The Ramsey Show - App - Real Help When You're Stressed About Money (Hour 3)

Episode Date: May 29, 2018

The show about you

🎵 Live from the headquarters of Ramsey Solutions, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us. Open phones at 888-825-5225. You jump in. We'll talk about your life and your money. It is a free call.

Lisa starts off this hour in Santa Fe, New Mexico. Welcome to the Dave Ramsey Show. Lisa, how are you? Dave, I'm so excited to talk to you. Well, you too. And I want to thank you. I want to thank you for everything that you do for all of us. Well, thank you.

God bless you. God bless you. Okay. I'm 60 years old. I'm self-employed. I'm debt-free except the house. And I would like, if all possibility, to pay down my house before I go into retirement. I've got about $710K in IRAs.

And recently this year I incorporated, and so I'm feeling my way through that. I'm probably going to earn over $100,000 this year. Good for you. Yeah, I'm a nurse, and I work lots of crazy hours, but I'm really trying to chip away at this. But my question is, do I slow down on retirement contributions in order to try to pay down the house? Because the house I owe about $320,000 on, and it's a big nut, and it's scary to me. I would like to go into retirement with having that paid off. How is the $710,000 invested? What's it invested in?

I have actually a management company doing it for me. It's in a variety of stocks and mutual funds. Okay. And how have your returns been? They've been on par. They've not been stellar. They've been running between 8% and 12%. Okay.

All right. If you don't put anything else in $700,000 at that kind of a rate, your money should double about every seven years. Mm-hmm. Okay. So when you're 67, if you don't add anything to it, you should have like $1.5 million. Yeah. Okay.

And you'd have your house paid for by then pretty easy if you concentrate exclusively on your house and so at 67 at 67 if you had a paid for house and a million five would you be okay i would absolutely be okay i'm not an extravagant human being so much i know you've done a wonderful wonderful job you've done a wonderful, wonderful job. You've done a wonderful job. You're just incredible. I mean, you're already a million. What's the house worth?

A little bit over $500,000. Okay, so you're already a millionaire. You are. You're a millionaire. Did you inherit a bunch of money? No. I mean, your net worth is right at a million dollars. Did you realize that? Yeah. Did you inherit a bunch of money? No. I mean, your net worth is right at a million dollars. Did you realize that?

Yeah, I do. That's interesting. You know, yeah. And you're a nurse. But a million isn't. So have you been a nurse your whole life? I have done a variety of things my whole life. I did mental health for years, and I was widowed.

I have a disabled son, and I have just worked and saved. That's what I've done. Good for you. Well, you're a hero. You've done a great job. I'm so proud of you. So, yeah, I think my point of telling you the money is going to double in seven years is to say that if you slowed down on retirement or even stopped retirement for a short period of time because you have such a large savings amount, you're still going to be okay.

Okay. And let's get that house paid off. I don't. I think your tendency here is correct. Now, the other thing is you can just keep plowing it in there and then reach over and pay off the house if you don't get it paid off later. Well, my concern with IRAs is that taking out a large portion, that the tax burden on that would be huge.

Yeah, but you're going to pay taxes on the money anyway. You're either going to pay taxes on it. If you use the money to pay off the house, you've already paid taxes on it. If you put it in a traditional IRA, you haven't paid taxes, but you will when you take it out. You're going to pay the taxes unless it's a Roth, period. Right. And you will pay the taxes you put into the Roth before you put it in there. It's a before-tax, it's an after-tax account anyway.

And so you do pay the taxes somewhere on the money. It's whether you pay it before it goes in, pay it when it comes out, or pay it and then with what's left, pay off the house. It's all going to be after-tax money. And at 70.5, you have a required distribution from this, from a traditional. And so you're going to be taking some of it out even if you don't want to as you go along beginning at 70 and a half. So yeah, I think it's fine to slow down nearly stopping your retirement

in your case for a, let's say for two years or something, three years and let's just beat on this house and see how much we can beat it down and then when you get ready to retire, reach over and pay it off if you haven't yet okay i like that okay thank you so much that i think that that lifts the weight now and the reason you understand my reasoning it's that the 710 is going to almost double or double in seven years without touching it. So that's pretty good.

I mean, because you've got the ball rolling so well down the hill, it's going to keep rolling is my point. You don't have to keep pushing it anymore because you've got it going really, really well. Now, if you're in a different situation, I'd tell you to keep saving because I'm like you. I think, you know, how much should I save, Dave? How rich do you want to be, girl? You know, I mean, that's, you know, yeah, I want to be able to relax and enjoy myself, do some things and do some things for other people and, you know, live and give, right? And, boy, you've done a great job.

Wow, you have done such a great job. Hey, listen, I want to send you a book, the book I did on wealth. It's the only book I've ever done on wealth. All my other books have been on money. And it's called The Legacy Journey. And I'm going to send you a copy of that because I really, really like what you did. Hold on. I'll have Kelly pick up and send that to you. Open phones at 888-825-5225. Well, there it is. Another everyday millionaire. Talked to a guy in the lobby a while ago

in a different hour at the break. He spent $25,000 to go to dentistry school when he went many, many years ago. I don't know how old he was. He was probably in his 70s, maybe even 80s. He and his wife were on a trip to Florida, heading back home stopped by during a commercial break to say hi five million dollar net worth how much did you inherit 30 000 it's called work dave that was his answer

that was her answer too too, wasn't it? Did you hear what she said? I worked a lot of hours. I was widowed. I have a disabled son. Nurse. She wasn't a doctor. She's not a lawyer.

She's not an Indian chief. She's not the CEO of a Fortune 500 company picking your pocket in some way in your mind, in your delusion, making you some kind of victim. She's a nurse. She's a millionaire. How strong is that? Yeah. You want to be an everyday millionaire? You ought to listen to our Everyday Millionaire Hours with me and Chris Hogan.

If you are an everyday millionaire, email Kelly and tell her. We'll put you on there. Dave on air at DaveRamsey.com. We want to hear from you. How'd you do it it tell people how you did it it's inspiring folks the real estate market is on fire all over the country if you're looking to buy a home and you need a mortgage don't sell yourself short by going and getting a typical pre-approval. That's a false sense of security, and it's just not good enough in today's fast-moving market. Instead, call Churchill Mortgage and get their certified home buyer program. I'm telling you, it's a game changer. Churchill helps my listeners become fully approved before they go

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Welcome to the Dave Ramsey Show. Yes, sir. Thank you for taking my call. How are you? Better than I deserve. What's up? Great. Well, I've never been a person to get into debt.

Debt terrifies me. It always has been. And I'm in corporate lending, so the irony is just... It's rich, huh? Well, you see why not to then, yeah. So I paid off my student loans in like six months. I moved back with my parents. I got a job in banking and basically put all that money towards my student debt,

so never had really much of car debt. I put half my paycheck away in cash outside of retirement into a savings account. So I have somewhere around $180 outside of my retirement. Probably my retirement, another $140. I don't check. I just save. It's in bonds. I miss the upswing of the market.

I don't believe in the market. I don't know how Tesla's priced where it's at. That biotech woman, I mean, they lost billions. I feel the same way about housing. I was in banking during the housing crisis where everybody said housing was a great investment and they're renting for a thousand and their mortgage payment was 1400. And they said,

don't worry about it. Housing always goes up. So I don't have a house. I rent cheap though. $700 a month. I make over a hundred outside of bonus bonus can be half of my wage I started another company raised a lot of capital retirement doesn't really I've always retirement's never been something for me

I never understood it I just always wanted to be able to walk away and leave. That's retirement. Is that retirement? Retirement's not an age and it's not a fishing pole or a golf club. It's a concept that you've got some level of financial choices. Margin.

Walk away money is what you're calling it. That's good money. I like that. You've obviously done a great job of building up some wealth at an early age. How old are you? 37. Good for you. Okay. What's your question?

So I hate houses. I put cap rate on them when it comes to rent, so I think housing is overpriced. But I do want a house. Why do you want a house? I'm willing to get in a house 10 years from now, save money for it, and just pay cash. I just don't know what to do. I have walking away money. My job doesn't stress me out because I can walk away from it.

I started a new business. I can walk away from it. I still keep on working. Is this where all my friends are buying cars and houses and going on these trips? I just don't want to fall behind. You're not behind. You're way ahead on the savings part. You're not ahead on the investing part. And you're not ahead on the savings part. You're not ahead on the investing part,

and you're not ahead on the living part. There's only three things you can do with money. You can spend it on yourself, which is what your friends are doing. You can invest it, which is what you've been doing. Or you can give it. And you really, to have a good life, ought to do all three you are an

expert at the saving one you're one of the best i've talked to in a long time the saving when you've done a very good job i would challenge you to raise your level of generosity a little and i would challenge you to raise your standard of living a little i want you to enjoy some things so i put my i did that last year i put my niece i put her through um i pay for school and anything she wants she's she's lower income good struggling but uh i did buy a porsche oh you did you bought a car i paid it off in a year you bought a car okay good okay i didn't hear that part. I like traveling, driving for long distances. I just am gun-shy. Is the house really where – I just don't know what – again, I don't –

I own a ton of – I don't have anybody to ask about this because all my friends are still in student loan debt. And they're still doing stupid stuff. Yeah. And I just feel like I'm kind of retired. I'm not a stressful person. Well, there's nothing driving you or pushing you to do something that you don't want to do. So what you've done is not bad.

It's great. You've done a great job, okay? And based on your beliefs of things, you've done exactly what you should have done. Okay? The only thing we all want to do is we want to be learning and growing in our beliefs and not changing our principles, but in our beliefs. And I would challenge you that if you study the track record over a long period of time, not the individual moral failures of companies and the ones you mentioned were individual.

I mean, Tesla or, you know, I remember the dot-com bust. Yeah, I was in it. There was no P-E ratio that made sense because there was no P. No. Or E. When it's negative and people are saying, don't worry about it, it's going to make money for years from now. Exactly.

I'm like, it doesn't make sense to me. And the only one that worked was Amazon. And it's the only one that came out of that, just about. I mean, a handful did. I missed that big rise about six years ago. I just took all my money out. So I literally don't invest. But you lost faith in the whole economy because of one or two players.

And I think you're smart enough. You're obviously well-versed in the academic side of investing to look at the long-term track record of something as simple as the S&P. And, you know, you become a little bit agnostic to the actual morals of the players, meaning the lady with the tech company. I read those articles, too. That was a debacle. Without a question, it was a straight-up con job. And everybody that was in it is being taken down, too. But those are the anomalies in the marketplace.

For every one of those that are on the big board, anyway, there's 10 Home Depots and 10 Coca-Colas and 10 McDonald's and 10 Intel's, Oracle's, whatever. And they've all done, you know, as an aggregate, as a cumulative effect, you know, the market has risen around 11% a year, 12% a year. And last year it was 19. And you've not been participating in any of that because you got mad at these three or four uh that you named off or others lives more than three or four but i mean there's some there's some horrible stories grant i saw my friends lost i saw my clients lose everything yeah yeah because they were playing in individual things and if you had

been sitting in something as simple and i I don't suggest this, but just to argue concept with you, if you had been sitting in something as simple as an S&P 500, that's arguably safe because of the diversification of it. You know what I'm saying when I'm saying that, right? Yeah. Okay. Versus, I mean, you would have made 19 last year, and you would have averaged $12,000 over the last 70 years, and $11.8 million over the last 70 years, versus sitting in a savings account making $1,000.

I would have had $1 million by now. Okay, I rest my case. But I'm with you. I don't play single stocks. Me neither. I don't chase golf course stories. And I'll be honest with you. I don't chase $1 million. And I'll be honest with you, I don't chase a million dollars.

I just, like, my concept is. No, but your concept, hey, if 180 is walking away money, what's a million eight? Yeah. Ten times walk away money. Yep. And it's ten nieces that you can have. And it's ten Porsches. It's ten times as much fun. I only need one. I know, but it's ten times as much fun. It's 10 times as much fun. I only need one.

I know, but it's 10 times as much fun. It's 10 times as much giving, and it's 10 times as much walk-away power. It's only good for what it's... Money is only good for what you use it for. Giving, giving, living, and more giving and living because of more investing.

And real estate's the same way. Yeah, for every downturn story, there's an upturn story. I made a lot of money in real estate because I bought in the last downturn big time, and I made a ton of money with this last upswing. I hadn't sold any of it, so I haven't actually made the money, but my net worth has changed dramatically. So, hey, thank you, man. Just give you some stuff to think about.

Keep listening. I'm out here for you. This is the Dave Ramsey Show. I get asked all the time about what people need to do to improve their family's money situation. Two of the most overlooked things are term life insurance and disability insurance. Both plans make sure that you have income to pay bills and take care of yourself and your family if something were to happen. For term life, you need to carry 10 to 12 times your income, and I recommend 15 or 20-year plans for most families. Stay away from cash value or return of premium plans. They're just a rip-off. Disability insurance is just as critical. How are you going to pay your bills if you're unable to

work? Disability is the leading cause of bankruptcies and foreclosures, and that's why I send you to Zander Insurance. They've been helping my listeners find the right plans at the lowest cost for almost 20 years. Call 800-356-1780 or visit zander.com and compare online. That's 800-356-1780 or zander.com. Thank you. Welcome back to the Dave Ramsey Show. My friend Simon Sinek is with us here from the city of New York. Hey, Simon, how are you? How are you? Good to talk to you. You too, man. Welcome back.

Good to have you back on the air. And you're going to be joining us in sunny San Diego in 2019. I'm glad to have you back on the stage with us. I'm looking forward to it. Going to be great. So you're working on a new project. The big ones start with why, blasted things off, leaders eat last, is what you spoke to our team and our entree leaders about last time down in Orlando last year.

And you're working on a new project, I hear. I am. It's called The Infinite Game. And really, it's about looking at our businesses and sometimes even our lives through an entirely new lens. How do you win a game that has no finish line? And that's exactly what business is. There is no such thing as winning business. It doesn't exist.

But if we listen to the language of most companies, they talk about being number one, beating their competition, being the best. But there's really no such thing because it means that we've all agreed upon the metrics and the timeframes, which we haven't. And so what I've been looking at is the companies and organizations that play the infinite game with a finite mindset actually eventually make their organizations weaker, whereas the organizations that play with a finite mindset actually eventually make their organizations weaker, whereas the organizations that play with this infinite mindset tend to not only outlast, but be way more innovative and way more inspiring than their competition. Okay, I get it that there's no touchdown, that there's not a 10 yards makes a first down, that we've not agreed on the metrics that we measure, the finite piece.

I get that. What I don't get is, does the language change, the messaging change for the company that has an infinite view rather than a finite view? So the companies that have an infinite view tend to be driven by some sort of just cause. And, you know, 10 years ago, I started talking about this thing called the why, this purpose, cause, or belief that drives every one of us. And every single one of us knows what we do, and some of us know how we do it, the things that we think make us stand out or special.

But very few people or organizations can clearly communicate why they do what they do. And I wrote this book called Start With Why, where I made this case for needing to start with why. And over the years, people have come up to me and said, we know our why. And I said, what is it? And they said, it's to be the best or to provide the best, you know, quality at the lowest price or whatever they said to me.

And I was like, no, that's not what I mean. And so I've upgraded the language where I talk about this thing called a just cause, a cause so just that everybody from the CEO down to the lowest paid employee would sacrifice something to advance this cause, sacrifice time or energy, turn down a better job where I could make more money because I want to work here, I believe in what we're doing. So, yes, the organizations that have an infinite mindset, one of the things they do amongst others is have this sense of just cause,

and they do talk about it. They're obsessed with it, and their language absolutely is different. It's more than simply what somebody might call social justice. It's more of a missional-driven mindset. Exactly. So let me talk about myself for an example. An example I know well. Okay.

So if I were traditional, if I were to talk about what I do, you know, I would say, hey, yeah, so I'm a speaker and a writer, and I talk about how your company can innovate more and make more money and do better at the end of the year. It's like, yeah, you and everybody else. It's generic. And at the end of the day, that's not what inspires me. That's not why I get out of bed in the morning. That's not what energizes me. And the stories that people tell me, you know, if somebody just did better, those aren't the stories that give me goosebumps, right? So I talk about my vision.

I imagine a world in which the vast majority of people wake up every single morning inspired. They feel safe at work and the return home fulfilled at the end of the day. And I know that it's leaders and how we lead each other that are more likely to build that world. So my job is to find and build the leaders that are going to build this world that I imagine. Now, I can do many things to advance that cause. I can speak, I can write, I can teach, I can do consulting, I can write books. Whatever it is, it doesn't matter. And the point is, is when you hear this cause, this thing that I'm singularly devoted to,

if you think I'm crazy, if you think that's nonsense and that's just, you know, pie in the sky stuff, you're going to tune me out, which is just fine. But if you kind of agree with me, and if you think that's the world that we should be living in, then immediately you want to learn more. And this is one of the reasons you and I get along and you and I are sort of have such respect for each other. It's not because I just like the work that you do or you like the work that I do. It's that we share a common cause and we come at it from a different point of view, but it's all about human beings and it's about the relationships that they have and feeling in control of their own lives so they can live better lives and provide and give it away.

And you and I have this belief. That's what draws us to each other, why we want to support each other. It's the same for anybody else who has a sense of purpose or cause, or as I call it, the just cause. Exactly. That's why I quoted you from TED Talks for five years before we ever met, because it connected not only with the way we think. I've often found myself talking about what we do and then saying almost, like you said, if you don't agree with that, that's fine, but at least you know. And unapologetically saying, I think it might be a little corny, but I'm okay being a little bit corny.

I'm okay with being a little bit cheesy if you're so if you're so uh transactional that that if everything that has a feeling to it or or has something visceral to it is transactional to you it isn't transactional then we don't connect and i'm probably not your guy you know because i i'm i'm just sometimes i'm a little corny i cry at commercials and you know and i think that's okay do you find that sometimes when people dial in on what you're talking about, it is a little bit cheesy? Look, I talk about inspiration. What's cornier than that, right? So one of the things that is so interesting about it is for some reason we have separated ourselves,

or a lot of people separate themselves, you know, when it comes to work or when it comes to business. You know, we think business has to be transactional because there's spreadsheets and dollars and cents and math that we have to do at the end of the day. But, you know, business is relationships. We call it a company because it's a group of people. Companies don't do business with each other. People do business with each other. Every single one of us has paid more money for a product

that we know we can get cheaper down the street because we just like the sales guy. Every single one of us has walked out of a good deal because we just get a bad feeling about the person on the other end of the transaction. It is extremely emotional. It's about trust. And at the end of the day, when we talk about the relationships with our friends, with our spouses, with our children, it is corny.

It is cheesy. It is all feelings. I mean, if you get goosebumps and well up when you see your little kid playing a tree in the school play, I mean, that's corny and cheesy, but that's what it means. That's what it is. And I think we all have to just remember that business is one of the most human things in the world. We do business with people. And unless you're just doing things through algorithms on a computer, there's always people involved. And by the way, for all the cynics out there who think so much of trade happens by algorithms these days, I visited the New York Stock Exchange

or walked the floor of the New York Stock Exchange, and I talked to some of the guys who work the floor, and I said to them, your entire business is basically digital anymore. You know, why don't you just shut this whole thing down and everybody go home? Because we don't really need you throwing out slips of paper anymore.

And the guy looked at me and he smiled and said, you're absolutely right for day-to-day transactions. I don't need to be here. He said, when problems arise, however, when there's a crash or some sort of crazy anomaly, none of us trust the computers. We all want to talk to a person. That's why he's Simon Sinek.

Simon, thank you for joining us. Good stuff. Going to be with us at Entree Summit 2019. Look forward to being back with you, my brother. Good to talk to you. Thanks for calling in. This is The Dave Ramsey Show. Are high health care costs getting you down?

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Health Care Ministries has done for over 35 years, and our members have shared over $2.5 billion in medical bills. To learn more, visit chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ram, John 1.5, The light shines in the darkness, and the darkness has not overcome it. John F. Kennedy said, We are not here to curse the darkness, but to light the candle that can guide us through that darkness to a safe and a safe future. So we had Simon on just a minute ago, Simon Sinek, and I wish I could talk to him for days.

That book, Start With Why, and the second one, Leaders Eat Last, the stuff he's doing now on finite versus infinite views and vision and how it affects a company and a company's leadership is pretty incredible. His original TED Talk is the third most popular TED Talk ever done, 38 million views if you've not seen it. It's powerful and really, really good stuff. I think I've about got it memorized. I mean, it's pretty incredible. He was a huge hit when he spoke last year at Entree Leadership Summit in Orlando. We're having him back for the San Diego 2019 Entree Leadership Summit.

It will be April the 28th through the 1st. This is our team's largest leadership event of the year. Over 2,400 business leaders will be in attendance. We have sold almost 2,000 tickets for 2019 already because we've got Simon Sinek coming. We've got Pat Lencioni back, best-selling author of the book, The Advantage, and of course, one of our favorites around here, The Ideal Team Player. Henry Cloud back with us, author of the book, Integrity, Necessary Endings and Boundaries is a big one.

Marcus Buckingham, new to the Entree Leadership Master Series stage, author of the book, Strength Finders. And that whole movement, pretty incredible. And he's a world-class communicator, too. You will enjoy him. Chris Hogan, of course, will be back with us talking about everyday millionaires in retirement. And get this, headlining the Entree Leadership Summit event, Peyton Manning will be with us this year. So we'd love to have you guys come out. It's going to be a lot of fun.

Peyton's got some wonderful things to say about leadership, as you might guess. So we just launched this. We're close to selling out 2019. The price after today goes up $300. So whatever doesn't sell out by today, we go up on the price, $300 for the remaining tickets. And I think, as I said, I think there's around 400 or 500 tickets left at this moment. So if you want to know more, just go to Entree Leadership Summit, or entreeleadership.com slash summit. Or you can text summit2019, S-U-M-M-I-T.

Summit has one T in it. I always misspell it. 2019 to 44222. Summit 2019 to 44222. Or go to EntreeLeadership.com slash summit. This is the premier leadership event in America today. You will not find anything that has a lineup or the quality of audiovisual or the delivery or the content or the quality of the resort. All things combined, the one we just did was off the chain.

Condoleezza Rice was our headliner. She was amazing. Everyone we had there was amazing. And you can look and learn some of the lineup we've had in the past. This thing is incredible. It's packed with old friends and new friends, and they're all experts in their field. There's not a sleeper in the bunch. They get her done.

That's what it comes down to. So thanks for joining us. Phillip and Elizabeth are with us in Ontario, Canada. And I see on my screen you two are debt-free. Congratulations. Thank you very much, Dave. How much have you paid off? We paid off $100,000.

Good for you. And how long did that take? It took us three years and two months. Love it. And making what kind of money? It ranged from about $60,000 to $80,000, depending on whether both of us were working at the time. I had a baby in there as well. All right.

Very good. What do you guys do for a living? I'm a registered nurse, but now I am a stay-at-home mom. And I'm a software developer. Very good. Cool. What kind of debt was the $100,000? It was a lot of student loans, some credit cards, some personal loans to family members, a line of credit, and a car. You were normal.

We were very normal. You had a little bit of everything. How old are you two? How old are you guys? I am 30. And I'm 31. All right, and debt-free. Yes, indeed. So how long have you been married?

We just last week had our nine-year anniversary. Okay, so after five years and some change of marriage, you look up and say, we've got to do this different. Normal's not working. Normal sucks. What happened? Tell me how you got started. Well, I had heard of you before, and we had so much debt, and I just thought it was so impossible.

And you said things like ditch the lifestyle, don't go on vacations with credit cards and stuff like that. So I was really interested in what you had to say because I liked doing all of those things. But we were both single time. We had one child, and then we found out we were pregnant with our second. And so we were very, very happy. I was looking forward to Matt leaving and whatnot. And then in that second trimester, we actually ended up losing that baby. And my job worked in such a way that I could take the summers off if I wanted to unpaid.

So I decided that's what we were going to do, and I was just going to stay home with our son for a little bit and heal. And within two weeks of doing that, we couldn't pay our bills anymore because my income was not coming in anymore. And that was really, it was just like a kick in the pants. Like losing a baby is hard enough, but then to realize that you've been so stupid with handling your finances that you can't go without for even two weeks.

And so I just started begging the Lord for wisdom in what to do. And I think I did a Google search, and you came up, and I was like, okay, here we go. Let's try this out. And I read your book in like two days, and then I came home, and Bill and I were sitting on our bed, and I just started cutting up all the credit cards, and I was like, we're done. We're not doing this anymore.

I can't do it anymore. Wow. So, Phillip, what are you going? Who are you, and what have you done with my wife? Yeah, basically, yeah, at that point. She sits on the bed, starts cutting up the credit cards and this is her announcement i'm done i'm done i'm done so what happened from there that's great

um oh from there well phil wasn't 100 on board just because i don't think he quite 100 trusted me that i was going to actually do it. But that in itself was kind of a challenge to me. And so it was just like, well, this is what I'm doing, so come along for the ride because we're going to be debt-free together. And so then we just started going at it. And I went back full-time for a few months. And then we found out we were pregnant again. And so I couldn't actually work full-time anymore a few months and then we really we found out we were pregnant again and so i couldn't actually work full-time anymore i was not well so i had to go down to part-time

and then um then i was on mat leave and so our income was up and down but we had our second baby completely healthy um and we praise the lord for that amen so she is growing gonna grow up with uh no debt yay Yay! Yeah. What do you tell people the key thing you did that got you out of debt is? I've been thinking and thinking about this. I want to say that, you know, it's the program and the plan, and you have to follow it, and all that is true. But that's not going to do you any good if you don't first commit to following that plan. You're going to have days that are so discouraging,

weeks, months that are so discouraging, and you're going to feel like you just can't do this anymore. You're going to be a year or two into it and just wonder what in the world are we doing. And it's so easy to just go back and be like, you know what, just get the credit card again. We need some groceries or we need this or that. But if you've already made that commitment ahead of time,

your brain is going to work out a way to keep going instead of just giving in to that excuse. Yeah, when you finally do say, I've had it, you've had it, that's good. That's a good word. How does it feel now that you're debt-free? Oh, my goodness, it feels so good. So good. Very proud of you all.

Way to go. Way to go. Way to go. Phillip and Elizabeth, Ontario, Canada. We got a copy of Chris Hogan's retire-inspired book for you. That is the next chapter in your story for you to be not only debt-free, but now become millionaires and, of course, outrageously generous as you go along. $100,000 paid off in three years and two months, making $60,000 to $80,000. Count it down.

Let's hear a debt-free scream. Three, two, one. We're debt-free! That's how you do it, ladies and gentlemen. That's how they do it in Canada. I love it. Congratulations. Very proud it. Congratulations. Very proud of you guys.

That right there is why we do this show. To get you out of debt so that you can be wealthy. So that you can retire with dignity and be outrageously generous. It doesn't happen any other way. That puts us out of the Dave Ramsey Show and the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace,

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