The Ramsey Show - App - Should I Sell My Car To Accelerate My Debt Payoff? (Hour 3)

Episode Date: June 15, 2021

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Music Music Music Music Music Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio. This is the Ramsey Show, where America hangs out to have a conversation about your life and your money. My name is Anthony O'Neill, Ramsey personality, and also the host of the YouTube and podcast Show the Table with Anthony O'Neill. And I am hosting solo today.

Dave Ramsey and other amazing personalities are out here impacting the world. And they asked me to step in. And I told them, sure. Longest James Sheldon, Kelly Daniel, and Ben is in the building. Not Bob, but Ben. 888-825-5225 is the number. Anytime that I'm going to show you guys know whether I'm with Dave or any of the other personalities or by myself, I like to keep it real relevant and relatable for all people. And I have a special heart, you know, for younger people who are in their 20s and 30s.

And I love all people, you know, but as the only single personality, I really love talking to single, young, thriving people who want to be successful. And so if you want to call in today's show and talk about your money, talk about a single life, what should you do? How should you date? How should you even go about adding dating to your budget? That's right. Because I'm on a mission to get our young people dating on a budget. Stop dating above their means. Date within their means. So if you're young, if you're single, or if you're older and you're single, you just want to get some advice. Give me a call. I love talking. I believe that the value of my advice is exactly what you paid for it. Nothing. I'm just playing. Hey, Bailey

is in Oklahoma. Good afternoon, Bailey. How can we help? Hi, Anthony. Thank you for taking my call. I have a home buying question I hope you can help me with. Yeah. My husband and I just found out we're expecting our third child.

Wow. Congrats. And thank you. And so we're trying to, our house was very small. We're wanting to get it on the market and sell it, but we don't know if we should rent with the market being rated or if we should purchase. Okay.

All right, all right. So you may have said this, but I might have slipped up and missed it. Are you currently owning right now or are you renting? We own the home. When we sell it, we expect we're kind of waiting on everything. Like we're going to get a Smart Buster Pro and we're expecting maybe to get a hundred. 110 is what we're thinking we'll get for it, which would be best with maybe a $70,000 to $80,000 down payment on our next house. So you're expecting about $110,000 in equity, correct?

Well, the house is about $20,000 for being completely paid off. Okay. And how much are you going to sell it for? Well, that's what we're hoping is to get $100 or $110. I got you. It's not in the market quite yet. Okay. Okay.

Okay. Okay. So you have about $70 to $80K to put down. Okay. Sounds good. Yeah. And then tell me this. Do you have any other debt right now?

No. We are debt free. I love it. You are 100% debt free. Okay. And what are you all making a year right now, household? $120,000. Okay, $120,000 in household income.

And if you were to go buy a house today, how much do you think you would have to pay? Like what are we thinking budget for a house yes ma'am okay um very top 250 um we're probably wanting to keep it down to the 220 230 yeah 220 230 in oklahoma city right now in this market i mean i think that that might be a little tough. I'm not saying it's impossible, but I do believe it's a little tough. That's me being cheap. We could probably do 240, 250 range. Yeah. Well, with your household income at 120, 25% of your net pay, yeah, you could probably afford right around there up to about $250 in a very comfortable situation.

Let me ask you this. What's wrong with renting until this housing situation gets a little bit better? Because here's the thing. I don't mind you selling your house and getting every dollar for it and then some, but I do have a problem with you overpaying to get another house. Oh, yes. Yes, we don't have a problem with renting. We've been booking, and it's hard to find.

Our rent houses are kind of hard to find right now. How old are your kids? Thanking four and two. So you have four, two, and a newborn on the way? Yes. Okay. Okay, so if you... And dogs okay so what do you think how many bedrooms do you think you have to have for that let's say if you're going to sacrifice

for the next two years save up some more money how many bedrooms could you get by with three okay you need three minimum okay and can you find a three-bedroom apartment? Well, I have a very, very large dog, and we have a lot of equipment and stuff, so it would be hard to store that in an apartment. Yeah, I understand. I have a very large dog, too. She's very large, and so I totally understand about that. But I could still, if I had to, I could still live in an apartment.

But I understand you have two kids, one on the way. Here's my thing. I'm going to suggest that you rent because I don't see you paying right now. I don't see you getting a good deal. I will not move into the house if I'm paying 100% of what the house is worth. I'm going to get a good deal. Even when I built my house, they gave me a good deal on building the house. When I just bought my new house within the last few months,

oh, they came down quite a bit on the price because I want a good deal. I'm not going to give you 100%, and I'm definitely not giving you 101 plus percent. And so what I'm saying, look at your options. Give yourself a timeline, a deadline. I said, okay, if we can take this, the equity that we can get from the house, if we can find a house that's within our budget, that's for a great deal, let's move forward. Not saying that it's impossible. I'm just saying it's going to be hard because as soon as the houses are going on the market right now, they're selling like hotcakes. And for right now, a lot of them selling for more than what they're actually worth.

And then I say, for example, if you don't find something by then, then just go rent something. And I think I'm estimating about 12 to 18 months. We should see the housing market kind of shift a little bit. And then from there, you and your husband will be in a better situation because you all actually now have more money in your savings account. But I want what I want to recommend to you, the Bailey is to spend these next. If you go into an apartment, I want you to spend these next 12 to 18 months trying to live. I mean, extremely way below your means so this way you can go out there and get the house that you really want and get the house that you can raise your kids um up in while as they're going through middle school and high

school you know and so i'm i'm thinking maybe bare minimum a three bedroom four bedroom house you know 16 to 2200 square feet nice backyard for your kids and for your dog and i think if you can just sacrifice for the next 12 to 18 months you're not racking up any debt you're dropping money to your savings account you're eating at home uh you're out here shopping and looking around i think you'll be happy over the next 18 months uh when you get that house that you dream for but don't rush into it just to get into a home and overpay but spend some time think about it pray on it and you never know what god would do what god would do ah man 888-825-5225 it's your boy anthony o'neill the host of the table with anthony o'neill and i'm on the random show today taking your phone calls give me a call i will let it talk to you What are your teens and preteens doing this summer?

If they're business-minded or are wanting some extra cash, the Teen Entrepreneur Toolbox is perfect for them. Best-selling author Anthony O'Neill created this toolbox to walk teens through eight easy, practical steps for starting their own business using our proven plan. Your teens can turn their ideas into a profitable business right from home. Teens love the ready-to-use tools, the interactive app, and of course, the money they earn. And you'll love the parent guide and the conversation starter flashcards that help bring up discussions about money and hard work. Whether it's mowing lawns or selling handmade goods, the Teen Entrepreneur Toolbox will help your teen turn their ideas into a business.

It will also teach them hard work, leadership, responsibility, and self-confidence. Buy the Teen Entrepreneur Tool toolbox at our online store at DaveRamsey.com or call our Ramsey concierge team at 888-227-3223 welcome back to the Ramsey show my name is Anthony O'Ne the Ramsey Show. My name is Anthony O'Neill, Ramsey Personality. And in the last segment, we were talking about the housing market and how hot it is. Because it is. The housing market is hot.

And your house could be worth a lot more today as well than what it was when you first bought it. So that means your old insurance policy might not give you enough coverage anymore. And what's the point of paying for insurance that won't swing the cost to repair or rebuild your home? If your home's value has gone up or it's been over a year since you checked your homeowner's policy, talk to one of our endorsed local providers.

These independent agents will compare multiple quotes to find the best coverage for your home. And here's the key word, your budget. Text HOME, H-O-M-E to 33789. Again, that's HOME to 33789. And talk with a trusted insurance pro about finding the right coverage for you and your family. Chantel is with us in Houston, Texas. Good afternoon, Chantel. How can we help? Hey, good afternoon.

Thank you for having me. I'm a huge fan of yours and the Dave show. So I'm going to try to keep it concise for you. I'm a 33-year-old woman. I live in Houston. I'm single. And I'm a full-time teacher. I make $56,400. and I'm single, and I'm a full-time teacher.

I make $56,400. I do Uber sometime on the side, and I have a health coaching business that I've started that I'm not currently making any money in, but I'm working on it. And I feel like I've been budgeting, I've been doing the things, but I'm not saving anymore, and I'm not paying any extra towards my debt because I feel like I'm really just getting by. And so I'm trying to find ways to reduce my debt right now because it's really making me feel like a little desperate. I do want to be debt free. And I feel like unless I,

it's just a lot of stress around like trying to grow a business that's not making any money and trying to find ways to hustle to pay off this debt without taking away from that. And so I came up with the idea yesterday of what if I sold my vehicle? I have about $80,000 in debt. $20,900 comes from the vehicle. $6,500 comes from consumer debt, which were investments that I made in coaches to help me grow my business and the rest of student loans. The vehicle itself is worth about $14,000, but being a dumb kid in my 20s and rolling over into my 30s, I rolled over my old debt into a new vehicle. And so I'm negative in that vehicle. What I thought about doing is going to a dealership and trading it in for a used car to lower the actual debt. So it's all in with the negative equity and the car payment being under $10,000. I feel like I would be able to get rid of that sooner than the two years that it would take to pay it off.

Yeah, but what you're going to do is just roll over that negative equity as well, though, into that. So I think what we got to do is just step back and reassess the entire financial situation. So you make $56,400 a year, right? Yeah. When you do Uber, like if you were to get hyperintentional, how much extra can you make a month? Well, I just started that back because I was really relying on my business growing. But if I wanted to really go full time into doing that, especially being off for the summer, I could add about another thousand or so. A month?

Safely, yeah, a month. Probably even more. Yeah, I was going to say, you can do a little bit more than that. Well, yeah, but in my mind, I'm also thinking it costs for gas, it costs for all that stuff. So even though you make money, you also lose it by having to replace

the gas and stuff like that. But yes, I could probably do about 2000 extra a month. Okay. 2000 extra a month right there. All right. During the summer for sure. Yeah. And then you got,

you got your school teacher. So I definitely appreciate your service and helping our young people. Thank you. Yeah, for sure. Um, now, okay.

So we got $2,000 extra month that we can get right there. Right. Um, so that'll bring you we got $2,000 extra month that we can get right there. Right. Mm-hmm. Um, so that'll bring you up to right around like 70 and then you have $7,000 in debt, $20,000, $900 in a car. What kind of car is it? It's a 2018 Jeep Cherokee. Um, you got a lot of miles on it.

It's only 35,000 miles on it. Um, yeah. But you wrote in a lot of miles on it it's only 35 000 miles on it um yeah but you wrote in a lot of negative equity about six grand and so that i'm actually in the car max bathroom because i was gonna go get it appraised to see if i could go trade it in for something lower because i feel like if i had a lower like wait wait overall you at car max right now yeah no no no you know what i'm saying when we get off the phone listen listen here chantelle you're gonna walk straight out walk right past the salesman okay i will tell you that right now but no i need i need to hear you clearly so i'm going to say right there in the bathroom um this is dope i like this i'm talking to her in the bathroom this one i'm talking about she's serious about this. I'm talking to her in the bathroom. This one I'm talking about.

She's serious about this life. I got to talk to Anthony. I need to get out of debt. That's right, girl. You stay right there in the bathroom. I do. I need to get out of debt. All right. So let's do this.

All right. How much money do you have in your savings account right now? $1,500. Okay. $1,500. Okay. You're going to keep that in your savings account right now. All right.

So you have a couple of options. You have some options here. Right now, what you got to figure out is that car. That car is a huge problem. So I would not suggest trading it in and then stacking on more debt. What I would advise you to do is sell the car, okay, and then whatever you can sell the car for, then go take out a personal loan for the difference.

Now, listen to what I'm saying here is if you can sell the car for $16,000, then what I'm saying is go get a loan for 4,500 bucks to, to do the difference or whatever that math is. So you go down from $20,900 in in debt to only five thousand dollars in debt now the problem is going to be that you need to pay cash for a used car this means that you're not going to be able to drive a car max car because you're going to drive past car max when you get out the phone with me okay yes so so that's what i would recommend is go back to kelly blue book see what you can privately sell the car for.

And then whatever they say private sale is, you sell it for that. Then I am okay with you going to get a personal loan to replace the difference. Okay. And then that goes inside of your debt snowball. But then the next thing is you're going to need to use your emergency fund to go ahead and buy you a cash car. And I'm talking about here, Chantel, you need to be spending right around two to three grand to get you a cash car. OK, so this means that you may need to keep your car so you can get a little bit more money up to get a little bit more money to go buy a cash car. But that's the first process.

Do not trade this in because a car salesman is going to talk you into something that's not going to be a wise move for you. All right. Then from there, you're just going to take the debt snowball method. You're going to line up all your debt from smallest to largest, make all your minimum payments. You're going to be out there Ubering Chantel. Like you're going to be out there Ubering from sun up to sun down. You are 33 years old. You're single. You have any kids? No. Yeah.

So right now you have no kids. Right now you have no kids. You have no friends. You have no boyfriend. You don't have nothing. You don't have time for nothing right now. The next two years is about you getting out of debt. If a man come into your life, Ch and and he talking about i want to do

this no if he ain't helping you get towards your goals you don't have time for all right bottom line so this is what i want you to do i want you to stay on the line i'm gonna have kelly give you access to ramsey plus okay the very first thing i want you to do once you go sign up for that and take our classes okay i want you to sit, I want you to go sign up for that and take our classes. OK, I want you to sit down with this, get connected with our community. Then the next thing you're going to do is you're going to go home and figure out how can you sell this car and what kind of car can you get for right around two grand, twenty five hundred dollars. Then after that, you're going to go back onto YouTube. OK, and you're going to subscribe to my channel. I'm a walk you through this journey.

OK, now get out of CarMax, get get out of the bathroom go straight to your car get in your car go home okay go home connect with us we're going to walk you through this process i'm giving you this ramsey plus for free on me because i want to help you turn your life around america this is what it's about man this is what it's about, man. This is what it's about. Call me in the bathroom. That's what I'm talking about. That's what I know you intentional about getting out of debt. This is The Ramsey Show. My name is Anthony O'Neill, Ramsey personality.

And Arturo is with us in Salt Lake City. Good afternoon, Arturo. How can I help? Hey, Anthony. How you doing? Man, I'm doing all right, man. It's been a great, great, great day Arturo. How can I help? Hey, Anthony, how you doing? Man, I'm doing all right, man. It's been a great, great, great day, man. How can I help? Hi. So me and my wife are both on our way out of the military. We're currently on terminal leave. So we have about a month left of pay. And I'm looking to do a career change right now, but just looking for some advice and guidance as to if now is the right time. So we recently just moved to Utah,

which is a new state for both of us. She has some family out here so far. I love it. And I want to be a real estate agent. I just don't know if now is the right time, whether I should jump into the game now or, you know, go back to school, use my GI bill, focus on being a full-time student. Okay. So let's, let's look at all of our options here, uh, bro. If you went back to school and you were a full-time student how would you and your wife survive and before you answer that question thank you so much uh for serving your country we value and appreciate people people like you and your wife so again thank you thank you so much um for

your time and service um but if you went back to school full-time i like the education because i like it's free education but how would you pay your bills right so um if we both go back to school full time, I like the education because it's free education. But how would you pay your bills? Right. So if we both go back to school full time using our GI Bill, they will pay us a monthly housing allowance, which for both of us, it would be or actually each of us, it would be fifteen hundred dollars a month. And I brought my monthly expenses down to be just above that right now. So obviously I would still want to work part-time. So it'd be going to school full-time, getting that housing allowance and working part-time jobs. So $1,500 for two is $3,000. And you're saying that you're right around what, $1,600, $1,700 for your housing,

for your living expenses right now? That's for each of us. Right. So we're right at that mark where we could live off of our housing allowance, but have nothing for any extra or to be very strict. Yeah. Yeah. Okay.

And if you went to school, what would you go back to school for? Um, I am looking for something in business. Uh, right now I'm thinking finance. Okay. And what would you use a finance degree for?

Uh, so if, you know, uh, I said I wanted to be a real estate agent. Uh, I'm kind of using my finance degree to where if that doesn't work out, I'm looking for something in either an HR position, marketing, something like that.

Yeah. Because you don't need a degree to be a real estate agent. Right. Right. Correct. Yeah. I'm kind of using the degree as, you know, they provide that monthly housing allowance, but it's also like a backup plan. I got you. So you're going to get, you want to get the degree so you can get the $3,000, which I understand. It's free education and you get in $3,000. So I can understand that. I think for me is how much debt do you all have right now? So we've paid off all debt except for our cars, which total for both of us is around just under $26,000.

Okay, $26,000 in cars. How much money do you have in your savings? Yeah, to add to that, instead of continuing with our debt snowball since we were close to getting out, we kind of just started saving and building our emergency fund. So we have right now right around $25,000. Hopefully once the Navy finishes paying us and reimbursing us for moving expenses, all that, we should be at about $30,000. Okay. So $30,000.

All right, all right. And let's say, for example, and I'm just trying to make sure, let's say once you get off in a month and you don't go back to school, what's your what's your goal? What kind of plan to use that emergency fund because I know, you know, the real estate field, not stable income. So I'm going to have to, you know, be paying myself for a little bit until that income starts rolling in. It's just I feel like that I still have that car debt over me. So I don't know whether I should, you know, just jump in full time, keep doing what I'm doing or take a step back, go to school, pay off our debt, and then build another emergency fund. You know, when I listen to you, man, nothing that you've said respectfully has gotten me really excited. You know, you know, the real estate industry right now is going to take you six months to a year to really start building, you know, a solid, stable income.

Sometimes a bit longer than that. It all just it really all depends. And so I'm a little nervous about that. Then I'm a little nervous about depending on me going back to school to provide for my life. Now, I do like the part of you getting education, especially a free education, especially get paid education. I like that. But here's what's not making me as excited. We don't really have a clear path. And this is something that my counterpart, Ken Coleman, talks about is really getting a clear path and identifying exactly what you want to do. And I think before we can really help you, I think you and your wife should really sit down and be like, hey, what do we want to do? Or what do I want to do?

When I leave the military, do I want to be a real estate agent? If that's what you know you really want to do, then what I would say is get into that industry. But, man, you need to figure out a job that will provide income. But you got $26,000 in debt. My goal is, and what I would love to see you do is, take this $30,000, pay off all your cars so you have no responsibilities, no debt, and then you just have your housing, your food,

and your utilities that you need to pay for, which that shouldn't be expensive at all. And then if you have a job generating between you and your utilities that you need to pay for, which that shouldn't be expensive at all. And then if you have a job generating between you and your wife, making at least another $3,000, $3,500 a month together combined in a household while you're in real estate, because if that's what you want to do, I want you to go after what you want to do. There is money in the game, but it's going to take a while for you to build that money but if you're saying hey i really do want to go back to school and i really want to pursue this okay cool let's talk about that option as well but what i hear from you is like well i want to do this but if

this doesn't work i can do this then if that doesn't work then i mean at least i have school paying for this now i need to hear passion in your voice. I need to hear, this is what I want to do. This is what I am going to do. And I'm going to do everything that I have to do. And so I really think, uh, that you need to get connected with Ken Coleman. Okay. Uh, he is our expert in this field. And so what I want to do is encourage you to call into the show tomorrow, Ken Coleman show, um, go to the Ken Coleman show.com and you'll be able to see exactly what time his show airs. And call in and tell him, hey, your friend Anthony Neal told me to give you a call. This is where I'm at. Can you help me walk through a clear path to identify what is the best route for me to do with me getting out of the service?

And then when you do that, man, I'm telling you right now, it will be absolutely amazing. And so, Artaro, I'm rooting for you, bro. I really am. But I really can't help someone who really doesn't know what they really, really want to do. So go to King Coleman dot com and King Coleman show dot com and look up at his hours for when his show is going to be running. He does it live on YouTube and he does it live on Sirius XM. Tell him that Anthony O'Neill tell his screen phone or that Anthony O'Neill told you to call. They'll push you through.

And I want you to run through the same scenario with Ken. And Ken is going to walk you through a clear journey. And this journey is the best journey out there, period. You know, I like the education part, but it's not exciting me. I like you selling houses, but it's not exciting me because I don't hear the excitement inside of you. But give Ken a call. Give Ken a call. This is why I love what I do, because I'm not an expert in everything.

We can talk about money all day long, but Ken Coleman is the expert when it comes to getting that career right, when it comes to building that shovel. Now, once you get that career right and you got some money coming in, and then come back and holler at me and Dave, we'll walk you through this path.

We'll get you some money. We'll show you how to flip that thing and pay off the debt. But America, if you're struggling right now, if you're not happy in your career space, check out my boy Ken Coleman, the author of The Proximity Principle, the number one radio show out there when it comes to getting your careers and building your shovel. Then come holler at me at the table. I'm going to help you get your money right. And maybe Dave too. This is The Ramsey Show.

Welcome back to The Ramsey Show. My name is Anthony O'Neill Ramsey personality and our scripture and quote comes from Ephesians chapter 4 verses 32 and it says be kind and compassionate to one another forgiving each other just as in Christ God forgave you. John Maxwell says, you build trust with others each time you choose integrity over image, truth over convenience, or honor over personal gain. Taylor is with us in Dallas, Texas. Good afternoon, Taylor.

How can we help? Hi, Anthony. How are you? I'm doing great now that you've called in. So how can I help? All right. So I'm calling because my question is mainly centered around the amount of car debt that my husband and I have between the two of us.

Okay. Did you say car debt? Yeah. Okay. Yeah. So we have recently decided to be smart and get out of debt. Okay. We have a total of $141,000 in debt. And of this,

a hundred thousand in a hundred thousand of this is car debt. No, it's not. Yes, it is. Nah, you're not, you're not being for real right now, are you? No, I am being serious. serious um i am definitely being serious what are y'all driving well we both have luxury vehicles that we both love and so the thing we have been going back and forth on if we should sell the cars and get something you know cheaper or just pay it down we think we could be debt free by the end of 2022, maybe a little bit sooner. So we're trying to decide if we could pay this off and we give ourselves a goal of anywhere between a year and a year and a half, if it's worth it to keep them because we both love

our cars, but we also don't like the idea that we paid over $100,000 for two vehicles. For two vehicles. All right. Before I flip out, what's y'all's household income? So our base, between the two of us, our base salary is $275, but on an average year, it's usually around $320, but can go as high as 360 okay so all right all right all right i was about to flip off taylor i was about to go off a hundred thousand dollars in cars i was about to have a heart attack over here but okay you all are making 300 000 plus

all right so uh the scary part for me is you know, how much do you all have in savings right now? I'm curious. We have about. Fifty to sixty thousand. Fifty to sixty thousand dollars. So you have enough money in your savings account right now to pay off one car and to be down. OK, so what's the problem? Like what? y'all disagree with getting out of debt or I mean, what's the problem? Well, so I think that we should sell them and get something a little bit more reasonable. I think we suffered from lifestyle inflation as our salaries have increased. I do love my car. He loves his car. He doesn't want to sell them. He just kind of wants

to pay them off over time. We have two kids and they're both in daycare so that, you know, kids are just expensive. And so trying to convince him that we could be debt free a lot sooner. You could. If we were to sell them and get them, get, you know, something around 20 to 25 that we could just kind of pay cash for. Okay. So here's the thing. Let's break down the basics because I think a lot of people in the Ramsey world are going to be like, oh my God, $100,000 in cars.

Let's be real. Okay. We teach that your cars should not add up to be more than 50% of your income, your household income. So you all are making 300,000. So you are well below that. Okay. So let's, let's go ahead and just say you're in a safe place where I do agree with you is if you genuinely want to be 100% debt free quicker than yes, selling the cars would be a good option.

Now, here's my thing. If I'm in your shoes and I love these cars and I'm making your income, okay, as a husband and wife, and I have $60,000 in my savings account, I'm generating a good amount of money every single month. Okay. Right. I'm taking that, that I'm taking 59,000 of that. I'm paying off one car today.

And then me and my wife are going to be very gazelle intense over the next seven months to pay off the rest of our debt. We're going hard. Like we're, we're, we're not going out on dates. We're, we're not, you on dates we're we're not you know doing vacation here this summer we're not doing a lot of things we're going to eat comfortably

we're going to live comfortably but we're going to be very focused on paying off all of our debt okay that's what i would do if i love the cars. Like I got a very nice car too, you know, and if I was in your situation, I would just say, you know what? I'm going to focus and pay off this car if I'm making that kind of money. And so for you and your husband,

I think this is where you two come together, sit down and have a clear conversation. If your husband wants to keep his car, then Hey, take that $59,000, go pay off the car. And then you and your husband said, all right, cool. Let's get on a clear budget.

Let's start living below our means and let's pay off all of our debt and then get our emergency fund back up. Now, that's one route. Now, if you want to get out of debt quicker and be debt free within the next six months, yeah, sell both of the cars, buy a couple of cash cars pay off you know the rest of your debt and boom great uh but i think you all are in a financial place to where you two can choose because if dave was here this is what dave would say number one your cars are less than 50 number two you can be debt free within the next two years. So the option is on you. Okay. I genuinely believe. So if we take,

if we take 59, you guys got 141, that's 61, 20, which means you're going to have about $80,000 more. You all are making three 2350. You stand on the high end three 60. So I mean,

within the next nine to 12 months, you and your husband can be 100% debt free. How old are you two? So I'm 28 and he is 30. Y'all, y'all, y'all millennials making this kind of money. Oh my gosh. I see why y'all got this card. I mean, listen, y'all need to come over here and rock with me on my show. So when you hang up for me, you need to go hit subscribe on my YouTube channel because I'm going to help you all out some more. You need to hit subscribe to The Table with Anthony O'Neal, get you and your husband

and I want y'all to go and actually watch this week's show because I sit here and tell you all what not to do with your paycheck. Alright, so that's number one. Number two, have you two taking Financial Peace University inside of Ramsey Plus? No. No, we haven't. Okay, cool.

This is my third one today. I love giving away Dave Ramsey stuff. You know, I love it. So I want you to stay on the line. Kelly is going to give you a free trial to Ramsey Plus. I want you and your husband to take it. And honestly, you two can choose, Taylor, what you two want to do. You two are in a good financial place to where you can be debt free within the next nine to 12 months. And I say if you two love the car and, you know, you can keep this car for a very long time.

I may side with your husband because I do like nice things. I'm not going to front. And if I can pay off these nice things within a matter of two years and be debt free completely, I'm just going to go that route. So I think you two sit down and figure out what do you both want. And just have a good conversation from there. All right. That's good to hear. It just sounds crazy to me to have cars that are over, you know, six figures.

It just sounds crazy. I mean, it sounds crazy, but you're in a good and healthy place financially to do it. And that's just from what we teach. You can be debt free within two years and your cars, both of your cars are not worth more than your household income. OK, so you are in it. You're in a good place financially, but I totally understand how you feel. And again, this goes back to just you and your husband sitting down having a conversation if you all really want to become debt free and not have $100,000 in cars

then y'all can be debt free within a matter of the next 9 months and if y'all really go hard you can be debt free within a matter of the next 6 months one of your cars can be paid off today that's what I would do I'm calling the bank and paying it off today

today you still want to have $10,000 I'll take the other $9 the bank and paying it off today. Today. You still going to have $10,000. I'll take the other $9,000 and put that towards the savings account, not savings account, towards your other debt and just really start attacking that stuff so y'all can be financially free. Boy, today's been amazing. I want to

thank our producer, James Child, that's filled in for half of the show. I want to thank our associate producer, Kelly Daniel, who's filled in for half of the show. I want to thank our associate producer, Kelly Daniel, who's been rocking with me the entire show. And America, I want to thank you for being the number one group of people out there in America. So don't forget that the caliber of your future

will be determined by the decisions we made today. And you all, you made the right decision by rocking with the Ramsey family. We'll see you on the next show. Have a friend or family member that needs a daily dose of Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.