The Ramsey Show - App - Should I Feel Guilty About Changing Jobs? (Hour 2)

Episode Date: October 6, 2023

Девочка-пай Live from the headquarters of Ramsey Solutions, this is The Ramsey Show. It's where we help you win in your life, specifically your money, your work, and your relationships. The phone number to jump in for your question is 888-825-5225. 888-825-5225. I'm Ken Coleman, joined by my esteemed colleague and dear friend, George Camel with a K.

K-A-M-E-L if you're keeping score at home. You can follow him on all the socials by punching in those letters as well. And at Ken Coleman, which is confusing because the K for Ken, C for Coleman. Don't get it twisted. I see a lot of alliteration there. It's easy to remember. Ken Coleman. And all of the Barbie stuff has really changed my name.

Like Kennergy and Kinsational. I largely flew under the radar until the Barbie movie came out, and now everybody's got jokes and puns. Have you seen it? I haven't. I think it's time. No, my wife and daughter went to see it, as appropriate, but I would lose my man card, and so I choose to keep my man card.

I'm not going to go see it. I love that you're assuming it's still there. I'm going to try to bring the Kennergy. There it is. So I am Knuff. See, all these are just awful. It just hits different when you say it versus Ryan Gosling. I'm just saying. I agree. It's a different tone. I'll never be as cool as Ryan Gosling, but I digress. To the phones we go, thankfully. Josh is on the line in Austin, Texas. Josh, how can we help? Yeah. Hey, guys. Thanks for taking my call. Quick question on my mortgage. I got a 30-year arm mortgage, and it adjusts every eight years, and I'm coming up on the eight years. And so the rate, it never goes below 4%, and it never goes above 8%. And so I was just wondering,

should I refinance it or is that something that just, you know, just kind of keep just paying extra on it a month? Have you looked into the terms of what it would look like to refinance? So I was looking around like kind of online and just looking, I went through Churchill and I contacted them and they really, I told them, I said, you know, if it's not, doesn't make sense to refinance, I'm not going to. And I kind of just dropped the ball and really never followed up with them. And that was a while back when the rates were still, you know, around five or six. So I think they're around like seven right now. Yeah, they're just going to keep climbing as the mortgage interest rates keep climbing.

Closer to eight as we speak. Because the arms are just transferring climbing as the mortgage interest rates keep climbing. Getting closer to eight as we speak. Because the arms are just transferring the risk of rising interest rates to you. Yeah, and the thing is the amortization charges flips whenever the rate adjusts. So I'm back at square one anyways. I just didn't know. I mean, we're debt-free right now. We're in four, five, and six. I just didn't know if it makes sense to just keep – we're making an extra house payment every month as it is yeah towards towards the mortgage i would

definitely look into refinancing and just you can you can run the numbers they can show you exactly when you would kind of roi on this and but right now rates that we just got the the latest numbers 30 years are at 7.8 15 15 years are at 7.03. Not true. It's jumped over 8 now. I don't know what site that is. It's called Google. Google?

What do they know? Yeah. Who knows what they are right now? But if you can lock in one below 8, you're going to be way better off. I got you. Yeah, that was my main question. And one other question, if you guys have time. Sure. Is it Bluebell Ice Cream that you are putting these root beer floats,

or is it Ben & Jerry's? Oh, I don't know what George's answer is, but for me it's Bluebell every day of the week and twice on Sunday. Okay, thank you. Thank you. You can come to Texas anytime now. George, call me. See that?

I got an invite to Texas. Call me a bougie New Englander, but I'll take Ben & Jerry's over Bluebell any day. Oh, my gosh. We've got toie New Englander, but I'll take Ben and Jerry's over Bluebell any day. Oh my gosh. We've got to change his mind, Ken. I know. He lost a lot of votes as being a man of the people. I'm way ahead in that race right now.

I'm sorry. Listen, if you can buy it by the gallon, the ice cream is not that great. That's all I'm saying. No shade at Bluebell. But if you can buy it in a giant bucket, how good, how high quality is this ice cream? There's a reason why it's in the larger container. We want more of it.

That's where you missed this. Tell him, Josh. It's quantity over quality for Ken. All right. I'm going to stop you while you're ahead, George. You're losing people by the minute. Americans are now going, how can I trust financial advice from a guy who doesn't like Blue Bell ice cream? George, you've got to read the room.

Ben and Jerry's has more exciting flavors, and I stand by that. Although Blue Bell Two-Step, you can't beat it. All right. Very good. Let's go to Natalie, who's joining us in Key West, Florida. Natalie, how can we help? Hi. Thank you so much for taking my question.

You bet. can we help? Hi, thank you so much for taking my question. So my question is, I was in a car accident last month and long story short, my life kind of flashed before my eyes and I'm wondering if I should use the settlement money as a buffer until I find something that I truly love because I'm in a job where I just am not feeling fulfilled. How much money did you get from the settlement? I got about $22,000. I had just paid off my car and then the car accident happened, but I did get about $22,000 and I do have some in savings as well. Do you have a car now? No.

Is that a problem? Not. I've been able to manage without it. What have you been doing for transportation? Um, I've been getting rides and the next step for me, I was either thinking about getting a jalopy or taking the bus. All right. What is your income now? Um, I make about $90,000 a year. Wow. And what do you do? do? I work in hospitality accounting. Okay. So what is it that you would like to do? Because somebody who has thought long and hard

about the question you just asked, can I use my settlement money until I find a job that I enjoy? I think you've probably thought about what it is you'd like to do. So what is it that you would like to do? So I have been playing around with the ideas of traveling, and I also have some side hustles that I've been doing. I like to thrift and to resell, and also like Amazon Influencer with user-generated content. I just feel like if I didn't have this job, I might be able to focus on that. Why can't you do it on the side for now and get that off the ground and see if it's lucrative?

I'm doing it now on the side, but I'm also in grad school. So I haven't been able to focus on it as much as I... Now we're getting somewhere. Why grad school and how deep are you into it? Give me the quick answer. So I have two more semesters and I'm taking classes so I can eventually get my CPA. I'm so confused. But you don't want to be a CPA. I do, but I don't want to work in hospitality accounting. Okay. All right. So why don't,

okay. So here's the quick answer because we've got about a minute. Okay. Here's what I would do if I were you. I would stay in the current accounting job because you're making really nice money. I would use the settlement money that you got to actually pay cash for a good car so that you have some freedom and options, okay? And you're making really good money. And so that I would be looking for a path to becoming a CPA in a different industry, i.e. not the hospitality industry. That's what you want to do. And you can keep dawdling around on the side with these side hustles. And if they take off, great. But what you really want to be is a

CPA. So I would not use the settlement money to live off of while you try to find a different job. That is not wise. Settlement money, replace the car. Stay in the $90,000 accounting job. Finish the grad degree. Work the connections. I'm going to give you my best-selling book, The Proximity Principle. Use it to become a CPA in a different industry, and now you have the best of all worlds. Thank you for the call. This is The Ramsey Show. Very Kinsightful. Hey, you guys. Health insurance costs are only moving one way, and that way isn't down.

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your work and your relationships i'm ken coleman george camel joins me the phone number for you to jump in is 888-825-5225 that's 888-825-5225 it's time for our question of the day and it is sponsored by neighborly your hub for home services it's time to our question of the day, and it is sponsored by Neighborly, your hub for home services. It's time to handle those projects before winter makes you push pause. And Neighborly has top quality home service providers like Mr. Rooter, Glass Doctor, and more. So find and book the local help that you need by downloading the Neighborly app today. Today's question comes from Reese in Kentucky. Buckle up, Ken. All right. Thank you all so much. Finding your channel on YouTube last December has been life-changing for me getting out

of debt. I've been struggling with deciding to change jobs, and the question I've been struggling with is, how do I move forward in expanding my skills and my career without feeling guilty about leaving my current job? They go on to say, I've been aware for some time that I'm underpaid. However, I know I'm valued considering the added responsibilities that have been given to me since I started here. The company I work for does not offer health insurance or a 401k. I've developed a great working relationship with my supervisor, who has been a great mentor to me.

The relationship has me feeling guilty about even applying for other jobs. This is challenging as I try to get through baby step two, as I know I want to increase my primary income. I found another company offering better pay, incentives, benefits, and 401k options, but I'm afraid leaving my current job, while we're also understaffed, will sour the relationships I've built. Yeah. So Reese is one of the nicest people on the planet. And because of that, this guilt is coming over you. And actually, I've coached so many people on this issue that I will start with saying, Reese, and anybody that's feeling this, the guilt is actually an excuse that you're making because you're afraid of moving on and you're the change that you know and all any change is is is fraught with fear because it involves

some unknowns and so guilt comes in as a well i will be a jerk if i leave this nice boss that i have now and uh the bottom line is, is that you're not doing anything wrong legally. You're not doing anything wrong ethically. So guilt doesn't need to come into the equation. So no guilt. You can be grateful and focus on gratitude, not guilt. Grateful for the opportunity that you had. Grateful for the opportunity that you're getting to make more money and get out of the baby steps faster and move forward. You cannot control what people will say about you when you leave anyway. So don't worry about it.

Be classy. Leave the way you would want someone to leave you in the same situation and move forward. So take the job. Stop thinking about it. I'll add this. It reminds me of a quote from a psychologist, Dr. Gabor Mate. I believe that's how you say it could also be from bernie brown according to deloney he's heard it there too okay choose guilt over resentment every time and someone like reese because i i'm this kind of personality of the kind of the helper i

feel people please her right that's who reese is she's gonna get resentful over time as she's now feeling stuck i should have left five years ago, but here I am still stuck today, still underpaid, no benefits. I'd rather her feel guilty than resentful. I agree. And Ken Coleman, me, once said, I'd rather disappoint someone than resent them. That's my version. See how I stole that like an artist? It's more conversational. So a little extra bonus point. That's how you take someone else's quote and make it your own and you didn't plagiarize. A little extra bonus content there.'s how you take someone else's quote and make it your own and you didn't plagiarize.

A little extra bonus content there. But, you know, a lot of people feel that because they don't want to disappoint someone when you leave. And that's just part of it. You know, it's like a breakup

when you leave an employer, especially when you love. He's very relational. You can tell that Reese is very relational and I get that. So there you go. Appreciate the question. Back to the phones we go.

888-825-5225. Michael is on the line in Dover, Delaware. Michael, how can we help? Hi, Ken and George. Thank you guys so much for taking my call. You bet. What's up? So quick question.

I've been heavily starting basically. I'm starting basically, I hang on, let me read this. I've been investing heavily and I'm about to sell my car to get a reliable five to $10,000 beater in order to get out of debt. Um, my, uh, I'm very grateful to have this opportunity, but I'm in sales and I'm moving to a new store in the company with now about a year of experience where I have the potential to make anywhere from $150,000 to $250,000 with obviously a ton of potential to move beyond that with promotions. My question is, I have a very well-connected family friend over in London, and he actually gave me an opportunity to move into real estate over there. I don't want to regret not making the move just to kind of expand my horizons. But on the other hand, obviously, I have an amazing opportunity where I'm at, and I don't want to lose opportunity costs, if that makes any sense. So just call and do a signature, guys.

So what is the job, this $150,000 one 50 to two 50, what is this job? What are you doing? Yeah. Yeah. So I'm currently in car sales. Um, um, current, well, in the new position, I'll be making like one 50 to two 50, but I was making. Right. But is that car sales? Just? You're just moving within the industry? Correct. Okay. And the same dealership. Same dealership.

Same dealership. Okay. And do you enjoy selling? I do. I do like it a lot. Do you like selling cars more than you would like selling houses? I guess that's a good question. That's why I asked it.

That's why I'm on the show today. So what's pulling you towards this buddy in London? More so than anything, I just, I kind of want to be able to expand my horizons, if that makes any sense. I don't want to feel stuck in one place. How old are you, Michael? 19. 19. And is this guy, is he successful or did he just get his real estate license in london and he's like woohoo let's have an adventure what's the story so um actually i got connected through him through a gentleman for through one of the general managers within my car dealership which is also a very close family friend and he's been doing it for quite a while.

He's very successful in what he's doing. How old is he? He's like 24. The 24-year-old's very successful. He's been doing it a long time. He might be successful, but he's not been doing anything a long time. He's 24. So here's what i'm trying to

get to and i'm literally i'm old enough to be your dad it pains me to say that i'm really trying to play your dad right now uh i like the idea at 19 of taking a shot to go to london and work i like it on the surface because i think if you're going do that, I think it's great to see the world. Especially while you're young. Yeah, especially while you're young. You can come back and sell cars for this same automotive group, it feels like, when you're done because it's all close family friends. I love your family. I'd like to be part of your family. Sounds like being part of your family is very advantageous. I'm very blessed to be in the family, I'm so sure. I could tell. So on that, I go, all right, I got two wins here. I got two check marks for yes. One, you're 19. You got an opportunity to

go see the world and work. Two, you got a great gig that's connected to family relationships, which connected you to this guy in London, so it feels like you could come back at any time. The only thing I don't understand is, and do you know that you know that you're going to be able which connected you to this guy in London, so it feels like you could come back at any time. The only thing I don't understand is, do you know that you know that you're going to be able to come in there and sell some houses if you do what this guy tells you? What kind of money is he projecting that you will make, and how long? Yeah, that's honestly a good question. And my assumption, he told me close to around 200 starting out.

So starting out, you know, you got to sell a house, right? In order to make money. Well, so it's supposedly it's some sort of a closing gig. So, okay. So you need more details. There's a lot of assumptions and supposedly, and I want firm numbers and facts. I'm not flying across the pond on a whim, even at 19. So get some details on this.

You really want me? What's the training look like? What do you estimate? If I bust my butt, do what you tell me to do. How long would it take me to sell a house? I think if you've got a good upside here, and I get the family friend's opinion that connected to this young guy, let's get some more facts facts and then if it feels right

and it's not a big risk other than, hey, I don't make any money, I come back to my job and I say go for it. George, what do you think? Yeah, I mean the car sales will always be there but this adventure at 19 I think he's going to miss out and go, man, what would that have been like? That would have been cool. I love our good friends over in

London. I love high tea. That's what Ken's going for. Maybe I'll see if James can bring us in a little high tea setup for our next segment. We'll see. I don't have my hopes very high. No. This is The Ramsey Show. The Ramsey Show continues.

I'm Ken Coleman. George Campbell is with me. The phone number for you is 888-825-5225. 888-825-5225. Let's go to Dale now, who joins us in San Antonio, Texas. Dale, how can we help? Yes, I had a question for you guys in regards to Titan. I'm an owner-operator in the oil field. And I don't know if you guys,

you guys probably remember how the oil, you know, all the oil prices tanked a while back. And, you know, we have been, you know, basically got behind on all of our bills, including our mortgage. And just a month ago, our truck actually caught fire and the insurance company is not going to cover it. So now we're basically working as a contract driver, only making like 30% of the pay.

And then we also found out that there's a chance that my wife might be, you know, losing her job here soon. And because she's a, you know, works off of a contract temporary type job. But basically we were trying to figure out, like, what are we supposed to do when it comes to tithing if there may not be money coming in that week or, you know, not enough to be able to cover the bills since, you know, we're behind on pretty much everything. I'm so sorry to hear about all that, Dale. You guys are going through it, man. Before we get into that, do you guys have a plan? Are you actively looking for a replacement job for her if that shoe falls, if you will?

And then what are your options? Well, my wife is currently looking. It's not very easy to find because working remotely is the best option for her. But she is looking at other options, even if it includes working at nighttime. But our kids go to a school that's like 30 minutes from us because we're kind of like outside of the city a little ways. And then for myself, basically, I actually got a job driving for the owner of the company I was contracted with. And so, you know, the industry is starting to catch back up and starting to get busy again. It's just, you know, taking, taking the pay cut is, is kind of a huge thing, but you know, with, with really not having any savings at the moment, um, you know,

it's going to be a while before I can save up enough to be able to buy another truck. Okay. Do you guys have debt right now? Yeah, we do. Okay. So you guys are really at ground zero and baby step one here. Yeah, and we've actually been at baby step one for a little while.

We've been trying to tackle things, but, you know, it's been kind of hard. Well, I think, number one, Ken can help you on the career side. We need to find something stable because your wife is wanting to work remote, but these are temporary contracts. So I'd rather her working something that's for a longer period of time that's more stable and for you to potentially switch fields. I mean, if it's looking like this is not going to bounce back quickly, do you need to switch fields temporarily in order to bring in income? Right.

And on the tithing side, you know, tithing comes from the first fruits. And so if the harvest is light, the tithe is going to be light. So I wouldn't stress about what happens if there's no income. Just figure out, hey, what was the paycheck this month? All right, we're going to give a little bit of that, and we're going to give a little until we can go back to giving a lot. But it's really a matter of the heart. I wouldn't stress about it during this time as you guys are trying to get back on your feet. Now, do you have other ideas as to, are you just trying to tread water right now with this

current driving job with the boss of the company where you're contracted, or are you just trying to tread water until the, the oil industry opens back up? Or is there other driving jobs or anything else, quite frankly, even in a trade where you can get your income back up to where you were? Well, I don't, I don't think I,

there may be a possibility somewhere, but you know, going from an owner operator to a contract driver, it's just, it's just a huge pay, pay decrease, no matter what. Right. And the industry itself is starting to rebound. And so I, we have tons of work in the pipeline, so I don't see it being a problem. It's just, it's going to be a while before I can actually get back into my own truck.

So how long? I don't know. It depends on how busy things are and, you know, also in regards to, like, trying to catch up on our debts or catch up on our bills. Right. But here's the reason I'm asking you why is because we need a plan here. And so if on one hand you're telling me the industry is coming back and the pipeline is full to where you could be owner-operator and get your income back up, if I'm understanding you right, that's what you just said. So what is your best guess as to when the pipeline begins to move again and you're back at it again because the income is there so that you can pay the debt off. Because right now you're not making enough, so it's either or.

We've got to get busy with two or three or four jobs right now, or we are treading water until. So I want to know, best guess, when can you be making the money again as the owner operator if i buy the cheapest truck i can get my hands on yeah it could be six months maybe maybe three months but when it comes to driving truck it's not like you can take you know extra jobs and and whatnot you have to run what you have and change companies and stuff like that, but you can't really

take on extra jobs. You're talking about in regards to your current gig? Yeah, as a truck driver. But my point is, if I'm swimming in debt, and you are, I'm not going to go, well, I can't work extra jobs because of my current job. I could screw the current job

and go get me three or four of the other ones. or four just go work for a different company and drive their truck as a contractor uh not not while working you know the company that i'm with okay what i'm saying is dale listen i'm going to be tough here in the sense of you are drowning. You need income. And we've got the program and George can help you and we walk you through getting rid of the debt, but you need income. And so if it's six more months before the pipeline gets back going or you can get back in the business, buy the cheapest truck possible and get back on your feet, pay the debt. But it doesn't make sense to just tread water when you're about to drown right now because you go, well, I'm a contract truck driver. Well, go do something

else. Go do three or four or five things. I think it's that serious. At least that's how it sounds to me. Am I right or am I wrong? You are right. It's just that in the industry I'm at, the only way I can make more money is by owning my own truck. Okay. I'm going to say it again. Dale, get out of that industry. You're just driving for somebody else right now. Get out of that industry. Go do something else.

You're limiting yourself. What are you making right now? Yeah. That's what I'm doing right now, though. I mean, this is the best thing that... So what is your income right now, Dale? Financially. With this part-time contract stuff? It's full-time, but it's $100 a year.

Okay. And you're telling me $100 a year, you can't pay off some debt and get back to some foundation? Well, we can now. The last six months have been well below that. And I probably should have left a long time ago to go do something else for a while. And I didn't. I think there's other issues here, though. If we're stuck in baby step one, which is $1,000, and you're bringing in now $100,000, and we're still stuck in this phase. Right. No, and I understand that. It's just that we started a little late.

Like, we started this when everything kind of seemed. So, we were, you know, we were doing more than $100,000 before that. This is just, you know, we were doing public... I think you and your wife need to sit down and make a budget based off what's coming in this month and go, this is our plan. We're going to stick to it. I'll gift you one year of every dollar premium so that it connects to your bank. You can drag the transactions in, but you guys need to agree on this plan because right now it feels like you've been floating through life. Life has happened to you, but you've also just kind of let life happen to you. And it's time to get in the driver's seat, pun intended, Dale. And just get busy. We are in an economy right now at 3.8% unemployment rate. There are jobs all over the place. Get after it. For heaven's

sakes, go work five jobs for six months or whatever it takes to get some margin. Don't limit yourself. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm Ken Coleman. George Campbell joins me this hour. We are thrilled that you are with us talking about your life, specifically your money, your work, and your relationships.

And this is very exciting. We have a first-time event that is happening in just weeks. It's our first ever Money in Marriage Getaway. Now, we've done the Money in Marriage events before, George, as you know. I think you and I both hosted a version of those at some point. They're fun. But this is a getaway, October 19 through 21 right here on our campus. You and your spouse are going to be equipped with tools to cast vision for your family, set goals, and create a life you both love. At this getaway, you're going to have an undistracted time to disconnect from life and reconnect with your spouse, Rachel Cruz, Dr. John Deloney will be your guides as they discuss money, communication, boundaries, and intimacy. And you're going to be on this as well.

I'll be speaking on budgeting. Yeah. Okay. So that's one more reason. One more reason. And Jade Warshaw. Let's mention Jade as well. Tickets cost $799 for this multi-day event if you're out of debt.

For a couple. And you've got room in the budget. So, yeah, $ of debt for a couple you've got room in the budget so yeah $7.99 for a couple incidentally it's very uh near the number of $735 that NFL and college football fans said they might spend over the course of a season now one is an investment into the National Football League one is an investment into your marriage choose wisely guys I don't know I'm gonna say that investing in me being a fan is for my mental health. Oh, there we go.

I wish John Deloney was here to psychoanalyze that. Yeah, I wouldn't care what he had to say because I'm right. When I watch football with my family and friends, it is making me better. I learned what Friday Night Lights is thanks to you, Ken, so I appreciate that. Exactly. I thought, why are people going to see lights? What's so special about these lights? Well, it's what's happening under the lights, George.

So if you would like to come to Nashville for our Money in Marriage getaway, don't forget the dates, October 19th through 21st. Still a few tickets left. RamseySolutions.com slash events. RamseySolutions.com slash events. Now, George, you and I, we sit next to each other, not just when we host a show, but during the day. That's called a double blessing.

It's a double blessing. George and I actually like each other, but we sit three feet away when we are actually in the office, and we talk from time to time about your proclivity. You like that word? That's a big one. It is. People look it up. I'm trying to educate America.

I'm not sure I can afford that word. Yeah. You like to get into the comments, whether it be the YouTubes, the Instagrams, the Facebooks, the TikToks. You're in the comments. Nothing makes you feel older than adding an S to everything that doesn't need one. Which is why I do it. Do you also say Walmarts or Kroger's? Are you that guy?

I'm going to start saying that. That's my favorite. I'm going to tell Stacey on the way home, going to the Kroger's. Well, I feel as young as ever thanks to you, Ken. That's my goal. Well, it's true. So you've got an Instagram comment that I want to get to. This was from my YouTube channel.

Oh, I apologize. I need to read my notes better. So on the George Campbell YouTube channel, at the end of the videos, I'll say, hey, leave a comment with XYZ. And so on this particular video, it was millionaire reacts to what I spend in a week in a week i said hey let me know in the comments your dumbest money mistakes be vulnerable okay we'd love to hear it okay and so uh randomness 5074 username that's the username yeah here it is on the screen i don't want to slide by that too do you know what atm means ken do you know what that means as an acronym uh automatic tell teller machine? No. At the moment. Oh, I thought you were... Really?

At the moment. Yep. So he says... See, I don't like all this. It makes me feel so old. I don't know what any of that means. You'll understand the rest. He said...

I think that WTF means why the face. Why the frown. There we go. Is that from Modern Family? It is. That's a good reference. So he said, ATM at the moment,

my dumbest purchase was 400 shares of Rivian stock at $65. Ooh. Now, was Rivian this new SUV I see about town? Electric truck company, very cool cars.

Here's the thing, Ken. I then Googled. Well, I'm curious. What's the Rivian share now? Because clearly he's upset that he purchased it. 400 shares at $65. Yes, which by the way, if you're doing the math at home, comes out to $26,000 this young person spent. What's

the stock price at now? It's now at $18, which means 400 times 18, Ken, $7,200. Do we know why? Well, I don't think Rivian has been doing great. They've been taking some losses, which has hurt their share price. If you look at the five-year track here, it's not been going well. But it was a great reminder for those of you, especially young people, who go, you know what, Dave's advice is fine with the 401ks and IRAs, mutual funds, boring. I'm going to get into single stocks. I'm going to put all my money on this one company to

do well over the foreseeable future. And I looked at when the price was at 65. It was back around January, 2022. Okay. And so we're talking, you know, almost coming up on two years and this bet did not pay off. And I'm guessing that's when the company came out. Like they probably, that was their debut. It's been going downhill for a while. Basically he bought it on the downslope and it just kept going. Oh boy. Oh boy. So that is your, he lost a what? 18 grand so far, 19 grand on this deal. Wow. So there's your lesson for those of you out there dabbling in single stocks. I don't own a single stock. I have mutual funds inside of my 401k and IRA that are giant groups of stocks. And so that is the way to diversify, Ken, so you don't get burned on something like this.

Yeah. And so I want to stay here because we have a lot of people that are new to the program coming in. And so I do want to park here. So for the person going, okay, I hear, but that was that stock. They could have done their homework. They should have, all the objections. If you're going to play that single stock and win, you have got to be monitoring that all the time. Oh, it's obsessive. It's the same.

What would that have to look like? Which I want to add to the, just, it's not practical to play the single stock game because you have got to be a paying attention all the time. Almost a day trader, if you will. Yeah.

Which those folks lose a whole lot of money. And anyone trying to get you into day trading is about to make money off of you. And you're about to lose your butt. And so that's what we've seen time and time again. There's very few that get into single stocks and go, Ken, I did GameStop and I'm a millionaire now overnight. You get the occasional call like that. But most of them are, hey, I was day trading. I got into single stocks. I got into sports betting, whatever it may be. And I've lost

my butt and I'm in debt. Because now the scary part is people are going into debt to gamble. There's a reason why there are stock professionals and financial experts. And there's a reason why mutual funds have such a great track record over the history with all these stocks coming together because you've got the reams of paper, George. I haven't heard that word in a long time, the ream of paper. Well, I'm bringing them all out today, apparently. But I mean, the amount of research that I want people to understand why we go with mutual funds because of the research involved, the expertise. It's why it's so safe. And as a result, over a long term, you're going to win. Yes. These are what we call actively

managed funds. And so there's someone who's actively choosing the funds, the stocks that go into these mutual funds, and they have done so much more. That's all they do. They live and breathe what's going on in the news, what companies are up and coming, what the changes they're making are, how that's going to affect share prices. And the best news is I don't look at my 401k every day. I look at it like twice a year. Yeah. I can't access it anyways. So I'm just going, oh, cool. Good to know. Versus single stocks or crypto, you're looking at this stuff all the time, obsessing over it. It's affecting your mental health, your relationships, and of course, your finances. Right. And you could make the case that single stock investing is a bit of the

lottery. It's a little bit of a roulette, if we may. It's very volatile, very risky. And I don't own any single stocks. Dave Ramsey doesn't own any single stocks. And for those that are wanting to do it, there's a time and place. And that is when you're already at baby step seven, you're maxing out retirement, and this is play money for you. And it's a very, very, very tiny percentage of your world. And you go, all right, if I lose this money, I set it on fire, I'm not going to miss it. So that's the key with single stocks. And here's my hot take. And I talk about this, a little tease, my new book in January, but here's my hot take on single stocks. Single stocks are like betting all your money on a single racehorse mutual funds let you own the

race track oh and that's very good george sports analogy for you i'm very proud of you that's on paper i worked hard new book yeah i worked hard on that did anybody give you that idea no you did that i was trying to think of a good analogy. I must tell you. My brain wanders into sports sometimes. I couldn't be any prouder. As an older brother, I'm proud right now that you have come up with a sports analogy for your new book. And it's a great one, by the way. And that's why we've talked about this. Don't get burned on the single stock betting.

You might as well go to the racetrack and go, I'll take horse number 12. All I want to do is go to the Kentucky Derby with you, Ken. Well, I'm going to wear a seersucker suit, I promise you that, with white bucks. You were born for seersucker. I look great in seersucker. I'm not going to lie to you. But I digress. Hey!

What a great hour. More coming up. Don't move. He's George Campbell. I'm Ken Coleman. James Childs and the crew are the best in the business. We do it all for you, America. It's your show. This is The Ramsey Show. Hey, George Campbell here. If you love the show and you want a deeper dive on your money journey, we've got a weekly newsletter that gives you helpful articles and tips on following the Ramsey way. Just go to ramseysolutions.com today to sign up for the

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