The Ramsey Show - App - Should I Stop Working on My Master's Degree so I Don't Take On Debt? (Hour 3)

Episode Date: June 1, 2021

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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. Ken Coleman, Ramsey personality, is my co-host today. He is the host of The Ken Coleman Show, which is where you learn all about your career,

all about jobs, all about how to get them, all about how to find the work you love. And so if you have questions about career and work, he's here to help, and we're here to help you in general. So jump in at 888-825-5225. That's 888-825-5225. That's 888-825-5225. Kunal is with us. Kunal is in Columbus, Ohio. Hi, Kunal. What's up?

Hi. How are you doing? Better than I deserve. How can we help? I had a quick question about self-banking with whole-term life insurance and whether it's worth it if you accrue a cash balance and borrow against that and pay interest to yourself or if you should stay away from that and keep using a bank yeah um it's an absolute scam it's a whole life policy it's not

a turn it's not a term policy it's a whole life life. It's not a term policy. It's a whole life life insurance policy. Basically, whole life life insurance is where you pay 20 times more for the same amount of insurance. And so the extra $95 out of the $100 goes into a savings account and that you earn very little on after you finally start to build it up. And then one of the ways they're pitching it now is the self-banking concept where you use your own money, which, by the way, when you have a checking account, you are using your own money. I don't know why they think that's magical. Okay, perfect.

I guess I won't use it then. No, I wouldn't use it it i would stay completely away from the company that is offering it and any other offerings that they have because it is a really really bad product and it is a scummy way to sell whole life life insurance which is a scummy product to start with but no one sells that stuff anymore except people no one believes in it or talks about it positively except people that are in that business. And this whole thing of you can borrow your own money. Why would I want to borrow my money?

It doesn't even make any sense, Dave. But this is the power of marketing. I mean, the message here is really look into stuff. I love that people can call and get advice on this. But really dig into stuff. And does it make sense? And if it doesn't make sense why doesn't it make sense but they've put some wonderful marketing copy on this yeah so money from yourself give you

another one it just keeps it yeah didn't that great and you pay and you pay them interest right to borrow money from to borrow your money that you saved up in your savings you're moving money from your checking account to put it over there to them to not even get a good return on it to get it back. It's just, it's mind-numbing. It's like moving a pile of rocks from one side of the yard to the other. Back and forth, back and forth, back and forth. And so here's the other one. Whole life life insurance, you can use it.

Cash value insurance grows tax-free. Well, no, it doesn't. That's a lie. But here's how they propose that you do this. You overpay for your insurance by 20 times for all of your life, your whole life. That's where it comes from. They take your money your whole life. And finally, you have some money in there.

Let's just say you've got $50,000 is in excess of what you paid in and you take it out, that is taxable because there's a gain. Right. Yes. But not if you borrow it. And so you put in there back out and pay them interest, but it's tax-free. Well, no kidding, doofus. When you go to the bank and borrow $50,000, they don't charge you taxes on it. No.

It's a debt. Yeah. Of course it's not taxable. Debt is not taxable debt is not taxable yeah but it's not a tax-free growth on an investment like a roth ira or roth 401k it's not even on the same planet yeah but it's the same kind of stuff that he's dealing with there and it's this whole idea of but but boy i mean you talk about i mean they're they're almost as scummy as the timeshare people yeah they're almost that scummy yeah they're almost as scummy as the payday lenders they're right up there well that's

straight up manipulation what you just laid out for us as clear as you could lay it out that's manipulating people lying yeah we can call it line dave ramsey is giving bad advice because with whole life you could get tax-free growth no you can't yeah no you can borrow your own money and pay them interest right and borrowed money is always tax-free because it's borrowed right it's not an actual investment so yeah that's how that works but but i'm the crook and i'm the one that doesn't know what he's talking about according to that industry now if you want some people pissed off at you that's a good group of people to have pissed off at you the timeshare people are pissed off at me yeah the uh car fleecing people are pissed off at me the payday lenders hate my guts and the whole life people oh my god my God, you would think I was.

Have you taken on the rent-to-own furniture people yet? You know, they just don't do much anymore. Right, okay. I'm just trying to think of anybody else while we're taking store. We should just go ahead and get a full list of the scumbag products. People you don't get Christmas cards from. Yeah. Well, I mean, rent-to-own is actually, you know,

they are taken on in a couple of our books and a couple of our courses over there. Yeah, yeah. But I don't really hear from them much. Yeah, it's not a popular model. Yeah. The nothing down, same as cash, furniture people, they're not happy with me. No. Best buy, screwing people with that stuff for decades.

Yeah. This ain't the best buy, people. Yeah. You know, it's not hard to figure out. Yeah. The product protection plan people, they don't like either yeah yeah all the extras why is it that everybody makes you the bad guy because you're trying to save people money well i'm just trying to save people that's the point yeah you're hurting the big corporate scams and so that's why they come at you like everybody

didn't already know payday lenders were a screw job like like all of america knows time everybody knows a timeshare is like the worst thing on the planet man and like they're shocked to the day rems he said it out loud the timeshares are scummy yeah oh my god of course we said it out loud they were scummy long before i back when i had hair they were scummy yeah well when you offer all these free things just for a meeting which by, by the way, I did it one time. You didn't. I did years ago. You went in the tiger cage?

Yeah, because the package was so nice, and Stacy didn't... Pet the tiger for an hour, and you get a free pass to the zoo for a year. So Stacy knew what was going on.

The tiger hasn't eaten in four days, but come in the cage and pet the tiger for an hour. Oh, here's the deal. I didn't pay attention to my wife. This is a great story. Oh, yeah. She yeah she's like you're gonna have to sit there and listen i'm

like trust me i won't i'm the guy that goes there's no chance well i went in just mr stonewall not gonna do it like you're the only ones ever done that i know and then sat there and just got worn out i tried to be rude i tried to get kicked out i'll give the guy credit he made me sit there for 90 minutes but i'll tell you what i got all the stuff too so that was it it was the last time it is not worth it it's our first year of marriage buy your own hotel room yes buy your own hotel room it ain't worth it no don't pat the tiger in the tiger cage yeah it's a good point eat your butt yeah you'll come out there with a 26 000 timehare that's worth a dollar yeah you can't sell it for a dollar on ebay you can't get out of it no you is stuck baby you've been petting a tiger don't go in the tiger cage

don't wonder he hadn't eaten in three days there's nothing as greedy as a timeshare salesman oh my god this is the Ramsey Show. I heard a statistic recently that absolutely blew my mind. 43% of Americans are not protecting their loved ones with life insurance. This drives me crazy, people. What are you thinking? Taking care of your family has to be a top priority. Think about it.

If you died today, would you be the hero by making sure that your family had the money necessary to carry on their life without struggle and hardship? Would they be able to pay the bills and plan for the future? That's what term life insurance is all about. Regardless of where you are in the baby steps, you've got to make this a top priority. Have I gotten my point across yet? That's why I talk about Zander Insurance every day. They keep it simple and make sure they find you the best rates out there. Zander will do their job to find you the best rates and make sure you're served like i expect but you have to take the first step go to zander.com or call 800-356-4282 If you're a business owner or leader, listen up.

Financial wellness benefits are no longer quote-unquote optional for your employee benefits package. Now, financial wellness is a thing. The research team here at Ramsey Solutions recently put out a report that found that half of all employers say their employees are stressed about money, yet only 18% feel responsible for their employees' financial well-being. Well, that doesn't make sense. Your employees bring their money stress through the front door with them because they come to work with it every day.

It's hurting your business with turnover, missed work, lost productivity, delayed retirement. You've got to fix this, team. To get our team's report on what's happening in the workplace with financial wellness and learn what the employees are actually facing, you can add financial wellness to your benefits package and it will help your business. Text wellness to 33789. Wellness to 33789.

Our question of the day comes from blinds.com. They have a 100% satisfaction guarantee. That means even if you mismeasure, you pick the wrong color, they'll remake your blinds for free you get free samples free shipping and with the new promos they run every month you'll save even more use the promo code ramsey to get the best possible deal today's question comes from jennifer in texas she writes in i'm 48 i've been in an industry for 20 years that i'm not passionate about i've done well but i'm burned out and feel trapped. I would love to go into nursing. Am I crazy to quit my job to go into a career where I'll make less than one-third of the income? If I stick it out for two to three years, we could pay off our house, and I could just quit completely, but I'm not ready to retire. Is the financial and emotional

ROI from nursing school worth going back to school, or should I stick it out? Well, let's first address the fact that you can work full-time while in nursing school. Is it very, very difficult? Yes, but you can do it. You can certainly work part-time in health care, even, where you can get some experience and, more importantly, connections for nursing when you get out of school. So when you know the reality that you can still work, that you can cash flow your way through nursing school, here's what you can realize. You might be able to pay off the house in two to three years while you're cash flowing

your way through nursing school. And if it's really about love, I would love to go into nursing. So if you really love the idea of caring for people in that nursing profession, you can make really good money, be very, very fulfilled for another 10 years, 10, 12 years based on your age. So is it worth it? You have to answer that. But I would say it's worth it if you can cash flow your way through and not go into debt

because you've worked so hard to get to a point where you're going to pay off the house. So sticking it out for two to three years in a job you can't stand, I don't think you need to do that. I would make preparations to part-time nursery school, or if you can go full-time and make some other sacrifices, I think you go for it. I completely agree. Completely agree. And her last question, is the financial and emotional roi from nursing home

school worth going back to school yes without question you'll love your work and you'll make good money yes and you can pay off the house yeah yeah and uh i don't think you have to stay in the job i agree for two to three years and i love the part-time idea so absolutely so, the thing is this, you know, but make sure that you love nursing, not you love the idea of it. Very good point. And not you love the money you can make. That's correct. So here's how you know that for those of you who are looking at this question in a different field or maybe even nursing. How do you do that?

So what she does is she gets around other nurses. This is phone calls, Zooms, coffees, lunches. And by the way, there's tons of different types of nursing. ER, labor delivery, checking people in at surgery. There's a lot of different nursing positions. And by talking to as many nurses as you can in all those different positions, here's what happens. I get head knowledge. They tell me what it's like day in, day out, what it's like to move into that position,

how you advance. You learn everything. And then what happens is your brain processes that information, Dave. Your heart eventually goes ding, ding, ding, or er, and that's why it's so important to really know what it is. Then your heart will confirm, and now you're ready to go. Don't just assume you're going to love it. Joe's in Louisville, Kentucky.

Hi, Joe. Welcome to the Ramsey Show. Hey, Dave. Thanks for taking my call. Sure. What's up? Well, my fiance and I, she's not a U.S. citizen, but she's lived here for about eight years. We plan to go back to Europe or move back to Europe for a year to two years while we do the application process for her permanent residency.

And I'm curious if you think I should sell my house or not. Yeah. Yeah, I would. It's a great time to sell a house okay and then if i do sell my house what should i do with that extra money i think i would have somewhere between 80 and 100 000 dollars you don't have any debt we would we have no debt uh which are our finances are completely separated now sure um but we're um but we have no debt, neither one of us, other than the mortgage. And her family has a place for us to stay for the time we're there, so we would be living rent-free.

We both work remotely. Okay. So your incomes won't change? Correct. That's cool. What do you all make? I make about $100,000. I'm self-employed, do engineering, and she is in marketing and makes around $50,000.

Excellent. Cool. When are you getting married? Well, that's a big question. We haven't planned all that. It'll probably be sometime in 2022. Okay. All right.

Yeah, I think I would. As far as where you park it, if you're going to park it for one year, probably just a money market account. You're not going to make any money, but you're not going to lose any money. If you're going to park it for two years or more, you may want to consider putting part of that into some mutual funds something like a uh an index fund an s&p 500 fund or something like that i do some of that but now i understand that that money goes up and down and you could lose a few thousand or you could make a few thousand doing that um you know you're not gonna lose 80 000 doing that but you might lose000, you know, or something like that.

So if you want to play that a little bit, you could. That's a medium-risk way to take a chance. You know, instead of making $8,000, you might make $8,000. But you're not going to get rich on any of this while it's just sitting there. You're just parking it until you're married and come back home and so forth so uh obviously the citizenship thing changes when you're married right yes and the process is delayed due to covid there's a big waiting list so that's she hasn't seen her family in quite a while so that's why we're choosing to do that in europe

we could do that here but we kind of have to stay put. Can't be in and out of the border while that process is taking place. Oh, really? That's interesting. As far as we know. Yeah, okay. I don't know how it works, honestly. I'm completely ignorant of that.

I just know that when you marry an American citizen, it changes the process uh substantially uh and so you know i i would guess that the sooner the marriage happened the sooner the citizenship would happen in other words but i think i would want to know about that uh i heard that advice and i'm just sitting there going what would i do in that situation and because of the medium risk factor i'd probably park it in the money market but i because that me going i i know that it's going to sit there it's not going to gain much And because of the medium risk factor, I'd probably park it in the money market. But because that me going, I know that it's going to sit there. It's not going to gain much at all, but I know it's there. We're going to keep making money, keep adding to that.

So then when we come back. That's fine. Yeah. But I mean, but there is a benefit. I mean, the money you could make, I guess, to me, it felt like too risky for me. Yeah. For the bulk of the time I've been on the air, I would have just said money market. Right. For that reason. Just don't worry about it you know and because uh but you know in the last decade or so i parked a lot of money short term in a and a time or two it's been down

i pulled out let because i was going to go buy some real estate with it. It was down, and I lost a little bit. Most of the time, though, it was up, and I made a lot during the time it sat there. And so what I started realizing was the risk wasn't that heavy. It's not that big. It's not huge. I mean, $8,000 isn't going to change his life. That's true. You can make $150,000 between them.

Yeah, that's true. So if you want to play with it, that's fine. But if it's emotionally going to keep you up at night, then certainly do the money market. Yeah, that's true. So if you want to play with it, that's fine. But if it's emotionally going to keep you up at night, then certainly do the money market. This is The Ramsey Solutions on the debt-free stage, Jacey is with us. Hey, Jacey, how are you? I'm great. How are you, Dave? Better than I deserve.

Welcome. Good to have you. And where do you live? Indianapolis, Indiana. Wow. Welcome to Nashville. And all the way down here to do a debt-free scream? That is right.

Love it. How much have you paid off? I have paid off $19,000, or wait, $19,188. Good. How long did this take? It took 14 months. Wow. And your range of income during that time?

I started out at about $24,000 and bumped it up to a little over $36,000. Good for you. What do you do for a living? Monday through Thursday, I am a dental assistant. And then I have been a dog groomer for the last seven years. So I do that on the weekends. That's your side hustle then. Mm-hmm.

Okay. Very cool. What kind of debt was the $19,000? It was an endless cycle of credit cards. And then my student loan and my car. How much did you owe on the student loan and the car? $3,500 on the student loan, and my car was $9,000. Okay.

All right. And that I paid to my parents. Ah. That was a debt to my parents. So it was good to get rid of that, too. Yeah, that was a big deal. I hear you. I hear you.

So what happened 14 months ago? Lit you on fire, girl. You got after it. Yeah. Well, I was working for a grooming salon, and they had unexpectedly just closed the shop. So they told us they were done, and they were filing bankruptcy, and we were out of a job. So I was like, man, I have a lot of debt. Like, start of the year, I had a lot of debt. I had lost my job.

And so I just decided that it was time to figure something else out. I didn't really want to work for anyone else in that, like, grooming. So I started up my own thing. But you were already working the dental? Yeah. At that time? Okay. So you had that job all along but that that side job

ended yeah and that woke you up yeah because i i really wasn't making too much money at the dentist job like i can make a bunch of money just grooming so that was where i really made a lot of my money okay all right wow good for you congratulations. And how'd you get connected to us? My parents have listened to you guys for a while and they'd mentioned some things about you. And they've always said, you know, I'm really not been one to be super responsible with money, more of a free spirit. So I wanted to kind of prove to them that I could really stick to something and get it done, especially when it came to my finances. So they knew that I had been in credit card debt for a long time,

and it would come the start of the year, my tax return would come, and it would all go to my credit card debt. So I was done doing that. So what did you do? You started listening to YouTube or watching YouTube? The podcast on Spotify. The podcast on Spotify. Podcast on Spotify. Every day. To and from work every day.

Okay. Got real serious about it. And that gave you everything you needed to do this? It sure did. Yeah. So you didn't have the books or anything from your parents or nothing? No, but I did end up going to the bookstore, and I found one of your older books, The Total Money Makeover. And I started reading that

and then I decided to sign up for the FPU class. Oh, okay. And I was like, man, $100, should I spend that? Like, it could go to my debt. I'm like, Ramsey said just do it. So I did the FPU class and it was definitely worth it. It was a little difficult because it was online during COVID.

Yeah. So I did the best I could with my three-year-old running around. But it was still fine and worth it. I mean, I stuck to it. Good for you. I'm proud of you. I bet your mom and dad are. They sure are.

They really are. They were cheering you along. Yeah. It was a big deal. For Christmas, instead of getting a bunch of presents i saved up two thousand dollars and gave it to them to put towards my car wow and uh that meant a lot to them they really were not expecting it at all and so to see them you know hear them talking about how proud of me they were and you know just the hug from my dad and the pat on my back and you know

that just it got me fired up to finish paying off the rest. That's cool. Yeah. Wow. That's very cool. You jumped from 24,000 to 36,000, and I'm guessing here is that some overtime, but also a lot of dog grooming? All dog grooming. A lot of weekends?

Yes. Without the little man? I mean, did you miss him a lot? The hardest part was being away from him that much. I mean, it was Monday through Thursday full time at the dentist job. And then Thursday night into Sunday, I was grooming like every single weekend. What kept you going? He did.

That's beautiful. Right there. My three-year-old. That's beautiful. Yeah. And I have the greatest accountability partner, which is the doctor I work for, Tony, every day. And he knew how much this meant to me. Every day he'd come in and we would be talking about the weekend. How many dogs do you have to groom this weekend? How busy are you going to be? How much money are you

going to make? And it just was like, you got to stick to it. A lot of my time went to that and now I can say it's worth it. Now you're free, yeah. Mm-hmm. How's it feel? I can breathe. That's how it feels. I can breathe finally. How old are you? 26.

26 years old. Mm-hmm. And you've never been debt-free as an adult, have you? No. No. It was almost like having a credit card was a competition. How much did you get approved for? You know, my credit limit's $4,000.

What's yours? That was like my 21-year-old mindset. Yeah, yeah. Got you in trouble. Uh-huh. Wow. Yeah. You have to feel, one lady said, accomplished.

I mean, this was not just $19,000 in debt paid off. You changed. I did. I've changed so much through this whole experience. I mean, I really thank you so much for this. I don't know how to say it, but it's just, it's been so eye-opening. Like I can raise him without having to worry, you know, all my money's going to my debt and not to what I could be doing more for him, you know. I've got his savings fund for his college started. I've got my retirement fund going. Thanks to Tony, you know. He's really helped me out, too.

It's awesome. Coached you along. Yeah. That is just so cool. Well, well done. Well done, Jacey. And your young man's name and age, you want to get him in the shot for the debt-free scream? His name is Cypress, and he is three.

You want to come up here? Come up with mom while we do your debt-free scream. She's worked her tail end off. She's a hero. She's changed her whole life, man. I'm so proud of you. So powerful. So well done.

Good stuff. All right, it's J.C JC and Cypress from Indianapolis. Man, $19,000 paid off in 14 months, making $24,000 to $36,000. We are looking at some people who have changed their lives. I'm so proud of you. Got a copy of the Legacy Journey for you. That's the next chapter for you to become wealthy now, unbelievably, and you are on your way. I'm so proud for you. That's the next chapter for you to become wealthy now. Unbelievably.

And you are on your way. I'm so proud of you. And a copy of the Total Money Makeover so you can give it away to somebody. Awesome. So we'll give you one of each. You ready?

All right. JC and Cypress, count it down. Let's hear a debt-free scream. Three, two, one. I'm debt-free! He did it. i love it oh man that 19 000 when you're making 24 to 36 it's getting with it that's that's more than some doc calling in here paying off 190 grand

yeah i mean that's incredible yeah what she pulled off there was absolutely incredible yeah and she is i mean the and the difference in weight on her after that the actual math the the freedom in her math now is just amazing. She is in really, really good shape. And you can see what you guys can't see in the radio. You can hear hints of it in her voice, but what you can see is on her face. Yeah. Her countenance.

Yeah. And you see the sense of she's a young warrior. Yeah. Another single mom behind the eight ball, and yet she said, enough, and she did it. That's getting with it, folks. 19,000, 14 months with a heavy heart, up to her eyeballs and dog fur. She did it. She did it.

Well, that's exactly how that is. There's a great place to go when you're broke. To work. That's right. I love it. This is The Ramsey Show. Thank you. our scripture today second corinthians nine eight and god is able to bless you abundantly Our scripture of the day, 2 Corinthians 9, 8, and God is able to bless you abundantly, so that in all things at all times, having all that you need,

you will abound in every good work. Winston Churchill said, The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty. My FICO score is zero. I don't have a FICO score. It's undeterminable. That's what they call it.

Sounds kind of evil, but yeah, I'm undeterminable. So how do I survive? How do I make it? I pay for things. And if I don't pay for them, I don't buy them. Now, I know that's weird. But it's a freeing concept. Keeps you out of debt.

You can teach your children to be countercultural in a culture that has lost its mind. And we've just dropped prices up to 80% on our best-selling kids' products so you can have fun and have an educational summer. The Adventure Pack is a family favorite that includes the new Storytime Collection, Financial Peace Junior, the Smart Saver Bank, and more to make learning about money actually fun. The best part is you can add an extra kit for each sibling. Or if you've got a teen, the Teen Entrepreneur Toolbox by Anthony O'Neill is the perfect safe and flexible way for them to create their own summer job.

Teach kids the right way to handle money while they're young. That way they won't live in your basement when they're 30. Save up to 80% off by shopping the Kids and Teens Sale online at RamseySolutions.com slash store. RamseySolutions.com slash store. ramseysolutions.com slash store. Tina is with us in Phoenix. Hi, Tina. Welcome to the Ramsey Show. Hi, Dave.

Hi, Ken. How are you guys doing? Great. How can we help? Yes. So I talked to Ken last week, and I wanted to thank you, Ken, for your advice. Well, that's awesome. What did you do?

So I was not getting a recommendation from my boss, and your advice was to flood the potential employer's inbox with references that could speak of my character. And so with it being a long weekend, I did that today. And after a couple of years came through, they said they would like to speak with me. And as long as everything goes through tomorrow, I'm going to meet with the teachers, and that goes smoothly, then I will have a job.

And they said they were very understanding of that sometimes relationships just don't match, but they're willing to give me a chance. Oh, I remember this. So, Tina, I want to tell Dave what happened. So, Tina had great references from previous teaching positions, but had a personality conflict with the principal at the school that she just left. She was worried that because they wanted to hire of a an outlying circumstance so she went and did it and uh looks like she's going to get that opportunity so good for you tina way to not quit you did that you're the one that went out there and believe that you had a reputation uh worth uh sharing and that's really awesome very cool tina yeah i thank you guys for the advice i really appreciate it so i just wanted to say thanks

it worked yeah thank you very cool you did it you went out and fought for it fight for things folks yeah but you know what you told her she could and exactly what to do and she just executed she went and did it yeah and you know that sometimes we tell people what to do and they go home and don't do it you know that's right like too often um and then they call us two years later and go i should have done it uh but then then other times it's that that's that's why we come down here is people like her it's exactly right you say go do this and you'll start winning and she goes does that and then she starts winning that's pretty cool it's fun got the job got the job the ken coleman job. There we go. I love it. That is absolutely fabulous. Amy is in Sacramento.

Hi, Amy. Welcome to the Ramsey Show. Hi. Thank you so much for having me on. Sure. What's up? All right. So I started a business last year while I was laid off, and then I got called back to work right as I was about to start looking for clients.

I'm really eager to quit at least by April of 2022 and focus on my business full time. It's a bookkeeping business, if I didn't mention that. And we already have six months worth of emergency fund saved up. We plan on having an additional $12,000 by next April. The thing is, my husband has a job where he gets laid off quite often. He's in a labor union. So we would only be able to last about five and a half months on that extra 12K if my husband were to get laid off. How often is he laid off for five and a half months? I mean, he was, like in the last two years, he was laid off once for six months. Other than that, I would say usually like maybe three, four months on average.

Man, this job sucks. Yeah, I'd be getting out of the union. It does suck. But we're waiting until he gets his journeyman card because then you can quit and you can take that anywhere. You can work for the city or something like that. Yeah. We're in it for the long game, unfortunately. Yeah, okay.

So how long before he gets a journeyman card? So I think it'll be probably another like three or four years. Wow. You're tolerating a lot of crap for that. It's on hours, you know, so every time it gets laid off, it doesn't get hours. But anyways, so if he gets laid off, we could last on that extra $12,000 for about five and a half months. Otherwise, we'd have to dig into the six-month emergency fund or I'd have to get a job again.

What do you think about that? Am I crazy for wanting to quit when I'm the... I mean, you're assuming your business makes nothing. I mean, I just don't want to estimate that I... Well, I mean, has your business not made any money? I mean, right now I have two monthly clients. I'm netting, aside from, like, cleanup work, that's one-time projects. I'm only netting, like, $300 a month, obviously.

Well, you don't have a business yet. You've got a glorified hobby. Right. Well, the reason why I want to quit and go full-time is because I'm still, like, learning the business, and I want to focus my attention 100% on it. Wrong way. You've got to flip that. You've got to keep doing these side jobs like this.

Let's get that up to $900 a month, and then let's get it to $1,500 a month, and let's see how many hours we can actually give to it and really hustle and grow your credibility based on your experience. But you don't go all in to get experience. On something that's $300 a month. Yeah, you get experience, then you build it up. Okay. So what if I were to take a part-time job?

No. With a full-time job. No, your part-time job is learning this side hustle and growing this side hustle. That's correct. No, listen, you cannot justify giving up your whole career and giving up everything and walking into something that's $300 freaking dollars a month. You have got to prove this. I mean, that's right now.

I know it's right now, so prove me wrong. Go make some dadgum money. You do whatever you want to do kiddo but i'm telling you that's dumb don't do that yeah okay yeah let's incrementally let's get let's go from two clients to three or four clients or let's let's drop the two clients replace them with with more work from clients that'll give you more work we want to get your billable as a bookkeeper this is all about your billable time what What you have is a theory right now. Yeah, it's not a business.

You need to move it from theory to business. A business is something that makes money ongoing, that is substantial, that you can live on. You need to grow a business. And as the business gets up close to what you're making now, then you quit your full time. But you will have proven your ability to make money doing this. You have to do that. And you've got this dream in your head that if you just go full time, it's all going to work out. Honey, that's not how it works.

Because you haven't figured out how to run this dadgum business yet. You haven't figured out how to make money with it. And you've got to go make some money. That's the whole goal here. Everybody's willing to do what it takes. Very few are willing to wait as long as it takes. And that's where you are. The tension for you right now is you don't want to wait because you really

love this bookkeeping and you got this day job you want to get rid of. Here's the problem. You're not ready. Your day job's going to fund the dream job. Go build the side business. Yep. Build it. Get the dock. Get the boat closer to the dock. Don't be jumping in the water thinking you're hitting the boat. The boat's way out there still. Yeah. You need to get it up closer so you can land in the boat when you jump. Please, please do that. That puts this hour of the

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