The Ramsey Show - App - Should I Change Careers During the Pandemic? (Hour 1)

Episode Date: October 28, 2020

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, 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. Christy Wright, Ramsey personality, number one best-selling author, is my co-host today here on the air. Open phones at 888-825-5225. That's 888-825-5225. Big day, Christy. Yeah, I'm so excited about this.

This is something you've been working on for six months or more. Yeah. A year almost, I guess, in total. The new Christy Wright devotional. Yes. Living true, 40 Days to Get Back to You, goes on sale today. Yes, and this is huge because everything that we do around here comes from a deep passion, a heart to help people, and one of the things that I have found in my life, Dave, at different

stages and different seasons, is it's really easy to feel like I lose myself, lose myself in my goals or my season, certainly in motherhood. You're just so busy changing diapers and getting sippy cups with milk and that type of thing. And you look up and you think, I don't know where I am in my own life. And I know that sounds weird, maybe to someone that's never experienced that. But I hear those same words from thousands of women. I feel like I've lost myself. I just want to get back to me. And so about a year ago, whenever this was really on my heart, I decided to write a devotional on this topic. And so this journey, this 40-day journey, and it's 40 days, which is good for a busy mom, busy woman that doesn't have time for a 360,

maybe doesn't want to commit to a 365-day devotional. It's a really great opportunity to reconnect with who God created you to be. And so I walk them through four sections, and these are the four things I feel like God gave me to help women get back to themselves and certainly for me as well. And that's to know who God is, who you are, where you are in your season of life, and where you're going, and what he says about your future. And so we walk through each of those 10 days on each section with the goal of not only getting back to who we're created to be, but get closer to our creator. And so I'm so excited to have it out in the world.

It's that exciting thing where you've been working on it for a long time and now it feels vulnerable and awesome. We had it available at our business boutique event as well. And so women were getting their copy there. But today it's officially launched, Living True, 40 days to get back to you you can get it on amazon you can get it at daveramsey.com you can get it at businessboutique.com and um you know what has happened this year is um most of us have had different levels of experience but most most of us have, to some degree or another, had so much loss in our lives that you feel on tilt.

Yeah. You don't feel connected, and you kind of lose some of your power. Yeah. You kind of lose some of your gas in your tank. I think when you tilt over, the gas spills out, you know? It's like you lose some of the oomph and so to get back to you get back to god in the process is uh fills the tank back up and it gives you gives you confidence again it does and this is it's amazing because you know when we dreamed this up it was spring of 2019 and i wrote it in summer of 2019 of course

we had no idea when i was writing this what this year would hold. And now I think more than ever this year, so many of us have felt that we have had our world turned upside down, whether it's a job loss, and you're going, I don't know who I am outside of, you know, this role that I've had for however many years, or, you know, in the spring, when everyone's calendar was cleared, you have this identity crisis of who am I outside of my calendar and commitments and productivity. And so it's just such a timely message. Of course, like I said, I wouldn't have known this when I wrote it last summer. But gosh, I just feel like that it's God knows the timing and God knows what people need. And so I think it's more important now than ever, especially this year where we have lost a sense of ourself in this crazy world.

Christy Wright, Ramsey personality, the brand new devotional, first devotional Ramsey has done. Ever, which is a big deal. Thank you for letting me do this. That's a really big deal. And 40 days long, 40 days to get back to you, living true, on sale starting today. Briefly give me, if I'm sitting out there and I know Christy Wright has the big time, huge, glossy, wonderful gold planner for 2021 that we've just about sold out of. We've got that. How is that different? Or, you know, if you heard both of those things and you're thinking, I don't know, I'm a little bit confused. Yeah. So they really have different

purposes. And so the goal planner helps you do exactly what it says. It helps you achieve your goals, helps you set goals and work on them throughout the year. In addition to putting those goals on your calendar, on paper, on purpose. So it's a calendar planning, a time management tool that also helps you achieve your goals. The devotional is more of your quiet time. This is your 15 minutes before the kids wake up. I'm going to take five minutes to read a scripture, to journal, to pray, and take some quiet time to reflect on who I am and what God's telling me about myself and about him. That has a different, it fills your tank spiritually, whereas the goal planner is a tool

to help you plan your calendar and reach your goals. Absolutely. Very cool. So living true, 40 days back to you, is the devotional. And the first one Ramsey's done, certainly the first one Christy has done, and available right now. You can order it today from us at DaveRamsey.com, ChristyWright.com, or BusinessBoutique.com, or Amazon, or wherever great books are sold. you'll find this thing available starting today. And as you said, a few people got a hold of the copies at Business Boutique last weekend, but they were the ones that attended Business Boutique.

So they got a little extra special surprise and delight getting the thing off the shelves a little quicker. So good stuff. So it's kind of fun. You put out a couple of non-book books this fall. I know. One of them are a quota book, but they're both books, and they're both pretty cool stuff and gives people a lot of options of ways to keep their lives dialed in and focused in through a crazy year.

I think we should do one with like a dumpster fire on the front of it for something, right? People would really connect with that. You know, we could put like mask jokes and COVID jokes. Toilet paper jokes. I think it's too soon it's just too soon yeah but maybe maybe i'll do that uh for as a new year's gag there you go they'll do that they'll be ready for it we need to sell little dumpster fires of some kind we need to get little little dumpster toys or something there ought to be something we can do to celebrate the end of this year oh my gosh i cannot think of a year i know i have not had a year that i wanted to end any more than i want this one to end i'm ready for 2021 2020 will never mean anything

good like 2020 vision i don't want 2020 vision ever again you know hindsight's 2020 you can't say that anymore you know it's just the number is ruined. It's a ruined number. So in the midst of all that manure, there's some wonderful flowers coming up. And Living True 40 Days Back to You is one of them. The Gold Planner is another. Both of these things selling very quickly. We launched this week Rachel Cruz's new wallet, the high-end experience with the built-in envelope system and made by folks in India who desperately

needed that job. And the company we work with is incredible in giving folks opportunities. And so a lot of really cool things rolling out right now in time for Christmas. And our products team has done a great job getting their work done during this COVID when a lot of people aren't working and you can't get stuff shipped and supply chains are all screwed up and everything else. We've got the stuff in stock. It may run out. You people are buying it like crazy. But for right now, it's all in stock and we're ready to go.

We've got plenty of copies of this, I hope. We're ready. We've got it. Good stuff. Christy Wright, Ramsey Personality, my co-host today here on the air. This is the Dave Ramsey Show. folks i love telling you about well-made well-thought-out products today i'm talking about grip six belts i don't know about you but I'm not a fan of traditional belts. They never fit right, and they're uncomfortable. Grip6 belts are unique. Owner BJ designed a truly

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I signed up for term life insurance through my work because they offered an excellent price last year. And then there was a company merger this year. So with this merger, I got a letter in the mail that says they're moving my term life insurance to a group universal life insurance program. No, thank you. Never heard you guys talk about that. Oh, it sucks. I was reading. Yeah, it sounds similar to a whole life. It is. It is. There are three types of cash value insurance that build up savings inside the policy because you pay considerably more for them, and they put some build up savings inside the policy because you pay considerably more for them, and they put some of the money inside the policy called cash value.

The old-fashioned, the worst, is whole life. The medium is universal life, and the best of the worst, and they all three suck, is variable life. Now, universal life, or whole life, they just stick the money in a mystery account, and when you back the numbers out on whole life, it averages about 1.2%, and when you die, they keep the savings account and only send you the face value. Universal life is invested somewhat and tends to create about a 4.7% to a 5.2% rate of return on average after all the fees. Now, they quote you a bunch of crap higher than that,

but net of fees, what you actually end up with when it's over is about 4.7% to 5.2%. And the other problem with universal life is it actually separates inside the policy the insurance cost, and your insurance cost goes up every year, which means if you're paying the same amount, the amount going into the investment goes down every year. See what I'm saying? Yeah, that's terrible. Yeah, and so then what happens is if you live long enough, the policy self-destructs because eventually you're not even paying enough to cover your increased insurance cost

because you're now paying insurance on a 72-year and your insurance goes through the roof and it not only is it eats up the savings that you built because you're not even paying enough to cover it so it's it's a really nasty deal then the variable life they actually invest the money into mutual funds or give you the option to inside the policy and uh but the only problem is they hammer it with fees and when you die they keep your money the biggest problem with all three of these is whatever in you pay extra that goes into the quote unquote air quotes investment cash value inside the thing when you die they only pay the face value and so the extra that you've paid to create savings always disappears at death and so just stay away from it

and by the way you should not have all of your life insurance even if it's a good deal on term at work because if you have a health problem while you work there and then you leave most of those policies 98 of them aren't portable meaning you can't take it with you so you get type 2 diabetes while you work there or cancer and then you recover from the cancer but you're not insurable and you leave you don't get it you don't have insurance because you can't get new insurance you're not insurable and the place you used to work at keep you know that you can't take the insurance with you it's not portable so do not buy you can buy a little bit of your your plan or whatever because it's a good deal in term at work but always go to someone like zander

insurance and own your policies independent then no matter where you work or no matter your insurability they stay in place because that's a big deal why do people choose those options dave like if they're if like like universal i've never heard of that that option universal why would his company do that like why would they go to that versus term they were sold they were sold it by the insurance company the insurance company to make bazillions more dollars on that because the term policy for for the same amount of coverage on a 30 year old for you can buy it for five dollars or you can buy for a hundred dollars a month and that extra 95 dollars is way increased profit obviously and some of it goes into this investment.

So we just tell people, buy the $5 or the equivalent of 1 20th, whatever it is. I mean, if you spend $100 or you spend $1,000, whatever it is, right? And you just don't do your investments inside of an insurance policy. And the only reason that companies would do something like that is their benefits person or their insurance person makes a lot. Insurance people get paid on the premium you get a percentage your commission is a percentage of the premium so if you can sell something that's a higher premium you make more money and this is 20 times higher so they just they just sold them on the idea that this was better for their company because it allows the employees to create savings and that's about all

the hr director that bought it understood. Yeah, listen to him. They really didn't understand that this is like the payday lender of the middle class. It's horrendous. Well, that's what's so hard about this whole industry. Insurance in general, but specifically life insurance, there's so much fine print. There are so many loopholes and complications. The average person doesn't.

The average person doesn't even. It's not even just that they don't understand how it works or what they're paying for. They don't even understand the right questions to ask you know that's why like i think our our zander and our elps is so important to have people in your corner that you know they are trusted they are vetted they're going to guide you in the right direction because the average i am i mean i i work here and it's still overwhelming to me with all the the way they talk about it and all the legal jargon and the fine print is it can be overwhelming well one thing's for sure the life insurance world knows how to

sell cash value uh and and they've had you know even though it's become you know it's kind of been exposed for the fraud that it is and that no one outside the life insurance world thinks it's any good but the only people that'll tell you that it's good are life insurance people. But, again, they one of two things. They either understand it and they're just crooked, or they just don't understand what they're selling either. And that's what you run into. A lot of people have been in the business for three months,

and they're just doing what they're told. Right, right. And they're selling it to you. There's so much fear tactics, too, in the advertising. I mean, I've seen so many companies advertise, and it's like the fear that they put on you that makes people respond out of that. You know what I mean? Absolutely.

So it's just scary. Jay's in Atlanta. Hi, Jay. Welcome to the Dave Ramsey Show. Hey, Dave. Hey, Christy. How are you? Hi, good.

Great. How can we help? Well, Dave, I'm in need of some mortgage payoff therapy. Thank you for your honesty. We're ready for it. Stretch out here on the couch. I logged on today, got the hit submit to pay off the balance, and just hesitated and had a panic attack.

I'm like, I'm going to call Dave and see what he thinks. Okay. How much do you owe on the mortgage? Just shy of $260, so, so $259,000. And you have the money in the account to pay it off? I do. And how much other money other than that do you have? That'll leave me $140,000 in cash.

And what do you make a year? $50,000 short term. Well, that's where it gets tricky. I'm just exiting my position. So technically I am unemployed. Okay. What are you going to do? I haven't decided yet, but I'm going to jump back into the market at some point. But I haven't decided, but there won't be anything coming in for a few months at least. So I think that's my hesitancy and uh

i mean if because you are uh without an income if you want to sit on the cash for a little bit that's fine conceptually though if you were employed would you have had the hesitation no i would not okay well you know figure out what you're going to do in a couple of months, 60, 90 days, land on it. And I got a feeling you're a guy making a couple of hundred or more, right? Yes. Yeah. What'd you make before? 250 plus.

Yeah. What's your field? Technology. Yeah. Okay. So you can do this again, right? Yes. If you find the this again, right? Yes. If you find the right place, the right group of people,

and you're not dealing with a bunch of idiots and all that kind of thing, you'd land again and cash in a 250 chip again and go have some fun with some people you want to work with, right? That's exactly right. Yeah, but you're not desperate. You're not going to jump into a toxic situation. You've got a pile of cash. If anything happens, you can reach over and pay it off instantaneously.

I'm okay if you sit on it for 69 days while you land somewhere. But over the scope of your life, if you're employed, pay the stupid thing off. Yeah, yeah. And your credit's good, right? Yeah, outstanding. Yeah, so if you've got good credit and you've got a job and you pay off your mortgage and you hate it, we'll go get you another mortgage. But nobody ever does that.

Thanks for the call, brother. This is the Dave Ramsey Show. Thank you. Christy Wright Ramsey personality is my co-host today here on the air. Author of the book Business Boutique, a number one bestseller today, launching Living True, 40 Days to Get Back to You, a 40-day devotional that you can pick up at DaveRamsey.com or BusinessBoutique.com or anywhere great books are sold, including Amazon. Nicole is with us. Nicole's in Columbia, South Carolina. Hi, Nicole. Welcome to The Dave Ramsey Show.

Thank you, Dave and Christy. Thanks for taking my call. Sure. What's up? Yes. I need some advice. I wonder, would it be efficient to change careers right now during this pandemic? Right now, I am a medical record specialist.

I work for a company that contracted with a hospital. And right now, the work environment is really hectic. And I say that because the new appointed supervisor we have does not want to do her tasks. So our manager makes, well, mostly me do the tasks that she doesn't want to do. And I'm really seeing, like, a lot of jobs that I really want to be in open, but I've been working still during this COVID. So I was just wondering if that'd be the right vision or just kind of lay it out. So this all kind of goes over.

Yeah. Well, I'll jump in here, Nicole. And then I'm curious what Dave has to say. I will tell you that this, we can all agree. This is all lasting a whole lot longer than anybody thought or wanted. So I think if you are miserable in your current job, you do need to think about your options because if you're waiting until this blows over, if you will, you might be miserable for quite a long time. And even by definition, what we even mean by things getting back to normal. I would be curious, though, just the nature of what you do.

I would want to be, I would want you to be careful not to go to another similar environment. Like I would, I would really make sure that whatever you're looking at, it's not just a shiny new thing, but it is in some way a better thing. It is more money, a better schedule,

better culture, better leaders. You know, I would want you to do your homework enough where um i wouldn't be as worried about changing careers during a pandemic you can change careers during a pandemic i mean they're certainly in your industry things are still happening uh but i but i would be cautious to make sure you're not going to a similar type of environment that is uh stressful or toxic or anything like that so i would just want you to really do your homework and put a lot of thought

in that but we would say that whether it's a pandemic or not so that would be kind of my advice dave what would you what would you say what do you make my year my yearly salary um i make around 29 000 okay so let's pretend that you went and did some interviews and you did what christy said you really checked out the company and you checked out the leadership and you figured out these are good people much better than the the uh slug you're working for um and so you know you get a real person that actually knows how to lead and it isn't just a a boss and you're going to go into a good quality environment and they pay thirty five thousand dollars who cares if there's a pandemic you would take that job right right so go find it that's the that's the push i really need yeah but don't don't it's my first time like really

like leap like leaving like my previous job i I graduated college. So, you know, that was the reason. You're not a job hopper, so this is a new experience for you. That makes sense. Yeah. But the point is, we're not saying, you know, the slug's driving me to run out the door with my hair on fire and no way to feed myself. We're not doing that. So we're not going to jump off the boat until the new one pulls up. But if you're sitting in a bad rowboat and a really nice yacht pulls up get on the yacht girl

right yeah because that's definitely in baby step two so doesn't matter definitely you gotta you're gonna make more money in a better situation there is not a situation you wouldn't take that job and and i would ask you to one of the things to help you, Nicole, is try to define what you're afraid of. Because what I've found is a lot of times fear is like this lurking in the shadows. We never define it, and so it just always haunts us. Like, what are you afraid of? I'm afraid of going into a situation where it's the same type of environment.

Okay, we'll just do your research to avoid that. I'm afraid of not making the same amount of money. Okay, we'll find a job that you make that more money. So if you define your fear, it can be one of those things where you create a plan that guards against it, and it's not one of those things that has to haunt you and keep you stuck. You're not in an industry that is very unstable or uncertain right now. You are in an industry where there are jobs and you are needed, and you have the ability to change that and get into a better situation.

Hang on. I'm going to have Kelly pick up. We're going to give you a copy of Ken Coleman's book, The Proximity Principle, which helps you look for a position. It's the proven strategy that will lead to the career you love. And jump on Ken Coleman's website. He's got a bunch of downloadable stuff to help you with the get your foot in the door, help you get the interview, help you handle the interview.

He's got all the stuff in there for job hunts, and you need to jump in there and get all of that going if you possibly can. Zach is in Grand Island, Nebraska. Hi, Zach. How are you? How are you, Dave? I'm good. Great. How can I help?

I got some questions on investing. I'm 25 years old. I have about $60,000 invested in my 401k through work. I invest 15% of my income, and then they'll match. Basically, it ends up they match 6%. So my question is, on your calculator, using an 8% annual return on what I'm investing, your calculator says I'll be worth in the neighborhood of $4 million. And then through my works calculator, and I have it set on aggressive, they say that I'm going to be worth like $750,000. And the annual return since I've started back in 2015 has been 12.25%. Okay. Well, obviously your work calculator is doing something different

i don't know what uh my guess is it's inflation adjusting and ours is probably not i don't know which one we've got several calculators on our website and i'm not positive which one uh but um you know compound interest is real and And here's a good rule of thumb for you, okay? The rule of 72s is a nuance in mathematics. You can take the interest rate that you're getting and divide it into 72, and it'll tell you how often that 60 will double. So if we just took the 60 and we said you're getting 10%, that means every seven years it's going to double.

So seven years from now, you would have 120. Seven years later, you'd have 240. Seven years later, you'd have 500. Seven years later, you'd have a million. Seven years later, you'd have 2 million. And so that 60 could account for a lot of that 4.5 million. And easily in your situation, I can tell you, again, I'm using a 10% rate for a seven-year double. That's just to do it in my head while I'm sitting here without a calculator.

That tells me right there that the $4 million is probably closer, and it's definitely not $750. But I don't know what we've included with a particular, which one of our calculators you're using, whether you're using the one on Ramsey Plus or one of the ones over in the SmartVestor section or whatever. And I did have one up a few years ago that was actually calculating it wrong. And so I hope you haven't found that old one somehow because it is wrong. But the point is that $750 is not right. I'm not positive $450 is without sticking it in a calculator myself. But it doesn't sound too far off.

It sounds very reasonable. You are aggressively saving. You're saving a lot of money. You're a young guy. It would not be unusual for you to be at $4 million. Here's the point of the whole thing, though. You don't have to panic about it. Go ahead and investigate and learn what's going on as an intellectual exercise.

But let's say that our projection on the calculator and you put it in at 8% was $4 million. If we're half wrong, you're okay, dude. You know? So we don't have to get too nerded out about this. I mean, if the projection says $10 million or $7 million and you're half wrong, you don't want to be 450 to 750 wrong. Now, that would be, you know, 4.5 million to 750 wrong. That's ridiculous.

But what ends up happening in the real world is that none of these projections turn out because life doesn't work exactly on a line your income goes up on a curve the you know you may change jobs as a better match or a worse match the investments that you're in might do better or worse the inflation rate rate might be higher or lower the economy might boom or slow down. All of these things are going to help you, are going to help decide this number. And so after, you know, I started doing these calculations on my stuff when I was 30, and none of it worked out.

I'm 60. I ended up with a lot more because I wasn't making more than I ever dreamed I would make. And I was investing like a crazy man and being outrageously generous like a crazy man. And you can't tell what the heck's going to happen. So take a good shot at it. Be good and intellectual about it. But don't sit up at night and wring your hands going, I don't know, I don't know. Man, there's no peace in that.

Go ahead and figure out that you're going to have $4 or $5 million, and if you're half wrong, you'll be okay. This is The Dave Ramsey Show. So two of the biggest things you guys are saying you need more help with is community and your money. Ramsey Plus has both. You get Financial Peace University, the class that teaches you how to handle money the right way for people just like you. And you get the premium version of every dollar. And you get our new Baby Steps tracking app. And you've got a one-year membership to this when you go to Ramsey Plus. It has a free trial going on. If you go to Ramsey Plus

at DaveRamsey.com slash FPU for Financial Peace University. DaveRamsey.com slash FPU. You can get a free trial. Now, while you are in Ramsey Plus, our live stream events are free. And Christy, we've got a massive live stream event coming up on November the 7th, the first time we have live streamed the Smart Conference. This is huge because people have access to it that have never been able to travel before or we haven't been in their city or close enough and they're going to be able to have this whole day of encouragement on everything from parenting marriage personal development inspiration money of course we're going to handle that and it's just

amazing to see how when you get new information you literally can change your life we see this happen all the time when you get new information new inspiration about different areas change your life. We see this happen all the time. When you get new information, new inspiration about different areas of your life, you can make changes that truly change your life. And I'm getting an email from our SVP of live events, and he's telling me we have in room here, we're going to have a live audience for those that are out and about and aren't scared and all that kind of stuff. We're going to have a live audience, and it's pretty stinking amazing.

We are going to have a VIP event where the personalities will all be there that night, the night before, actually, and then all day long we'll do the SMART conference. You get to be a part of that um if you go to davramsey.com slash events we have uh like 62 seats left wow for that uh which we didn't think we would right it was a little bit shocking but uh it's a little bit of a weird time out there so some folks are more uh afraid of things than others and so forth and um you know we're not being reckless we're not doing weird stuff. And if you think we are, don't come.

It's okay. You don't have to come. Watch it on the live stream or don't watch it at all or hate me or whatever you want to do. But this is what we are doing. And here in Nashville, November the 7th, we're having this amazing event. And we have 62 seats left right now. It includes a VIP reception reception i'm reading his email on friday night november the 6th so meg meeker will be here all the ramsey personalities less

parrot will be here it's an all day long event the smart conference and by the way if you're a ramsey plus member the live stream is free uh but if you're interested in actually joining us in person and including that vip there's going to be some photo ops some meet and greets all kinds of things going on uh you might want to get your picture made with someone like anthony o'neill or rachel cruz or christy wright or you want your picture with me because i put that up on the refrigerator keep the bugs out your kitchen but uh so if you're if you're interested in that go to davramseyamsey.com slash events. I suspect almost as I finished saying this, those 62 seats are gone. Yeah, and the other thing that I want to point out, Dave, is I think for some people that may be listening that know us for these big, massive arena events, I just want to go ahead and paint the picture for them. This is different.

This is a small group. It's almost like you're coming into our home. This is our office. It's 250 people. This is an intimate intimate personal setting where you get face time with us where you get to be a part of this small group so we're doing things different this year as we know uh and this is one of those things and so if you want to be in the room it will be a small group that we are going to get to have this experience together all day

live or i'm sorry these receptions and all these photo ops all these fun things that you don't get to do when you have a massive crowd and so so there's just a lot more opportunities there. The typical Smart Conference over the years has been 8,000 people. Right. An arena. Right. Full of people. That's our normal Smart Conference.

And, of course, we'll have that many online viewing. And if you want to view online, there's tickets available online. We'd love to have you do that. And, again, if you're part of Ramsey Plus, the live stream is there as a membership benefit if you're a member of Ramsey Plus. So, you know, you can go get your ticket for streaming, get your ticket for a seat. You can join Ramsey Plus and you'll be able to watch it free. Any of these things and all of these things are available.

We are in the business of helping you. And Smart Conference, if you don't know, is the best singular one-day event on the planet. It really is. I mean, Les Parrott is at the top of his game on marriage, one of the top writers and thinkers on marriage. Meg Meeker on parenting. Each of us in our specialties along the Ramsey Plus and along the Ramsey personalities. And I will be wrapping up the day, of course, and I'll be kind of one of the hosts as well. It's my place, my brand, and all that.

We're going to learn together how to have a better life. Yeah. And what are you speaking on? How to get a life. There you go. How to not lose yourself in the work you love. We talked about this at Ontario Leadership Summit, and it really hit a nerve with people.

It's kind of what we were talking about even with my devotional of how we lose ourself in different facets of our life. It's very easy to lose yourself and your sense of identity in your career or your business and we're going to talk about how to get a life and not lose yourself in the work that you love love it matthew is in phoenix hi matthew welcome to the dave ramsey show hi how are you dave great how can we help um so basically i'm 18 I have been working since I was like 14. I started a business last year that kind of took off. And I have about 25 grand sitting in my savings account.

Wow, way to go. What's your business? Yeah. So I make sterling silver jewelry. Cool. Where do you sell it? So I sell it online through Instagram instagram and i'm launching a website on november 1st good for you good for you you sold how many what 30 40 000 worth of this stuff

no so the way that i so i just like save like everything so i've been doing it for about about a year and it averages about like one thousand to three thousand dollars a month and the way that i do it i take my money from my job and i take my money from my business and i transfer it like i deposit it into my bank account at the same time and then i break it up eighty percent ten and ten so then ten goes into my business ten goes into my checking and then eighty percent goes into my savings wow that's amazing you are killing it i'm so proud of you yeah how can we help yeah well i just don't know what to do with it i don't know if i should be putting it in like a mutual fund or if i should be holding on to it and so until like after corona's over or like really what to do if i should be saving it for college you're headed

you're heading to college yeah so who's paying for college so i're heading to college? Yeah. Who's paying for college? So I think my parents will be helping me out if I go to school in Nevada. I'll be playing soccer at a university there. Or I can go to our local college. It's called NAU and go on a Lumberjack scholarship there. So that would be tuition free. That's wonderful.

Okay. Yeah. So what are you going to study um i'll probably if i go to the college in nevada i'll study business entrepreneurship and if i go to the college um in state it will be science and forestry i'm with you i'm voting for business and entrepreneurship. You went entrepreneurship of the year right now. Yeah, either way. Either way. 18 years old. Yeah, I'm loving this.

Yeah, you're. But I'm a business guy and Christie's business boutique lady creator here. So we're both cheering you on right now in that direction, regardless of what's going on. So here's the thing. You have already proven that you are valuable. Literally. I mean, you made money. Here's the thing. You have already proven that you are valuable, literally. I mean, you made money. And so if you get knowledge about business, for instance,

you will make more money because you'd be smarter about business. You'd know things then that you don't know now. You wouldn't make mistakes, and you'd be able to maximize other things, right? And so investing in your education is the best investment you can make it gives you a better mathematical return than a mutual fund does so i'm going to just pile this cash up until you finish your degree because that's investing in you and you are a better investment than a mutual fund i mean it's not a that's not a uh it's not trying to be nice to you or something. That's a mathematical thing, okay? Mm-hmm.

You understand what I'm saying? Yes. Would you do anything different, Christy, or what would you? No, and I think the other thing to keep in mind, first of all, I just love everything about this story. I love what a go-getter she is, but she's also so young at 18, so you have some major life decisions ahead of you, whether that's college or what you do

after college, if you wanted to buy a house at some point. So having this savings that you're sitting on to just give you options between now and when you kind of maybe are in your early 20s and you have a little bit more stability of knowing what you want to do and where you want to be and how you want to do this business, I think is just going to give you that much more power and control. So yeah. And let's send her a book. Let's send her a business boutique book. Absolutely. Hang on. Kelly will pick up. Business Boutique, Equipping Women to Make Money Doing What They Love.

Number one bestseller by Christie. So, definitely fits in your world. Way to go, young lady. That's cool. You are amazing. You're a rock star. That's so fun. That puts this hour of the Dave Ramsey Show in the books.

Hey, it's Kelly, associate producer and phone screener for The Dave Ramsey Show. This episode is over, but if you heard about an event, product, or service and didn't have a chance to write it down, don't worry. We list everything you've heard about during this episode in the podcast show notes section or head over to DaveRamsey.com and click Dave Recommends. Thanks for listening.