The Ramsey Show - App - Should I Ask for a Raise During the Pandemic? (Hour 3)

Episode Date: July 30, 2020

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is the Dave Ramsey Show, where America hangs out to have a conversation about life, money, career, getting healthy mentally, relationally. We talk about life in general, and I am Ken Coleman, sitting in for Dave this hour alongside my pal, Chris Hogan. We're both Ramsey personalities, best-selling authors, and we are here for you this hour. 888-825-5225. 888-825-5225. And Chris, as I said, we're going to talk about anything.

It doesn't mean we're going to talk back if you get a little crazy. We got that dump button at any time. But if you want to talk about growing in your life, whether it be getting out of debt, growing that retirement account, growing that career, growing relationships, hey, that's why we are here. 888-825-5225. Always good to be with you. No, it25 always good to be with you no it's always good to be with you as well i look forward to it i'm sure you and i will debate on something

at some point yeah we try to find some some discontent some sometimes i mean we do it's good to poke bears some once in a while you know we won't talk sports for a whole segment but if we were to introduce any sporting topic that's where we can get feisty. You know, we enjoy that. We really can. Hey, and speaking of, I want you to find us on social media. We would love for you to get feisty with us there and let us know what you're up to, especially on Instagram. Be sure to follow Ken at Ken Coleman. You can find me at ChrisOgan360. We'd love to hear from you on all the social media channels. I want to encourage you to also get over to Ken's website, KenColeman.com, where you've got an opportunity to learn more about a Get Hired digital course. Now, Ken, I know you have had your event not long

ago, which was wildly successful. But right now, as we have close to 53 million people unemployed, getting hired is a big deal. It is. We turned the Get Hired live stream event into a digital product. And this product is just jam-packed, 11-part series. I'm teaching. We have a guide to walk you through it while I'm teaching. All you need is a device, a computer, and an internet connection, and it's an unbelievable

tool. Whether you're just trying to get the day job, something in the short term to survive, or you want to get on the path to the dream job, and it's only $20 at KenColeman.com. It's a great, great resource, and I'll tell you why this is important right now chris when you talk about 50 plus million people let's just say that those people have submitted five resumes each that's very low all right i might have to take my shoes off to count this but i think that's 250 million resumes minimum that are out at a pop yeah so you've got to stand out or else you're just playing the resume lottery and so that's why that is important i've never heard that the resume lottery well think about it think about it because every just about every company now has some type of online

submission and software and so you're just pressing go on that and you're hoping that they see your resume and go oh my gosh that's the greatest thing i've ever seen so you gotta you gotta really get an edge here and so we'll walk you through how to get hired speaking of which the chris hogan show uh you're doing some great things chris hogan 360.com slash start now that's where you've got the everyday millionaires investing guide this is a playbook now see this is where the football thing comes in for you you like playbooks love playbook you you really like x's and o's oh i really do i want people to know the plan and know how to execute. We all got a spot. We've got to be, right? And so you've got a great opportunity.

There's so much language in the financial world, so much with investing. You can easily get your eyes rolling back in your head and get so confused. So we wanted to give you this guide, again, where you can get that at my website, ChrisHogan360.com. As you become more familiar with stuff, you can learn to ask the right questions, get the right information, and get you, more importantly, to your destination. And that's what matters. All right, we're going to go to the phones

because that's what we do. And we've got, ooh, I like going to Idaho, man. Have you been out there? I've never been to the lovely state of Idaho. I'll take you the next time I go. I've got Micah in Idaho. Micah, how are you? Good. How are you guys? Oh, we're

focused and not finished, my friend. What's on your mind today? Okay, so I want to make a career change. I've been driving trucks for over eight years, about 10 years now, and i want to get into diesel mechanics okay and i'm not sure how to do that all right well when you say you're not sure how to do that let's first find out if you have the skill set already ready to go so if i were to make a couple connections for you and let's say i called all those contacts i have in idaho that are diesel mechanics and i said hey let me tell you about my guy micah uh would you give him a job would you be able to say whoa whoa whoa can uh before you do that i gotta get qualified or would you say yeah i'm ready to go i'm ready to go i went to school for it several years back and wasn't able to get into it because of my current situation. And what is your current situation?

Well, I went through a divorce at the time and I couldn't afford my tools. Tools just to get started are about $10,000. And right now I've got about $30,000 left on my debt snowball. Okay. So while you're qualified, you're not ready financially to be able to do this. But pardon me, I'm a little bit ignorant about this whole trade. What if you were working for somebody else? They needed a diesel mechanic. Do you have to come with your own tools, or do they not have their own tools that they would allow you to use?

Well, they come with specialty tools, you know, like doing warranty work. But everything else, you've got to come with your own stuff. Okay. Well, so now your timeline has pretty much been dictated to you. So you're getting out of debt. You've got to walk Dave Ramsey's baby steps out. I'll let Chris take over because you've got to walk through the debt as well as cash flow, the $10,000. You can do both at the same time. It's going to be really, really aggressive.

Yeah, Micah, tell me this. What debt do you have left, my friend? I have about $6,000 on a Harley motorcycle, about $20,000 on student loans, and about $4,000 or $ or five grand on medical bills. Okay. And what's your household income right now as a truck driver? I'm going to clear about 60 this year. Okay. All right. And do you own a home or are you renting right now? Actually, I live in my truck. Okay. All right. So don't have a housing expense.

So here's the deal. Following the snowball, we're going to attack the medical debt of $4,000. From there, you're going to go to the Harley, and then from there to the student loan debt. Now, if you were serious about this, when you get serious, you start finding things to sacrifice. That hog might get a for sale sign thrown up on it. Now, I'm just saying, I'm throwing it out there. Don't start twitching, Micah. But I'm just saying, when you start to find

things that you're willing to sacrifice to where you get to where you want to go, that's how you find out if you're committed. It's like the difference between the pig and the chicken with breakfast. The chicken participated. He gave an egg. But the pig, well, right? The chicken participated. He gave an egg.

But the pig, well, when you had some bacon, that bad boy was committed. There's a little bit of difference there. So you want to get serious about your goals, Micah. You drive that truck. Be intentional. But understand, brother, you're not stuck. You got bigger things to chase down. What you got to do is be willing to give up some sacrifice and get it in motion.

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That's GRIP6.com. Hello, everyone. You are listening to The Dave Ramsey Show. I'm Chris Hogan, and hosting along with me is Ken Coleman, and we're having a blast. Thank you all for calling in. We need your calls and want your calls. So if you're out there, want you to pick up the phone, call us, 888-825-5225. Again, that's 888-825-5225.

But now, Ken, it's time for the blinds question. Yes. Blinds.com 100% satisfaction guarantee means even if you mismeasure or pick the wrong color, that they'll remake your blinds for free. You get free samples. You get free shipping. And with new promos they run every month, you'll save even more. So use promo code Ramsey to get the best deal. Rules and restrictions apply. So, Coleman, what is the question from blinds.com before we go to the question i just got to give

you a personal story i use blinds.com about a year and a half ago it's idiot proof and i would be the idiot i'm just telling you it's that simple because me measuring stuff i'm just telling you i want people to know it's's literally. It's legit. It's legit. It's very good. All right. Today's question comes from John in Colorado. This comes from DaveRamsey.com.

John visited there, and he said, I wanted to ask a question regarding investment opportunities with my first job. I'm 22 years old, and thankfully was able to secure a job in this COVID crisis in financial services. I make $80,000 a year. My question is, my employer offers a 50-cent match for every $1 contributed to a 401k. That's up to 6%. And also a 10% discount on employee stock purchases. I currently have 10% contributed to my 401k and 5% to the stock purchasing program. Is this a good

designation or should I consolidate my entire savings into my company 401k? Okay, first of all, John, you are like a unicorn. Because to be 22 years old and to be asking these questions means that somewhere along the line, you were taught about the importance of investing and you were taught about money. Looking at this and understanding kind of where you are, remember the goal is you want to invest 15% of your income for retirement. That's where you want to go. So what you could do here, because you have a match up to 6%, you could go up to the 6% in the 401k, then go over to a Roth IRA, and then get closer to 15, then

come back to your 401k for the remainder. Now, that's best option. Option two is you do the full 15% through your 401k, and you're there. Now, what I don't like, and I'm going to throw the flag on, is the stock purchase plan. These are single stocks, and companies will try to bait and switch you or convince you that if you believe in the company, you should be participating in this. It's single stocks. We don't have room for that as we're trying to build wealth and get to everyday millionaire

status. So I would negate the employee purchase program and really focus on the 401k. That's what I do. That's what you need to do and to grow wealth and i can't wait for you to become an everyday millionaire no question this kid's a unicorn he really is i mean at 22 what were you thinking never mind never mind it's a family show chris i'm not talking to you about that yeah but the bottom line is is listen parents if and parents uncles aunts let's talk to young people out there. Let's help them start to have conversations about this money stuff.

Let's no longer wait for them to get in a predicament where they have to figure it out by digging out. Let's help them learn and figure out some stuff by us talking it out. And that's having a conversation to help them understand how money works. You know, you've got young people that are at home. Coleman, kids aren't going to school right now. They're doing online or working from home. We've got all these options. So we've got more opportunity for connection, but also more opportunity for growth. So parents, aunts, uncles, nieces, all of us out there, I want you to share your money lesson with some young people. Tell them about some stupid

that you've done. Let them know some mistakes, and that way they get an opportunity to learn and can make some different choices for themselves. Yeah, I love that. I mean, listen, some of the stuff they're going to learn in school, they'll forget. They'll never forget sound financial principles. They just won't. Hey, by the way, Dave and I joked once, we were talking about how you can learn unnecessary stuff in school, and I joked about Pythagorean theorem. And lo and behold, if I didn't get a letter from a fan explaining to me the importance of Pythagorean Theorem, and lo and behold, if I didn't get a letter from a fan explaining to me the importance of Pythagorean Theorem. Wow. Yeah.

I'm going to leave that alone. Yeah, don't send me any more letters. I know that that was something I learned, but I don't remember anything else. Okay, so whoever sent me that letter, send Coleman, too. Yeah. He needs to learn. All right, we're going back. You can send it.

I'm not going to read it. We're going to the phones. We're going to California. Let's see here. We've got Trenton on the line. Trenton, what's your question for Ken? Hey, guys. How are you all doing?

Well, we're having a blast. What's going on with you? Not much, not much. I came across the Dave Ramsey show about a couple months ago. I really wish I would have found this show when I was 18, seven years ago, but I'm glad I found it. And I had a quick question for you guys. So I graduated college about a couple years ago, and my plan glad I found it. And I had a quick question for you guys. So I graduated

college about a couple of years ago and my plan was to become a realtor. And I got my license when I was 22 years old. And over the time I started to get burnt out and I realized it might not be a fit for me. And I had a few ideas for what I might want to do as far as a career change, but I'm a little hesitant to make a decision um how would you guys recommend uh going about that process well let's start with you listing out these couple of ideas is there two of them um there's like a few of them i i started off with two then i i feel like i'm a little over like all over the map now give me your top give me your top two or three. Actuary, working with city government, or sportscasting. I know those three are a little bit different.

That's okay. What's the city government role? Tell me more about that. And don't worry about job description. People get hung up on the specificity of stuff. I just want to know, what would you be doing? Give me an idea of what your role would be in the sense of, I'm doing this type of work for city government. You know, I'm not 100% sure. I looked at a little bit of urban planning. I know I have to go back to school that, and I've been contemplating going back.

I just want to make sure I'm 100% committed before I invest in that. Okay. And why do you feel you're burned out on being a realtor? Give an exact reason i'm just i feel like i kind of came in a little naive i thought i was gonna if i put in a certain amount of work it was gonna pay off a lot quicker do you like the work at all i mean i like the potential it has but it definitely i do feel burnt out from it often yeah Yeah. All right, so of the three, actuary, working in municipalities, working in the local government, and then sportscasting, if I guaranteed you success in all three, can't fail, but you could only choose one, which one would you choose?

That's a good question. I'm honestly not 100% sure on that. Well, I'm not asking you to be 100% sure. I'm saying choose right now. Which one? not 100 sure on that well i'm not asking you to be 100 sure i'm saying choose right now which one uh so can you read the question sorry about that here's the deal i want you to stop thinking you promised me for the next 30 seconds you're going to stop thinking i want you to answer with your heart can you agree to do that yeah trenton you've dreamed about a lot of things haven't you yes or no yes tell me what the dream is.

Stop qualifying it. Stop worrying about how you get there. Stop worrying about how much it costs to get there, how much you could make. I want you to just answer the question. What would you love to do if there was no risk? You just absolutely guaranteed wild success. What would you do? Answer it.

I would like to work with sports. That was pretty easy. See, I took away all the psychological risk. What would you like to do in sports? Say it. Like cop broadcasting or working in marketing. Yeah. Why?

Just because I've always been a sports fan. Yeah. So the idea of marketing a sports team, a franchise, or being in broadcasting, which one of those two gives you the most juice? Answer with your heart. Probably broadcasting. Yeah, see, I'm sensing some hesitation. And I think it's because you have a lot of doubt as to whether or not you can actually get there. Is that true or false? I would say I have my doubts. Yeah. But my point is you love the idea of the preparation,

the actual when the mic comes on. See, Chris and I identify with this. We like the nerves that come with being live. We like the nerves with coming up with an interview or coming up with a talk. You do too, Yes or no? I guess so. Yeah. Yeah. So here's what I want to recommend to you. So you're in a situation where we need to get you fully clear. And that's stage one of my seven stages to meaningful work. And so Chris, here's what Trent needs to do. Trenton, here's your homework assignment. I want you to

hang on the line and Kelly's going to give you a copy of my best-selling book the proximity principle which is going to teach you how to get around whether it's in person or in proximity online to professional broadcasters and learn everything it is to learn about the act the profession of being a professional broadcaster it's the producer and the professional the two people in the book that i specifically want you to focus in on. And you've got to clarify and verify. Really dive in. Volunteer. Intern.

Do whatever it takes to do some local broadcasting in San Diego. And then your heart's going to verify that that is, in fact, what you want to do. This is The Dave Ramsey Show. Welcome back, America. This is the Dave Ramsey Show. I'm Ramsey Personality and host of the Ken Coleman Show on the Ramsey Media Network. Ken Coleman joined this hour by Ramsey Personality and host of the Chris Hogan Show on the Ramsey Media Network.

And we are here taking your questions. 888-825- 5225. 888-825- 5225. You got a money question? You got a career question? You got a relationship question? You know, all these questions, whether it be money or making a decision about a job, there's always a money question, you got a career question, you got a relationship question. You know, all these questions, whether it be money or making a decision about a job, you know, there's always a relationship component, Chris.

There's just no situation in our humanness that doesn't have some relationship component. And understanding that at times allows you to get some real clarity with the depth of the situation. So the point is, it doesn't have to be a pretty question. It doesn't have to sound perfect. We're here for you. This is about you and your life. We know that you matter deeply, and we want to help you. 888-825-5225. My pal Chris Hogan, his website, chrishogan360.com has an incredible resource there, tons of great resources, but his Everyday Millionaire Investing Guide is a step-by-step playbook for building wealth, 30 pages, and it's free. So the free stuff, I love that.

Well, that's what we do around here. I mean, you know that. You're giving people guidance and tips on their resume building and what they can do for themselves as we change our mindset, and it's just so much going on. I think it's really important for us to make sure we get the right people and the right information on our side. And that's what we're trying to do. Ken, and I know you are extremely passionate about this, this area of career.

And, you know, a lot of people have a lot of uncertainty right now, and you're trying to help them get traction. One of the things you can get at KenColeman.com that's free, we like giving you the free stuff, so we're not pitching anything to buy, is the Should I Quit My Job quiz. Three minutes, 20 questions. It's going to give you one of four i guess it's a report we're going to get four categories that you could get printed out and here's what we're finding chris people just go oh i knew this before i took it but this was the nudge that i needed and so in this time of uh of the pandemic and many of you been kicked out of the nest this is what you needed you should have jumped out before this but now it's kicked you out so now this is the time to recalibrate isn't it crazy how it takes a certain situation for us to be uncomfortable enough to choose to

be effective and uh you know it's it requires us to let go of some things so i want you to hear me with this a lot of people have gone through some tough times recently, and many of you are hurting right now. You might be jobless. You might be broke. You might be struggling to put food on the table. John Maxwell says, Change is inevitable.

Growth is optional. If you've said to yourself never again throughout this COVID shutdown, you've already taken the first step toward winning with money. You've chosen to grow as a result of this season. I want you to take the next step so you can keep sleeping easy and join the group of Americans who aren't haunted by their finances. We can help. We just launched something new, something huge, something that will change the trajectory

of your life, and it's called Ramsey Plus. This is an all-access membership that will give you the best money products. You can learn with all nine lessons of Financial Peace University, our proven plan to win with money. You're going to budget with premium features of every dollar, and then you're going to track your progress with the new Baby Steps app. So start your free Ramsey Plus trial now. Set yourself up so never again do you have to walk through a crisis without confidence. Listen, you will be okay. You can do this.

To get your free trial to Ramsey Plus, text the word trial to 33789. That's trial to 33789. Got to get on it. Got to make it happen. All right, we jump to the phones. We've got Joe on the line. Joe, how can Ken and I help you? Hey, good afternoon, gentlemen. Well, sir,

thank you so much for taking my call today. Okay. Okay. So my wife and I, we're looking at building a home. I actually inherited some property after my parents passed away. We're getting ready to move in. The house burned down. So here it is about, yeah, yeah, exactly. So here it is about three years later. My wife and I, we live well below our means. We've been trying for about 20 years to save up to actually build a home anyways. So we have absolutely no debt whatsoever. We're in our early 40s. And, you know, gosh, we have four old Jeeps.

The lowest model one has $300,000. The highest, $700,000. So it's a five-person new thing. Wow. Yeah, absolutely. So my question. The highest is $700,000. So it's a five-person new thing. Wow. Yeah, absolutely. So my question for you guys is, okay, I'm currently unemployed due to the COVID situation. I used to be in finance and banking. My wife is currently employed.

Thank the good Lord. And, you know, so two things is should we go ahead and build a home with the cash that we have? Or should we go ahead and build a home with the cash that we have and or should we go ahead and get a mortgage i think i know the answer to this because actually financial coach on the side of the home joe what is the answer yes he set himself up yes you're going to tell us right now we're going to judge you right now well and okay i will say pay cash for that home. And the reason why is we doubted ourselves because, you know, we love my wife's parents. They've been very good to us, but they still have debt themselves. And they have no idea the amount of funds that we have set aside. No one does. Okay.

And so we're looking at right now, you know, the house that we're currently living in, it's worth about $65,000. Okay. And so we're looking at right now, you know, the house that we're currently living in, it's worth about $65,000. Okay. And the property that we're going to build on right now is worth about $60,000. All right. We're looking at building about a $200,000 to $220,000 home. Uh-huh. Let's see here. Joe, how much money do you have in the bank?

Yes, sir. Cash is actually $401,000, and within the retirement accounts, $285,000. Okay. Why do you have $401,000 in your savings? Well, about $80,000 of that came from inheritance, and the rest is actually, you know, I could only put back only so much within our IRAs and 401s. And so I actually have that sitting in many markets. We have about $250,000 sitting in money market accounts and brokerage waiting to build a home. Okay, got you.

So your goal all along was to pay cash for this house outright? Oh, absolutely, yes. Well, you've done it. Last time that we had debt was back in college, and I had $15,000. Why aren't you doing it? Why aren't you paying for this house? Well, I am currently unemployed. You know, the most that we've ever made together is about $80,000 a year, and so it took us 20 years to save up that money. And so my question is, you know, I've been unemployed for four months.

Ken, I've been listening to you for four months. Chris, over a year now. And Dave Ramsey, since, you know, the early 2000s. Right. So I guess basically we're scared to pull the trigger on it just because I'm currently unemployed. Okay. So if we build, I'm going to save about $20,000 to $30,000 to actually do all the trim work on the home and start a floor. All right, let's just do it.

So here's the deal. Joe, I get it, and it's okay to be scared, and I love that you called in and said you're scared, but fear is a liar, okay? So your fear is telling you that this is an irresponsible decision, okay? My words, right? So how much is it going to cost you all in to build your house? Let's see.

It would be $230,000, and then after we sell the home that we currently live in, that would be putting money back in at about $65,000. So I'm doing quick math. It's going to cost you what, $170,000? Correct, sir. Okay. So you have how much in the bank? $401,000.

Very specific. Yes, absolutely. So, Chris, you're the math guy. What's $400,000 minus $401,000. Very specific. Yes, absolutely. Chris, you're the math guy. What's $400,000 minus $170,000? It's called build a house. Build a house. You've got plenty of money left over. You have more than a six-month emergency fund left over. You really do, buddy. And here's the thing, Joe. I'm going to be honest with you. You've said it several times. It's because you're not working. Then wait. Wait until you get a job going. But either way, definitely don't take out a mortgage.

You all have been intentional for over 20 years in saving this. This is a seminal moment for you all to do this process in cash. And I'll tell you what I want you to do. Not only do I want you to get started and get this house built, when you do, I want you to send the photo. I want you to send it in at Ramsey Show so we can see what you all have done. You've had the vision and the clarity for over 20 years. Now what you do is pull the trigger.

You yourself said you're a banker, all right? And you know as a banker, the bank will try to tell you, hold on to your cash. We'll give you a loan. No, no, my friend. You've been intentional too long. I want you to stay zeroed in on what you need to do now kid he needs to get employed so he can change to get some confidence back yeah but again you know he's got more than a one year emergency fund even after he

cash flows the house you've worked hard for this for years and years and years you are not an irresponsible person you will get employed again, but I'm fine if you want to wait just to give you better blood pressure. But the bottom line is the minute you get the new gig, man, start digging the house. Go, Joe, go.

This is the Dave Ramsey Show. Hello, everyone. You are listening to The Dave Ramsey Show. I'm Chris Hogan, and joining me this hour is Ken Coleman. We've had a blast taking your calls, talking to you about the things that are on your mind, your life, your money. And we dug in, and I told you to send me some social questions. And so we've gotten one. We've gotten several in. But I want to ask this one to Ken.

I actually know the answer to this one. I know what he's going to say, but I'm going to ask him anyway. This is from Stuart from Facebook. He's asked Ken, hey, Ken, do you have any interview tips? I've got an interview a week from today, and I'm already getting nervous about it. Any and all tips are welcome. Yeah, well, the short answer is we've got a free how to win the interview guide. It's about a 16, 18 page PDF with all of the things you need to think about at Ken Coleman dot com. But I want

to answer the question for those of you who are going, hey, Stuart, I'm with you. Here's the key. What we focus on in the interview guide, Chris, are two things, and that is preparation and performance. And I've said before that relentless preparation leads to reflexive performance, meaning, Chris, you were a college football player, you know, in crunch time, and we've seen the great quarterbacks, the Tom Brady's, the Brett Favre's, whoever you want to put in there. When they lead that two-minute drill, it just looks like they're not even thinking about anything. And the reality is they're not thinking. They're reacting because they've practiced.

Time and time again. They've looked at the film. They know the plays they're going to run. They've practiced the two-minute drill. And so it takes over. So the job interview for most people, Chris, is one of the most fear-inducing activities that they'll ever have. You think about it. It's high pressure. So you want to prepare ahead of time so well that you allow your brain to be the supercomputer

that it is, and it will perform if I've put what I need into my brain. So we're preparing for the questions that we will get asked, and we are preparing for the questions that we will have the chance to ask. That's right. And that's the difference maker. Not how you answer the questions, but the questions that you ask in the interview. That's what sets you apart from the average candidate in an interview. So we go over all of that.

We even talk about what to wear and body language and everything. So everything you need to learn how to win the interview is in the How to Win the Interview Guide. It's one of our Get Hired Guides at KenColeman.com. What's my body language telling you right now? That you were very impressed with the thoroughness of my answer and that you wish you had run into me many, many years ago when you had to do job interviews.

Well, oh, well. All right, we're going to go to the phones. We've got Adam online. What did he think I was going to say? Adam, what's your question for Ken and I? Hey, guys. So my question is essentially this. Obviously, with the times, it's hard for me to tell where my employer's business currently is financially speaking.

And from the very first day that I've gotten here, it's been about a year and two months of me being in the company, I feel like I've taken on a lot more responsibilities than were in my initial job interview. So the basic question is, during this pandemic, what would be some advice that you guys have in terms of asking for either a raise or a bonus or something along that line? Okay. Well, Adam, let me ask you this, because you mentioned the company seems to be stable. Have they missed any payroll at all throughout this whole COVID time? And that is the one thing I am so thankful for, and I don't want to be unthankful in any way. They have never missed one check with me whatsoever, and they were also very generous during the Christmas bonus.

Okay, but what kind of Christmas bonus did you get? $500, but I only make $30 30 grand a year before taxes okay so you make 30 grand a year they've been consistent they've been generous um have you received any kind of merit-based bumps or increases in income no have you had an annual review you've been there 14 months did you have an annual review around the first anniversary? We didn't, but my annual review would have fell on the first week of June, which is in the middle of this crisis, and I'm not sure how they're handling all this stuff now. How is the company talking about revenues and things of that nature? Are you hearing anything behind the scenes? I know

they haven't missed a paycheck, but are they doing well? Are they off-budget, over-budget? So what I can hear is that, so without giving too much info, because I don't want to kind of give away the company that I'm with, they specialize in rentals, band instrument rentals. And with the school year not coming, or at least being just virtual, and then one of our counties that are in our areas that we serve is going to be in person, but the rest is going to start this year virtually, that rental income is going to be going down anywhere between 25 and 40%. Oh, without a doubt. All right, Adam, let me ask you this. Let me ask you this.

Rate yourself in how you've been doing your job. Scale a 1 to 10. 10 is you're rocking it and blowing it out. 1 is you need to go do something else. Where would you rate you? I put myself at an 8 or a 9. I make some mistakes, but I learn some new things along the way. And I've gone from being the new person in the company to essentially being my boss's right-hand man.

Okay. And what are you worth in your mind? What raise would you like to see? I would like to see that 30 go to 40. In terms of what I have in my belt. I have a marketing degree from Florida State University. I'm just starting to, within the past three months or so, I'm now picking up their web design portion. So I'm picking up things that typically would make a higher income than what I'm making right now. Okay. All right. So Adam, here's the deal. My advice on these questions is always the same. Never ask for a raise. Ask for a growth plan. Ask for a growth plan. Now, before I walk you through this, I want to tell you that I think this situation requires that the strategy I'm going to give you, that you hold

off on this until we kind of come out of this COVID situation, because I think you're in a business that's running pretty tight, and you acknowledge that. So this business is not in a place where you could ask for it right now. I think it would come across the wrong way, almost tone deaf. So not now. However, when things get back to better, let's call it that, here's what I want you to focus on. I want you to sit down with your leader,

and I want you to ask them if you can do an annual review or some type of review, and I want you, when you get that review, to say, hey, I would like to talk to you about a growth plan. When we sit down and ask a leader, Chris, for a raise, it automatically puts the leader in a defensive position, even though they may not be defensive, they may not even be unhealthy, but it puts the leader in a corner if they've had no idea that you're about ready to ask this question. Totally agree.

And so that's a very bad situation to put yourself in. So here's the deal. Ask for a growth plan, And it sounds like this. Hey, I love being here, been here X amount of months, and I would like to know areas that you can see that I need to grow in. Not so much that I've been doing it wrong. I want to know that, too. But areas that if I were to enhance some raw skills or some inexperience, I would become more valuable. So what could be some things that make me more valuable to you? What an unbelievably smart and humble question to ask.

And it's going to throw them off. They go, okay, here's some things that you can get better on. It's going to help us. That's what I'd start with. And then I would say to them, if I make those improvements, well, how are we going to measure that so that I can ultimately get to a place where I get more responsibility, which would allow me to then make more money? And the way you come at that, that is a mature, humble, strategic, thought-out conversation. Now, the last thing I'm going to say is you've got to have four qualities to get promoted. These are four qualities that if you work hard, and these are all character traits that you can develop. You've got to be likable, coachable, reliable, and honorable.

And when I say coachable, that means you've got to be able to handle correction and instruction. Those are two different things. And so work on that, and if you become those four things, likable, coachable, reliable, honorable, and you approach it that way, hey, can we work together to come up with a growth plan that has measurables based on my growth and results that I'd love to see if I can move up the ladder and influence responsibility and financially? That would be my coaching on that. Never ask for a raise. Well, I've been here 16 months. I've done a lot more during COVID than I was supposed to do. Can we get a bump for 10 grand? That ain't going to happen.

I'm not suggesting that he would say it that way, but people will kind of hem and haw their way right into that ask. They really will. All right, listen. Today's scripture is the end of a matter is better than its beginning, and patience is better than pride. That's Ecclesiastes 7.8. Quote is, we could never learn to be brave and patient if there were only joy in the world. That comes from Helen Keller.

Understand, we've got options everyone, and we've got opportunities in front of us. You have more ahead of you than what's behind you. Keep pushing forward my friends. I want to thank all the callers for taking the time to call in. I want to thank all of you listeners for tuning in, and I want to thank producer James Child and associate producer Kelly Daniel. And I want to thank you, Ken Coleman, for taking the time to join me this hour.

This has been fun, everyone. This of The Dave Ramsey Show. Once again, you made The Dave Ramsey Show one of the top four most popular podcasts last year. To get your daily dose of motivation and inspiration from the Ramsey Network, subscribe or follow today wherever you listen to podcasts.