The Ramsey Show - App - Simplify Your Finances (Hour 1)

Episode Date: December 19, 2023

Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Thanks for joining us, America. Merry Christmas to you. We're so glad you're with us.

Jade Walsh, all Ramsey personality, newly minted, brand new author. Money's not a math problem. Breaking Free from Broke is George Campbell's new book, and I'm glad for what I have is Rachel Cruz's new book, all in the Ramsey store right now. But Jade's with us to help me answer the questions this hour about your life, your money, your work, and your Christmas budget. Oh, wait, we'll just put that in there.

888-825-5225. Kristen starts this hour in Tulsa, Oklahoma. Hi, Kristen, how are you? I'm good. How are you doing? Better than we deserve. What's up in your world? Well, thank you for taking'm good. How are you doing? Better than we deserve. What's up in your world? Well, thank you for taking my call. So my husband of 16 years passed away two months ago. Oh, I'm so sorry. Yes, thank you. Y'all are young. How old was he? I'm 39. We have five children, and he was 46. Wow.

What happened? Well, he had been battling cancer for three years, and then he had a really intensive radiation treatment to his liver, and then he had some neck issues, so it was on lots of pharmaceuticals so with with that and the disease and the treatment his his body just gave out so um it happened very quick yeah thank you I appreciate that so um I never paid a bill in 16 years and so I'm left to steward our five children and, um, all of our finances. And, um, I want to steward it well. Um, but I'm feeling, uh, zero confidence without him leading in this area. Yeah. Cause he's been in, he was in charge of it for all of that time. Yes, 100% in charge.

How old are your babies? My oldest is 15 and my youngest is four. So was there insurance that came about? Yes, and that is actually my primary question is, so he had a few life insurance policies and I was going to tell you what debts we had and to see if it's better. I remember him telling me a long time ago to take the insurance money and pay off the mortgages. But I know we've refinanced since then, and obviously situations, it's just different now. So I wanted a non-biased opinion on what would be paying for the ride. Well, you called the wrong place for that. We're extremely biased. No, no, no.

But we're biased to try to help you. So how much insurance was there? Okay, it's going to be about $720,000. And how much debt do you have so we have three mortgages our primary mortgage we the value is 496 and we the payoff is 267 now our rate is 2.65. Doesn't matter. Okay. So to pay it off, you said the value of the house is 500? Yes. And you owe to what? Six, seven. Okay. Do you have any other debt other than that mortgage? You said you had three mortgages. Yes. So we have two rental properties that actually, we net about $1,200 a month on them. Yeah. What is the value? What's the equities in those properties? Give me the value of rental property number one and the mortgage on rental property number

Okay. It's 319. 319 value. And the mortgage on that one is? Is 109. Okay. And the other one is valued at what? 231.

Okay. And the value is what? I'm sorry, the mortgage is what? 231. We owe 88 on it. $88, okay. Oh, wow. So you've got a little bit of equity, not a ton, in both of them,

but you could pay off everything and still have a substantial amount of money left. Yeah, yes, yes. Now, who was handling all the tenants and the landlording? He was. Yes, he was. Okay, so we have two complicated things here that you have to learn uh in a cram course how to handle the the monthly personal finance issues at home and learn how to be a landlord yes okay which i do have a lot of family here i don't care um i mean it's nice that they're

there but they're not gonna do it for they're not going to do it for you. They're not going to do it for you. Well, do you want to be a landlord? No, not necessarily. The good thing is, I mean, the rent. You've been a full-time mom all this time? Yes, and I actually just got my master's last year, and I am actually a counselor.

Oh, cool. Okay. So you have the ability to create some income. just got my master's last year and I am actually a counselor. I'm a counselor. Oh, cool. Okay. So you have the ability to create some income. I do. Okay. All right. And so I do have, I've been going to have social security and I have a better idea now

what that's going to look like for me and the kids. Okay. Jay, jump in anywhere you want here, but I'm pretending like at this moment that you're my little sister. Okay, yes, I love that. And if you were my little sister, what would I tell you to do?

I personally love real estate. I own a bunch of it. But it sounds to me like you don't need landlording on top of five kids and trying to learn how to handle money for the first time in 16 years. That's what I would say. So I'm probably selling these two houses for one reason and one reason only, and that's to simplify your life.

Okay. Your life doesn't need to be any more complicated in the middle of the pain and the newfound stress of having to handle some other stuff. Plus you said they cash flow $1,200 a month combined. Yeah, that's not much. You can go out and make that and way more. Like I don't think it's, do you see what I'm saying? So if you were to sell those, take the money from those and pay off your home, you'd have $700,000 to invest and sit down with a smart investor pro with some mutual funds create

an investment account you've got a pile of money coming in for social security for the five kids you can use that money the money you earn as a counselor and a little bit of money off the 700 and easily mathematically by the math would be easy not the life but the math would be you could easily take care of your family yes yes and that's really what i want i don't want you dealing with some tenant okay yeah i do have on my car i owe 20 pay it off pay it off today okay what else do you have is that it that's it it was a three- year just and never borrow never borrow money again okay that's rule number one because you have a paid for house a paid for car five kids and a big old pile of money and you're going to live on less than you make so that this is sustainable into

perpetuation okay and then you've taken care of yourself now here's what we're going to do okay you mentioned steward which is typically a a word used by people of faith. So you're a person of faith, I assume. Yes, 100%. Okay. So are we. And my book that my Heavenly Father gave me told me to take care of widows. So you're going to be taken care of.

We're going to put you into Financial Peace University, into EveryDollar, and I'm going to assign one of our Ramsey coaches to you to get you up and get you trained and help you get sustainable with your knowledge. And it's all on us. Thank you so much. Thank you so much. Merry Christmas, honey. Merry Christmas. I'm so sorry you're going through this, but we're going to walk with you, okay?

Thank you so much. You hold on. The team will pick up and get you taken care of. This is The Ramsey Show. Hey, you guys. Health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy.

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at chministries.org slash budget at chministries.org slash budget. Jade Walsh, all Ramsey personality is my co-host today thank you for joining us america open phones at 888-825-5225 those of you that are considering getting on the every dollar app this time of year and getting into financial peace university the last call we took from the lady with five children who hadn't touched a bill in 16 years tells you that you need to go through that class because while I don't mind and I'm honored for us to be helping her, I don't want you to be in her situation. You should never be in a situation where one spouse does everything and the other spouse has no idea what's going on. Yeah, that's when you set yourself up like that, you never know what's going to happen in life. And of course, you hope the worst doesn't happen, but you've got to know what's going

on with your finances. Even if something catastrophic doesn't happen, it's your money. You can't even argue intelligently if you don't know what's going on. That's true. You lose every argument. Oh, oh my goodness that's a good point you can't i mean you because you end up being the little boy that's being taken care of by his mommy or the little princess who the husband or whatever i mean those are extreme dysfunctions right but uh hers wasn't that he just she had a bunch of, and he's taking care of the bills. That's okay. And I do the majority of the finances, no kidding, at our house. But I can 100% assure you that Sharon knows two things about every item of ours.

And ours is complicated. You know, with businesses and real estate holdings and other stuff that we have, she knows two things. Number one, she knows exactly where everything is and where we stand on all of our money. Okay. No question about any of that. And she knows where the bills are and how they get paid. And number two, she knows who to go to for the various information, for insurance information, for investment information, for business information, and so on so and that's all planned out and laid out and so um and she actually got me on

something the other day that i hadn't done she said you need to go in and the will's got everything in detail all everything's laid out in detail but i don't know what you want done with your collections of things ah hey that's the first time you've talked about sharon and not said it in her voice okay dave dave what am i gonna do with all those dadgum guns there you go i don't know what to do with 300 guns i'm like well you do i think i think i need to make a list and tell you what to, you know, how to sell them or which kid needs to get which. And yeah, that's right. And so.

That's important. Even something as simple as passwords and knowing how to get. No, I've got that. I've got them all in one. You know. I've got one of the apps. I don't endorse it, so I'm not going to say what it is. Yeah.

But everything's in that and my personal assistant and my son who's president of the company and my wife all have access to that and it's a it's a treasure trove of passwords so it gets you in everything so uh it's all store including safe safe codes to get in the safes in various houses and stuff so all that but you gotta guys you cannot you you leave yourself at a disadvantage you the husband felt like he was serving his wife but she didn't have to fool with that but he leaves her set up to now she feels completely lacking in confidence but to your point talking about every dollar the great thing about it is makes both of you do it together you're both on it it's on both of your phone right you know they've got the mobile version of course the the

desktop version but if you have the mobile it's on your phone, right? You know, they've got the mobile version, of course, the desktop version. But if you have the mobile, it's on your phone. There's no, you know, you open up the app. And yeah, you can, it's the same login, right? So there's no reason for you to not, even if you're not the one that actually sends out the payments, or even if you're not the one who actually types in the amounts, right? Because there usually is one person who kind of takes the lead on that there's no reason that you can't spend three minutes a day right you you first get up get get up in the morning look at look at the app look at the budget and see what's on there that's just part of adulting hashtag adulting there you go yeah it just it is it's just um you make better decisions the preacher when you went down the aisle, dun-dun-dun-dun-dun-dun-dun-dun. And now you are one. So when you make a decision without the other half of your brain, because now you're one. And so if you're doing this by yourself, you're just a half. That's a really good point.

You're using half your brain. Yeah. So you are now redesigned to use your entire brain so shannon and i make large giving decisions large financial decisions uh large time block decisions if we're going to do you know what are we going to do with our time yes we manage our calendar our budget our future planning together and it keeps a it's a really good marriage tool because it keeps us in high levels of communication and so i just want to encourage all of you both of you need to know what's going on that's just healthy now again one of you is always going to be you know maybe your wife is a cpa and she loves doing numbers she's going to take the primary lady that's right

and that's okay there's nothing wrong with that but you don't need to be completely freaking clueless it just sets you up for problems i know that's right rob is in cincinnati hey rob welcome to the ramsey show hi how are you better than i deserve what's up yeah so my fiancee and i are getting married next october yay for a house thank you thank you i97,000 in the traditional brokerage account, two grand in a separate checking account to help pay the remaining seven grand for our part of the wedding, which includes rings and whatnot. Right now, our household income is around 120 grand. You don't have a household yet. And my fiance.

It will be next year. When you're in October, it'll be a household. Right now, you have you and her. What do you make? We make $120,000. What do you make? There ain't no we yet. It's we in October. Now it's me. What do you make?

I make about $60,000. And so does she. Okay, great. Okay, thank you. Yes. Thank you. Okay, so when you are married, it'll be $120,000. Right now, each of you make $60.

That's awesome. Very cool. How old are you guys? I'm 28, and my fiance is 26. That's good. And you're going to go buy a house after you get married? Well, that's the thing. We want to save for a little bit.

We don't know. I've lived in apartments my whole life. I just don't know where to begin. I only have one type of debt and it's her car, which is about $14,000 remaining. Does she have any money? I do not. Well, yes, she does. She has a savings account that her dad started for her. It's not a Roth IRA. It is around $21,000 to $23,000 last time we talked, which was a couple weeks ago. So she could take that money. She should pay off her car.

Yes, and that was going to be part of my question, too, if we just pay that off immediately with that. She should, yes. If you suggest her to pay it off, will she pay it off? I think so. I don't know how her dad would feel about it but she's an adult it's her decision i think she should yeah yeah but that's interesting that you said that i like that okay all right so you got to finish up the wedding and then you're going to get married and then you're thinking about buying a home when ideally maybe 2026 oh wow for a couple years okay uh you're gonna pile up cash like crazy

and then go buy a nice property with a good down payment or pay cash huh that's the goal i just don't know how to go about that with saving up for a down payment if i should just keep that money separate like in a checking account no you got it in a brokerage account that's fine put it in some mutual funds or uh something like an s&p 500 or you can got it in a brokerage account. That's fine. Put it in some mutual funds or something like an S&P 500. Or you can put it in a money market. High-yield savings is fine. You're only going to do it for a couple years. You don't want to take a lot of risk with it.

And you do need to keep it separate. You want to make sure you've got three to six months saved up first. Keep that somewhere else. And then when you start saving up for that down payment, keep that like where Dave said. I love the idea of saving like crazy for two years and just piloted in that that high yield savings account or whatever it is it's just the house account we'll call it right you just dump money in there dump money in there dump money in there let me tell you there's two things that are very good about that rob uh thing number one is being married

eight a year 18 months before you make a decision on which house to buy is very wise. Because after you've been living in the same house, married people for a year, you will make a different home choice than you will today. Facts. Right. We always laugh and say it takes, in this case, maybe more true than not based on the father comment, but it takes about a year of being married to know how close to your mother-in-law to buy. Not too close.

That's the thing, right? So you got to get to know each other. You got to get to know life. And so then during that time, the second wise thing is you're going to pile up a big old pile of cash and you're either going to pay cash or almost pay cash for this house. I love what you're doing. Me too. Go do that. Do not do any of this together until both of you have the same name

this is the ramsey show merry christmas america jade washall ramsey personality is my co-host today in the lobby of ramsey solutions on the debt-free stage. Tom and Teneca are with us. Hey, guys, how are you? Good. We're doing great. Merry Christmas. Good to have you.

Merry Christmas to you. Where do you all live? We live in Kansas City. Actually, Atchison, Kansas, but it's about an hour from Kansas City. Yeah, I know it. Yeah, wow. Welcome to Nashville. Thank you.

How much have you guys paid off? $214,944.27. cents i love it how long did this take 48 months good for you and your range of income during that four years it was uh 160 000 all of that time uh well it at the end it was about Okay, good. What do you guys do for a living? I work in health IT. And I work in law enforcement. Very good. What do you do in law enforcement?

I'm a contractor for Homeland Security. Oh, wow. Good to have you guys. Welcome to Nashville. Hey, I love it. Yes. So what kind of debt was this $215,000? We had, well, I had student loans of about 42 43 000 and we also had some

consolidation loans we had credit cards lots of credit cards we had i think it was like 21 credit cards that we ended up having yes and just just getting rid of those makes your hip work better. That's for sure. But we also had a loan out against our 401k prior to FPU. Wow, okay. So we were paying that off as well. So just lots of personal loans and just student loans and stuff. What happened four years ago that got you guys on this Ramsey process? Because, I mean, you went from one direction all the way to the other direction.

This is a completely turnaround. Yes. We were doing pre-marital counseling, and we put our finances together, obviously, and my wife looked at me and said, we're not getting married. It's not happening. Whoa. I did. So I looked at her. Pre-marriage counseling fail yes yes so the holy spirit came upon me and i looked at my wife and said it's gonna be all right and at the time i didn't have anything to back that up with with. But later on, we were in church and up on the screen came FPU. We looked at each other and

said, that's us. And here we are. So how long have you been married? We got married July 27, 2019. Okay. And within a couple of weeks, we were sitting in church never heard of fpu and it came across the screen shout out to city center church pastor and matt uh matt and jeannie perky at our church thanks pastor yes for offering your program we were there and saw it come across the screen and as soon as we saw it we literally just looked at each other and we knew that that was us as the lord had confirmed what he had said before that so we both knew we were on the same page and knew and also you were like i was right yeah financial peace university so you guys jump in there and boy are you ready

we are ready you're ready it wasn't like it wasn't like you had to be talked into anything you're like something's got to change, and this is it. Yep. I love it. That's perfect. Follow the baby steps. They work. That's good. There you go.

And treat your budget like it's the Bible, like it's a lifelong commitment. Okay. Stick to it, in other words. Stick to it. Yeah, absolutely. I like that part. And we knew God was behind it, so that gives you a drive of confidence. Yes, 100%.

Now, you guys had a- it lowers the whining it does it does if god said there's something it's like okay i really can't want i can whine about it but it's kind of particularly lame yeah that's a good point but what a journey through it to watch how i mean there were so many times that we just looked at our bank account we were like where did this money come from how are we paying off all of this? And how is it? It literally did just snowball, you know, like you say, Dave, it's just, it works. Well, I wanted to ask you guys, because you guys have a nice income and you've had it.

It sounds like the majority of the time. So what was the hardest part? I mean, did you guys have to side hustle or was it truly just looking at the budget and just cutting back? We really did. And I have to give kudos to my husband um he worked overtime for over well over two years i mean he just we both went in with gazelle-like intensity and he was working 12-hour days i mean he was working 60 plus hours every week consistently and on top of that we have he had an hour or more drive just to get to work every day so literally he was going driving working coming home falling in bed

getting up and doing the same thing in a couple of hours wow and thank you for that but he did that was our our number one thing we also we have acre, a little over an acre of land. And so we've got some cattle. And so we sold beef just off of that little, you know what we can do. So no major ticket items. We just kind of like put everything together. We did Poshmark and just got rid of things that we didn't need. And on eBay,

and he did Facebook marketplace. I don't get on Facebook, but he does. So it's amazing. Facebook marketplace and just being intentional. Yes. Just being intentional and constantly to keep that going. He did Facebook Marketplace. I don't get on Facebook, but he does. So he did Facebook Marketplace. Just being intentional. Yes, just being intentional and constantly to keep that going. And God did the rest.

Obviously, paying attention, working on it together were the keys. What are the big things that you took away from Financial Peace University that you went, I knew that. That's brand new information. I never heard that before. Anything? Just that, just follow your steps. I think that the one big thing that I got from it is that with man, it's impossible.

But with God, all things are possible. Amen, I'll go with that. And I thank you for hearing God's voice with starting this. And to know that for hearing God's voice with starting this. Yeah. And to know that you can't do it on your own, you know, but if you trust God and you are obedient and you follow the steps, that it really does work and it makes sense. It makes sense.

I mean, the principles are grandma's's common sense but they're also biblical obviously get out of that stay on a budget live on less than you make be generous right um be saving and investing every one of those things show up in scripture and they show up in grandma's common sense and uh but most most of us refer out in both things in america yeah and so when you come to them it's like brand new information almost like common sense is not common you know and it just it wakes you up and it energizes the crud out of you you guys are amazing i'm so proud of you thank you and i'd have to say dave when i was growing up and everything i credit cards uh around my family and stuff

it's like if you didn't have a credit card you weren't normal right well that's america and right and i was yeah and i grew up very resourceful so i was already eating beans and rice yeah she's country and i'm city yeah love it well done you two thank you well done okay so somebody's listening they're brand new they're thinking about getting married in pre-marriage counseling they look up and they got two hundred thousand dollars in debt what do you tell them i tell them to trust god if if we can do it if god can do it through us god can do it through you there is nothing that's impossible with him and follow the baby steps like like tom said they do work wow don't give up stay diligent god's got it i love it well played you two well played heroes wow love people taking control of their lives and stepping up and man you start your marriage

off on a great foot and uh marriage counselor pre-marriage counseling went a little rough but the marriage started off great yeah this is great way to go guys hey we got the live and give box for you it's got the baby steps millionaires book in it uh because that's where you're headed next uh total money makeover book you can give that away and get somebody started and a financial peace university membership same thing you can go this is what did it for us this changed everything for us when our pastor and church started teaching this by the way you pastors and churches out there listen to that it's important you have this class in there because there's someone sitting there going uh i need some help and it's like your job to help them by having this class available thank you guys 10 000 financial peace university classes last year were taught 10 000 so uh it's

important it's very important thank you guys tom and tinnica kansas city area a little bit of our west at addison count it down 215 000 paid off in 48 months, making $160,000 to $170,000. Let's hear a great debt-free scream. Three, two, one. We're debt-free! Yeah! Ah, this is how it's done, ladies and gentlemen. Man, Jade, that's fun.

Very good, very good. This is The Ramsey Show. $5,000? Yeah, we're going to be giving away $5,000 this week. Wednesday, December the 20th is the last day to register for the free Ramsey Cash Giveaway. Go to the website, ramsaysolutions.com, slash giveaway, and sign up. You can sign up every day. Somebody's going to win it.

No purchase necessary. $5,000. You ought to check it out. And do it today, because tomorrow's the last day. That's tomorrow. Yeah. That's right. Well, depending on when you're listening, Wednesday the 20th, that's what your cutoff time is.

And so don't miss this. John's in Orlando. Hey, John, welcome to the Ramsey Show. Hey, Dave, how are you? Better than I deserve. What's up? I am calling. I have 10 rental properties,

and I am considering selling two of those to pay down two of them or put that money towards my house. So I'm just trying to get your advice on that. Okay. How did you come to this conclusion? I don't know. I've been buying over the past like three years and with the interest rates high right now, I've just been trying to kind of hold off on purchasing and then just using the equity that I do have to, you know, move that around and use it to make the most sense for me, I guess. So do all of the rentals have mortgages on them, all 10 of them? Not all of them.

One of them is paid off, and then the other nine do. Wow. And the two that you're talking about selling have some equity but they have mortgages yes so um if you sold those two can you pay off your house no i can't um so between those two i have about 210 000 worth of equity um so i could use that to pay off two of the rental properties that are worth around $100,000 right now. Or that have about $100,000 on the mortgages. What do you own your home? I can put that in my house.

I owe about $555,000. Listen, if I'm honest with you, my goal, numero uno, would be to sell whatever I have to sell to get my personal mortgage debt-free. Because it's crazy to me to have all of this real estate and juggling all these balls in the air, but your own personal mortgage is not paid off. Right. Yeah. And the only reason I wasn't, you know, considering selling them all or, you know, putting everything towards paying down my mortgage is just because I can comfortably cover it, you know, just with my job. So that, you know, just with my job. So that, you know, the goal, the end goal is to have a real estate portfolio and do that full

time at some stage. So. Okay. Well, I mean, John, you can certainly go any direction you want to go. I love real estate. I've got a large real estate portfolio myself, several hundred million dollars worth. And I pay cash for everything i buy including real estate or i don't buy it um because two two things that happen when i do that particular three things happen when i do that in real estate number one it's the best way to get great bargains is close it friday and i'm paying cash and i want a deal? And so you can buy distressed situations. You can buy into bank REOs, everything else, right? And you can do it quick, and the quick means a lot to people if you're looking for a bargain, number one.

Number two, when I pay cash, my cash flow, since I don't have any payments, is astronomically amazing. It's flowy. Number three, my risk profile goes way down. Because you just said some really dangerous words like nothing, like no one ever lost a job in your industry. Right. Well, we know that's not true.

Yeah. Yeah, I was considering, you know, taking that extra amount of rent that I'd be getting in, you know, from those two properties that would be paid off and throwing that towards the mortgage. That's fine. What do you make a year? The payment's going to be the same. About $250,000. Good.

You've got a great income. So here's what I would challenge you to do. You're sticking your toe in the edge of doing things the way I do it. I'm way over here on the right most real estate people are leveraged all the way over on the left correct you're kind of in the middle and you're thinking about moving in my direction but at a slower pace maybe than jade was trying to get you to go you follow me yes sir okay so let it i would challenge you to consider establishing a strategy to become 100% debt-free before you add to the portfolio. Now, we can do that two ways.

There are three variables. One is selling some property. Two is utilizing your fabulous income to reduce debt. And three is time. How much time is going to elapse while we do this because five years of making 250 000 is different than two years making 250 000 okay so if you take so if you said all right i'm gonna sell two i'm gonna use that rent that's freed up i'm gonna crank on my personal lifestyle and start throwing it at something in this mix.

And every time one of those is debt free, we're going to add to the cash flow to get another one debt free and the cash flow to get another one debt free to where at the end of the story, and the story is a three year story, a five year story. We haven't added anything to the portfolio we have subtracted two properties or maybe more and have become 100 debt-free rentals and home dude do you know how much money you're going to have coming in then and how quickly you'll be able to buy that next property for cash it'll be amazing that's kind of what i was thinking too but you've got you've got to dip back you got to dip back to bottom and clear the table first before you see that increased cash flow.

Substantial increased cash. But so, I mean, if you want to go at it, my point is if you want to go at this a little bit more gradual than Jade was suggesting, I'm not going to yell at you about that, but I do want you to lay a strategy out. And you like running the math and running the spreadsheets, don't you? Yes. Okay. So run a scenario out where you're done in five years, and then ask yourself, okay, what variables do I have to change? What else have I got to sell, in other words?

Or what extra lifestyle have I got to cut to do it in three years? And when you do that, you're going to look at it and go, it's going to make you think about it. All right. And when you do that, you're going to look at it and go, it's going to make you think about it. All right. Because it lowers the risk profile and it raises the cash flow every time you do this. Does that make sense to you? Yeah, it does.

Yeah. That's a great plan. Very cool. Thank you for calling in. Very interesting. I wondered if he had any other debt. I'm sorry. I didn't give you a chance to jump in.

Well, here's what I was thinking this is what jade's brain said the average person gets out of debt two two and a half years i'd want a plan that gets him out in two two and a half years and then it challenged go ahead you're the real estate guy he's just the guy is a processor i could see that i think he's gonna when he lays it out for five years the math math is going to talk to him. And he's going to dial it back and do it in three. I really, because that's how my brain works. That's how I kind of think. I kind of get that guy.

You were that guy. I was that guy on the other. No, I really wasn't. He's much more conservative than I was. I borrowed on everything. I borrowed on the dog and the cat it was chasing. I mean, I borrowed on everything I borrowed on the dog and the cat it was chasing I mean I borrowed on everything so uh he he's he's much more chill and he's he you know he's got he's got some equity and that kind of stuff wait so that's that's chill because I'm looking at this my heart's

beating fast I'm thinking nine out of ten properties no I was I was like one of those idiots on TikTok that's what i was like that's how i'm that's why i'm willing to call them idiots because i was one of them the nothing down goobers oh yeah you know yeah yeah i would go and borrow a hundred percent of the value of the house oh i did here's worse than this okay i would buy a house for $150,000 that was worth $250,000. And I'd borrow $250,000 on the $150,000 purchase. Put $100,000 in my pocket to go do the next deal with. Oh, yeah. I'm clutching my pearls.

Yes. All right. Yes. Yeah. Your throat's tightening up now. But that's how dumb I was. And I didn't think anything about it. To me, it was just a monopoly game.

Yeah. Well, that's what everybody's doing. And that's what these idiots on TikTok, they're doing the same stupid stuff. But, I mean, the only thing TikTok-ing when I was doing it was a clock. You know, that was it, you know. But, I mean, there wasn't anything like that. It was TikTok, right? All right, Dan.

I mean, it was just not, there was no cable TV even to tell you how to do it. It was just like, you know. Oh, boy. Just nothing down guys selling cassette tapes it's like you go to the the ballroom you go to the ballroom the tired ballroom at the hotel and the guy with a polyester suit and the disco chain starter set gets up there and he's he's gonna tell you how to get rich and i was such a redneck i believed the idiot oh my god and I signed up for all of it man I did every bit of it and that's why I get so you know exercised about people putting out

the same stupid butt information 35 years later and acting like they discovered something like this is new no one doesn't know this you boomers don't know this information honey we invented stupid before you were a gleam in your mother's eye. Wow. This is unbelievable. This is the Ramsey Show.