The Ramsey Show - App - Spoiler Alert: We’re All Going To Die (Hour 3)

Episode Date: March 1, 2022

Dave Ramsey & George Kamel discuss: Does getting a will make you die faster? (hint: no), When to leave your job for another one, How to use social security checks for the kids, Caring for an aging loved one. 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

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host, George Campbell. Ramsey Personality is my co-host. He's also the host of the Ramsey Network podcast called Fine Print, where he investigates the fine print where you people are being screwed, and he lets you know where that's happening, so it stops happening once you have that knowledge. How powerful is that? Be sure and check that podcast out.

The first season is all online and ready to pick up everywhere great podcasts are available. Just go to Ramsey Networks anywhere you want, and we can help you line it up. The fine print. Just search the fine print. Jennifer is with us in Phoenix to start off this hour. Hi, Jennifer. How are you? I'm good.

How are you doing? Better than I deserve. What's up? So last year, my husband and I were separated, and we were going through a divorce. He ended up passing away unexpectedly. Oh, my. Yeah. So I am actually taking his Social Security for my kids, and it's actually quite a bit of money for them,

and I was just wondering what I should do with that to best grow it for when they're ready for it well i i have an unusual answer on that that a lot of people don't agree with um you are spending more on those children than this money is to raise them yeah well you are quite a lot of money yeah i am no it's not that much money i mean what is it 500 bucks a month or something no it's 2500 each okay 2500 bucks a month okay yeah but it costs more than that to raise a kid what is your household income uh about 115 yeah okay and so this is uh 30 000 bucks a kid so 60 000 bucks is that included in the is the 60 000 included in that 115 no okay so you have 60 000 plus 115 coming into your house all right how old are the kids they are 9 and 13. Okay. All right. So if I were in your situation, I would be providing for my kids, which I'm sure you are. And that would include saving for their college.

You may not be doing that yet. And that would include getting our family out of debt so that we can save for their college. And that would include getting our family out of debt so that we can save for their college and that would include getting our family out of debt so that you retire with dignity so you they don't you don't have to have them support you when you're old um and it would in other words it would have a whole financial plan for your whole family that encompasses taking care of your kids does that make sense yes and so if i were in your shoes i would have a 160 000 budget to do that with and you know now i you know if you're going to go snort the money with cocaine or something then i'm not going to tell you to do that you should set the money aside for the kids

you're not taking care of your kids but if you're taking care of your kids and you're a good mom which i suspect you are then your kids are going to be just fine and you didn't steal from them because you're spending this much on them anyway and probably as much as comes in is going to be spent on them and or saved for them out of a normal family budget so i don't i don't distinguish it i don't set it aside same thing with child support i don't set it aside as only for the children. Buying electricity is for the children. Keeping shingles on the roof is for the children. Having an emergency fund is for the children. Running your family properly, your children benefit from, in other words, greatly.

And so that's the way I would look at it. I would just say it's part of your budget, just like I would child support. George, you got any suggestions? Well, I like I would just say it's part of your budget, just like I would child support. George, you got any suggestions? Well, I like the idea of just making it part of her budget, and this is money to take care of them versus setting it aside, and one day she gives them a pile of money and says, hey, go have fun. Look what the government gave you. And so for the next decade, as they're under your roof, potentially,

I want you to make sure that we're taking care of the household and their needs are covered, and maybe you help them with a car purchase one day. You do the 401 Dave plan. You save half. They save up half. I want them to still build those financial muscles so that they're adults whenever they do leave the house, regardless of how much money. And you're not going to build your household where you are counting on their Social Security number to pay your bills. You're building.

You've got a household you're taking care of your kids and the social security money is coming so when it stops it's not a big deal that that's the other thing uh and that tells you you're doing it right in other words but if you're if you're dreading them leaving because the money's going to leave when they do uh that means you have a broken budget and you got some other stuff to deal with here but yeah and it you know so yeah i'd walk right up the baby steps make sure you're out of debt that means you have a broken budget and you've got some other stuff to deal with here. So, yeah, I'd walk right up the baby steps. Make sure you're out of debt.

Have your emergency fund in place. And then you start your retirement, 15% going in. You start funding their kid's college. You're going to set aside money for their cars as they come up and match them up on their cars. Like you said, what we do on cars, Jennifer, is we match. We don't buy them a car. Whatever they save, we'll put with it. And I'd put a limit on that because if you run into one of them that's a little saver, then you'd have a deal.

But this money can be used for that. So hang on. I'm going to send you a copy of the book Smart Money, Smart Kids. It was the number one bestseller that Rachel and I did together. It's on how to teach your kids how to handle money because your family is going to be in really good shape financially because you've got a really big income if you'll lean in and manage it properly. And you need to teach your kids how to handle money because they're going to

have some as a result of all of this. Open phones at 888-825-5225. Evan is in Harrisburg, Pennsylvania. Hi, Evan. What's up? Hi, Dave and George. Thanks for taking my call. Sure.

What's up? I just had a tax question um my wife and i always usually get a refund so i'm looking at adjusting uh her w4 she's the only one that works is on the stay-at-home dad so we had our daughter last year so that kind of i tried to adjust it but i was still off and now we just welcomed a baby boy on february 15th so now we're going to have another child for next tax season so i didn't know where that kind of fits with everything how should i be adjusting her w4 to try to take take home more how much was your refund the last three years give me the last three years uh actually the uh last three uh it was like seven thousand six thousand and this year was 4300 well you didn't chop much off, did you? No.

Okay. Well, so we know if nothing changed and something has changed to the good, but we know if nothing changed, you're $400 a month off, right? Okay, yeah. So just change the W-4 by $400. That's an easy one. The second thing you can do to get closer with the new arrival and all is just run a tax return for next year as if for 2022. Go ahead and do your tax return right now as if this was the income. And do a pretend tax return.

You're not going to file this tax return. But what you're trying to determine is what actual taxes you're going to might owe in 2022 with the things the way they are right now do a faux tax return does that make sense for 22 for 22 and you use a 21 form to do it but you're just doing it for an exercise and that says you owe however many dollars in taxes divided by 12 is how much a month should be coming out of that w4 yeah she just needs to connect with h HR and figure out what the protocol is for changing that. I've done it recently on our software here myself. And you can adjust the number. Yeah, you can adjust the number by number.

You don't have to do it by dependents because the dependents thing with the IRS is completely inaccurate. It's not accurate at all. This is The Ramsey Show. It continues to amaze me how identity thieves keep finding ways to use our own identities against us. Not only do they commit crimes related to financial fraud, medical ID theft, and insurance benefit fraud, but now we have to deal with home title fraud. Thieves are using your own personal info to take ownership of your home so they can take out loans, and you end up with a pile of debt and foreclosure notices. Over 4,000 data breaches happened in 2018, exposing 3.6 billion records. So thieves have plenty of identities to use, and there's a one in five chance it will be yours.

That's why Zander Insurance is the only program I use and recommend. Their plan covers all types of identity theft, and it takes over all the work if you become a victim. Visit Zander.com or call 800-356-4282. George Campbell Ramsey personality is my co-host today. It's tax season, and I don't know anyone who loves that, unless you're an accountant, and maybe even then you don't love it. The truth is most of us dread filing our taxes. I'm always pissed off around this time of year. It's a pain. It's confusing.

And if filing taxes wasn't bad enough, the tax software people use hits you with the extra fees. Or worse, they try to sell you on a bunch of debt and other stuff. You weren't there for that. You're just trying to do your stinking taxes. But filing your taxes does not have to be that horrible. We created Ramsey Smart Tax to give you software that you can trust. We don't sell your name to scumburgers and not going to try to sell you debt. And there's no extra unwritten fees that just pop up. Smart Tax has steps that are simple and clear. You know you've done your taxes right.

No more headaches. No more second-guessing yourself. We'll never tack on a surprise fee or sell your info to scummy companies. When you sign up for Ramsey Plus, it's even easier. Ramsey Plus members get Ramsey Smart Tax for federal taxes for free. Wow. So if you want to get a free trial to Ramsey Plus, just go to RamseySolutions.com slash Ramsey Plus. When you're a Ramsey Plus member, you can use the smart tax for free. That's a good idea, people.

That's a good idea right there. That's kind of like one of Georgia's hacks right there. There's a life hack for you that works. That's good. A life hack. That's good. Our question of the day comes from Blinds.com. Find out for yourself why Blinds.com is the number one online retailer of custom window coverings.

Free samples, free shipping, and the new promos all the time. Great American company, Blinds.com. Always use the promo code RAMSY. Today's question comes from Tom in Louisiana. He says, I'm 32 years old, married with one child and another on the way. I have a mechanical engineering degree and have worked as a project manager for the past three years. We are debt-free except for our $158,000 mortgage, and we have $35,000 saved in retirement. During the pandemic, I lost my job where I earned $97,000 a year.

I applied for numerous positions with no success, so I lowered my expectations to look for lower-paying opportunities. I received and accepted a job offer as a project manager at a non-profit. This position pays me $67,000 with no benefits. However, to my surprise, I really enjoy this position and the environment. Am I settling? Should I continue to look for bigger and better jobs with actual benefits such as insurance and 401k?

Yes, I would continue to look. I think it's great that he loves it but i i don't think this is the the end game long term there's a false dichotomy that pops up a lot um and the false dichotomy is is that the only way i can find a job in an environment that i love is if I'm underpaid. And that's just not true. You can make actually great money at a company you love and that, you know, the environment is awesome. You just have to look for it and find it. Those things are actually out there. There are good companies that are not non-profits,

and they do a good job. We're one of them, by the way. With benefits. We don't hire, you know, we don't have any mechanical engineers here, so I can't help you with that. But the point being that, and our people are paid market and above, you know, our pay grade here. We're constantly doing compensation studies to make sure we're paying what

the market is saying that position, that type of thing is worth. We want to be at least at that, if not better. And, you know, we work really, really hard. So is it possible? I think you went through a scary time, and it probably took some of your confidence away. It feels to me like, you know, this is safe, and you don't want to stick your hand out there in the cold again. You got tired of being cold, and I don't blame you for that.

But I think you've created then a false narrative that's not true. That would be false, in other words, yeah. And project managers are in high demand. Even in Louisiana, I think you can do better than $67,000 with benefits. And so there's nothing wrong with working at this nonprofit and enjoying that, but I still would be looking for the other opportunities out there. I think you're probably worth $110,000 in the market, and you just got to find some place that's not a toxic environment, and you're not taking it just for the money. You're taking it because it's work you like with a place you like.

Oh, and by the way, they pay really well. like oh and by the way they pay really well oh and by the way they have good benefits but no i don't i don't ever want someone to take a job just for money and put up with horrible situation or i hate my life or whatever it's not a ken coleman thing it's not a ramsey thing so uh no i wouldn't do that but the false dichotomy is is that the only thing you only get one the only place you can work that's good is if you're underpaid and that's just not a it's not a true thing uh not a true thing at all generally speaking you're going to really get paid it uh really well it's something you actually love in an environment you love that's not you you don't have to settle to have meaning uh settle on the income side to have meaning that's just not a true thing good

question very interesting interesting brandon is with us in idaho hi brandon welcome to the ramsey show hi can you hear me sure what's up all right so my father passed away about two weeks ago. Oh, my. Sorry, how old was I? My 59. Wow, how old are you? I'm 34. Man, I'm so sorry. What happened? Thank you. It was related to COVID.

Oh, my. And then about a week and a half before that, both my grandparents died within about four days of each other. Oh, my goodness. Brandon, I'm sorry. Well, my stepmom, which was my dad's wife, she has no income at all. And my dad left behind.

He had no will, no life insurance no savings um and we're wondering kind of what to take to do to take care of her um short term and long term who's we um long term we may uh my siblings and i there's four of us and they're you're all there all of you are, she's all of your stepmom. None of them are her kids. Two of them are her kids. Okay, so she has two biological children and two stepchildren. You're one of the stepchildren. Yeah, and my dad adopted her two children.

Okay, cool. That's wonderful. I'm just trying to get a handle on what's going on here. And how old is she? Yeah, she's 58. Okay. And how old is she? Yeah. She's 58. Okay. And what does she do for a living?

She has no income. My dad took care of her. She didn't have a job or anything. So she does have some health things, back problems and joint problems and stuff. So she has no income. She needs one. She needs an income. Yeah. That's the first thing.

We will be from what my grandparents, my grandparents, they passed away. And possibly from there, and they have, we may be inheriting, I think the way their will is written is that they're my dad's portion of their inheritance they go towards to us kids which may be around 100 to 150 000 split up between us that's not gonna last that's not gonna last 10 minutes

no your mom your mom needs a job dude and that's that's harsh one week after your dad died and a week after your grandparents died but the reality is that they didn't set themselves up for her to not work at 58 years old so she gets to work he does have a truck So she gets to work. Yeah. He does have a truck. He owes $35,000 on the truck, and it's probably worth around $50,000.

Sell it. We're planning on selling that. Good. We have to wait for death certificates for that, but we're planning on selling that right away. Good. She can't afford it. She doesn't have any money, and she doesn't have a job do they have a house uh they have a property uh that my dad was in the middle of uh building on the house or building on the property it's 78 acres about two hours north of where I live. Where does she live?

She was living on it with my dad in a camper while they were building on it. She needs to get an apartment. Y'all need to sell that property. This is a horrible thing your family's going through, Brandon, but it's going to get worse fast if you all don't make some decisive action and she gets to work and she gets in an apartment because you're going to burn through that 100 grand in about 20 minutes and you have nothing and she's still going to be sitting there with a bigger problem then without any options sell that property sell that truck get her an apartment get her into a career and let's have chapter two

and that's harsh to say one week later i'm so sorry but that's your reality George Campbell, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. So, George, I think you said a minute ago during the break that this is a good opportunity to kind of revisit that last call. Okay, because there's a lot of sadness there, and we were short on time, and so I was hitting the guy pretty much between the eyes. So, four kids left with a 58- old stepmom mom um she's got a half done construction project on 78 acres and a truck she can't afford and she does not work and there's no money the kids are being left from the grandparents a hundred and something thousand dollars and so here's what unless something really weird happens if the kids rally around decide that they're going to take care of mom so that the 58-year-old woman does not have to work,

which I completely disagree with, by the way. I was pretty obvious about that. But then they're going to burn through the money, and then they're going to be forced to still address the exact same issue. And one or two of them are going to start bailing out because their spouses are not going to participate in this enabling mom to do nothing thing. And so she's got some health issues. She's got some limitations on her career field probably.

Somehow I doubt she's probably going to be carrying steel on the construction site. But that's not an issue. There's other things you can do that are not physical labor. Lots of things in the digital world that we're in that you can develop and do. And so if I'm spending money on mom, it's to give her tools to win and create sustainability for mom. Give her a skill set. Because I love her, not because I'm greedy and I don't want to take care of her. That's not the point um and so here's everyone needs a will and everyone needs a plan if you're going to die

this year what happens to your family if you die this year and if you're 32 years old and you have two little kids you don't have to have a two and a half hour meeting about this every year but you do need a two and a-minute meeting to review where everything is, that there's a will, there's life insurance in place, this is what happens if something happens in the middle of this project. So I don't need life insurance. If I die, Sharon has lots and lots and lots of money and assets. However, when we were building this particular building, the first building on this campus, we built three since then.

But it was a huge project to us, tens of millions of dollars. And Sharon was afraid we'd get halfway through this thing and can't finish it if i die so during that period of time i took out some life insurance make sure the building got finished so that she was not burdened with other assets having to be liquidated to take care of that uh and so for a short period of time i picked up like a five-year policy right so because we had a little conversation now we have a detailed in-depth conversation every year because it's complicated there's a lot of people involved there's 1200 employees there's 200 leaders there's ramsey family there's uh a lot going there's a lot going on so there's a lot of responsibility that needs to be transferred so we always have the if dave dies this year meeting

and it's always pleasant not at all they could have named it a little better well we could have named we we should have named it the monty python meeting, we could have named it. We should have named it the Monty Python meeting. I'm feeling much better. It's just a flesh wound. But, you know, you've got to have these discussions. And if you don't have a big extensive estate, it doesn't matter. You still need a will. I mean, you've got two French bulldogs and a wife and a paid-for house. You need a will.

You've got to make sure they're taken care of. You need a will. Yeah. There's not a lot of complication here, but you need a will. And you need life insurance to make sure Whitney's okay and uh she needs life insurance make sure you're okay and at this early stage in your all's lives and careers and so forth and so you you put these things in place so that the family doesn't feel the strain of that 32 year old young man calling me and he just lost his dad and yet he's having to carry the weight of this whole thing you could feel it

in his on top of grieving there's a whole mess you feel the voice you feel in his voice do people think if they don't talk about a will it will help their chances of staying alive longer i have actually had people tell me that i don't want to do a will because i'll die there's a higher chance of you dying if you like it increases your probability of death when you do a will oh i mean it's like a superstition or something. Yeah. And yet we've done detailed research. Everyone's going to die.

I want to see that research. It's 100% mortality rate. Is it ironclad? I mean, other than Jesus and Elijah, there's 100% mortality rate in the nation. There are exceptions to the rule. In the human race. I mean, it's just you're not getting all this alive. So, you know, maybe Methuselahelah i mean we could throw that one oh

that's a good one too there's a couple a couple of ascensions but short of that short of that uh you're pretty much gonna die so you need a will because your name is not one of those names i just listed so you're gonna die there's someone named methuselah out there who goes dave dave i'm telling you that i and whoever's parent that named them that, yeah, they need to be smacked. And this stuff doesn't take long. People think this is going to take me hours and hours. I mean, you can jump onto our website and get these things done. Mama Bear Legal Forms makes it really easy, and you need to do it.

And Zander Insurance makes it as easy as it can possibly be to get insurance, and you need to get insurance. Our life insurance premium just came out of our bank account, and I smiled. And then you need to talk about it. So you talk to the four kids and go, hey, Mom work and how we how here's what you're going to do mom's going to work by the way honey if i die this year we got no money you're going to work uh so you kind of got this thing it's all later instead of this this mythology that everything's going to be perfect and work out the way we planned in the middle of this project of halfway

building this project up on the farm while we're living in a trailer which is what they're doing you know what's the plan well there wasn't one because when nobody assumed anybody's going to die and so it leaves everybody in a mess and oh and by the way when you get the will done read the will to the family tell everybody what it says this is not a movie where you go in and there's a surprise and there's weird clauses in there and there's a big fight you know there's all you know the trophy stepmother with the dysfunctional child and all these things those those are not those people exist but that don't do all of them don't don't do a movie script do a will it means for everybody and go, listen, you're doing cocaine.

You're not in the will. Okay? Just go ahead and tell everybody. That way you're not confused. Well, I have my rights. You don't have any rights. It's my money. You don't have any rights.

You're a cocaine addict. You get nothing. You know, and just tell people. The heroin is a problem. We're not, you know, the crack house you're running down the street is a problem. We're not leaving you money for this. So just go ahead and say it out loud. And it's not a punishment thing.

We don't want to finance your nuttiness that's going to kill you. And so you just go ahead and take care of all that while you're alive. If people are going to be pissed off, go ahead and do it while you're alive. And then there's less stress for everybody left behind. Way less. And following the baby steps. Because he's grieving the loss of his grandparents, his dad, and now feeling all this responsibility and all these options are coming at him like flaming arrows and he's 32 and he's got to

figure this out. That's just not fair. No. So if you're listening to this, these baby steps are not just to set yourself up. It's to help your family. It's how you say I love you. When you leave them with no debt and you've got a will and you've got life insurance, that allows them to actually grieve instead of clean up a whole mess while they're trying to grieve the loss of someone they loved.

It changes the chemistry of the whole situation from combustible to chill. And changes the legacy too. Yeah. Yeah. combustible to chill and changes the legacy too yeah yeah and it's just you know it's run around trying to figure out how we're going to pay for the funeral because and yet there's money over there in the checking account but we can't get to it because we didn't have a will and we got to sell the property and the truck got to get a whole got to get a death certificate because there's no will yeah yeah it's just a um so guys you know 78 of americans die. Yeah. It's just a, um, so guys, you know, 78% of Americans die without a will. That's just stupid.

It's just stupid. It's not expensive and it doesn't take a long time. There's no excuse not to have one. I'm not picking on the gentleman that passed away and his son calling. I'm not talking about that. But it's just for the rest of you, my gosh, love your family well. Do grown-up stuff. You know, take care of grown-up.

Be an adult. Act like the digits on your age indicate you should be acting. You know, take care of business. And so one way my wife and my family and my kids and my grandkids feel very loved by papa dave is i've got a detailed nerded out complete gone over every year thing that when i die um they're just going to cheer and start cashing the checks i mean it's going to be awesome. There we go. Celebrate. Play some Eagles.

Eat some good food. Call it a day. Play some Eagles. Crank up some foreigner. Here we go. This is The Ramsey Show. Thank you. psalm 77 14 you are the god who performs miracles you display your power among the peoples our scripture of the day john rockeeller said, good management, consistent showing average people how to do the work of superior people. Whoa!

That's probably true. We probably are all our average people that we learn to do superior work. A little snobbish there, Mr. Rockefeller, but it's okay. I'm going with it. I like it. Open phones at 888-825-5225. George Campbell, Ramsey Personality is my co-host today.

Boise, Idaho is up next. Justin's on the line. Hey, Justin, how are you? Hey, Dave, it's Jesse. Oh, I'm sorry, Jesse. What's up? So I'm in a bit of a dilemma. I kind of back and forth all week on what to do.

And I'm like, dude, I just, I need some, I need some help. I work for a company for, I moved my family over here for two years. I've been here for two years. I moved my family over here to take a job. Been doing this for 16 years, the same work, the same job. Eight of those 16 have been running my own crews and stuff. So when I got here, the promises were made, and then I came to find out they were lacking that.

Anyway, so that's what's going on. You just drove by that. I have no idea what you just said. Promises were made and what? So there were some promises made. If you come to work for us, you know, then we'll give you this and this. After a certain amount of time, well, that was just to lure me in because they were so short on guys it seems like anyway um so you no longer trust the integrity of the people you work for exactly i don't i don't know if i i

trust them oh no you just said you didn't i know right exactly okay okay so i don't. I don't trust them. So this winter, sometimes we get laid off due to weather and stuff like that. So we were laid off for a month or so. And they ended up working a couple guys that were, you know, guys that the way it works is that you start from the top and you work your way down to the guys lower on the totem pole, right? No, I don't know what you're talking about. Well, okay, so like... What are you working down to?

Most people work up the totem pole, not down. Right, no, I'm saying in the wintertime. Oh, in terms of who you're firing. Well, laying off due to weather you lay off the expensive guy you lay off the expensive guys first okay i got that well guys with lack of lack of experience is usually where they start um the newer guys um anyway so I went and... Jesse, what's your question? I want to get down to it. I put in the resume.

I got an offer from another company. The other company is willing to pay me for the same work, $52 an hour. Well, I make $30 an hour right now. What's the problem? Well, the same thing.

Well, 401k is where I get to i get to 401k dude you don't need a 401k when you double your income okay you go get a roth ira screw it you're gonna double your income you go from 30 to 52 that's almost double i'm not staying anywhere for a 401k for doubling your income is the other place a good place to work yes i went up checked them out drove around with them they they treat you right you know none of those promises that can't be kept they told me this is what's going to happen this is what you're going to get and this is what do you do for a living i um i guess to sum it up if i was a build design engineer roads um you know all the stuff that you would you know build roads basically okay road subdivision

parking lots all the underground stuff that goes into it. Are you a heavy equipment guy? I just, yes. Okay. All right, cool. And I have, like I said, I have eight years running crews. Yeah. So when I came over here, they were like, well, yeah, you can run a crew here.

We'll put you on, you know. But, oh, hey, wait a sec. We don't have enough guys. So would you mind working with these guys for a little bit longer well it seemed like it was just to lure me here because they were so short on guys they were desperate they needed guys the the second company or the first company who's lowering you so just leave the first company? Who's lowering you? So just leave the first company. You've got a great offer. What's stopping you at this point? I would just want, because, I mean, the first company,

I mean, they do, like, great 401K matches. Forget the 401K. You hate it and you don't trust them, and you're going to get paid almost double. Okay. So leave. What do I do? So if I'm putting in, like, right now i'm putting 10 in my 401k and they're matching it at six percent i go to this new company how much do i put into that

you roll your old 401k with a smart investor pro to a traditional and you open two roth iras one for you and one for your wife and if're married. But dude, regardless, you can just save money in mutual funds if you have to, once you've maxed out your Roth IRAs. But retirement plan is not what the problem here is. Retirement plan is a two on a scale of one to ten. No integrity is a ten on a scale of one to ten. Doubling your income is a ten on a scale of one to ten. This is what's known as a no-brainer. Take the new job, quit the old job, leave. No-brainer.

You'll work out the investment stuff later, okay? But you don't stay at a company making half the money that you don't trust because they have a 401k. No. Not even close. That's the deal right there. I think i lost brain calories on that one

dave that was a lot for me that was hard i was trying to track man well it was circular we got there but we got there jerique is with us in texas hi jerique how are you i'm good dave how are you better than i deserve what's up so uh i'm a college student uh freshman by year sophomore by hour here at west texas a&m university in canyon and i actually took your uh i took your finance course my senior year for money matters and uh i had some questions about saving you know i have some money saved up just from work graduation presence scholarship refunds that kind of thing and you know i just don't want to put that kind of thing in the brick and mortar bank you know it doesn't make nothing so i've been looking maybe like a

high yield savings kind of thing something with high liquidity so i can take it out if i have to pay for something no you notice what high yield was right you notice what high yield was, right? You notice what high yield was, right? Did you look at the percentage on the high yield? Yes, sir. It's only.5. No, it's not exactly high yield. It's kind of an oxymoron. Well, compared to the other, sorry. It's a.25 versus a.5.

I mean, the whole thing's irrelevant. It's just a parking spot for your money that you're not going to lose it. You're not going to invest it because you need it for college. You don't need it right now, but you're going to need it later. So you're not going to lose it you're not going to invest it because you need it for college you don't need it right now but you're going to need it later so you're just going to park it somewhere if you want to park it in a high yield that's not really high then that's okay if you want to put it in a money market that's okay none of it's going to earn over one right now how much money are we talking some four to six thousand yeah just park it you're going to get pennies on it either just park it i mean you can put in a shoe box it's not much different but i mean just park it because you're going to need it later keep your hands off of it when you have a semester where where there's a

little bit of a gap in there and you got to do some fill-in you're going to need that four to six and it'll help you graduate college completely debt-free as you push your way on through but you just need a parking lot a parking spot for your money and you're not having to pay for it they're going to pay you a tiny bit to park your car there that's all it is just park it in the parking spot and get back to it later and you've done a really good job setting your life up here very very very well done jerique very good job you've got your whole life to invest, so don't worry about that right now. We want you to get through college debt-free, get your emergency room in place, get a great job, and then we have 20, 30 years to invest. You're going to be just fine. Yeah, you don't need to worry about investing right now. You're the investment. Get

through school debt-free. Well done. George Goodhour. Fun times. Thank you. Good job to the Booth people. Well done, Booth people,, booth folk. It's all good in there. And all of you. There were 17 people in there earlier. I'm not naming them all. I can't even call the roll. I don't even know my children's names. Let's put that hour in the books before you know it. In the meantime, remember, there's ultimately only one way to financial peace,

and that's to walk daily with the Prince of Peace, Christ Jesus. Hey, it's Rachel Cruz, co-host on The Ramsey Show. If you want to do your debt-free scream live on the show, visit ramsaysolutions.com slash debt-free scream. We'd love for you to come to Nashville and tell Dave your story. That's ramsaysolutions.com slash debt-free screen. We'd love for you to come to Nashville and tell Dave your story. That's ramsaysolutions.com slash debt-free screen.