The Ramsey Show - App - Stay in the Market… Don’t Make Decisions Based on Fear! (Hour 2)

Episode Date: September 19, 2022

Dave Ramsey, Dr. John Delony & Kristina Ellis celebrate the 30th Anniversary of the show and discuss: How to tell family to stop gifting silver, Mutual funds vs. index funds, Staying in the market even when it gets wild, Debit cards vs. credit cards, Renting out a home during residency, Investing more than 15% in retirement. Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

🎵 🎵 🎵 🎵 🎵 🎵 🎵 🎵

🎵 🎵 🎵 🎵 🎵 🎵 🎵 🎵

🎵 🎵 🎵 🎵 🎵 🎵 🎵 🎵 🎵 🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studio, it's The Ramsey Show, where debt is dumb, cash is king,

and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. We help people build wealth, do work that they love, Taking the place of the BMW as the status symbol of choice. We help people build wealth, do work that they love, and create actual relationships. Amazing relationships at work. Dr. John Deloney helps us do that in particular on his show. The Dr. John Deloney Show is my co-host this half hour. We're interchanging our co-hosts all throughout the day as we celebrate our 30th year on the air of the Ramsey show 30 years we've been rocking this and uh lots of changes lots of failures over the years the

only thing I told an earlier group that we have not done uh we have not quit but we have failed our way as my John my friend John Maxwell wrote a wonderful book John called Failing Forward and that's that's kind of what we've done. Sounds like my dating life in high school. Well, that didn't work. Turned out well for you, though, because you ended up with Sheila. I mean, I don't know what your technique was, but you got there. Just don't quit, Dave.

Never quit. Never quit. Never give up. A Winston Churchill. That's right. Never quit. So, yeah, if you didn't know, folks, on YouTube, we are dropping an, we did a 30th anniversary panel, which was all of us, the Ramsey personalities, sitting around talking about the show, the history of the show, the fun things, the sad things, all the reasons the show works, all of that kind of stuff. And we've done a series of video episodes. They'll drop one each day, including the first one drops today on youtube so the 30th

anniversary panel check out the video episodes of the ramsey show uh on youtube beginning today and as i said one each day of this week will drop that was a lot of fun to do that yeah that's fun it was cool just to just to hear about the heritage of the show, right? And where it all came from and what the, it's cool to hear the purpose behind it. And the, just from the business side, you particularly, just you, Dave, could have walked away with a chunk of money for you. And the vision for this has always been about helping

since we got this thing off the ground. And it's just cool to be able to ride on that bus now yeah a lot a lot of folks in talk radio uh 10 15 years ago were selling out yeah and not selling out in a bad way i mean they were selling their shows to the uh the ihearts of the world or the westwood ones of the world those kinds of things and uh dr laura i think was the first she sold hers for 78 million and uh she was a little bit larger than we were in those days. And that was many years ago. That was 20 years ago. Which made you go, $78 million?

Exactly. But then we just go back to, okay, we don't really own this. We're managing it for God. And we're just here to make sure that we're taking care of his folk, taking care of people out there. And so it's turned out even it's turned out financially and business-wise also to be a good move to keep continue to own it because we make more on the show and add revenues and other things than we would have

gotten just put you know in one year so it's it's worked out okay because we've continued to grow the show too so but it's um pretty cool man interesting interesting ride a lot of changes in technology we're getting ready uh all of us just got uh ear molds made we're going to go to a back to the old freestanding microphones again and drop the sports headsets soon been in the sports headsets for a while yeah so you're going to see another look on that change i feel like i work at nasa i didn't know we were doing that james that's gonna be fantastic yeah um it'll be be interesting i don't know a few months few weeks whatever get all that equipment in and get it all tested out and everything but um yeah it's uh a lot of radio people have been making fun of my sports headsets for years but uh they did well because

i don't get off mic that way when i turn my head and i'm add and distracted so um but um it keeps the broadcast quality because it's all audio, except for those of you watching on YouTube anyway. So there we go. Open phones here at 888-825-5225. Maria is in Norfolk, Virginia. Hi, Maria. Welcome to the Ramsey Show.

Hi, Dave. Thank you for taking my call. My husband thanks you as well. You have changed our lives in ways that we can't even imagine. And I'm calling because we're stuck in a situation and I kind of already know the answer, but we're not sure how to go about it. We have a relative that has been sending us silver coins and we don't think they're worth very much, but she claims that they're going to be worth a whole lot of money in the future we would like to not have them anymore i guess or maybe we just want to invest in other ways and she's not understanding that but how would you go about approaching her

on this scenario because she's taking a very strong stance on it who is this his mother his mother yes it is my mother-in-law yeah that was fairly easy so so talk me out of this because um i've taken calls on my show about mother-in-laws who just keep showing up, mother-in-laws who criticize parenting, mother-in-laws who, all sorts of things that are very disruptive. Sounds like your mother-in-law just mails a bag of coins. No, it actually isn't. She's not very good financially to begin with. That was easy to get. And we have quite a bit of problems with that and my husband

and i are the exact opposite we almost have our business entirely paid for our homes paid so how much how much is the value of the coin she's sending you a year well when i found a coin place that was local today there may be a 24 worth they're just silver so what does it matter right and that's what we keep saying no i mean just throw them in a bucket in the bottom of the garage and forget it okay if you throw 24 out the window of your car on the way to church and that makes your mother-in-law happy well that's 24 bucks well spent. That's a great purchase. Is it bigger? Are you worried about how she's slowly ruining herself financially?

She's going to be moving in with you guys? Is that what this is ultimately about? No. Well, the thing is we would be the only ones that would be financially able to even care for her and would have a home that would suit her needs come that you know time frame do you think she's paying two thousand dollars for twenty four dollars worth of coins i do honestly and so does my husband we wouldn't be surprised she's very naive um and that aspect uh you know she just lives off social security as far as we know yeah i i think your husband not you you don't need to even be in the conversation you'll be the wicked stepdaughter

in this oh i already am yeah we can add layers to that with this conversation so i think he just says mom i'm worried about you how much do you pay for these coins because i checked it out and they're worth 24 right and just see what she says. And just out of lack of love to her, as far as you all are concerned, I would throw them in a bag in the bottom, seriously, in a bucket in the garage and not worry about it. I wouldn't upset somebody for $24. I wouldn't upset somebody for $24.

And I think the coins are a proxy for a bigger conversation, which is, are we going to let her come live here? And if so, what's that going to cost us? Kind of like, are we going to send our kid to college in five years? What do we have to start doing right now to either lay the groundwork, you're not coming here, or to make it a reality? And it's easy to focus on the coins, but it sounds like there's a much bigger picture at play. Yeah, she's using this as leverage. It's easy to focus on the coins, but it sounds like there's a much bigger picture at play. Yeah, she's using this as leverage. It's a future. This is a symbol.

Camel's nose under the tent. Of a bigger frustration. Yeah, it's getting ready to be a big deal here soon. Yeah. So, yeah, it's not $24. If she's paying $25 and you're getting $24 worth, I wouldn't worry about it. But if she's paying $2,000, then that's just your husband stopping her from getting ripped off. That's right.

This is The Ramsey personality, celebrating today with us here on the Ramsey Show. 30 years on the air. Vanessa is with us in Richmond, Virginia. Hi, Vanessa. Welcome on the Ramsey Show. 30 years on the air. Vanessa is with us in Richmond, Virginia. Hi, Vanessa. Welcome to the Ramsey Show. Hi, Dave. I'm such a fan. They ask me to talk quick.

But I just want to say hi and thank you for taking my call. Thank you. How can we help? Yes, I have a question about Roth IRA. Currently, I have a Roth IRA that's in a very high fee that my husband left me, I think about eight years, and I want to move it to an index fund that is low-cause, low-maintenance, and that's what I want to do. i want to ask you when should i do that now that the market is low or do i wait a couple of years it doesn't matter you can do it whenever it doesn't

um i i want you to be sure what you're doing you need to sit down maybe with one of our smart investor pros and have them discuss this with you and teach you about it because you've been reading something about fee mutual funds are evil and no-load mutual funds means no fees, and that's not true. No-load mutual funds have fees too, including index funds. They're annual maintenance fees, and the annual maintenance fees are higher on those typically than they are on commissioned funds, and sometimes so much so that they make you wish you'd paid a commission mathematically.

So that may not be true with yours. I don't know. I own some of each. I have some index funds, and I have some mutual funds that are not index funds that have a commission charge to them. You can set the commission charges up to be what are called a shares which is generally what i do up front you pay your commission or you can do managed funds which is where the uh the broker that helps you with this like a smart investor pro would charge like one percent a year and you can have any mutual fund you want inside of there then and

the fees are the fees are done away with then other than the maintenance fees the maintenance fees are always there on all funds yeah it was over a million but now it's down to 850k yeah and so and that's not that's not due to fees huh that's not due to the fees of course the market if it was for if it was a million in january an index fund would be at $850 right now. Oh, okay. The market's down 15%. Mm-hmm. Every million has turned into $850 this year so far. It'll come back. But that's not due to it being a bad fund necessarily. If it was down to $600, I might be wondering what the flip's going on.

But it sounds like you're paralleling the market about anyway. I mean, just look up and see what the s&p 500 is down since january 1 you can google it i don't know what off the top of my head but it's right around 15 to 16 something like that and so and that would put you at 850 15 off a million 150 so um you know that puts you there i would sit down and you know study what it is that you're trying to do and make sure you're actually doing it meaning are you getting away from the fees after all that you think you are or are you gaining stability that you think you're gaining by going to an index fund uh because some of these articles on that are out there make it

sound like index funds fix the whole world and and they don't fix the whole world. There's still index fund. SP500 fund follows the market exactly. It is the market. And so if the market's down 15%, you're going to be down 15%. And if you're in a mutual fund that outperforms the market a little bit, you might be down 14%, which my portfolio is primarily non-index funds, and it's not down as much as the market is, and it's generally when the market is up,'s not down as much as the market is and it's generally when

the market is up it's generally up more than the market is so it outperforms the market meaning it beats the s&p and i don't pay a huge bunch of extra fees that offset that for it you know what what helped me in a situation like this because it sounds like this is she's trying to make this a math problem but it sounds like she's watched 150 000 evaporate yeah and when our body gets stressed we've all heard this fight or flight those are action-oriented responses i gotta go do something i gotta start swinging at something i gotta get out of here and the real uh discipline here is to be still and that's hard because our bodies are designed to go do a thing and i got to move it from here i got to move it over here and here over here just be still be still and that's

hard to do yeah sharon and i were hiking in montana and they've got all these bear signs up everywhere and you're supposed to carry bear spray or something stronger which is what i would prefer and all this stuff and so we're walking up through there and then there's this long this like epistle uh on a sign of what to do if a bear comes and i didn't honestly didn't know this i've been out in woods all my life but um apparently stand very still yeah which is really counterintuitive if there's a big freaking bear in front of you. By the way, it is a bear market we're talking about. So standing real still, the metaphor works here pretty good. Or if you and I are hiking, the old thing.

Who can outrun? I don't have to outrun the bear. I just got to outrun you. I got to outrun Dave. That's it. That's it. One guy sits down, starts putting on his tennis shoes. What are you doing?

I don't have to outrun the bear. You can can outrun that bear you're right i gotta outrun you that's right but yeah be still be still and that's so hard man it's so hard yeah it's um just how we're wired but i i think that's but don't be still out of uh ignorance uh either no it's about out of awareness go ahead and sit down and learn what is the proper technique in the middle of this kind of world that we're in today. And the proper technique in general is just stay invested. But if you're moving from one mutual fund to another mutual fund, they're both down, that's a net zero deal. So you're going from one that sucks to down 15% to another one that's down 15% and you like it better, that's a net zero.

You're not really losing anything on that. Pulling your money out of the market while it's down is pretty much locking in and guaranteeing that you're going to lose your butt. That's right. You lost $150 because it's going to jump back up maybe next year or maybe shortly after that. I don't know. Whenever Biden gets through screwing around with this stuff

or whoever it is, the dadgum Fed or whoever else is monkeying around with this deal. But as soon as it starts moving again and takes off again because it always does then you're going to be standing there 150 000 poorer right so you don't want to jump out stay out it's timing the market will get you killed uh but in this case yeah i would i would stick with it so um you get some advice learn about it think about what you're doing hey folks have you ever noticed that when you commit to change one area of your life, it's easier to make progress than all the others? Like if you decide you're going to be out of debt and build wealth, you lose 50 pounds,

and you find a career you love, and you start overcoming stress and anxiety. They do all work together, and that's why we put them all together in subjects in a day-long event called the SMART Conference. Maybe you'll have a SMART plan when you're done. It's going to be in Dallas, Texas on event called the Smart Conference. Maybe you'll have a smart plan when you're done. It's going to be in Dallas, Texas on Saturday, October 22nd. Thought leaders in every space, the top thinkers, writers, number one best-selling authors in every area. Dr. John Deloney to my right.

This year we'll be speaking in the area of mental wellness, all about, what are you talking about this year? Loneliness. Loneliness. Dealing with loneliness. Rachel Cruz, my daughter,'ll be speaking in the area of mental wellness all about, what are you talking about this year? Loneliness. Loneliness. Dealing with loneliness. Rachel Cruz, my daughter, will be speaking on money. Ken Coleman will be there speaking on career. Amy and Craig Groeschel, pastors from Life Church in Oklahoma City,

will be speaking on marriage. George Camel, Ramsey personality, will be there speaking. Christina Ellis will be making her debut on the stagesey personality will be there speaking christina ellis will be making her debut on the stage i'll be there speaking so we're talking leadership relationships money career everything and all day long and you're going to learn a lot it's only 35 dollars because all the vips and platinums are sold out you can still get a ticket there's less than a thousand left they're going really fast we're scheduled for an early sellout on this October 22nd, Dallas, Texas. And, of course, we'd love to have you there.

So jump in and get this done. Our question of the day comes from Blinds. Oh, go to RamseySolutions.com slash events. Question of the day comes from Blinds.com. They have a 100% satisfaction guarantee. Even if you mismeasure or you pick the wrong color, they'll remake your blinds free. Today's question comes from Wendy in Oklahoma.

Wendy writes, I use a debit card for all my day-to-day purchases like groceries, gas, restaurants. When I purchase plane tickets, Amazon items, or anything else online, I pay with a credit card. Someone told me you can dispute a purchase easier with a credit card than a debit card. Are you putting your checking account at risk by using a debit card for such purchases? Someone is a lousy financial advisor. Don't listen to people.

They said, not her. That's a financial planning firm you don't want to work with. Okay? This is normal people. Debit card has the exact same protections for fraud that a credit card does. It does come out of your checking account, and the bank has to put it back once you dispute it and prove the dispute. That might take a day or two, but I've been carrying a debit card for years. I hadn't had a credit card in 25 years, 30 years.

And so, you know, pretty easy here. I'm going to use a debit card. This is The Ramsey personality, steps into the studio as a co-host. We're alternating all the Ramsey Personalities as co-hosts all through the three hours of the show today to celebrate the 30th anniversary of The Ramsey Show. It's The Ramsey Show's birthday. One of the other things we did to celebrate it was we all sat down

and all the Ramsey Personalities and had a great discussion about what we love about the show, old times times new times fun times sad times everything and uh so we have a uh the 30th anniversary panel we'll call it uh and we're dropping a youtube episode today on that and a new one tomorrow and a new one the next day a new one every day this week and so a little bit of a series here of episodes on the history and the behind the scenes of the Ramsey show be sure and join in that was fun to do wasn't it that was so fun

we had such a blast that day we're kind of laughing and cutting up a little too much I wonder if they edited a bunch of that out I feel like they probably would somebody was like are y'all gonna do the show today together no not all of us that would be a that'd be a train wreck but yeah I mean we're bad enough when there's just two of us in here. It gets very loud very fast. Yeah, lots of disagreements. Oh, it's a lot of fun. On the Dead Free Stage in the lobby of Ramsey Solutions, Patrick and Molly are with us.

Hey, guys, how are you? Thank you. Welcome, welcome. One more time, say it. We had your mics down. Better than we deserve. Oh, good to have you you where do you guys live we're outside of dc st mary counties yeah welcome to nashville good to have you down here and down here to do a debt-free scream of course and you happen to be

here on the 30th celebration how much debt did you guys pay off uh four thousand forty thousand five hundred and thirty four dollars excellent and how long did this take you so it took us about 22 months but we weren't uh can sell and test a whole way we were you know davish every so often in and out well that's kind of normal i guess yeah we won't tell anybody but i'm afraid some other people might do that. I don't know. And your range of income during the 22 months? $30,000 to $34,000. Wow. Now up to $95,000.

Yo! What do y'all do for a living? So I work for a government contractor as like an IT specialist. And I'm a bank teller. Awesome. Okay. So the IT business got better or one of you got a job that didn't have a job or what happened? Yeah.

So I got a job offer. We moved and then she got a job shortly after ah cool how old are you two i'm 26 i'm freshly 25 awesome happy birthday and how long y'all been married uh this year in october will be two years okay so about the time you get married you look up and say we need to get into this get out of debt thing tell us your story how'd you do that how did you discover the ramsey way well in 2011 my dad he started he was a pastor at a church and he decided to do the financial peace university and of course they were doing that and of course i always listened to the show all the time when i was young. So you were like a teenager.

Yeah, back in like middle school, I guess it was. Yeah, 14, 15 years old. Yeah. Okay. So this is definitely familiar for me. And then, you know, when we were getting married, my dad said that he wanted us to do the whole program together and make sure that we're good financially. So, yeah. So, Patrick, you're going to marry a pastor's daughter and the pastor says you're going to Financial Peace University.

Basically, yeah. That was, you know. Condition. Condition, yeah. Yes. Yeah. That way she doesn't end up back in my basement. Something like that, right?

Yeah. So, what did this journey look like for y'all? What was the hardest part and just how did you get completely all in on this I think the hardest part was so when we first started uh we really um back in November 2020 um I was working I left a full-time job to move over to her area was working two part-time jobs um she had a full-time job and um we basically after four months uh i got told that both my jobs they were cutting hours well and we kind of had to make hard decisions and you know went to the landlord's like is there anything you guys could help us out with and

um started just freaking out because i didn't know what we were going to do. I kind of felt like I failed us. And then out of like the grace of God on the way of going to all my jobs, I had a person call for a interview that I did not even know I applied for. And it was over in the area that I'm from that was three hours away. And so I went, I got the job. And and um you know my dad is one of the reasons why we're out of debt he let us uh stay with him in his house and you know through that time we were able to actually pay off debt and focus on a lot of other things and it really is just you know her dad my dad they're both really great people in our life that's incredible very good good stuff you guys well done well done i bet both of them are cheering you on well uh my my dad actually passed

away in 2019 oh yeah so what is cheering you on from heaven absolutely that's that's what i feel right now feel his legacy yeah absolutely yeah he would be nerding out right now completely if you watch him like on the dive you're like i'm watching you well what a way what a way to honor him like the fact that you're here the fact that you were listening back in 2011 with him that's just that's incredible and that's one of the things that really propelled me is the fact that you know he asked me that was one thing that he really wanted to make sure that we stayed on and i felt like that's what i needed to do and just started to just really focus in on that that's that's powerful yeah patrick you're a man of honor you're a good man that's good stuff well done very well

done you two very proud of you good moves how does it feel to be free amazing yeah it's crazy we haven't been on family vacations since our honeymoon so this is like our first time out and even then it was during covid so yeah exactly so this is a lot more horrible they make you stay inside everything what a horrible honeymoon you guys are fun way to go very very cool y'all are young and you were newlyweds when you started this journey did you guys have some people around you who thought you were kind of crazy yeah definitely we had um so my family's not familiar to this at all yeah my family has

already been through the whole program and everything so they were like yeah yeah so it was my family's a little skeptical like they were were just like, I don't know. Um, you know, really, should you really be doing that? Especially when it came to the student loan stuff. And we just really, um, so we finished paying that off back in August, right? The Saturday, the Sunday, right before Biden did his whole thing. And you know, everyone's like, Oh, are you guys going to like request the money back? And I feel like I told her, and she agreed with me, is that we got out of this ourself. We didn't need anyone else's help, nothing, just us,

putting in the hard work to make sure we got out of it. We're so proud of you. Yeah. That's amazing. Like I said a while ago, you're a man of honor. That's pretty impressive. The value system that you two are carrying is going to take you a long long way very well done very very well done good stuff good stuff all right what advice do you have to somebody needs to pay off forty one

thousand dollars and they're making 30 grand say stay gazelle intense yeah i just have to say it's just you know you might think there's nothing else you can do, but there's always something else you can do. Live like no one else. Yep. Yeah. So that later now you can live and give like no one else. You're going to be so wealthy. It's going to be unbelievable.

Wow. Hey, we got a copy of the Baby Steps Millionaires book for you. And speaking of that, that's the next chapter in your story to become Baby Steps Millionaires and a Financial Peace University one year membership maybe a naysaying family member needs to go and you can give it to them i don't know same with the total money makeover book we'll give you maybe you can give it away too so good stuff you guys you need you're a neat couple very very very well done all right patrick and molly heroes from the Washington, D.C. area. $41,000 paid off in 22 months, making $30,000 to $34,000.

Count it down. Let's hear a debt-free scream. 3, 2, 1. We're debt-free! Yeah! I love it. Way to go, you two. Way to go. Very two. Way to go.

Very cool. Well, Dave, congratulations on 30 years of those stories. They're good stories. Doesn't get old. Doesn't get old. Doesn't feel like 30 years when you hear that every day. This is The Ramsey Show. ស្រូវានប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រាប់ពីប្រូវានប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប់ប� Christina Ellis Ramsey personality is my co-host today. Thank you for joining us, America.

Celebrating this week the 30th anniversary of The Ramsey Show. Originally started out called The Money Game. Then we converted it to The Dave Ramsey Show. And then when it wasn't just Dave Ramsey, we had all the Ramsey personalities starting to be co-hosts with us. About 18 months ago, I guess it is now, we changed it to The Ramsey Show. Hardly anyone noticed when we did that, but that's okay. It's a good thing. No complaints anyway, because we've got all these bright and beautiful people to help us

as co-hosts now. So here we go. Chad is with us in Denver, Colorado. Hi, Chad. How are you? Hey, great. Thanks for all you guys do and happy birthday. Well, thanks. What's up? So I was just accepted to a specialty residency program in my field. And I just am interested in hearing your thoughts on the best way to make that happen financially. It's across the country in your neck of the woods, and it's a two-year program. And so our biggest question is, we would love to move back to this area if possible, if I find a job here afterwards. So the big question is, do we rent the house out for those two years or go ahead and sell it to help get through?

What's the specialty? Endodontics. I'm a dentist, so it'll be specializing in root canals. Okay. You're saying we. You and your wife? Yeah, we have three boys. I'm good at working on teeth. I'm not a financial guru. Okay. And is the specialty, the fellowship paid for? So the total cost for the program for me, it's not paid for is eighty thousand dollars that's not including uh living

um i currently make uh i gross about three hundred thousand dollars as a k1 employee and have about sixty thousand dollars in the bank um sixty five thousand dollars in iras and then the other thing is so you're going to pay cash for this. You've got a way to do it. I would love to do that. Yeah. Well, you can. I mean, you just have to concentrate.

Now, what's the house worth? $800,000. What do you owe on it? $410,000. And do you have any other debt? I have $30,000 in student loans still. Okay. And no other consumer debt other than that.

Okay. Um, other than raising your kids and being a good husband, job one is get this specialty degree completed nothing should distract you from those three main jobs husband father finish the degree no distractions and this is a uh an academically strenuous field of study is it not yeah i'm probably looking at 80 hours a week yeah you mean you got to not only be pretty smart, you've got to have work ethic. Yeah. Yeah.

You don't need renters in Denver while you're trying to do this. Talk about a distraction. Sell the house. Okay. You wouldn't live in that house. After you get this specialty, your income's not going to be $300,000 anymore. Right. Even if you move back to Denver, even if you did Denver, and you might not,

but even if you did Denver, you're not going to live in that house. You're going to be making a lot more money. You're going to get a better house than that. Yeah. My wife and I are pretty simple simple we kind of like our house we'd love to be here but um i mean things do change right yeah they do i would sell that house and i would rent and i would keep my life extremely simple and i would concentrate on being a husband a dad and graduating okay dead free i appreciate you you know emphasizing those priorities just the simplicity of life

we forget when we put all these things on our plate that they all even if they're adding income or financial benefit to our life they take other things from our life yeah like the more crap i own the more repairman i have to know. You know? Like, you know, I was at the lake house this weekend. I got to put the boats up for the winter. I got to get the furniture moved up. And I told the guy helping me move all the furniture, I'm like, all this fun is hard work. You know?

I mean, it's just your life is more complicated. The more complicated it is, the more strenuous it is, the more anxiety there is, the more stress there is. And you need to be be when you're in a strenuous field of study for a very intense two-year period of time singularly focused that's what i would do if it was me i would not want the that's a luxury for you to be able to do that i'd sell the crud out of this house man it's just a stupid house well and i think with the profit that you'll make from the house with the income you're going to have while it feels hard to let go of this house now you like Dave said, you're going to be able to get something beautiful once you've graduated, too. You'll have peace in the meantime

and a beautiful home once you graduate. Pay off your student loan. Pay cash for your finish. Come out. Make a big old pile of money, dude. Just go kill it. Just go pile it up. Just stack cash, man.

You're already killing it. And then you can live anywhere you want to live. And here's the thing. If you don't have a house in Denver, then you will more evenly evaluate all of your opportunities in other locations. If you had the house in Denver, you'd be kind of like, oh, I'll take that one. I'm not quite as happy with that offer, but I'll go over there because the house is there. And you have this magnetic pull back to this.

It's a house. Right. Again, I grew up in in real estate business there's a house on every corner they're everywhere well even while you're in the program i just think you'll have so much more peace and freedom on your vacations to go where you want to go if you've got that house in denver you're probably going to want to go back and check on it versus maybe you all go to the beach maybe you do something else that's fun i think it's just gonna it's gonna free you up a lot in the meantime see i wasn't even thinking about the beach i'm always thinking about the beach dave Maybe you do something else that's fun. I think it's going to free you up a lot in the meantime. See, I wasn't even thinking about the beach. I'm always thinking about the beach, Dave.

There is that with you, Christina. There is that. Yvette is up next. Yvette's in Boston. Hey, Yvette, what's up? Hi there. Happy anniversary to the show. Sure. I've been listening for about eight months

and I really have learned a lot of little tips. Kind of like your last caller, I've been kind of involved in a lot of grants and moving around for this program, that program. And I feel like I'm really late in the game. How old are you? I'm 51. Oh, you're ancient.

I don't know how you're getting around. You decrepit old thing, you. Appreciate that. It makes me feel better, actually. You know, it could be worse, but I'm embarrassed that. So for retirement, at the moment I have, I mean, I am proud of this. I have a little bit over $100,000.

It could be much better. At the moment, I'm single. I don't have kids. I'm finally sort of where I want to live, I hope, permanently. What's your income? And it's pretty decent. It's about $95,000. Good. What's your debt? No it's pretty decent. It's about $95,000. Good.

What's your debt? No debt. No debt at all. Okay. I've never owned a house, never owned a condo. You've got to buy a house? I'd like to now. Okay.

Yeah. Good. And you've been listening to us for eight months. You've heard us talk about the baby steps, right? Yep. Okay. Yeah. And that would tell us you need to be saving

towards a down payment on a house and when you get the house purchased on a 15 year fixed where the payments no more than a fourth of your take-home pay you got a down payment already i do i have a little bit over a hundred thousand for that good um and i kind of feel like i want to i'm so earnest like i talk about you all the time to my friends. They're really annoyed. But I want so badly to put more than 15% in for retirement to try to catch up. No, just put $100,000 in the house, put 15% aside, and everything above 15% start throwing it at the house.

As soon as the house is paid off, then you can up it. You've got plenty of time. You're going gonna have millions of dollars if you follow those baby steps exactly millions with an s all right that makes me feel good and i love your humble spirit i love that you're coming in you know feeling you know a little behind having questions but at the same time don't have shame about where you are you're doing great and you still have plenty of time yeah you've got you've got a lot of decades i mean what you can pull off into the average millionaire following our stuff pays off their house in 10.2 years which means some of them do it in seven which is what you're going to

do and um then that gives you the rest of the time to put however much you want above 15 in the retirement but if you save 15 of 100 000 that's,000 a year, and you never get a raise for the entire 20 years, and you pay off your house during that time, your net worth is going to be about $3 million. That's if you're doing that in good mutual funds without a match. You're going to be just fine. You've got lots of time, but just lean into those steps, and don't let up. Don't let up. Don't slip back into stupid or something, and you'll be just fine. Good stuff. Christina, good half hour. Thanks for having me. Happy 30th. Happy 30th to you. Life is good. That puts this hour of the Ramsey Show in the books.

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