, that was what it was in September. Truck is $12,000. And then our personal loan, which this has been years and years of us going into debt and then getting out of debt. So this personal loan was through our bank to help us pay off debt. And so we said we'd never get another credit card. It's $12,000. Okay, so you got $12,000 on the truck, $12,000 on that, and you're getting $10,000. What's your household income? It's 12. Okay, so you got 12 on the truck, 12 on that, and you're getting 10. What's your household income?

Household income, I'm self-employed. I own a salon, so mine's... What's your household income? Sorry, it's between $8,000 to $10,000 a month, give or take. His is consistent, mine is a little different. All right, full stop if you are if you two were actually on the same page you could drive this beat-up car for just a couple of few months by before christmas you would be 100 debt free and then you would save up and buy a better car before christmas

but you've got to be on the same page for that to occur. And your momentum, the speed at which you're doing this is slowed down by your lack of agreement. I think so. Oh, I know. So it's what I do. 100%. Yeah. Yeah.

So if you guys can sit down and get on the same page, I'm with John, I'd go gangster. But if you're going to have to drag him down the street with this thing i'm probably gonna go ahead and get a car because it's gonna take a while but if you can go gangster for four months and you guys get on beans and rice you can with ten thousand dollars towards your twenty four thousand dollars worth of debt that only leaves 14 you make eight a month we're gonna knock that out really fast yeah but you're gonna have to be on the same page and say we're going to knock that out really fast yeah but you're going to have to be on the same page and say we're not going out to eat and you have been we're not going on vacation and he has one planned this summer and so on and he can't buy you a tahoe at christmas and think

he's doing you a favor with a loan right ever again no more we're done so yeah if you guys can get on the same page, that would be what we would do at the Ramsey house. But the point being, all of this other stuff is going to fall in line, all this money stuff and all this debt stuff, and it's going to march right down the street really, really fast once the two of you are on the same page. But you're pulling against each other right now. You're using all your energy doing that, and you really need to sit down and do this. So I'm going to give you a financial peace university. The only thing that is required if I give it to you for free

is you have to make him go through it with you, and I'll convince him, because it's what I've done for 10 million people. This is The Ramsey personality is my co-host today. Open phones at 888-825-5225. Jake is in Atlanta. Hi, Jake. Welcome to the Ramsey Show. Hi, guys. Thank you for having me. Sure. What's up? So my wife and I are celebrating. She just got accepted into grad school for her doctorate of physical therapy yesterday. However, yeah, we're super excited. However, we are also not sure how to go about paying for this. We are debt-free. We've been

debt-free for the past three years, and we do not want to take out student loans, but that's looking like our only option. Not entirely sure how to get her through grad school on a single income. Okay, I know what a master's in PT allows you to do PT. What does a PhD give you that the master's doesn't give you as far as career opportunities? So that's a great question. From my understanding, it's she'd be able to run her own practice and prescribe medicine and stuff like that. I think she can run her own practice otherwise, but she probably can't prescribe medicine without a supervising physician. I don't think there's anything that keeps you from running a practice,

but the actual prescription, yeah, no doubt about that. How much is it going to cost this particular school uh i think the estimated cost is about a hundred thousand it's a two-year accelerated program okay and she's been trying to get into this one or she's been applying to multiple and this is the one that said yes that That's right. She's applied to multiple and that's the only one that said yes. Okay. Dave, my advice on this is I'd be patient until I save the money up and I would be looking to get into other programs. If this is even a reality, I'll be honest with you, I don't know the going rate. I don't know what a low, medium, high price is on physical therapy doctorates. But nobody cares.

No one. Not one patient will ever care where she gets her doctorate. That's the first thing I'd say. Nor will they care if she has a doctorate. Even if she has it. If you want to run the practice. But I know you're excited. If I go to a PT and I have, I have never once asked whether they had a doctorate or whether they had a master's.

Nobody does. They're a PT. It's, I have never once asked whether they had a doctorate or whether they had a master's. Nobody does. They're a PT. It's what they do. So I'd be patient. I would be patient and save up the money, and I sure would like to find a place where I could go for 60, again, if that's realistic, because nobody cares. Yeah. So there's two categories that we pursue something like this, two buckets that cause us to pursue

something like this, Jake, and we us to pursue something like this, Jake, and we're leaning heavily on one of them in this discussion. Bucket number one, when you pursue a degree or an advanced degree of some kind like this, we're looking for what does that open up for you as extra income potential or opportunities in the marketplace that you wouldn't have without it. Okay? In other words, it's permission to play at a different level. Okay? And the point we're making here is other than the writing of prescriptions,

unless I don't know what I'm talking about, and I probably don't actually, but other than the writing of prescriptions, I've been a patient to a PT, but I've not been in a PT program. And I've worked with a lot of PTs paying off their student loans over the years. And so I'm not sure this adds $100,000 in marketplace value to her career. That's my point in that bucket. The other bucket that is also a valid bucket is the pursuit of knowledge and the academic pride of getting a Ph.D. And that is a valid thing to want to go get that. Okay.

You follow me? So none of these discussions are we trying to be a dream killer. But you guys need to sit down and talk about, since you don't have the money to do this, it needs to have marketplace value more than academic pride value. Academic pride value would be called a luxury to go get a PhD in something that doesn't change my life. Okay? So whatever portion of this that falls into that is the luxury portion. The other portion is, yeah, there's legitimate opportunities. I can expand my practice.

I can do things I can't do. And I can make more money because I have this. And those are the two things you need to look at and compare and talk through. And then we've got to figure out a way to pay cash for it or I'm not doing it. But what happens, and it happens in the medical field more often probably than it does in other fields, is there is this pride, there is a prestige that goes with I'm an MD, I'm not a nurse. And they're taught that in the medical school, right? I mean, so there's a pride, it's a pecking order thing, right, that goes with it.

And the PhD versus the lowly master's degree. But other than bragging rights, it needs to have some economic value. It does. And Jake, if you've not seen our amazing documentary, Borrowed Future, I really would like for you and your wife to watch it. And if nothing else, to specifically watch the testimony of the dentist in that. And that will just, he went in over a million dollars. We're talking about a hundred thousand here, but it is not worth it. And I think Dave laid this out beautifully, Jake. This is a need versus a want.

If it is an absolute need, then it is worth the wait. If it is a want and it has no redeeming value beyond just the prestige piece, then it's absolutely you must wait. Is there a health organization that desires to have a PhD PT working on their team that would pay for this? Now, that's a great point. And I think that's right, because we're in an environment right now, if the job market's right in a certain part of the country, they go, you know what?

I'll move my license over there and work for you guys and you pay for my PhD. Yeah, I like that. I like that approach. I would do one uh in a heartbeat for either bucket yeah just because you want a phd that's fine somebody else is paying for it yeah yeah that's right that's good that's good yeah but um so so guys um what has happened with the student loan debacle 1.7 trillion dollars 44 million americans uh having their lives altered and higher education's expense rate going through the roof and this false worship at the altar of a degree now again i'm not aiming at jake's wife on this that's right just making a general statement now as a follow-up uh but but this instead of saying current knowledge is the currency now degrees of the currency and then we got over into the land of any old degree

and pay any amount to get any old degree now we really got into a stupid zone and what the it what it started out being was to expand your mind and your view of the world yes so you would read english literature which does not have marketplace value does not does not change your income if you've read english literature but it does change your brain's ability to work. It does change your critical thinking skills. Your vocabulary does that. It opens doors for you. All of those kinds of things. Method of speaking, all of these kinds.

That's an educated person. There's a reality to those things, but we got so far over there that now there's a bunch of us old rednecks that are going look it's got to pay for itself or we're not doing it so you got to get a degree that's actually usable and that you see a measured change in your income that is obvious that that is a reasonable change in your income versus what you paid for it, an ROI. That's right. Because here's the reality, and you'll see it in this documentary, Borrowed Future. Here's a dentist that I absolutely believe when he got into it, he was passionate about the work. He knew what he could do.

But the weight of the debt was so bone crushing that you don't even enjoy. You'll end up resenting the degree and the work you do because of the absolute hole that you have crawled into, and it feels impossible to get out. Now, we can work you do because of the absolute hole that you have crawled into and it feels impossible to get out. Now, we can help you get out, and we helped that dentist, and we've helped a lot of people. But the point is there's no need to rush into this $100,000 PhD. Don't rush. Save up.

Get a grant. Do what Dave said. Maybe you get a company to fund it for you because they want your talent. There's a lot of ways to do this. I just want you to think about why we're doing it what we're getting for what we're paying you know everything else you do a value judgment on except education and on education it's like anything we'll pay anything because it's important no it's not not at some point this This is The Ramsey Show.

Hey, it's Ken. If you love the show and want a deeper dive on your money journey, we have a weekly newsletter that gives you trending and helpful articles and tips on following the Ramsey way. Go to ramsesolutions.com today to sign up for our newsletter. Again, that's ramsesolutions.com to sign up for our weekly newsletter.