The Ramsey Show - App - Should I Rent My Car Out on Turo? (Hour 3)

Episode Date: March 13, 2023

Dave Ramsey & George Kamel answer your questions and discuss: Splitting property with family, "Should I buy a car in cash to use as a rental on Turo?" "I have a mountain of debt; where do I start?" Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Take our FREE 3 minute assessment: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Live from the headquarters of Ramsey Solutions, broadcasting from the pods of Moving and Storage Studios, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Open phones at 888-825-5225. George Campbell Ramsey personality is my co-host. It's common sense for your dollars and cents. If you're the guy who pulled your money out of Bernie Madoff just in time to put it into

crypto and pulled it out of there just in time to put it in a safe bank in Silicon Valley, we're your place. We can help people like you please call in if that's you i gotta hear your story i put it in the bank because it's safe one would think oh andrea is with us andrea is in long island hey andrea how are you hey dave and george it's wonderful to speak to you thank you for taking my call

um before i ask my question really quickly my husband and i have been followers of ramsey since january of 21 and as of february as of last february we are completely debt free. Awesome. Way to go. So now to my question, George and Dave. My mom and I purchased a home back in 2004. I was obviously much younger. I am married now, husband, two girls, and the house is becoming kind of small. My mom wants to move out, you know, just to have her space. She wants to rent something initially. So I've been pretty much paying the mortgage for the past 15 years. Just her financial situation hasn't been

that great, but she can afford, you know, rent going forward. So, my question is, I want to be able to be fair to my mom. Obviously, she is owner of his house, half as I am. We don't want to sell the house. We are comfortable in terms of paying the mortgage, but I want to be fair to my mom. So I'm trying to understand. We haven't had that conversation yet, but I know we will have it. What would my responsibility be in terms of, you know, giving the half to my mom, would it be the half of what the house is worth, what we owe, the market value. So I'm calling just for some guidance to do the right thing.

What's the house worth? $637,000. Okay, and what do you owe on it? $484,000. Okay, All right. Hey, you've been here for 19 years, you said? Have you refinanced? We did once, and then we had to modify the mortgage because at one point, financial situation wasn't great. So $100,000 of that $484,000, it's kind of like on standby.

We're not being charged interest for that. But if we refinance or if we sell it, obviously I'm going to be responsible for that. No, something's wrong with your equation, okay? You don't have $100,000 on standby. Do you have an open line of credit against the house and have not drawn on it? No, no no no no um just the the mortgage papers say that a hundred thousand of that amount is not being they're not charging me um interest on that amount why because we kind of refinanced.

You modified it. You modified it, and it's still sitting there. Wow. And our interest rate was much higher. Okay, so you've paid the mortgage payments. Did mom put down any of the down payment? My mom and my dad at that point, they put about $10,000. How much did you put down at the time?

I think I may have put like $5,000. Okay. Well, to start with, we're not dealing with $637,000. We're dealing with what the net proceeds would be if you sold the house, which would be about 85% to percent of that okay and so about 60 000 70 000 less um which means we're dealing with about 90 000 of equity is all okay uh she put in 10 you put in five and you've paid all the payments um i you know if you want a mathematical formula for what's fair i don't know what your mother's gonna say but um you're 50 50 owners but you've

not been 50 50 contributors and you obviously did no written agreement on this whatsoever That was dumb. Okay. I guess a quick and dirty would be to add up all of your payments, add $5,000 to it, and see what percentage of the property you own then. Okay. Like how much are your payments been? Well, since the – well, I haven't done, obviously. What's your payment now? Oh, sure. It's $2,812. $2,800. Okay. And you've done this for 19 years? No, no, no. It was much higher before. It was close to $5,000. That's why we had a real financial issue. But you bought the property 19 years ago.

Mm-hmm. Correct. All right. And so, jeez. If we add up all of the payments, she doesn't own much. Mm-hmm. Because, you know, you guys hardly put anything into it the majority of the investment in the property has been through the payments agreed correct and so if we add up 19 years of three to five thousand dollars a month um and we said okay that is your

percent and and she put into and plus five $5,000, and she put in $10,000, you're going to end up owning 90% of the property if we use that formula. And that's not inaccurate, by the way. She paid zero on the payments and lived there for free for 20 years. Yeah, well, so just because I didn't pay. If she got back her got back her 10 grand we would call her happy i've been paying for the last 15 right so about four of those my mom and dad had a business it's really profitable so they did make those payments so i just paid the last 15 pretty majority okay 75 let me give you a math formula, okay? Add up all the payments that they paid plus $10,000.

Add up all the payments that you paid plus $5,000. Okay? And then those two numbers are 100%, and either one of those numbers has a percentage of 100%. Okay. So I think that you are going to end up still owning 90% of this house. Right. Because I think about 90% of the money has gone in as yours.

I could be wrong. And how will you come up with that money to give to them? Well, that's what I have been confused about. If you wanted to give her $10,000, where would you get it? Oh, okay. So I would say that. I mean, we're in baby step three right now, right? After baby step three, you would just say,

we're up and give her some money? Yeah. Okay, yeah. Because I think you're going to owe her no more than $10,000 or $20,000 if our formula becomes the agreement that you guys come to. That's a fair formula, but I don't know. I mean, she may think she owns 50% of it, even though she didn't put in 50% of the money. That's possible. I don't know what mom thinks. Yeah. This is, ouch. This is The Ramsey Show. Hey, you guys.

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Atlanta, Georgia, May 18th. Texas, May 23. Tickets start at just $50. Head on over to RamseySolutions.com, slash events, and get your tickets right now. Igor is with us in Kona, Hawaii. Hey, Igor, how are you? Good, good, Dave. How are you doing today?

Great. Igor or Igor? Igor. Igor. Igor. I'm sorry. I messed up. I apologize.

I hate to mess up somebody's name. There's nothing worse can i help igor oh yes uh we're actually um at a point we're trying to make a decision whether or not to update one of our cars buy a new car and uh put the other car as a rental here as you know tourism is a big thing. And at this point in time, we have, you know, no debt. We do have, you know, a good financial situation. And we're looking to, you know, buy a house next year. So what we're trying to figure out is do we go and pay cash for this car and, you know, put our other car as a rental? Or do we just keep on piling away cash until we're ready to buy next year? If we were to buy, um, the car and be around 30,000,

um, if we were to put the other car as a rental, we'd be making about anywhere from about 1500 to 2000 a month, um, is our, you know, rough estimate. And that's basically the decision we're trying to figure out and make. Another thing is, you know, we have a baby that's coming later this year. So congratulations. Thank you. Thank you. So we have about, you know, with taxes that we have to pay here shortly and, you know, some medical expenses that we have coming up, we have about $40,000 worth of expenses coming up in the next, I would say, you know, two to three months, which we have cash to pay for. What's that? Say what again? What's your expense? So, so, well, our tax, our taxes we're filing, we should be,

it should be coming in and we'll have to pay about 30,000, you know, between federal and state and whatnot. And then for our medical, it will be about 10,000. You know, I have a shoulder surgery I have to do, which will be about $5,000, you know, because we do have medical insurance. And then, um, the baby will also be about 5,000, um, because we do have insurance, but they do charge a deductible. Yeah. Okay.

So how did you end up $30,000 in the hold of the IRS? Well, no, we don't owe them. This is just based off of our last year's tax bill of what we earned. That's roughly what we paid between state and federal. This year we earned more. So once we submit those taxes, it will be right around that amount, too. So you'll have a $30,000 bill? You're not, you're self-employed.

No, no, no. Yeah, self-employed. So why are you not doing quarterly estimates? That's a great question. How long have you been self-employed? About, I'd say, three years. Okay. You got big time penalties coming your way, brother, because you didn't do quarterly estimates. You're required in the second year of your business by IRS regs to do quarterly estimates and withhold on yourself and pay in quarterly what you owe uh by not doing that you've

added three or four thousand dollars to your bill okay well that's something we're definitely going to look at you need to get you need to get some professional tax advice quickly and stop doing it the way you're doing it but okay so you need 40k out of your pocket and a down payment for a house and a baby's on the way and there's a shoulder surgery the last thing you need somebody driving your car is a rental you have enough things going on you got enough liabilities hanging around you right now you got enough things going on in your life and you're trying to buy a house how much money cash have you got so as of right now we have 135 about in cash and we we have you know two paid off cars

um which we bought in cash uh so so we have no debt no the goal if i'm you is uh have a paid for house as soon as possible at the end at the end of the story five years four years ten years whatever it is. Okay. In order to do that, I'm going to put down as much as I can put down. In order to do that, I'm going to put as little towards anything else as I can and put the largest possible down payment. Obviously, we've got to take care of the shoulder and the baby and the IRS. Obviously, there's nothing in this equation that says you have to buy a car this year. This is not the year for you to do that,

and it's certainly not the year to put a car out on the rental program. And just in general, I mean, Airbnb is tough enough. That's the same thing for houses that you're doing with your car, right? You're running a Turo or whatever it's called? Yeah. Yeah. The difference is houses go up in value and cars go down in value so that scares me as part of this and someone wearing the wear and tear on

that car is going to be very high comparatively to you driving it with extra liability and the yeah i don't i want to check with your insurance guy i don't know how they're insuring these things i think you need extra insurance, and Turo includes some, but I've seen people who get denied for their claims, and it can be real dangerous. Yeah, I mean, there's even situations where somebody's, like, delivering pizza, and their car insurance will say, well, we don't cover commercial vehicles.

They don't cover you while you're delivering the pizza, that kind of stuff. If you have a pit-a-four house and you want to fool with this for fun as a side hustle, you can do that later on. you got enough going on man yeah you got you got your a plate full man you run your own business even yeah you just hadn't you've never seen a deal you didn't like though so uh yeah stay away from this one i've seen those tiktok videos dave where they go this is the best side hustle i'm making two grand a month you know it's all the upside none of the downside yeah like nobody yeah all the all the smells people could leave in

your car just visualize all of them okay um and they'll all be there when you're done with this i'm just saying this is a bad idea there's a lot of stuff i'll rent out but my car is not one of them sorry america if you were hoping to drive Dave's car. Not anytime soon. Sean's in Portland, Maine. Hey, Sean, how are you? Hi, Dave. Hey, George. Thanks for taking my call. Sure. How can we help? So my wife and I had about $100K in student debt loans, and we got gazelle intense back in 2020. We paid off a pretty good chunk. And I'm left with just under $30K left. And one of the things that I've been kind of sitting on is whether to wait out this.

The loans that are left are my federal loans. And right now there's that interest waiting period, and I've been taking advantage of that, paying monthly. And so what I'm trying to figure out is, I've got some money on the side that we usually have as an emergency fund, and whether or not to pay that, use that money to pay off the debts entirely. How much money? So there's about 50k in a high-yield savings bank. Pay it off today. Is that all your debt, the 30k in student loans? Yeah, no car debt, no credit card debt. So today you could be debt-free with $20,000 in the bank? Yeah, I guess the reason I've been cautious is because that's like three to six months and i know it would go down uh well if you're

following our plan you'd pay off all the debt before getting the fully funded emergency fund and you'll still have 20 000 that's got to be a substantial emergency fund still yeah no it would still leave us pretty comfortable and you can add more to it you're debt-free today the kind of person that will pay off their debt today instead of waiting on the government to do it for them is the kind of person who will be vastly more successful in 10 years than the kind of person who sits and waits on the government to pay off their debt you politicians you see what you've done listen to that guy he's sitting there with the money to pay off the debt that he owes the taxpayers he's not doing it because you idiots in washington you guys are morons this is the ramsey show george camel ramsey personality is my co-host today in the lobby of ramsey solutions on the

debt free stage adam and paula are with us hey guys how are you better than we deserve dave My co-host today in the lobby of Ramsey Solutions on the debt-free stage. Adam and Paula are with us. Hey, guys. How are you? Better than we deserve, Dave. Welcome. Welcome. Where do you guys live?

We live in Sandy, Utah. Ah, fun. Well, welcome to Nashville. Good to have you. How much debt did you pay off? $154,842.77. Love it. How long did this take?

17 months, 4 days. Wow. And your range of income during that time? 225,000 to 315,000. Goodness gracious. What do you guys do for a living? I'm an ER nurse. I work in the level one trauma center. I'm a registered nurse. And I'm an air traffic controller. Okay. Wow. Great job. Wow. So what, how did you guys just take a bunch of OT? Is that you you got your income up almost 100 grand? You betcha. And laid all of it on the debt, huh?

Yeah. Yep. I went from working three 12-hour shifts a week to anywhere between like five or six days a week. Oh. And it was a lot. Wow. I hope you're back to regular now.

Yes. Yeah. What kind of debt was the 155? Well, it was student loans, a car, solar panels, and a 401k loan from her. Wow. Okay. Oh, my goodness. So something made this really, really important 17 months ago. What happened? Well, 17 months ago, we actually, our journey actually started before that. We started having the two of us some increasing problems in our health. And we actually

went on a health journey. And that actually, and we had success with that. And we have always done Dave Ramsey-ish things prior to that. And so when we realized, hey, we committed, we had success, let's do it with our finances. So we did. We then got Gunsdale Intense, and yeah, we succeeded. Because they say, I remember reading this a long time ago, and I'm sure it's probably still true, that air traffic control is one of the highest stress jobs on the planet. Is that right? A number two behind an ER nurse.

Yeah, you did pick out two trauma-filled situations. If either one of you make a mistake, lots of people die. Yeah, I mean, this is like, wow. But, I mean, seriously, isn't there a high incidence of, like, heart attack and stress-related things Are there traffic guys, gals? We have to maintain a medical. So, I mean, that was a concern too, right? But now I'm not concerned about that anymore. Yeah, I know. But yeah, we do tend to be an unhealthier bunch, especially as we age. Yeah. Well, it's just very, very important. Your work is so detailed and ER nurses exactly

the same way. It's a good point. You know. Both of you have this very, very intense situations. And so your health journey helped you with a lot of that, I'm sure. Stress management, by being healthier, your body being in better shape, you can manage that stuff better, your mind's clearer, all those kinds of things. And then on top of that, then you say, oh, well, if we can apply a proven process to that, we're both process people.

We could apply this Ramsey process and maybe ish is not the plan. That's the essence of your story? Yeah. That's exactly it. Okay. Wow. Yeah. Nothing says let's de-stress by working extra to get rid of all this debt.

But it was a temporary sacrifice for you guys. Most people would hang on to that debt for the next 20 years. I mean, we had that debt for 17 years it's embarrassing yeah we had it for 17 years and we got rid of it in 17 months wow yeah that's amazing most people are just going well this is just part of life and you guys went no we're going to attack this thing so hardcore that we never have to deal with debt again this seems like a a very definitive line drawn at some point do you remember the actual conversation when it got real i do um so we ordered a car george's kind of car and oh a battery you can't say in front of dave he gets upset you bought a battery with wheels

and and while i'm watching youtube videos on that car you know how youtube kind of sneaked snakes around and gets you into all sorts of other so it's financing started and then you popped up again and we've been i popped up in tesla financing algorithm yeah it's something somebody messed up yeah yep and so we i started watching more and more and then the car got delivered and then i'm just watching it more and more and i started that's where it started and then i went to her and i said you know we we lost 130 pounds between two of us and I was like we didn't do that till we committed we didn't just like hey today we're just gonna give up no I said hey no more credit cards no more like at the end of the month $1,200 bill nope

nothing we're gonna go right back into payoff and I want this done I want it out of my life and there's one phrase that she used to say to me that ground my gears. You remember what that was? I used to say that I'm going to work until I die. I used to say all the time because I knew we had that much debt. And I think I see my parents, my mom, she is still working and she still has a lot of debt. And I didn't want that to happen to our kids. And I felt like that was happening to me so I kept saying it and he I knew it bugged him a lot a lot so yeah so because it's kind of a hopeless yeah hopeless I felt like I was just honestly going to be just be working until the day I died because so much so the car's delivered you mean it came to the thing but you didn't take delivery no we we took delivery and

we talked about it because at that point you your formula right two years you know not they were like well we can sell it but we we just paid it off we put it in the snowball and that was oh so you still got the well we we didn't commit until we'd already had the car like we started it's a because it was a three-month process in between i kind of condensed it for you but yeah that's what had happened we did have that talk a couple times about selling it okay so you you're sitting in the driveway when you had this conversation yeah i thought you meant delivery at the dealer okay wow okay that is wow what was harder losing 130 pounds or paying off 155 000 in debt they were both weird like that's the that's why we got here is because that was so weird it's that was weird and i was like hey we're already weird let's just

keep being weird let's keep it going yeah and, that was the big thing, too, was during our 17 years, we felt like such victims because we got run over by the student loan thing. You know, your documentary spelled that out really well. We thought we were weird to own that much. In fact, that's normal. And I said, at one point, we were paid off $3,000 in principal and $42,000 in interest. That was a low point.

So, but we stopped being victims that was the big thing over this thing i'm done i'm not gonna have anybody else pay it off i'm paying it off we were gonna pay it off and that was it no more victims we're gonna we're gonna tackle this so paula mr tesla walks in and says no more credit cards we're done and now that i got the car we're done is it hard to take him seriously at that point I mean did you not go say what I know I know well I mean in his defense I really did want the Tesla too I really did like it I really do like it and but on the other hand I am also comparing like if one of us is the spender I was always the spender I love to spend but I knew I mean I knew we had to change and so I was

totally on board i was totally you know that the interesting thing is sometimes it's the other way sometimes we have folks come on here and they say you know while i was getting out of debt i realized i could control myself and i lost 100 pounds you know i've heard that i don't know a bazillion times over 30 years and you guys are the opposite the fact that you won on the health front lost 130 pounds between you uh gave you said okay we can control ourselves self-control is a fruit of the spirit we can do this and if we can do that here we can do that there so discipline the old saying discipline begets discipline because you start to trust yourself you start to believe i can do this and it's it is a hope thing you know the

losing the weight gave you hope gave you belief that you could do it you could apply those same principles to something else exactly gave you confidence and that's very cool it's never too late to write like i mean 17 years you know we're getting into we're low 40s now and we're like nope we're we're gonna take care of this and along the way we involved the kids a lot more than i was involved growing up with money with it so they are well aware they bring them up give us their names and ages. While they're doing that, I'll tell you, we're going to give you the Baby Steps Millionaires book,

the Total Money Makeover book, and Financial Peace University. If you have those or don't have them, use them or give them away. Your choice are live and give bundle to say thank you for coming all the way to Tennessee to do your debt-free screen. What a good-looking family. You guys are amazing. Congratulations. Thank you. And this is sierra she's nine and this is radic he is eight all right and uh 130 pounds less and 155 000 less there's a lot of

less up there i like it and yet you're living more abundantly now absolutely in all cases yeah they feel better they look better. They look better. Their clothes fit better and they can afford them. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!

Yeah! That's how it's done, ladies and gentlemen Man, I feel like I could run through a wall now Oh, they're impressive Nothing's stopping these guys, I'm scared of them This is the Ramsey Show Our scripture of the day, Proverbs 21, 20

The wise have wealth and luxury, but fools spend whatever they get. Shaquille O'Neal said, it isn't about how much you make, it's about how much you keep. Well, thanks, Shaq. Good stuff. Open phones at 888-825-5225. Brandon's in Atlanta. Hey, Brandon, welcome to the Ramsey Show. Hi, Dave. Hi, George. Thank to the Ramsey Show. Hi, Dave. Hi, George.

Thank you for taking my call. Sure. I appreciate it. Pardon me, I'm a little bit nervous. No trouble. What's up? Well, I have a mountain of debt. I should have called you years ago.

I've known better. I just keep making poor decision after poor decision. Our total personal debt is about $687,000. How much of that is mortgage? Mortgage is $240,000. And a big part of the personal debt is business. That total is about $337,000. I think the worst part about our situation is that the business

every year, we're about 30,000 short. Uh, so we just keep going into more debt year after year with the business. Um, so the, the original loan, we'd be down to about one 60, but we just keep adding it on. So now we're at three 37, uh, which is way more than what the business is worth. So I just don't know where to begin. The personal side of it, it's a big mess, of course, but the business is just stinking us. What's your household income? About $160, gross.

Okay, so your wife makes $160,000 or $190,000? Oh, no, I'm sorry. So neither one of us work in the business. I make about $94,000 myself, and then my wife makes $66,000. And we don't take anything out of the business ourselves. But the business loses $30,000 a year. It does, yes, approximately. On your taxes. Somehow on the taxes, this year it's as about $25,000 net income, but

I'm not exactly familiar with all the accounting part of it, but it definitely doesn't feel like there's any net income. Every year it has been getting better, but it's still pretty bad. What kind of business is this? It's an ice cream shop. So when you say you're going in the whole $30,000, what is that for? Is it expenses, payroll? What's causing that? Yeah, it's pretty much just keeping the business afloat.

As far as to pinpoint it, really, I guess it's just not having enough in sales. What could you sell the business for today? What's it worth? I did look into that, and that's about $60,000 is the business valuation that we got. And that was based on that $25,000 net income that we got for this year. Yeah, that's about right. Well, I'm just thinking... What do you do for a living? I work for the government, Department of Defense.

So my job is fairly stable. What do you actually do? Are you an engineer? Oh, well, no. Basically, we all have the same position. They call us analysts. Okay, I got you. That's enough.

That's good. Okay, so you're working 40 hours there. I am, yes. And your wife does what for a living? She's a teacher. Also works 40 hours there. I am, yes. And your wife does what for a living? She's a teacher. Also works 40 hours, although currently she's at home with a baby. We have a newborn, which is super, quite the surprise. But anyway, she'll go back in about a month or so.

An aspect of the business, we have a mobile part of it. So I'm in that quite a bit outside of my regular job. And that part of the business is quite profitable. It's a shame I can't have that without the brick-and-mortar location. So I'm not in the store, but I'm in the mobile trailer going to events and such. What does it take to wind down the brick-and-mortar location? Well. I mean, if you could make $40,000 out of the mobile and shut that down,

you could whittle away at this. I could, yes. Yeah. I'm not sure what that looked like. I guess paying the fixed loan off, the original $160,000, I guess that would be the biggest part. Is that loans against the location? It is, yeah.

That's the original one, and then we just have other loans on top of that. And who is that loan with? It was through a business lender, like a third-party business lender. Yeah. Okay. So that payment is, I don't know, a little over $3,000 a month. Yeah, but if you were paying the payment anyway and just closed the location, does that put you in default on the loan?

No, no, I think we could do that, but I don't know. Well, I'm just saying jack up your mobile and run it all the time and get all your costs gone. And let's see if we can't make this thing make $60 and throw it all at it. And, by the way, let's take a whole bunch of your $160 and start throwing it at it. Let's live on nothing. Like live on $60,000. Let's go make another $60,000 out of the mobile and shut down the brick and mortar.

Okay? And now we've got to clear $637,000. Well, no, we don't. We've got to clear $687,000. We've got to minus $240,000. We've got to clear $447,47 because your mortgage is not the problem. Okay. 240 mortgage is not your issue.

All right. So if you add 60 to your top, you following me here by jacking up your hours and you go crazy for two years, that puts you at 220, 230, somewhere in there. Right. Okay. Yes. Okay. And you live on nothing. 50 grand. You can clean this up really really fast

like two or three years of of unbelievable hours and you can it's easy to put in those hours if there's hope and traction if you're making progress and you believe it's going to work i can work my tail off it's when i'm feel like a rat in a wheel that i get so exhausted and you you've been a rat in a wheel going backward for a while yeah yeah i i've known better but i just keep well and you're an analyst you've been analyzing this watching it um as far as all the uh so of course we have car loans and credit cards in that mess too um yeah now what i was i was curious what your take on and it's probably another bad decision but that's why i want to ask you um we have a good bit of equity in the house should we

should we consider selling the house and using that equity to pay off only if you solve this business problem okay that would have to come first yeah you've got to close this thing and here's what i would do i would close it and i would work like a crazy person and i would sell everything inside except the house and i would and your wife your wife does what for a living again? She's a teacher. Okay. Maybe she starts taking on some tutoring on the side. Whatever. Anything we can do to get our household income way, way up for the next 24 to 36 months. So here's the thing.

If you put $100,000 on this, you're done in four years. If you put $150,000 on it, you're done in three years. And if you're making $260,000, you can put $150,000 on it, and you're done in three years and if you're making 260 you can put 150 on it and you're done in three years 100 debt free and you still got the ice cream truck not the location and then sell it the second part of this equation is um the hopelessness, the feeling of stuck that you have has kept you from using your God-given skills to dive into the numbers on this business. And so I'm going to be your boss for a minute, your leader, and say your job is to learn your numbers in this business and know exactly what

the flip's going on. You let Jesus take the wheel, and Jesus told you to go plant corn. And if you plant sparingly, you're going to reap sparingly. You have to be diligent to know the state of your flocks and herds. You've got to get down in this business and know these numbers. The fact that you don't know these numbers when i'm asking you is part is symptomatic of the fact you're not paying enough attention to this thing so you got to lean into it you got to wind it down then you got to crank your work hours way up and your income way up and if that doesn't knock it out in the next if you don't see the light at the next 24 months, then sell the house.

But you can't sell the house until you get rid of this business problem because you're not going to get rid of all the debt. That's the thing. There's no escape hatch here except you. You've got to go do it. That puts us out of the Ramsey Show and the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. If you like what you heard in this episode and want to know more about getting started on the Ramsey Baby Steps, go to ramseysolutions.com

and click on the Get Started button. We'll help you figure out the best next step for you based on your specific situation. That's ramseysolutions.com and click Get Started.