The Ramsey Show - App - Should We Get Married in Our 60s? (Hour 3)

Episode Date: November 16, 2020

Retirement, Relationships, Home Selling, Education, Debt

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is done, 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, Chris Hogan. Ramsey Personality is my co-host. Open phones at 888-825-5225. That's 888-825-5225. John is with us to start this hour off in Kansas City. Hi, John. How are you?

Not too bad. I appreciate you taking my call. Sure. What's up? Hey, for about the last, I'd say, dozen years, I've been focusing on real estate investing as a landlord. And I do a few flips here and there. But I've focused on that. And I don't feel good about some of my cash investments as far as, like, IRA goes. I feel real good about what I've done with real estate and what that's done for my net worth, but at this time, should I just continue on with my real estate investing, or do I need to put more money in my IRA? I have about $150,000, and I'm 50 years old. About $150,000 in my IRA. Well, the point of getting retirement is to have some wealth.

Right. I don't really care what it's in, as long as you're comfortable with it. I'm only comfortable investing in two things. I invest in good growth stock mutual funds, and I have a lot in that in my retirement accounts. Now, if you're in a bank IRA, you said cash, and you're making 1%, then you need to roll that and get with the Smart Investor Pro and get it in a mutual fund. Well, what I meant was long-term, you know cash, and you're making 1%, then you need to roll that and get with the Smart Investor Pro and get it in a mutual fund. Well, what I meant was long-term cash.

It's with an investment company. Is it making any money? Yes. Yes, it's doing well. Okay. So what's the gripe? Well, I just don't feel good about it, I guess, is what I'm saying. Why?

Should I be a little more well-rounded? Well, you're heavy real estate. Right. You don't feel good about that, or you don't feel good about the IRA invested? I don't feel good about being heavily invested in real estate. I mean, I feel good for what it's done for me. It's performed well. I get a really good return on my investment on a percentage basis.

I'm just looking forward to another 10 or 15 years when I want to retire. Yeah. Are the properties all paid off? They are. Okay. And what's the total value in your real estate portfolio? About $1.2 million. Way to go, man.

Very well done. Well, I am personally, just to show you, this is who you're asking, way heavier in real estate for two reasons. One is I bought a bunch of real estate at a nickel to a dime on the dollar in 08. And so that stuff has gone through the freaking roof since I bought it at the bottom, comparatively. I mean, the lost values in 08 recovered within 18 or 24 months, and then on top of that, it is appreciated dramatically since then. And I'm an old real estate dog. I got my real estate license in 1978, man.

So I love that business, and I love that investment. I'm very comfortable with it. So, you know, way more than that 50% in real estate in my net worth. And so, but I'm very comfortable with that. I'm not worried about it because the real estate's all doing well. It's not got, if I got a piece of real estate that doesn't do well, I get rid of it, but I don't get into that very often. There's no rule that says that you can't be there. And other people, on the other hand, hate being a landlord,

and they've got all their money in mutual funds, which is just fine. Those are the two things I put money in. I don't really put money in anything else. Kind of same here. I do have a home mortgage. I don't feel great about it, but, you know. Now, let's get that cleared off. That'll probably help you.

Yeah, I mean, you're right. You know, if you pop one of those investment properties and pay that thing off that wouldn't make me mad but i mean have you done something theoretically wrong by the way that i teach or run my life or chris teaches his life no you haven't okay well my my thing about the you know like my home mortgage is about 300k and my house is probably worth double that. So I'm about 50% there. I always look at the interest rate on my home mortgage and think, well, I'm making a lot more with my money in the real estate.

That's bull. That's complete bull. If your house was paid off, you wouldn't go borrow on it to buy a rental house when you're sitting on a million and a half or a million and two and paid for real estate? If you thought debt was great, you would have been deep in debt on that stuff. You don't think that's great. Well, so if, you know, if I, if some of my real estate brings me, you know, 15 to 25% return. I would not borrow on my house to buy that. Okay. Well, the only thing I've borrowed, you know, my mortgage is borrow on my house to buy that okay well i the only thing i've borrowed you know my mortgage is just on my home i know effectively you've borrowed on your house to buy that because you're not willing to sell it to pay off your house it's the same math right so you can

do whatever you want to do i pay off debt and stay out of debt and I got out of debt a long time ago. I don't borrow money. And so when a pandemic comes or a 2008 comes or a 911 comes, I'm the little pig in the brick house. The wolf can huff and puff, and I'm ready. And, John, you've done a great job, of course, paying off the rental properties, and that's great. Now, as Dave was talking, pivot. Let's look at your primary residence. This is your home, for goodness sake. You want that thing paid off and out of your life.

So that needs to be the next mission. Well, if you're making 15% on a piece of real estate, dude, you're not making that in a mutual fund. It's got a higher hassle factor than the mutual fund has. But you're not making that on your mutual funds. I make more on my real estate than I do on my mutual funds. But the mutual funds are less hassle. And, you uh, so it's whichever one you want to do. It doesn't really matter. The main thing is grow money. Dan is in Vancouver. Hi, Dan. How are you? Dave, thanks for taking my call. I really appreciate it. And the Chris, I gotta tell

you, first of all, I am one of those, uh, old dogs that used to go to the S&H store with my mom to cash in the booklets. I love it. So my question is, I'm 64 and a half. My girlfriend is 62. I've been single for seven years. She's been single for 20. We're both pretty well financially set. I've got about a half man in my, in, um, my retirement account.

I don't owe anything with the exception of my condo and my girlfriend, um, uh, pretty much doesn't owe anything. She's got about four times the amount. Um, so we're debating, we're having these conversations as far as do we get married? Do we not get married? Do you hear all the different comments from the peanut peanut gallery? Why do you want to get married? What are the benefits besides the spiritual benefits? So I want to find out your thoughts as far as at this age, what would you do in a situation like this? I am that age. And so, but, you know, the answer is real simple for me. I'm a Christian.

I've got one option, get married. That's my only option uh and i i and i believe as a person of faith that god gives us that direction because it's what's best for us uh and now do you need to maybe do a prenup with her with two million and you with a half a million for clarity yeah that wouldn't be a bad thing i don't usually recommend prenups most of the time i don't but you guys have enough money there and uh it just keeps the everything real clean and you know extended family or whatever no longer has an opinion once there's a prenup in there but uh you know but dan you keep saying at this age you're young you still got 30 something

years left buddy yeah Live your life. Get connected to someone that loves you and you can love and keep moving forward. I'm sharing all these jokes and says, you'll be remarried in about 30 minutes when I'm gone. I'm like, no, it'll take me 45. I have to cry for 12 more minutes. I'm going to get killed when I get home. Yeah, you are. This is the Dave Ramsey Show.

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and takes over all the work if you become a victim. They even cover your bank accounts if they're hacked, and your kids, who are major targets, are free on their family plan. Visit Zander.com or call 800-host today here on the air. I'm Dave Ramsey, your host. Open phones at 888-825-5225. Tim is with us in Indianapolis. Hi, Tim. Welcome to the Dave Ramsey Show.

Hey, guys. Thanks for taking my call. Sure. What's up? Dave, I've been watching your videos for about a month now, so I'm just trying to familiarize myself with your baby steps. I have a question about baby steps four and five. To save 15% or put 15% towards retirement, right now we're putting about 8%. We have about $285,000 in the 401k. We have a freshman in high school, a seventh grader,

and a fourth grader. We have no money set aside for their college. So if I up that to 15%, that leaves us really only about $5,000 to $6,000 we can put aside for their college per year. So I'm wondering if I should go ahead and up it to 15% or save more for college. What's your household income? $95,000. Okay. And so we're talking about another five or six thousand dollars yeah yeah okay so you're either going to put 12 000 a year for college or 6 000 away for college and you have a freshman exactly yeah and you have another also we have i'm sorry we have a about 20 extra thousand

in our savings we can put towards college or something else, whichever would be best to put it towards. Okay. Well, what I'm going to do is back into a community college and or an in-state tuition college, because that's all you're going to be able to afford. Yeah. And start talking to them right now about what that costs today. And then that gives you your goal. Because I'm afraid you're more than $6,000 a year off for four years. I don't think that's going to get you there.

Oh, no. I'm looking at in-state schools, and they're about $20,000 with room and board. Yep. So, yeah. Times four is $80,000. Yeah. Right. And then room and board. Yep. So, yeah. Times four is $80,000. Yeah. Right, and then times three kids. Yep.

So I'm just trying to... So $6,000 a year is not going to... In other words, doing this is not going to get you there, so I think you're going to have to have other plans also, regardless of which answer you get. Mm-hmm. Yeah, yeah. I agree with that, too.

I just didn't know if there was a specific college fund i should throw that 20 25 000 dollars at yeah i mean i'm going to put it in mutual funds you've got quite a few years before you're going to actually use it um and i'll put it in a 529 and let it grow tax free but if you stop retirement completely and put it all on college you've still got a college shortage yeah yeah so you've got to be not only in state tuition maybe they're living at home maybe maybe community college the first couple years maybe uh maybe they're working while they're in school yep yep and um you know that kind of stuff and Scholarships out your ears. Everything in the world you can come up with. That's exactly right, Tim. Right, exactly.

Yeah, talking to them and helping them to understand that the scholarships and grant are going to be imperative. So that's their grades. That's their community involvement. This is a real conversation to be having with that freshman. And there's nothing wrong with going to a community college. So knock out the prerequisites and then transfer to a four-year institution. And so you have the ways of being able to do this in a financial way that you can afford. So here's the thing. I'm going to set the goal. I'm going to dig into the details on the college and lay out this is

exactly what we're going to do. Here's what it's going to cost. Here's how we're going to get there. And then I'm going to back down and look at this retirement question again at that point. But for me to just go, oh, you can ignore the baby steps and pile up college because you're in a pinch. No, I think it's a bigger question than that. And so you've got to dig in and decide for yourself how you guys are going to get there. Hold on. I'm going to send you a copy of Anthony O'Neill's book, Debt-Free Degree, because you did that. I mean, it's just good. Very well done.

All right. Open phones at 888-825-5225. Chauncey is with us in Houston, Texas. Hi, Chauncey. How are you? Hi, Dave. I'm better than I deserve. How are you? Just the same. How can I help? Dave, I wanted to get your advice. I'm on baby step six,

but the longer I'm in, I guess, the Ramsey family, even though I just have the mortgage, I still want to get rid of it fast. So I was thinking if I could go back to, say, Baby Step 2 and just stop everything like I did before and just put all, let's say, stop it for a year, just give myself 12 months, and then put all of that extra cash to my mortgage to try and get it down even faster. What's the balance on your home? Mainly because I'm just in a hurry to get it done. What's the balance on your house? $53,000.

Well, that's not going to do it. You're not going to pay it off in one year. Huh? You're not going to pay it off in one year. Well, I wouldn't pay it off in one year, but to take a huge chunk out of it, I would think... Well, you take a huge chunk out of it while you're doing the baby steps, too. But the chunk will be bigger, Dave.

Not much. And it's going to cost you millions of dollars later in your life when you didn't save like we taught you to do. No, I'm not doing that. Chauncey, don't you do that. Don't you do it. Okay. I'm telling you. Now, listen.

Are there other ways that you could bring in extra money and attack it? Sure. You've got blessings and gifts. You could bring in some extra money and throw it at the house, but not at the sake of stopping your investing. It sounds good in theory, but I'm telling you, stay focused on the steps. Don't you mess with this recipe, girl. So here's the thing. If you work it our way, let's say you're paid off in seven years.

Okay? Mm-hmm. If you work it our way, let's say you're paid off in seven years, okay? If you do it your way and you stop the 15%, it's going to pay it off in four and a half to five years. So the only argument here is a couple years. That's the only difference. If it made a 25-year difference, I would discuss it. But it doesn't make a 25-year difference. It makes a two-and-a-half-year difference. And I'm making up those numbers, but they're not far off. And so that's what I would do.

I would keep doing the 15% and take the longer path on the house. It's not that much longer, and that way you haven't lost the momentum on investing because that compound interest works. It does. And I respect Chauncey. I respect the intensity. I love the focus, but not at the cost of you putting away money for your future. So again, sit down, look at your blessings, your gifts, your talents. What are some ways you could bring in an extra 15 to 20 grand a month and throw it at the house, but keep investing the 15. And so that's that sacrifice factor. It's amazing. We're good at setting goals. We're not necessarily good at identifying what we're willing to give up to get it. And so stay the course, stay with the 15%. But at the same time,

think of ways, brainstorm, how can you fast forward this mortgage? Yep. That's how it works. Open phones at 888-825-5225. Melissa is on Instagram. I'm in Financial Peace University. I just saved up my first thousand dollars for Baby Step One. Where do I keep this money? Well, Melissa, I would tell you just to slap it over into a savings account. Don't leave it sitting in your checking because there's a name for that money that just sits there and it's called spent. So just put it right over in your savings account and then turn your attention to baby step two, young lady, and attack that debt. Small is the biggest. She's in the debt snowball. It doesn't have to make any money. No. Your emergency fund is not an investment. It's not an investment. Your emergency fund is insurance.

And whether it's your beginner emergency fund, baby step one, or whether it's your longer-term full emergency fund, three to six months of expenses, baby step three, in any case, what it earns is not where your wealth comes from. And so it's just like insurance. It costs you money because it's not invested well. It costs you money in order to protect the things that make you money. Because if you don't have an emergency fund, you know what people do? When the transmission goes out, they cash out their 401K or borrow on it.

Or they cash out their IRA, and they take all these penalties and all these hits because you didn't have an emergency fund. So see what I mean? It's insurance to protect the things that make you money, and that is what the emergency fund is all about. It's a rainy day fund. Why? Because sometimes it rains.

Sometimes there's a pandemic. This is The Dave Ramsey Show. Thank you. Chris Hogan Ramsey personality is my co-host today here on the air. Open phones at 888-825-5225. Kasha is with us in Long Beach, California. Hi, Kasha. How are you? Hi, Dave. How are you today?

Great. How can we help? Okay. Well, first of all, I just have to say thank you because of your plan and keeping me calm and keeping me on a plan. We paid over $200,000 worth of consumer and student debt. Way to go. Thank you.

On baby step number, I think, four. Wow. So, yeah, it's life-changing. Thank you. Way to go. I'm impressed. Very cool. Yeah.

How can we help today? Okay, well, great. Well, I live in Long Beach, California, but not for much longer. We are going to be moving back to, well, I'm originally, I'm a native, but my husband is from northern Kentucky, and we're going to be moving there either this spring or summer. When we bought a house in California, I like this joke that we bought a hooptie house, so our house is ghetto adjacent, and so we bought it at the right time,

and we have about $300,000 with equity. But I learned really bad finances from my family. And my parents originally had houses in San Francisco. When they sold it, I think they sold it for $300,000. The last time I looked, it sold for $3.2 million. Then they had a house in Sonoma. They sold that for $400,000. Last time I looked, it sold for $3.2 million. Then they had a house in Sonoma. They sold that for $400,000. Last time I checked, it sold for $1.5 million. So I'm a little nervous about selling this house even though I'm going to have a gain, and I could potentially buy a house in Kentucky for $300,000, I mean $300,000 to $400,000 cash, or do I hold on to it and not make the mistakes my parents did?

Your parents didn't make a mistake. They sold the house for the price it was at at the time, and had they tried to hold on to that house for 25 or 30 years for it to be last time I checked $1.2 million, they would have had 25 years of pain. So no, they didn't make a mistake. Getting completely out of the real estate market and saying, I'm never going to own a house ever would be a mistake because the over 25 years, you see a move from, you know, or whatever number of years it was that those stories occurred. But I'm sure it was a lengthy period of time.

It wasn't 20 minutes. Right. Yeah. So, you're moving to Kentucky. Sell your house. Yeah. You don't want to do that you don't want to do that long distance landlord kasha no it's i'm a real estate agent and um here so i i've already had to go through some really nasty evictions right and that's a part of me that just i'm really nervous about that plus at this too, if we can move to Kentucky, we can be Baby Step 7. We also have three kids who want to go to Catholic education, so we have that

to fund as well. Well, you've changed your legacy by attacking debt and looking at it. And so, honey, you're on a different path. You're thinking different and you're doing stuff different. And so the lessons, you know, or mistakes your family made with money, those aren't yours anymore. You've you're writing a brand new chapter, young lady, and proud of you. And so you're going to get a raise as soon as you leave that California area and get to the great state of Kentucky. That's where I'm from. You're going to get a raise, honey. Quality of life. Daniel Boone and Chris Hogan. Quality of life is going up. You're about to buy a house with cash and you're going to get a raise, honey. Quality of life. Daniel Boone and Chris Hogan. Quality of life is going up.

You're about to buy a house with cash, and you're going to do things differently, Kasha. I'm proud of you. Well done. Steve's with us in Florida. Hi, Steve. Welcome to the Dave Ramsey Show. Hi, Dave. Hey, what's up? Hey, I was hoping for some advice.

We have a family member willing to give us about $200,000 to help pay off our house, what we have a family member uh willing to give us about uh two hundred thousand dollars to help pay off our house uh what we have left on it wow and uh um and we would we would pay them back over over over the next few years oh that's not giving that's loaning well well yes Well, yes, it's lending. Eh, I'll pass. No thanks. No thanks. The borrower is slave to the lender. When you eat Thanksgiving dinner with this family member, it's not going to taste the same when you owe them money on your home. Okay.

It's going to taste like perky. My wife already accepted the money. We'll send it back okay so you would look at refinancing so you called to ask me if you should do something that you've already done well she she accepted it but i wanted to check and see if there if you should use it to pay off the house or it would be wise to use it uh it would be wise to send it back it It was a loan. Yes.

It wasn't a gift. If it's a gift, it's a different thing. Yeah. As long as there's no strings attached. But a loan, you have to pay back. And, dude, you're going to change the dynamic of the relationship with the person involved. It must be her daddy. A large amount of money, too. We're not talking two grand.

This is $200,000. They're going to have 200,000 reasons to be looking at you side-eyed for the next five years until you pay them back. Nope. Nope. And he ain't going to send it back either. All right. Let's see here. Carlos is with us in San Jose, California.

Hi, Carlos. How are you? Hey, good. Great. Thank you for taking my call. We had a quick question. So our family is on step number two. We found you a few months ago.

We have about $75,000 in debt, which 62 of that is student debt. Our income is about $150,000. Good. You're going to be done fast. Earlier this year, we were able to buy our first home, but we used a down payment assistance program. So this is a 0% interest for 30 years, but they do take a share of appreciation, which is 17%, which is what they lent us. So my question to you is, should we focus on paying down that debt, the student debt, or try and knock out the $100,000 we owe for that down payment assistance program. Well, hold on, Carlos.

What's the other $13,000? If $62,000 of it is student loan debt and you said you had $75,000, what's the other $13,000? It's about $12,500 in a loan. I mean, a car loan. Okay. All right. Well, the shared appreciation mortgage is not a good deal for you. The longer you stay in it, the harder it's going to be for you to get out of it because the government now owns 17 percent of your house. That's what this amounts to um so uh you know paying the 100 000 off does not get rid of that refinancing the

loan and getting the whole loan gone gets rid of it uh so probably what i'm going to do is work to get rid of the car debt then the student loan and then i'm going to refinance and get out of this um, the shared appreciation loan, uh, the SAP. And so, um, it's, uh, um, yeah. Uh, yeah. You just, the, the idea that they're going to get 17% of your growth because they loaned you money. Um, I mean, I haven't seen one of those in years. I didn't know they were still doing them. Yeah. I'd heard of the rural housing where they have the recapture, but I hadn't heard of the SAP. Yeah, but I hadn't heard of the SAP. I mean, we used to do them back when rates were ridiculous, like when rates were 14 and 15. I mean, shared appreciation loans started popping up then because people were doing anything they could to get an interest rate down.

But in this current world, why in the world would they even have a product like that out there? And Carlos, it's not a good deal for you. You did not save enough on your interest rate in order to justify giving up 17% of your ownership. So I'm going to work my way through. The good news is you make $150,000, you're going to pay off the $75,000 in two years. With that said, let's talk about refinancing this house and getting rid of the SAP.

Yeah. And getting the house into your name completely and ending whatever penalties this results in and everything else. Get it all repaid with a refinance, and let's get it straightened out that way. So, amen. Thanks for the call. Open phones at 888-825-5225 so here's the thing there's no shortcut to any place it's worth going there's no shortcut to building wealth a shortcut to home ownership is going to get you a bit on the butt yeah oh yeah a shortcut if it sounds too good to be true it's because it is you know it's um easy payments always means dumb butt idea you mean 90 days isn't the same as cash

day that means it's the truth it's not the same as cash not and so i mean when something feels easy yeah and painful i mean not no pain involved in you actually saving up and paying for it you're about to get your butt bit that's what's happening this is the dave ramsey show Thank you. Our scripture of the day, Galatians 1.10 For am I now seeking the approval of man or of God? Or am I trying to please man? If I were still trying to please man, I would not be a servant of Christ. Warren Bennett says, becoming a leader is synonymous with becoming yourself. It is precisely that simple, and it is also that difficult. Well, there you go. Open phones at 888-825-5225.

Chris Hogan, Ramsey Personality, is my co-host today here on the air. Allison is with us in Hammond, Louisiana. Hi, Allison. Welcome to the Dave Ramsey Show. Hi. Thank you very much. Sure. What's up?

So we just moved to Louisiana from Maine about two months ago. Um, me and my husband, we, and I've been trying to find a job down here that I like, and it's not working. So now I have, uh, two jobs. I work Monday through Friday. I'm a tire mechanic at a shop. And then I work at a Harley Davidson store Saturday and Sunday. And then I'm actually in the National Guard also. so one weekend a month I'm going to drill. And I want to go to school, but with having a schedule like that, I'm just trying to break

even on the bills right now. I'm not trying to make a million dollars. I mean, like, I'm trying, but it's not working out. But I don't know how to balance work and trying to go to school at the same time while still paying all the household bills and creating a plan. What's your husband make? He's on a tugboat, so he makes $185 a day. He works 21 days on, 14 days off.

So it's a, yeah. So he's making $40,000, $50,000 a year, right? Yes, about, yeah. Okay, and why can you all not make your bills if he's making $40,000, $50,000 a year and you're working? Yes, it's just, I don't know if it was because of the move and we had to spend a lot of our money to get down here and get all our stuff down here that we don't have as much saved anymore. How much debt do you have? We have two vehicles, and I have a credit card of $5,000 and a student loan for $5,000.

Okay, what do you owe on the cars? My car, I owe $19,000, and and his he owes 40 i think okay forty thousand dollars and he's on a tugboat 21 days out of 30 for that dadgum thing to sit in the driveway that's dumber than a rock girl i it's a're going to be mad at this part, too. It's a lease, and I don't know how to get out of it. That's the main thing. I would love to get out of that car. Yeah, you need to sell both of these cars. The reason you don't have a life is you gave it to the dealership.

You're in slavery. Both of them have to go. So the way you do a fleece and get out of it you're going to get out of it if i tell you how yes sir you can tell tugboat boy tugboat boy his car is gone right okay don't text him wait till you talk to him i'm serious this stuff is killing you guys it's not the move that got you it's these cars you have sixty thousand dollars in car debt and your household income isn't even 60 grand i'm so sorry honey you're i'm i just i'm mad for you that they just screwed you this bad and you let it happen oh my gosh all right so how

do we get out of it so here's what you do you jump online and find out what the stupid car is worth. It's not a car. It's a truck, isn't it? Yes, sir. Yeah. Okay. We've been down this road a couple times. All right. Me, too. I'm not laughing at you.

I'm laughing with you. It's the same exact stuff I would have done when I was 25. Are you all 25? I'm 23. Okay. Close enough. All right. And so you jump online. Let's find out what the car is worth, the truck is worth.

Let's pretend that it's worth $35,000. Where did you get $40,000 as to what you owe on it? I'm sorry? Where did you get the number $40,000 that's owed on it since it's a lease? Well, we're going to... So for the lease aspect, I think we only owe about $10,000, but it's over miles. So it's $0.25 per mile that it's over. So we were thinking that the cheapest way to get out of it would be to buy it and then sell it at the end of the lease.

It may be. It may be the cheapest way, but let's go ahead and do that now. You don't have to wait until the end of the lease. Okay, so you call them and ask them for the early buyout on the fleece. If you want to give them a check and they give you the title. Have you done that? Is that where you got 40? No, sir. that's all together you were just estimating you were guessing okay how long has he had the truck two years what was the msrp on it when he bought it the the sticker on it

55 65 65 two years and then we got that was a sticker on it we we got it knocked down probably to 52 uh-uh not on a leash you didn't um okay my family friends on the dealership yeah they were so good to you too um yeah It's such a blessing to have friends like that. So, all right. Call them back and ask them to take back this blessing. No, they're not going to take it back. I wish I would have heard of you two years ago. I know.

I'm sorry. I'm sorry. I just hurt for you, and I'm just aggravated for you, not at you, honey. I just want you to get out of this because it's killing you. It's killing you. You're working in a tire store to pay for his truck. So call the car fleece company and ask them what the early buyout is. I'm afraid it's going to be more like $50,000 than $40,000.

Okay? I don't know. But you ask them for the early buyout, and that's like the payoff on a car loan. It's the same number. Okay? that make sense to you yes okay then what i want you to do is to jump on kelly blue book kbb.com and let's find out what it's worth and then you're going to have to come up with a difference with a loan from someone if it's so if it's a 50 buyout and you look it up and it's worth 40

then you're 10 in the hole and if you can you got to write a $10,000 check in order to sell the truck and you're going to borrow that money somewhere but I'd rather you be $10,000 in debt than 50 which is what I think you are in debt I don't know well you'll have to get into it and figure it out. But basically, you've got to cover the difference, and you're going to be in the hole. Just like if you had borrowed the money on a car loan, you'd be in the hole.

You'd be upside down. It works the same way. It's only they hide it under the mystery and the fog of a lease, but it's still all in there. It's still you getting screwed is in there. So here's what we need to do, okay? I need to put the two of you, and has he got Wi-Fi available on the tug? I assume he does.

He has cell phone service here and there, yes, sir. Yeah, good. Okay. I'm going to put you two into Ramsey Plus and Financial Peace University so you can learn how to handle money. Also, Kelly's going to hook you up with one of our Ramsey certified coaches, our Ramsey preferred coaches, and it's going to be free. We're going to pay for it to help you get out of this truck. Thank you very much.

She's going to help you get out of this truck because you're so screwed in this thing. If we don't walk you out of it right, it's going to double the pain or triple the pain. We're not making a dime on this. We're going to help you for free i'm paying for all of it because i know how scared you've got to be yeah he's gone on the boat for three weeks out of the four week month and you're over here trying to fight this stuff off by yourself and you're 23 years old and you just moved to a strange town yeah so we're gonna love you kiddo we're gonna walk with you i'm fussing at you but i'm fussing at them for selling

you this truck and you for buying it not because i because i'm mad at you or something i just i hate the injustice of this in your life and i want to help you get out of it so chris and i'll take care of you we'll do that we'll get you set up with a counselor kelly you can get her set up with ramsey plus as well yeah and the main thing allison is it's not always going to have to be this way young lady but you guys will have to lock arms and get serious about this and do the Ramsey Plus stuff together. Yeah, and you people, these car dealerships, that's immoral. For a 22-year-old young woman to walk on a thing and walk out with a $65,000 truck, that's immoral. That's ridiculous.

That's just wrong. At some point, you've got to do business in a way that's a blessing to people. That's immoral. That's just wrong. At some point, you've got to do business in a way that's a blessing to people. That's immoral. God. Thanks, James Childs, for producing today. Kelly Daniel, our associate producer. I'm Dave Ramsey, your host. 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. Have a friend or family member that needs a daily dose of Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast.

It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.