The Ramsey Show - App - Should I Take a More Difficult Job That Pays Better? (Hour 2)

Episode Date: November 28, 2022

Dave Ramsey & Dr. John Delony discuss: Preparing for financial stability, Working a difficult job that pays well, Liquidating investments to buy a house. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage 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. We help people build wealth, do work that they love, and create actual amazing relationships. Dr. John Deloney, Ramsey Personality, number one best-selling author,

host of the Dr. John Deloney Show, is my co-host today. Thank you for joining us, America. Jessica starts with us this hour. She's in Indianapolis. Hi, Jessica. How are you? Hey, I'm all right, America. Jessica starts with us this hour. She's in Indianapolis. Hi, Jessica. How are you? Hey, I'm all right, Dave. How are you?

Better than I deserve. What's up? Good. Hey, first off, just want to say how much I appreciate you all. They say surround yourself with people you want to be most like in life, and so I listen to a lot of you and your team. So thank you for that. Thank you.

Yeah, I just wanted to, I'll kind of jump into it. A little background. I am dealing with some health issues. I deal with Lyme disease and then a lot of issues that have kind of come off of that. So I've been unemployed for about seven years due to this. And my husband left in early of 2021. And we officially had a divorce finalized this past spring. I'm been living off of some settlement money, but it is not lasting long. I have to cover my own medical expenses and different, you know, my own personal things. I live with family, so I don't have the cost of like a rent or utilities, but everything

else is on me. And I guess I'm just, I know the Bible talks about, you know, being prudent and planning ahead. And so I'm looking at my situation and, um, being unable to work, but without an income, not really sure where I'm going to end up here in a few months, what I'm going to do about this situation. And so I guess I'm just looking for some counsel on, um, what maybe I can be doing with what I have left or what can I be doing to prepare? Because I definitely don't want to be, um, you know, when he walked out, I was left with this, uh, vulnerable feeling I've never felt in my life of what do I do about my money? And I never want to feel that way again.

So my hope is to get back to working again. But in, until then, what can I be doing to prepare myself for financial stability when I get there? How old are you? 33. Who are you living with? Parents at the moment. At the moment.

How long will that last? Oh, as long as it needs to. Okay. What's the barrier between you and getting a job, going back to work? Is it cognitive? Do you get tired? Is it movement? What is it?

Yeah, no, it's all of the above. Okay. It's being able to do physical. It's very much cognitive. I actually love the Ken Coleman show, and he inspired me a little while back when my husband left. I actually, uh, love the Ken Coleman show and he inspired me a little while back that, um, when my husband left, I actually went ahead and got a certification myself to be, um, a coach, but I've not been able to follow through with it just because, uh, not, I mean,

everything else with life, my body's just taken an even harder hit over the past year and a half. Um, so my, my body has not allowed me to do anything with that, but I have it in hopes that I will get to use it. Coaching can become very hard because you're taking on, you're carrying two people's stuff or you're sitting in two people's mess, yours and whoever you're sitting with. My recommendation right now would probably be getting some teeny tiny little wins what does it look like to get um seven hours a week at a thing and practicing how you feel and being very intentional right um this has been going on seven years and so at some point you balance whatever pain you're in whatever whatever cognitive brain fog you've got,

whatever Lyme disease downstream stuff you've got going on with this identity that I can't do anything. And that I'm completely dependent on other people. And that dependence is terrifying once you realize, oh, nobody's coming for me. He left. Right? And so seeing yourself make some teeny tiny progress find out what your limits

truly are because it's been seven years right right and you've probably tried every remedy in the world for Lyme disease it's just a mess that can be a quagmire right yeah why have you not been declared permanently disabled and aren't receiving SSI well that's the other yeah why haven't you yeah social security benefits yeah so I'm actually in Why have you not been declared permanently disabled and aren't receiving SSI? Yeah, Social Security benefits. Yeah, so I'm actually in the process of that, and that's a whole thing. At this point, I'm waiting for a— It's been seven years. Why are you just now doing that?

Because when I looked into it in the past, I got bad information, and it was my understanding that without a diagnosis, I couldn't apply for it. I mean, I had a guy on the team that got Lyme disease, and he's collecting on our disability policy still, and that was a decade plus ago. And he's also collecting SSI. Yeah, I was told, I don't remember who it was, but in the past when I looked into it, that without a diagnosis, I wasn't able to collect. And I just received the diagnosis this year.

Oh, the Lyme disease diagnosis was now? After six years? Well, yeah, I've been to doctors, like, continually. So I just had someone about a year ago say, have you been tested for this? And I was like, no. And so that came later than the time when my had to apply. That also opens up some treatment options that you didn't have prior to yeah we the thing is um that in treating for that going so long without it being identified you start

developing a lot of other issues and so now there's kind of a big because what he had i don't know what else you've had symptomized but i'm no doc but i just watched him he's my friend he worked here was extreme fatigue oh yes he thought he had mono he thought he had mono yeah you know he thought he had a a neurological disorder which lyme disease kind of is but um yeah but i mean wow okay so listen either you get functioning or you go get ssi so i'm I'm actually in the middle of trying to get SSI but they told me um I'm waiting I've got a 12 to 15 month wait just get my hearing date um because I'm working with a disability attorney to try and get help with that and I've been denied two or three times now it's going to and they'll deny you and deny you and deny you and deny you that's

their game well that was prior to the Lyme disease diagnosis though no no no that's now you've been denied after the diagnosis yeah and they're telling me I likely will not win my case because the time frame I missed it by a month of the five year mark I had to apply so so then we're back we're back on the government and say i don't i'm not arguing that i'm just trying to get you some eating money i'm just trying to get you somebody to eat with all right so um because my family can't carry me they can put a roof on my head but i listen i have a friend who continued to keep showing up and keep showing up and keep showing up with ssi and they kept denying kept denying kept denying kept denying And then just had a successful outcome. Years.

So don't give up that. Don't give up that. Yeah. And in the meantime, then I would go with John. And let's say, look for some small wins. Look for some things you can do without lifting a car. And, I mean, we just had a really thorough cognitive conversation with you here for five, ten minutes. That means I know you can do that.

Maybe coaching's not it right now. No, but I'm just saying there's a lot of stuff you can do these days. From home. Yeah. Maybe you're an advocate for people that have got stuff like this. I don't know. Anyway, there's some employment for you that you can do with the limitations but you just got to search it out and figure it out probably self-employed of some kind Dr. John Deloney Ramsey personality is my co-host today. Thank you for joining us, America.

We're glad you're here. Open phones at 888-825-5225. We talk about a lot of things that you do to be successful with money around here. Let me tell you one of them that will break the back of the whole thing for you. Generosity. for you generosity we probably don't spend enough time talking about the power of generosity to transform your life the generous person's life and uh it does every year around this time heading up to christmas we always do a uh an annual giving show where we take calls for three hours with your giving and receiving stories stories that blow people's minds with generosity where you've received or you've given we want to hear

your actual story from your actual mouth on the show email us at ask at ramsey solutions.com the email address is ask at ramamsaysolutions.com. December the 14th, we're going to be sharing these. Our giving show will be that day. And just put in the subject line of your email, giving, and the team will get back to you and schedule you to be a caller. We don't tell you what to say, but we set up the time for you to call and be a part of the giving show. Again, the email is ask at ramsaysolutions.com, giving in the subject line.

Chris is with us in Odessa, Texas. Hi, Chris. Welcome to the Ramsey Show. Well, thank you for having me. I can't believe I got through. Well, we're glad you did. How can we help? Well, I got a question for you.

I'm looking for some advice. To make it short and sweet, I'm wondering, do I stay with a physically comfortable job that barely pays the bills, or do I go back to something that I left because it was becoming physically, well, physically painful for double the salary? Before I answer that question or we answer the question why have you boxed yourself into either no money and it's soft and cushy or I can't physically do the work but it makes a lot above well um unfortunately because i i um i those are the things i know the best ah okay and so uh what are you making at the cushy job that's not physically demanding uh okay at the cushy job it's not physically demanding uh right, at the cushy job, it's not physically demanding, right, just under $60 a year.

And the other one's $120? Well, of course, it's $194. Okay. And Odessa, so what, oil field? Yes, sir. Okay. How old are you? I'm 58. And therein lies part of the problem, you know, because I'm kind of a dinosaur.

Yeah. In the eyes of employers now. Mm-hmm. Mm-hmm. Okay. Is there a possibility to move on to get some credentialing so you can go be a supervisor at some of these sites? Or go test the water and go test the gas extractions? I mean, there's different ways to be involved in this field and make killer money. You just got to have to go back and get some certifications.

That's not a roughneck. It's not turning wrenches. Yeah. Is that possible? Yeah. I guess it would be i got a feeling you have knowledge about that stuff from just practical hands-on common sense knowledge yes sir yes sir i do i do and i've been a mechanic for 30 years before this so yeah you can smell this stuff long before the analysts figure it out yeah yes yeah and so what if you were also

an analyst is what john is saying or whatever you're a certified dot dot dot fill it in that you kind of used to roll your eyes at but they make good money and they also utilize your knowledge and experience of the oil field and your knowledge and experience put with a little bit of education in that area might make you very valuable and unusual kind of a unicorn there's a reason why they all their trucks are nicer than than the young guys can i ask you a personal question chris go ahead you got in trouble with the law before no no never okay i sent some hesitation what is it that is keeping you from taking a leadership position or moving in towards that role? Why do you see yourself at 60 years old as just a guy that turns wrenches?

Well, I love doing it. I'm very good at it. And part of the reason I'm in the oil field for the last couple of years is because that's what I did for a long time. And when COVID came and everything was shut down, you know, the dealership I was working at, you know, you've got just got too tight and they hung on to me as long as they could. But, you know, the first ones to go are the overpaid, you know,

managers and service managers and the new hires. And unfortunately, I was one of the overpaid service managers at the time. I bet with your experience, you weren't overpaid a penny. I bet you made them money hand over fist because you're really good at what you do, man. You're one of those guys, like Dave said, you can smell it. You can feel an engine like a heart surgeon can feel inside of somebody's chest cavity. You're really good at it, right? Yes, sir. Okay, so here's what I want.

What John and I are both poking around on, and I'll just say it out loud, is the options you, and we've just talked to you for a few minutes. We think that you are much more valuable than you think you are. Yeah, that is part of it. Because if you believed, by God, I'm valuable, you'd go take three classes at the community college, put a little certification after your name, and walk in like a stud in the middle of this next thing and own it. You'd buy yourself a second dually to get out to your sites with, and you test the water, and you tell those knucklehead young kids out there. Whatever it is. Exactly. and you test the water and you tell those knucklehead young kids out there whatever it is exactly i don't care whatever area that you've got knowledge in that you could step back and

use your mind in instead of your back because you've got the experience that's stored in your mind and that experience is not duplicatable in a 24 year old right college graduate it's just not or my buddies that left college and just went straight to the work field right i mean doyle field either one if they're 30 you know dude you just you know there is a value to the human experience there's a value to you've been standing there when this happened uh and you can't replace that that has that's quite the opposite of I'm not employable because I'm 58. Instead, you're quite employable because you're 58. That's right.

If you turn the narrative a little bit and twist it on its head to go a different direction. So that's the way I'm going to think about this. So I'm going with C of your options, none of the above. And I'm going to figure out a way around the edges of this where i get to do something that's not backbreaking but that i get to plug into a business that i know a lot about an industry that i know a lot about but plug into it from a different way than i ever dreamed of before it's as if you were 18 years old you got a fresh start with a clean whiteboard you can pick out anything you wanted to do now go do that that's right uh and i really think you should and i think you can uh more than you did at the start of this call so i'm going to plug you into ken

coleman stuff he's one of our remsey personalities here you may want to talk to him on the ken coleman show or when he's on here one of these days in the meantime i'm going to send you a copy of his book paycheck to purpose and i'm all going to also going to sign you up for his assessment i want you to take that it's all free we're going to sign you up for his assessment. I want you to take that. It's all free. We're going to give it to you free because we believe in you, and we think you can go do some stuff. Now, when you turn this around and you're making $120,000, $130,000,

doing something else that is doing the stuff we're talking about, we'd love to hear back from you that our belief in you was well-founded. That's right. I mean, this happened with my buddies who were police officers, my buddies who were wrench turners. I'm from that area who were out turning wrenches in the oil field. We are the roughnecks. We are the guys that get it done.

Leadership is over there. And then I've got friends who are in leadership who are like, I don't sweep the floors. That's for those folks. We've got to get over that, man. And at some point, I think you're a gift if you can take your wisdom and knowledge and transfer it to the leadership. You can be the leader that you never, ever had. What a gift, right?

And vice versa. You can be a leader that goes and picks up a broom, and you do whatever it takes to help everybody be successful. First church I went into, I went into the fellowship hall. There's an old man setting up chairs, and I'm like, hey, who's that? Senior pastor. Senior pastor. That's leadership right there setting up chairs and I'm like, hey, who's that? Senior pastor. Senior pastor. That's leadership right there. This is The Ramsey Personality, number one best-selling author, is my co-host today

in the lobby of Ramsey Solutions on the debt-free stage. Kevin and Elizabeth are with us. Welcome, guys. How are you? Doing good. Good. Good to have you. Where do you guys live?

Irvine. California. California. Awesome. Welcome to Nashville. And how much debt have you paid off? We paid off $132,256. Excellent. How long did that take? Two years, six months. Two years and six months.

And your range of income during that two years and six months? Started at $38,000 and ended at $121,842. Whoa. Okay. Very cool. What do y'all do for a living? Well, I used to be a behavioral analyst and now I'm a homemaker. Okay. And I hang wallpaper for the family company. Okay. So how'd you go from 38 to 122 with that gyration? Well, Dave, I know a lot of wallpaper. Yeah. Rich people are more afraid of wallpaper than they are of leaves. I remove a lot of wallpaper. I'd be very afraid of wallpaper. Leaves will not kill you.

Wallpaper will break up a marriage. Yeah, I've heard many horror stories. Wow. So really, your business is thriving is what it amounts to. Yeah, in the beginning, it was like an apprenticeship with my dad, and I just started learning more and more. And he trusts me with bigger jobs and more jobs and just grew from there. Awesome. What kind of debt was the $132,000?

We had Disney annual passes. We had car loans, credit cards, student loans. Everything. Yeah. Disney. He leads with Disney annual passes. passes yeah that's the lead on credit you owed money on them yes you borrowed on your disney annual passes well we were college students at the time so oh that even makes it even worse you didn't have kids y'all are going for you yeah adult disney people oh no

i always wondered if y'all were for real they're out there they're out there now we've met a real one in the wild um all right so uh okay how long y'all been married um it's going to be four years so a couple years into marriage you looked up and said uh the way we're doing this is not working. Tell us your story. What happened? Well, when we first got married, we were looking for a place, you know, we're looking for somewhere to live,

and we were looking to get a mortgage. And when the loan officer told us, you know, you have over $100,000 in debt and your income is $38,000, what do you think is going to happen? You're not going to get a house. So when he quit laughing, yeah. That was embarrassing. You were shamed out of the mortgage guy's office. Yeah. Then you did what? Well, I had heard a commercial for your show in my dad's truck when we were on our way to work, and I checked it out one day and I pitched the idea to her and she was against it and I was for it.

And he's crazy. I'm not going to do that. You're not going to control my money. And, you know, after that conversation with the financial advisor, we were like, OK, we have to grow up and, you know, get on a plan. And why not this one? Yep. Yep. So you plugged into our stuff how how did you get how'd

you get lined up with ours honestly we just listened to the podcast we listened to the radio show and i got your audio book i've listened to it probably like six times and every time i feel like i'm getting off track i just listen to it again okay all right we suck to it what what brought you around to this elizabeth? That shocker from the mortgage guy? Yeah, it was the shock of like, what do you mean? I'm working so much, why don't I have money to do things? And after hearing that, it was eye-opening. And we really had to sit down.

And in order for us to work in a marriage, I really thought, okay, we need to both get on a plan. And we started, and I was like, okay, let's give it a try. And that try ended up helping us all together. Two years or six months later, you're free. Yes. What does that feel like? Because it sounds like you've never seen this done before. Maybe you didn't come from families that treated money this way.

How does this feel? Because this is all new. Yeah, it feels surreal. I mean, people, I mean, even in our own family look at us kind of crazy of like, how are you doing this? What is this going to get to you? But it has helped us so much in our marriage and our journey of becoming parents. With our first pregnancy, we, like our son, we found out he had a heart condition. And we had to really pick a plan in order to help him out as he was going to be born. And that called into being um like relocated to pennsylvania um and

you know through it all um we were blessed with um seven weeks with him and by his bedside and the fact that we didn't have to worry about money and we could focus on him like that has helped me like even after losing him what an amazing way to you did the work up front so that you so that you had the opportunity to honor that beautiful little boy as much as pot right yes yeah what an amazing testament yeah you had the honor and privilege of just getting to to be with him mour mourn and hold your son, right? And then shortly after we lost our son, we found out we were having another son. And, you know, with all those things that we can't control in our lives, we are truly blessed that, you know, we are able to control our money now

and that we're able to be in a sense like stress-free from that so that we can focus on our family and each other and you know the things that we want to do in our lives yeah and number two is here and healthy yep yes yes that's amazing guys wow stork mode is so important when you say to stop and stockpile cash. I mean, that was just life-changing for us. Well, I mean, yeah, I can't breathe just hearing the story. And if you had to worry about money and all the other stuff, that would just be more than you could bear. I mean, we were blessed like a community and church um our

church really supported us through everything and um like having those skills of managing our money like their help with their contributions like it was allocated in right the correct places wow what a story yeah you got a little exclamation point on your debt-free, huh? Yes. To say the least. To say the least. A couple of them. Yeah. Wow. Amazing. What an incredible reminder that no matter who we are, how much we plan things out, life's coming for us, right?

Yeah. And it's going to surprise us in good ways, and it's going to surprise us in devastating ways. And if you've done the work to take control of your, at least provide yourself a foundation financially, you're ready to come what may, right? Yep. What a blessing y'all are. What do you tell people the key to getting out of debt is?

You want to take this one? You can take it. Honestly, it's following the steps, how you lay them out. There's no deviating from the plan. You've got to follow the steps, and you've just got to stick to them long term. It's hard sometimes. You get distracted, and you want to do other things. You want to go out with your friends, but just really sticking to it and keeping your head down and just keep going.

Yeah, just following the steps to the T. Yeah, you had every excuse in the world with the heartbreak and the process you've been through to go off the rails and to go do something crazy with money and medicate, you know, the sorrow and the grief with it, and you chose not to. You chose to just stay on a plan, which is do nothing except pile up cash until baby comes. And then you get to do it again is do nothing except pile up cash until baby comes. And then you get to do it again.

Do nothing but pile up cash until baby comes. And then the net result is today $132,000 gone in two years and six months. And a lot of life lived during that time. Yep. And a lot of wallpaper taken down. A lot taken down. Yep. There's a lot of wallpaper. That's a lot of wallpaper taken down. A lot taken down. Yep. There's a lot of wallpaper.

That's a lot of wallpaper. Hey, we've got the Total Money Makeover book for you, the Baby Steps Millionaires book for you, and a one-year membership to Financial Peace University for you. That's the Live and Give bundle. Enjoy it or give it, whatever you want to do. Kevin and Elizabeth and Luke from Irvine. And your son's name that's in heaven?

Hudson. Oh, Hudson in heaven? Hudson. Oh, Hudson in heaven. Hudson. Hudson. Awesome. $132,000 paid off in two years and six months, making $38,000 to $122,000. Count it down. Let's hear a debt-free scream.

Three, two, one. We're debt-free! Yeah! Woo! And Luke has on a Mickey shirt. Note to self. This is the Ramsey personality is my co-host today, host of the Dr. John Deloney Show,

author of the number one best-selling book, Own Your Past, Change Your Future. Well, we're in the holiday season where our brains are focused on buying presents, decorating our homes and all the Christmas and New Year's celebrations. All of a sudden, it's January, and you feel like you're behind on everything. A little bit of a financial hangover. Doesn't have to be that way. When you start the new year, you can start strong.

You can start by joining us for the Building Wealth Live event here in Nashville on January the 12th. This one-night event will help you kick 2023, help you start it off feeling confident about your money, even in this weird, crazy economy. George Camel, Rachel Cruz, Ken Coleman, Dr. John Deloney to my right, and I will be there. We're going to walk you through a plan to get on track and build wealth. Yes, right now it is still possible. Our Building Wealth live events have been a huge hit.

They've been sellouts all this year, and we just wrapped up the sold-out fall season. It was awesome. Our January event will be here in about 20 seconds, and it'll be at the Ramsey headquarters right here. And then we're headed to Indianapolis, Austin, Salt Lake City, and Anaheim with dates in the spring. We're telling you, if you need some motivation, this is the thing. Passes for all of these start at just $39. Head over to RamseySolutions.com slash events. Building wealth live in Nashville.

Don't miss it. RamseySolutions.com slash events. Phoenix is on the line. And that's Ed calling. Hi, Ed. What's up? Hello, Dave. Thanks for taking my call sure how can we help well i you know i'm just uh you know in this turmoil that we're in the middle of with

the markets and everything i've been retired for a few years and a divorce late in life and uh which which allowed me to be uhfree, but it was very painful. Sure. But, you know, I've got some pretty good money in the bank, a little over a million bucks, and maybe not today. The market's down a little bit. But I wake up every day looking at the markets and pondering about what I should be doing,

and I just didn't know if you guys thought, you know, I've got Social Security's coming up pretty soon and I've got a retirement package that that'll give me some money if you thought I should you know purchase a house how old are you 65 okay and your retirement package consists of what about 40,000 a year okay Why would you not purchase a house? Why would I not? Well, first of all, most of the money is tied up in 401ks and that kind of stuff. And so if I take that money, I'll bet $200,000 off for a down payment

or even try to pay cash for it. I'm going to pay a whole lot of tax on that deal. And my rent is... So what else are you going to do with money? Well, the idea is to keep it where it's at and let it go up and down. Yeah, and the next 20 years' rent goes up every year. Yeah. Yeah.

That's true. That's true. Yeah. So that's true yeah so um the thought behind that and the and here in the in the in the arizona market uh you know housing prices have just gone up through the roof um they're coming down a little bit now but they've been amazingly high yeah they're not they're not gonna come down much more um i don't think uh i think there's just the market slowed down but i'm not seeing prices drop there were some unrealistic prices that are now getting realistic but um but there's not a there's not like a devaluation of real estate so here's the thing if you live 20 more years you're going to wish you owned real estate okay i plan on living 20 years now i. I mean, think about 20 years ago.

Yeah, yeah, yeah, yeah. Don't you wish you'd bought something in 2002? Don't you wish you owned something right now that you had purchased in 2002? So, yeah. And I'm going to pay cash for whatever I buy. No down payment. I'm going to pay cash for it. You've got the money.

Here's what I want you to do. This is going to be a spiritual practice for you. I want you to stop getting up and staring at the markets all day, every day, strapping yourself into this roller coaster going up and down. These are in 401s. There's no business. There's no reason to torture yourself this way, man. You're making yourself nuts. I'd leave the newspaper, leave the website alone. Stop. There's not a newspaper anymore. I sorry but the um they're now pamphlets but um

hop out of the covered wagon usa usa today yeah so pamphlet um just stop just you're making you're torturing yourself buy a house man buy a small reasonable house for us for one guy three or four hundred thousand dollar house or cond, and that way you own it. You have no payments. It's not going up in rent. You've stabilized that part of your life. You're going to get a sense of peace and a sense of calm that being at someone else's beck and call as a renter does not give you.

It is a good use for some of your million dollars. Oh, and by the way, $40,000 will go a long way towards being able to live on it without touching the other money. That was $40,000 plus Social Security, right? Yeah, plus Social Security. But if you don't have a mortgage payment of any kind or rent payment, you have a pretty good life on that. And if you want to use some of that other money to enjoy, that's fine. You're going to be fine. You're going to be fine.

So let's say you spend $400,000 and you don't touch the $600,000. It'll be $1.2 million in seven years if you've got it in mutual funds. And then it'll be $2.4 million in seven more years if you don't touch it. Or if you do touch it and take a little out of it, it'll still be $2 million. And while we're here hassling you, find something that you can do locally, whether that's getting a job that works part-time or you can be one of those super awesome guys at Home Depot

that helps knuckleheads like me try to figure out what to do or serving at a restaurant. Do something that you've got to get up and go do every day. It's going to get you off the computer and get you off the television screen, and you can make a little money on the side or make some good money, but go do something. Sarah's in Minneapolis. Hi, Sarah.

Welcome to The Ramsey Show. Hi, guys. Thanks for taking my call. Sure. Question about opening a little bit of a side business. My sister and I actually came up with an idea we wanted to do together. I know it's not advised to go into business with like a partnership necessarily, but just wondering how do we go about then kind of structuring it.

We want to open like an indoor' play area in our town. And it would be, like, a side gate. We both work full-time. So who's going to run it while you're at work? We would have it open in, like, the weekend hours and a few, like, days here or there when we have days off over the holidays. We'd hopefully have someone also, like, staff it if we're not available.

This sounds like a really great idea for two moms who are desperate to have a place to send their kids. That is not a fully formed business idea yet. Okay. Yeah, you're not open. Okay. You're just going to be open when, like, it's convenient for you and your kids want to play. Okay. This is not going to be open when like it's convenient for you and

your kids want to play okay this is not going to be you're going to go broke i mean you're going to spend 50 000 bucks building this thing and it's going to take you 50 000 years to break even on it if you don't think this through a little bit further you're not got enough customers enough hours yet in your mind for this to because i mean you're gonna have to rent a spot and or where were you gonna put it like in a mall or what yeah yep we're hoping in there's an area in our town or a mall that isn't being utilized so we're hoping to have some space in there that's not being utilized for like storefronts we've been to other like play areas and just kind of fell in love with the idea um i've got i've got i've got a six-year-old the idea sounds great to me that i have a place that i know is always open

that i could take her but i in my life um it's either going to be a routine like we're going to go there every day or every other day or it's's going to be, man, the internet went out, the movie we're going to go see is sold out or something, we can't make it, and so we're just going to show up. And right now, y'all are like, well, you know, every other weekend and a couple of days here and there, you need to sit down and come up with an actual business plan of what this would look like. Yeah, how are you going to be open normal hours that people can bring their kids?

On a regular basis. Yeah,'t there's all kinds of these uh franchises now out there competing with you for play space that have every bouncy thing in the world in it um rope thing in the world i mean i've been in them with the grandkids i don't even know what they're called but um yeah you're competing with those and you're gonna have to have a real business plan and then either you work for your sister or she works for you and the other one put it in you own it or she she owns it. We don't need to be partners. That's a good recipe for, I don't want to be in this in six months and then we've got a real problem.

Dave here. You can find all of our shows with the Ramsey Network app on your smartphone. It's the only place to listen to the entire back catalog of episodes. Download the Ramsey Network app in your favorite app store today.