The Ramsey Show - App - Should I Sell My Movie Theater? (Hour 2)
Episode Date: July 20, 2021Debt, Budgeting, Retirement Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/3rZTUAx Tools to get you started: Debt Calculator: https://bit.ly/2Q64HME Insurance Coverage Checkup: h...ttps://bit.ly/3sXwUn5 Complete Guide to Budgeting: https://bit.ly/3utmVXi Check out more Ramsey Network podcasts: https://bit.ly/3fHhbVE
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Music Music Live from the headquarters of Ramsey Solutions,
broadcasting from the Dollar Car Rental Studios,
it's the Ramsey Show, where debt is dumb, cash is king,
and the paid-off home mortgage has taken the place of the BMW
as the status symbol of choice.
I'm Dave Ramsey, your host.
Thank you for joining us.
Open phones at 888-825-5225, 888-825-5225.
Sarah starts off this hour in Seattle.
Hi, Sarah.
How are you?
I'm fantastic.
How are you doing today?
Better than I deserve.
What's up in your world?
Hey, so unfortunately, my marriage didn't work out the way I had planned.
And as part of a divorce decree, I have to pay my ex about $75,000 out of our house.
So I've been kind of looking at interest rates and where they've been going.
And when I look at them, I see that I can get a lower
interest rate, but higher origination fees. So my overall mortgage would be lower, or I can get a
higher interest rate and lower origination fees. So my overall mortgage payment would be higher.
And I was just wondering which in the long run would be the better decision. I suspect I know,
but I just want to get your opinion. Now points, you're talking about paying points to buy down the rate effectively.
One point is 1% of your loan balance.
One point will generally buy down your rate about an eighth of a percent.
Okay.
Translation, eight years to break even. Okay. Okay. Translation, eight years to break even.
Okay.
If it drops your interest rate one-eighth of 1%, and it costs you 1%,
then it takes you eight years to get that money back.
If you don't keep the mortgage eight years,
you will lose money on having prepaid your interest with points.
The average mortgage in America lasts 5.6 years because people refinance or sell or whatever.
And so I would not pay points.
I would go with the higher interest rate and the less up front because you're in a life transition stage and you may not be in that
house five years from now matter of fact there's a high probability you won't be all right so
because i live in such an affluent area it i don't know that i could afford i was very fortunate and
i bought the house in 2009 excuse me in 2009 so it's more than doubled its value since then, and I could not buy into my neighborhood now.
So I don't know that I could sell the house and be able to buy something comparable.
Today?
That's not what my point is.
Yeah, in five years it could be different.
In five years, I don't know what your life's going to look like.
You could be making six times what you make now.
God willing.
Well, you could discover fire.
I don't know.
I don't know what you're going to do in Seattle.
You could do all kinds of magical things in Seattle, right?
Oh, yeah, for sure.
You know, and so I don't know.
I mean, I think your future is bright.
So you've gone through hell recently, no question about that.
But we're not going to project that as your future.
Yeah, and what you said, although it was different logic, is what I was thinking.
And my thought was the difference in the monthly mortgage, how long would it take me to make up the origination fees?
Eight years.
Yeah.
On average. yeah on average now so you can do the math and and say okay every if i if i pay this many extra
percentage points what does it lower it and you just divide it out you can tell exactly what it's
doing but typically it's around an eighth of a percent point one two five it would take me about
87 months to make up the time and it doesn't make sense yeah it, in my head it didn't, but then I was thinking about how long I would have.
We don't know.
We don't know.
Exactly.
And so it's not worth the gamble.
If the break-even was two years, we'd go with it.
But the break-even is not going to be two years.
And so we're not going to go.
So you're looking for what we call a par quote.
Zero origination, zero points.
Yes. Okay. Par quote. I will remember that. Yeah, and talk to Churchill Mortgage if you want a par quote. Zero origination, zero points. Yes, okay, par quote.
I will remember that.
Yeah, and talk to Churchill Mortgage if you want a good one
because that's the company we've endorsed for 25 years here,
and they do a great job, and they can definitely take care of you there.
I'm sorry you're going through this, kiddo, but the future's bright.
It's going to get better.
Open phones at 888-825-5225.
Amanda is in Canada. Hi, Amanda. How is in canada hi amanda how are you i'm good how are you
better than i deserve what's up i was just calling um my husband and i are technically on baby steps
three but i will confess i have been cheating your system we still have our credit card, and we do not do a monthly budget.
I've been on Step 3 since March 2020 because we've had to buy two cars, which we paid for with cash.
Good.
And we had a baby, so we had all the expenses of that, too.
Oh, and there was this little COVID thing that happened.
Yeah.
Okay.
Not a bad year.
No, it was quite the year. But I am now at the point where we get to the end of each month,
and I have no idea where all of our money went,
and I'm just sick and tired of it because we want to be saving to have our emergency fund
and do a down payment on a house because we're currently renting.
Good.
But the thought of budgeting really freaks me out. My husband is in construction, so his income isn't necessarily always for sure each month.
And so I'm not sure how you do a budget.
What freaks you out?
It's all the different what ifs that could come up in a month.
Or like if my husband works overtime, we get more money.
Or if he's sick a a day we lose money and
then how do you put that in a budget when you you don't know what's going to happen okay so you need
a process and a system to handle the ups and downs in the irregular part of your world the
unpredictable part of your world in order to not be freaked out right is that what you're telling me
yeah yeah is there something else freaking you out about the budget?
I just, I love planning everything.
I like knowing everything in advance.
And you're not going to be able to.
Yes.
Okay, so here's how you do it, okay?
What portion of his income, like out of the last, how long has he been doing construction?
He's in year four of his apprenticeship.
Okay, let's just say for the last three years, what was his worst month of income?
Just pick a rough number.
Two grand.
Two grand.
What's his best?
About five grand. Okay, so that's his best? About five grand.
Okay.
So that's our range of irregular income.
And are you working outside the home as well?
I'm currently on maternity leave until next May.
Okay.
And with that, I get about $1,300 a month.
Okay.
So we have $1,300 and $2,000 that we count on, right?
Right.
Okay.
And so you do a budget on $3,300.
Okay.
And if you want to do a little bit more, because you probably could count on a little more than $2,000 out of him, right?
Yes.
So you pick the number you can count on.
That's what my point is.
And you run a budget on that, meaning you put that at the top of the page on your
every dollar budget, and you
give every dollar a name.
And then you make a list of things you want to do
or need to do that didn't make the cut.
And you prioritize
that list. If I get a dollar more than
$3,300, what am I going to do?
I'm going to put it on number one.
Once number one's done, I'm going to put it on number two.
Number three, number four, number five, number six, number seven.
So you have a prioritized spending plan on items that didn't make the $3,300 budget.
And now you have a system. If current times have shown us anything, it's that the least expected events can and will happen, and we have to deal with it.
That's why everyone who has a family counting on them needs term life insurance.
For over 20 years, the only company I've recommended is Zander Insurance.
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Great rates and a simple process mean there's no excuse to not get this done, people. so when my wife and i were dating 40 years ago i was driving a monte carlo
with the second engine and the third transmission in it. And I had done all of the changes each time I stripped through one of those.
And the old car, it was just gone.
I mean, it had 250,000 miles on it.
I had worn it out three times over.
And we're driving along.
I had $1.16 in my checking account.
And we're driving along on our second date,
and I was explaining to her how someday I was going to be a millionaire,
and we went across a railroad track, and the muffler fell off my car.
This is a true story.
And here's how stupid it was, okay?
I actually had a toolbox in the trunk because I'm used to working on a car all the time
because it was always falling apart, and two towels because the muffler had fallen off before.
One towel to lay on, one to pick the muffler up with and put it back on,
and 9-16ths put that U clamp back and put the muffler back in place
and the 9-16ths craftsman and ratcheted it back up on there.
I don't work on my cars anymore.
I lifted the hood on one of them the other day.
I don't even know what the flip is in there.
It looks like a computer or something is in there.
I don't have any idea.
The last time I worked on a car, it had a spark plug, not a fuel injector.
And I don't DIY my cars.
By the way, I don't pull my own teeth either.
And I teach investing for a living, america comes to me to learn how
to handle money and how to invest and i don't do my own investing i understand it but i don't do
my own i go to a smart investor pro and i talk to my guy that i've used for 15 years it's my friend
that's a smart investor pro here in town And he and I talk about my mutual funds.
And we look at other investments we can do.
And he schools me and I school him back and forth.
And then we decide what I'm going to do.
I have a pro in my corner.
And some of you are out there, I'm going to do it myself.
Well, yeah, go ahead and pull your own teeth, stupid.
That's just dumb
okay you need a pro in your corner you don't do investing d i y do it yourself is good for some
things but you know the pandemic taught us that a whole bunch of you jumped out because you freaked
out and you jumped out when the market dove down about what, about 14 months ago now. The market tanked on pandemic fears, and you sold at the bottom
because you didn't have somebody in your corner talking you off the ledge.
And we've got all kinds of research that says that people do do-it-yourself investing.
Screw up all the time.
Don't do it.
Put somebody in your corner.
RamseySolutions.com slash SmartVestor.
We'll hook you up with one of these SmartVestor pros that we recommend. It'll hook you up with one of these smartvestor pros that
we recommend it'll hook you up with a list of them in your areas and you can decide what you
who you want to use and how you want to but you're looking for somebody with the heart of a teacher
and you know don't do it yourself there's some things i mean it's it's not that complicated but
i don't do it myself and i know what the flip I'm doing.
I have somebody in my corner, SmartVestor.
Go to ramseysolutions.com slash SmartVestor.
Daryl Lynn, or Daryl Lynn, what is this one?
I don't know.
Daryl Lynn is in Bend, Oregon.
Hey, Daryl Lynn, how are you?
Good, how are you?
I'm destroying your name. What is it? Daryl Ann, Daryl Ann, how are you? Good, how are you? I'm destroying your name.
What is it?
Daryl Ann.
Daryl Ann.
Okay, Daryl Ann.
I'm so sorry.
How can I help?
No, you're fine.
I have a quick question about a truck loan we just got.
My husband went and bought a truck for his business.
And so my question is, should we pay off the truck loan with our personal finances
because we have um some savings we're looking at buying a house eventually um so we have a
down payment savings in the bank right now and we could pay off the truck in full but it wouldn't
be the business account paying off the truck right now it would be the the personal savings account
darling it's a personal loan he signed for it personally it's not a business yeah our business
is not very big you just he just justified buying a truck that he didn't need and bought himself a
dadgum truck didn't he pretty brand new one yeah yeah yeah he went but he went and bought him a
boy toy and called it business i'm calling bs
yeah just pay it off it was a stupid idea and you can't justify it and call it business because
it's not a business loan bank didn't make the business alone the bank made you alone
it's a personal you're personally liable on this yeah we'll use it for the business because he has
a guiding business for hunting and so he had to get a truck for that.
Yeah, so how much does he make in his guiding business?
Around $80,000 this year.
Okay, and what did the truck cost?
$35,000.
Yeah.
See, I told you it was BS, didn't I?
There's no way you take an $80,000 gross revenue business and do a $35,000 investment that you could have done for $5,000. A $5,000 truck will do a guiding business. So the other $30,000 that he spent was
because he wanted a truck. That's what this was. And this is a classic small business mistake,
by the way. Everybody does it. But yeah, you guys got it. My point is, I'm not going to make a big
deal about this one, but you guys got to stop that crap because it's going to make you,
it's an excuse to continue to do stupid, and you can't do it.
So you shouldn't have bought it.
Bad idea.
Can't business justify it.
That's just not the truth.
Okay, so anyway, pay it off, and don't do this kind of stuff again.
Do not do this kind of stuff again.
Christina is with us in Dallas, Texas.
Hi, Christina.
How are you?
Hi, Dave.
Thank you for taking my call.
Sure.
What's up?
So I'm getting married in September, and I just wanted your advice.
My fiance has a house and would prefer if I move, if I moved in with him, um, when we get married, but I would
actually prefer to buy a house together to start out our new life instead of moving into his
bachelor pad. Um, in terms of the background, he has about a hundred thousand worth of debt.
Um, that's between student loans, car payments, credit cards. I don't have any debt. Um, I'd be
coming with about 140,000 cash. And that's between like cash
and some in those research accounts. And I wanted to use the money for a down payment on a house.
And if he does sell his, then he will essentially wipe out all of his debt with the equity that he
gets from his house. And if we do move in, if i do move into his house there are is some different
maintenance that has to happen and also um i would prefer if there was some renovations done as well
to make it more our house um so i just wanted your advice as to what we should do what if also
if i moved in if he sells this if the house that he owns now, when you get married, if he sells it, what will he put in his pocket?
How much equity has he got?
He would put at least $160,000 in his pocket.
Okay.
So you have $300,000 between you, and he has a hundred and what in debt?
About $100,000 in debt.
Okay.
So you're going to have $200,000 left over for a down payment, right?
Yes.
After you're debt-free.
So you sell his house, and you take a $200,000 down payment and buy the house together, and you're debt-free.
Okay, one of the things we were thinking of doing since the market is so crazy was buying a house first and then turning around and selling his.
No.
Just so we're not kind of in a...
No.
No. Okay. No. You go buy a house after you're married and selling his? No. Just so we're not kind of in a... No. No.
Okay.
No.
You go buy a house after you're married and after his sells.
You guys got enough debt without ending up owning two houses.
Agreed.
Yeah.
Yeah.
And in the event that we have trouble finding a house because...
Well, you go rent something for six months.
Whoop-de-doop-dee.
You just got married.
Okay.
But you're not going to have that much trouble.
Just calm down.
You got $200,000 walking around in your pocket.
Surely to God you can find a house in Dallas, Texas to live in.
It's true.
There's a lot of houses that have been there.
There's a lot of houses there.
Yeah.
That's true.
That's true. That's true.
Yeah, just get married, sell his bachelor.
He can go ahead and sell it now if he wants, move into an apartment.
He can do that before you get married.
I mean, he can sell it now and move into an apartment for a few months,
and then you can join him in the apartment while you all look for a house.
That'd be okay.
Join him in the apartment after marriage, and y'all go look for a house.
He's out of debt.
Got some money in his pocket.
You got your money.
Put it together.
We go buy us a house
while we're living in the apartment.
That way you got a little patience
and you don't have to freak out.
That's all right.
Go ahead and sell it now.
Gives you plenty of time.
Don't get caught with two payments.
Bad idea. This is the ramsey show In the lobby of Ramsey Solutions on the debt-free stage, Michaela is with us.
Hi, Michaela.
How are you?
Good.
How are you?
I am better than I deserve.
Where do you live?
I live in Paducah, Kentucky.
That's fun.
Yeah.
And how much have you paid off?
$33,493 and something cents.
Awesome.
$87 cents.
Good for you.
And your range of income?
I'm sorry, how long did that take?
18 months.
Good for you.
And your range of income during that time?
About $70,000.
Okay.
What do you do for a living?
I'm a labor and delivery nurse.
You're a delivery nurse?
Labor and delivery, yeah.
Labor and delivery.
Awesome.
Yeah.
That's a fun job.
I love it.
Yeah, good for you.
That's great.
Yeah.
So $33,000 in debt was what?
Student loans and a car loan.
How much of it was car?
About $10,000.
That's about $23,000 in student loans.
Okay.
How old are you?
23.
Okay.
So you just come out of school and attack this or tell me the story?
What happened?
Yeah.
Well, we like to say I was living in stupid when I was
in school. My parents saved money and so I could have paid cash for college, but my lifestyle
wasn't really accepting it. So I took out unnecessary loans and then it kind of came
back to the Lord January 2019, graduated May 2019, and then moved from Texas to Kentucky in July and decided that I didn't want debt
and I didn't want to do it anymore.
So just got rid of it.
Game on.
So you grew up knowing better.
Yes.
And so mom and dad were cheering you on when she woke up, huh?
Oh, yeah.
So you got the new job, passed the bars or passed your boards, got to be a nurse, starting
the big girl job, all that stuff.
And here we go, game on.
Yeah.
And 18 months later, you're done.
Yes.
Good for you.
Thank you.
Good for you.
That's so cool.
I'm so proud of you.
I bet your mom and dad are.
Oh, they're super proud.
I bet.
I bet.
Who came along with you?
I see somebody in the peanut gallery over here.
Yes.
This is Papa.
He's my grandpa.
Oh, wow.
So he's super proud then.
Yeah.
Yeah.
Very good. Good. Just watch his grandbaby be smart. That's a good thing. Oh, wow. So he's super proud then. Yeah. Yeah, very good.
Good.
Just watch his grandbaby be smart.
That's a good thing.
I like that.
Yeah.
All right.
Neat.
Very neat.
So how did you connect to us?
Well, my parents made me take Financial Peace University senior year of high school before I graduated.
So I knew about you for a while, ignored it for a long time.
But you flunked the class. I did great in the class in high school and then I just forgot it
all. I know, I'm kidding. You didn't take it with you to college, I got you. No, not at all.
All right, so you knew what to do. Yes. And did you go back and review that stuff or what?
Yeah, mom and dad reviewed it with me a little bit. Mom helped me with budgets all the time because I got really frustrated a lot.
But, yeah, we just kind of reviewed it.
So they really jumped in and coached you through this 18-month time.
Oh, yeah.
And you accepted that coaching.
Willingly, yes.
Good for you.
That's very neat.
I like this story.
Good story. So now you're a pro very neat. I like this story. Good story.
So now you're a pro.
You paid off $33,000.
You've redeemed yourself.
What do you tell people the key to getting out of debt is?
Oh, gosh.
Budgeting.
I use that EveryDollar app, and it's like my Bible, my little lifeline.
So I use that, and I mean, it was really hard work.
I worked lots of overtime and on-call shifts, and anything extra went straight to the debt.
So it was hard work, but I mean, now it's all my money.
So 18 months, tough.
Was it worth it?
Oh, yeah.
How does it feel now?
Oh, it's so good.
I actually have my full emergency fund
so now i get to invest yeah and have fun with your story you kind of got to feel almost like clean
oh yeah yeah like you cleaned up a dirty spot or something yeah yeah that's i like that good for
you very good excellent excellent what was the hardest part of this for you all the
hard hours or what well yeah um probably the budgeting and the planning I'm super like a super
planner I'm super focused but if anything is kind of off a little bit like I kept wanting to pay it
off faster and faster and faster which I did pay it off six months faster than I thought.
So it took mom and dad to kind of be like,
no, hey, you're paying it off.
You're doing great.
You're setting aside money.
I mean, you're doing a couple grand a month here.
Yeah.
That's pretty substantial.
Yeah.
Good for you.
Well done.
Thank you.
So you're 23 years old, 100% debt-free, and you have all of that in your rearview mirror.
Will you ever go back in debt now?
Oh, gosh, no.
Too much trouble.
No.
I love it.
Well, well done.
Thank you.
Very well done.
We're very proud of you.
Thank you.
Good job.
And obviously your family is as well.
So excellent, excellent job.
You're inspiring.
Thank you.
Very, very good.
Yeah, you're not a victim. You decided to take it on head on good very good very good we got a copy of the
legacy journey for you that's the uh next chapter in your story you've changed your whole legacy
with this knowledge and the maturity you've used to attack it and uh clean up the mess and to move
forward without it that's very very good and a copy of the Total Money Makeover for you to give to somebody else
and help them start their journey, the whole thing.
So very, very, very good.
All right, Michaela from Paducah, Kentucky, labor and delivery nurse, 23 years old.
$33,000 paid off in 18 months, making $70,000.
Count it down.
Let's hear a debt-free scream.
Three, two, one.
I'm debt-free!
Yeah!
Yeah!
I love it!
Yeah!
Now, that one was for all you moms and dads that have raised financial peace babies
and you are worried that they lost their minds.
They may lose their minds, but they can go find them.
And Michaela did.
She did a great job of bringing it back around.
That's excellent.
Excellent stuff.
Yeah, I swear, y'all, the hardest part of parenting is when your kids are old enough
to make their own decisions, like they're grownups and stuff,
and you can't tell them what to do anymore, and you just have to enough to make their own decisions like they're grown-ups and stuff and you can't tell them what to do anymore and you just have to watch them make
their own decisions mine thankfully have made really good decisions i don't really have any
huge critique of my kids but man watching people that you love that you can't tell them what to do
do stupid stuff is painful it's just painful and uh you know and then to see her come back around
that's just a wonderful story of redemption right there.
Lots of financial peace babies out there.
I've been doing this show a long time.
So a lot of these young folk in their 30s and 20s grew up listening to this old man talk about getting out of debt and living on a budget and living on less than you make.
And, you know, it's weird.
That voice just comes back in your
head when you need it it's funny how that works and so honored to uh get to you know get to talk
to yet another generation of this very very well done open phones at 888-825-5225 tyler's in
jonesborough arkansas hey tyler what? Hey, thanks for taking the call.
My question is in regard to my student loans.
And I know kind of today this isn't relevant,
but if the CARES Act is finished in September,
like they're saying it is,
when student loans start bringing back the interest rates,
I was wondering, is it in my best interest to look at refinancing my student loans
at that point in time?
Sure, if you can get a lower rate.
Okay.
You only can do a student loan refi one time, and so it needs to be a lower rate.
Okay, and that's why I asked.
Now, let me ask you this.
How much student loan debt do you have?
Today, I have $40,000.
What's your household income?
Around $56,000.
Okay, so when are you going to pay this off?
Well, if I keep in the debt snowball like it's laid out now,
these are spaced out over eight loans,
so the student loan portion of everything would be around 16 months okay well
you're not going to save a lot by refinancing but you can refinance it doesn't cost anything to
refinance but i mean if you save one percent for 16 months on forty thousand dollars it's not spit
i mean we're talking about four or five hundred bucks here okay so i mean it's not it's not it's
okay but it doesn't change your life what changes your life is knocking these stinking things in the head and killing them.
Yeah, I understand.
Yeah, finish the debt snowball with great intensity is 98% of your issue, 2% of your issue, 1% of your issue is your interest rate.
Because you're not going to have them for very long.
Interest rate doesn't matter much when you're going to have it for a very, very short period of time.
That's the point.
So, good job, man.
Good job.
You're paying attention.
I'm proud of you.
This is the Ramsey Show. We'll be right back. Thank you for joining us, America.
This is the Ramsey Show.
Open phones at 888-825-5225.
Diana is in Jackson, Mississippi. Hi, Diana. How are you?
Thank you. I'm doing fine. Thank you for taking my call. I am a recent retiree. I retired last
year, and I have a 43B that was rolled over into an IRA, and right now in the market, it's worth $35,000. I've got debt at $38,000, not counting
my house. And I was thinking about using that $35,000 in the IRA to pay that debt off, but I
would have to pay taxes on that money. On top of that, that was going to be my baby step number three, which is that three-month, you know, backup emergency fund.
So I'm looking at, I have about almost $6,000 coming in each month with military retirement, my state teaching retirement, and I just started social security in april and i was wondering is it wise to use that
ira money to pay that debt off is that the only nest egg you have no i've got an ir i'm gonna
annuity that won't mature for another four years and um what is it worth right now it's at 1900 dollars
oh you're talking about monthly income my monthly income is five thousand no no no no no when you
say nineteen hundred dollars that's the total balance of the annuity or that's the income it's going to create? What happened is I had an annuity, and I foolishly let that $7,000 be taken out and reinvested in another company's annuity.
And I found out that person didn't take my $7,000 and put it in an annuity.
He put it in a retirement fund and took $100 of it and started a bank account of $100.
I just found this out last year.
Okay, so the whole account is only worth $2,000.
Right.
Do you have any other money?
That's your only nest egg is $38,000 plus that?
I have my $1,000 emergency fund.
I have the $35,000 in the IRA.
I've got two uniform gifts to minors for my granddaughters.
I won't mess with them.
One's worth, I think, $7,000.
One's worth about $3,000.
And then I just have my retirement, military retirement.
So basically you're planning on living off of the income stream of the Social Security,
your military retirement, and your pension fund.
State retirement, right.
Because you don't have any money.
Not really.
Not to amount to anything.
Okay.
All right.
I'm just trying to make sure you didn't have a half million dollars laying over in some account.
That's what I was trying to understand.
No.
Okay.
No, I don't. No, ma'am.
I would not cash that out.
No, I would not cash that out.
I would use the income that you have to pay off your debt as quickly as you can and then continue and use the income that you have and get your home paid off.
How much do you owe on your home?
$62,000. I just refinanced it from a 5.4% interest rate to a 2.5% interest rate.
That was a good move.
Okay.
So here's the thing.
You've got the other debt and the $62,000,
and you've got a wonderful monthly income to attack it all with, and you're 63.
So over the next four or five years, I want you to pay off all of it. I want you to be 100% debt-free before you're 63 so over the next four or five years i want you to pay off all of it
i want you to be 100 debt free before you're 70 okay i sure will try no you can do it you can do
it but it's time for you to concentrate because you don't need all these payments hanging around
your neck mortgage or otherwise going up into your later years and so you've done you've worked
too hard to end up broke at the end of this story.
So thank you for your service, by the way, in the military.
We appreciate you.
Aniko is with us.
Aniko is in Bend, Oregon.
Hi, Aniko.
How are you?
Hi.
It's Aniko.
Aniko.
See, I screwed it up.
I'm sorry.
I was trying so hard.
What's up?
How can I help? It's okay. My joke is I, I screwed it up. I'm sorry. I was trying so hard. What's up? How can I help?
It's okay.
My joke is I'm either on or off.
Okay. So I've got to tell you, you came into my life when my child was born 17 years ago.
And I've been a pretty good kid.
I'm 51 years old.
And I was ready to retire, had no debt, had a house and had left my ex-husband
and my son set up to run a business that we started, which was a movie theater and COVID
hit and killed us because we still kind of function as a family, divorced.
I have a panic.
I sold my house to take my equity to limp the theater along until all the COVID shutdown stopped.
And my ex-husband did a nice thing and took over taking care of his elderly father
and bought a home and went into construction and made money because he needed to
make money. And I had money from equity to live on.
And so all this got strained out and the goal has always been to let our son
take over this movie theater that has helped this town that was closed for 25
years that we had refurbished and reopened after being closed for 25 years.
This is a historic theater.
And I'm sitting here and I'm hearing more about COVID stuff and the possibility of things
closing again.
And I was so close, Dave.
I followed all of your steps.
And currently, I don't have any debt except for
the mortgage on the theater. And I can't get a bank to figure out how to do a mixed use loan
for $460,000 on a property that is tax assessed at $850,000. I don't know what to do and i don't want to make the wrong decision for my son's
future success and i've got your son's future success is not defined by this theater
okay your son's future success is defined by the work ethic and the character that you have passed
on to him while you worked on this theater and the example that you and your ex have set for your son.
That's what his future success is going to be based on.
If Ramsey Investments ends up worth nothing tomorrow,
my kids are going to be just fine
because their future success is not based on the value of this company.
Okay.
So you need to sell this stupid theater.
It's a chain around your neck.
It's a dream that turned into a nightmare.
That's what I heard.
Did I miss something?
No.
I'm sorry.
I'm crying.
That's okay.
You've invested so much
into this it hurts
and when you turn
the key on a dream
that turned into a nightmare and you walk away
which is what we're doing while we're talking
right here it hurts like crap your heart breaks
because you've
been heavily invested in this
and that just
makes you human and it means you were all in it means
you gave it everything you had uh hey you didn't you didn't you didn't invent covid it didn't your
it in your fault you got you got screwed by a pandemic can you sell the stupid thing now
um i had an interested party for um the tax assessed value take it and
take it take it so the money that i would make off of that was i don't i i don't know what to
do with that money well you have four hundred thousand dollars in your pocket sounds to me like
right i will yeah if I sell it.
Yeah, and a smile on your face.
And crap in your rearview mirror.
I'm literally sitting in my car right now at the dog park.
I lost, well, I gave up my dog's backyard because I moved into this theater.
So go get you go get
you a life back this thing took everything from you now you take it back well i appreciate that
you do what you want to do if i woke up in your shoes that's what i would do
i appreciate that i gotta look out for this town i think you're a good mom, and I think you gave something your all, and it's time to cut bait.
Let this one go.
Let this one go.
Move on.
$400,000 gives you a fresh new start.
You're not tied into your ex.
You and your son can make a legacy for him.
You're still young.
You've got plenty of things you can do here.
This is The Ramsey Show.
Hey, it's Kelly, associate producer for The Ramsey Show.
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