The Ramsey Show - App - Supporting Your Wife's Business Dream (Hour 1)

Episode Date: March 19, 2019

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Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave 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 am Dave Ramsey, your host. Thank you for joining us. Open phones at 888-825-5225. That's 888-825-5225. AJ starts off this hour in Rhode Island. Hi, AJ. How are you? Hi, Dave. I'm well, thanks. How are you? Better than I deserve. What's up?

Well, thanks so much for taking my call um my question is around how to best tackle our debt so the problem is our strategy has been really scattered and we need to focus i just need to know where best to focus so right now we have a rental property we're accidental landlords um we decided to rent it out at the time me and my husband got married. And that property has two mortgages on it. One is an interest only, and one is a regular mortgage. So that's one source of debt. And then the other source is my school loans, which are an ugly amount of $90,000. So we're trying to figure out if we should, since the interest rates are similar on both the mortgages and my school debt, if it makes more sense to tackle the smaller interest

only mortgage and then at that time have a better kind of equity situation if we sell in the near future, or if I should just keep putting as much as possible towards my grad school debt. Well, your student loan debt is in baby step two. You don't deal with mortgages until you get to baby step six. What do you owe on the rental property? $135. What's the property worth? $200.

Why don't you sell it? Yeah, I'm trying to convince my husband. You have $90,000 in student loan debt. Why does this require convincing? Because he thinks that if we hold on to it, that we're continuing to make a little bit of money off of it and then we would have the equity and like that there's no like rush to sell it right now i guess i'm not really sure okay well and you guys get to do what you want to do you're grown-ups you get to decide

but if um if if i were to sit down with you one-on-one i would tell you that you and your husband that the shortest distance between where you are in wealth is to get out of debt. You have $90,000 in student loan debt hanging over your head. And unless you have an unusually large income to pay that very, very quickly, and you don't, or you wouldn't even been calling to ask this question, then you need to talk about getting rid of the rental house and using the equity to jumpstart you through becoming debt-free. And you've got to do that. I mean, you guys could continue to play around with this or whatever, but no, you definitely wouldn't pay off the rental before you pay off the student loan debt.

No, absolutely not. David is in Austin, Texas. Hi, David. Welcome to the Dave Ramsey Show. Hey, I appreciate you having me, Dave. Sure. What's up? So I actually talked to you several months ago, and you told me that you predicted that I would be a millionaire by the time I was 30.

And so that kind of fired me up when you told me that, and I got extremely aggressive in saving and doing everything that I'm doing. And so being so aggressive, it's kind of put a strain on my home, and there's a lot of people who have a lot of dislike about it, I guess, in my family. And so, like, for instance, my wife, she's on board with it, but there's a lot of times where she kind of just, you know, wishes that we would do something with our money other than just, you know, invest it or put it in the bank, you know what I'm saying. And so I'm just wondering, do I need to be so aggressive?

No. Or I don't. No. You're out of debt and you have your emergency fund in place, right? Yes, sir. And I'm on the baby step where I'm investing now. Yeah, that's the point that you let your foot off the gas a little bit on the intensity. All I was saying, and I don't remember your particular call, but if I told you that, all I was saying was that you guys are doing a good job, you're handling your money well,

and your numbers say that you're heading towards a substantial net worth at a young age. That's what your numbers say. I don't think I told you in Baby Steps 4, 5, and 6 to go so intense that your wife thinks you guys probably need to eat something other than beans. Right, and you didn't. Okay. Then don't do that. When you told me that, it just fired me up so much that I just got so intense.

I think you can use the intenseness just to be intentional. But there's three things we do with money at the stage you're at. We give, we enjoy, and we invest. Yes, sir. And you should do those three the rest of your life. Yes, sir. Give, enjoy. And I think the enjoy one is the one you're calling me about.

And she's going, time out. You've gone nuts over here, man. And she's just calling you out on an out-of-bounds marker, right? So what would be two, you know, like, for instance, in spending money, what would be too much, you know, using it to be enjoyed with? Like, at what point would you say, you know, that's what? Well, you need to be putting the 15% of your income away towards retirement. Do you have children?

No, sir. Okay. So you don't have a baby step five right now to work on the kids' college. Six is pay something extra on the house. So if I could put zero on my house and 15%, that probably means you're spending too much. Maybe not for a little while, but, you know, over the course of a time, I mean, you might need to upgrade a car, you might need to go on a vacation, and there might be a period of time you don't put anything extra on the house, and I wouldn't go below 15% of your income going into retirement.

But if you're, you know, if you're, how much are you putting towards the house? So my regular payments are $650 a month, but I'm putting $1,000. Okay, and your household income is what? $50,000, and I'm the only one working in my house. She's about to start working. She's about to graduate in May. Okay. All right. Well, let's just continue to look at it, but you've got to have something in all three categories.

15% in investing, and then you need to have something in the enjoy, something in the give, and I'd love to be throwing something at the mortgage. But it might be that you don't do anything towards the mortgage right now, knowing that she's getting ready to up your household income considerably.

Right. What will she be making? That would be okay to not pay off my house? Well, but she's going to get a job soon, right? Yeah. How old are you? 22. Okay.

So when's she going to get a job? Imagine right out of college. She actually has a medical. What age? How far from now? I'm sorry. She's 21. And how far from now?

She'll be 21 when she gets a job, so a couple months. Oh, okay. So you don't pay extra on your house for a couple months. I think you'll probably live through that at 22. Okay. Lighten up a little. Lighten up a little. And then when she's got the income coming in listen if you'll lose this battle you can win

the overall war but if you don't keep her on board that's a bigger data point to get your house paid off spouses working together is a bigger data bigger data point on winning with money than getting your house paid off basically spouses that work together getting your house paid off. Basically, spouses that work together, getting the house paid off, and funding 401ks are where millionaires come from. Those three things. And so, you've got to keep her in the, you know, you've got to be lightened up enough, not be so excited. But you're going to get there.

You're going to get there. You're just a fired up guy, man. Love it. And you're going to win. There's no question about it in my mind. This is the Dave Ramsey Show. Pay less at the dentist. One Dental is a company I've been telling my listeners about because I know these guys will save you money every time you visit the dentist. Here's how. One Dental is a dental savings program that allows you to go to one of over 158,000

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That's DENTAL, D-E-N-T-A-L, to 77948. Thank you for being with us, America. This is the Dave Ramsey Show. We're glad you're here. Coming up at the bottom of the hour, Christy Wright, Ramsey personality and the creator of the business boutique movement, equipping women to make money doing what they love, women in leadership, women in business. And she is going to be with us to hang out a little bit here

and answer some of your questions for a couple segments about running a business or starting a business for ladies. So if you're interested in that, jump in on the phones. The phone number is 888-825-5225. Michael is in Sacramento. Hey, Michael, welcome to the Dave Ramsey Show. Hey, Dave, how's it going? Better than I deserve.

What's up? Hey, I just barely got into your show. A few people told me at work about it, and I'm still on Baby Step 1. I just don't know how to go about Baby Step 2. I have about $17,000 in debt and um the place i stay at is kind of expensive i pay about two thousand dollars in rent and um i don't know if i should uh move out so i could save a lot more money and uh help pay off that debt and if that's the case one of the debts uh apartment management company i owe um so would i pay that off first um i'm just

really need some help on where I should start on baby step two. Gotcha. So what's your take-home pay? After you grow, take-home is about $50,000 a year. Okay, so about $4,000 a month, and half of that's going out in rent. Yes, and then when the bills and food and gas come in, it's kind of tight squeeze. Yeah. When your housing is 50% of your budget, it's very difficult to get traction,

and that's what you're experiencing. So are you in a lease with those guys? Yes, I am, but it's a private owner. That's kind of the reason why I took it because i already had the property um on my credit report and he was willing to overlook it so that's kind of the reason why i went with him but um he's not too hard on us like i had to give him 30 day notice he'll he'll be fine with it um i just didn't know if that was the right move and if that was and would i uh attack the uh the the property that I have first?

How many? Well, you obviously got to have a plan is what you're trying to figure out, you know, a plan on where you're going to live. Is the property you're in more than one bedroom? Yeah, it's a three-bedroom house. Okay. And you're single? No, I have a wife and two kids.

Okay. And does she work outside the home? Yes, she does. So your take-home pay, the two of you, is only $50,000? Yes, after, yes. I just recently got a wage garnishment from one of the debts, so that's taking around $200 a check. Oh, okay.

And how much do you owe that debt? It was $8,000. It's down to, I think, $4,500 now. Okay. All right. And how much of that do you have overall? Total. Sorry, what do you...

How much of the... How much debt do you have total? How much debt do you have total? $17,000 total. $17,000 and $4,500 of it is just one garnishment? Yes. Okay, and what do you owe the apartment on the other bad deal? Is that the garnishment?

No, that one's not the garnishment. The garnishment's from a car that got repossessed maybe four years ago. The apartment is $1,800 that I need to pay off. Okay. And you're working 40 hours? Correct. As soon as I get off work, my wife comes to work and does about 9 to 10 hours, and then we get a couple hours of sleep, and then I'm right back to work.

Okay. All right. So you've got some weekend time that you can probably pick up a little bit of extra income. Because I'm trying to get this to break loose in my mind mathematically so you can kind of get some flow going here um how old are you guys 34 uh i'm 27 and she is uh 23 okay because you got a uh kind of a littered mess in your rearview mirror, don't you? Yes, I do. And kind of looking back on it, I wish things would have gone that way. I would have taken care of my credit.

I'm not worried about your credit. I'm just worried about you owing all these people, and they're controlling your life right now. Correct. I mean, the numbers tell me you feel kind of trapped, don't you? Yes, I feel trapped, and that's why I called in, and I don't know where to go. Yeah. I'll tell you what I want you to do.

Yeah, I think you guys, if you can be honorable with your landlord and have a conversation, and he allows you to leave, I don't want you creating any more mess, okay? If he allows you to break your lease and leave under reasonable circumstances, yes, you need to get into a place that's cheaper than this so that you've got some wiggle room in your budget to be able to attack these things. But you don't need anything else where you just walk off from a car or walk off from a landlord. That hasn't gone well for you. Correct. Okay. So let's do this the right way.

But if you can get something, you know, really your take-home pay, not counting all the garnishments and stuff, you know, you probably shouldn't be, you know, $1,200, $1,500, probably $1,200, something like that on your rent. And that will give you some wiggle room then to be able to attack some of these other issues. The second thing I want you to do is I want you and your wife to go through Financial Peace University. And that will give you some wiggle room then to be able to attack some of these other issues. The second thing I want you to do is I want you and your wife to go through Financial Peace University. And I'm going to give it to you as a gift. It's a nine-week class. Okay, thank you. I appreciate that. It's a nine-week class. And you go once a week for nine weeks.

And it's all online. So if one of you is working and can't go and the other one is working and can't go, whatever, you all keep going to the class, one of you, and the other one, watch the online. And because it's all online as well, we give you the one-year membership for the whole online experience as part of it. And that's got the EveryDollarBudgetPlus in there. And, dude, you guys got to get on a written game plan with the budget app, the EveryDollarBudget app. And you've got to get in in these classes and the two of you have got the joint hands and for the first time in your lives you're gonna have to be very very

serious about the money thing you've kind of just been coasting along and crap is happening to you left and right you're getting knocked out of the saddle every time you turn around and you are gonna have to get control of this it's gonna kill you because i mean you the saddle every time you turn around. And you are going to have to get control of this. It's going to kill you. I mean, the stress with what you described in a young family is very high. And it will have an impact on your marriage. It will have an impact on your career. It starts to have an impact on everything. So we've got to get this under control so you can turn it around.

So you hold on. Kelly will pick up, and she's going to get you signed up as our guest to Financial Peace University. Again, reminding you guys at the bottom of the hour, Christy Wright, Ramsey Personality, joining us to talk business boutique. John is with us in Dallas, Texas. Hey, John, how are you? Hey, Dave, how are you? Better than I deserve. What's up? Hey, yeah, so I'm only 20, and when I was about 16, I started making good money, and I went and got my first car because I didn't really have my parents at 16. At 16, I moved out.

And so I got a car, and I screwed up. I wasn't really paying attention. I was just signing my name on the dotted line because I was getting a hot rod. And I thought it was a good deal then, but I owe $22,000 on it now. It's worth about $12,000. And since then, I've met friends that own car dealerships. So I was able to go get another reliable car, a 2016 Tahoe, that I owe $30,000 on, and I'm about to pay it off.

And it's worth at least $42,000, $43,000. And I was just wondering, should I try to just pay off this Challenger and let it go, or I don't need any financing to ever get another car for a while or to get into a house? So you're 20? Yeah, I'm 20. And how much money do you make i make about three to five thousand a week okay all right and so you're making 150 000 a year yes sir doing what i sell appliances and i'm also a ranch manager okay well you're killing it and you're single yeah i'm single well i mean i have a girlfriend Okay. Well, you're killing it. And you're single? Yeah, I'm single.

Well, I mean, I have a girlfriend, but, you know. I mean, you're not married. Okay. I'm not married, no, sir. I wasn't talking about your relationship status. I was talking about marriage. Okay. Well, no, you don't need to let the charger go. You need to pay it down very quickly.

You've got plenty of money. And then just get it sold. And then either sit it in the driveways or extra car or get it sold i think it's probably good idea to sell it but you need your ten thousand dollars upside down you're gonna have that ten thousand dollars to sell it right now and so let's do that and then drive the tahoe you're doing great make sure you're listening and you're following the baby steps from that point forward and as you said paying cash everything. Great job on the income production, dude. This is the Dave Ramsey Show. We'll see you next time. based on New Testament principles, Christian Healthcare Ministries, or CHM, helps Christian families, churches, and ministries join together as the body of Christ

to share their major healthcare costs. Christian Healthcare Ministries is the original health cost-sharing ministry, a Better Business Bureau-accredited organization CHM members share to pay each other's medical bills. It's not insurance. It's Christians financially and spiritually supporting each other. It's what Christian Healthcare Ministries has done for over 35 years.

And our members have shared over $2.5 billion in medical bills. To learn more, visit chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events us this half hour answering your questions for ladies in business, equipping women to make money doing what they love. You can call right now. The phone number is triple eight, eight, two, five, five,25- 5225. Ladies, jump in. She's here for you. 888-825-5225.

It's the number one best-selling book. It is a sold-out event with 3,000-plus ladies every fall here in Nashville, and it's called Business Boutique. It's the Business Boutique podcast, and Christy is the creator of all of it. And right now, we are in sign-up phase for the Business Boutique Academy, our online training and coaching group that is run by you. And this is kind of an interesting community. Yeah, it's really special. This is the group of women that I'm getting in their business with them.

I'm walking with them step by step because, as you know, we can put on events. Events can be life-changing. It can change the trajectory of someone's life. But then you get home, and it's kind of that camp mountaintop experience, and you have questions. Well, what about this, and how do I handle this situation? And so that's why the Academy is so special because I'm walking with these women every single week, every single month. I'm answering their questions through live coaching sessions and training them weekly with weekly training lessons where they're constantly staying focused and constantly making progress. And the community is really powerful of how they even encourage each other as well.

So it's amazing to see the testimonies coming out of this group. And we purposefully keep this community fairly small so that the interaction is there. That's right. And so we want it to scale. We don't do one-on-one coaching. This is a group setting. But what's amazing is because of the way that we offer it in different times and different sessions, the groups are smaller. And so you're able to give individual attention and answer individual questions. And then, of course, as a teacher, and you know this because you do this, I apply it to everyone because the vast majority of the questions apply to everyone. And so you take that specific business owner's question and apply it to everyone.

But Dave, the responses that we're seeing are crazy. I had Patricia write in just recently, and she was telling me how much she loved the academy, how it changed her business, not just from her confidence and motivation and knowledge aspect. But she told me that she has made $4,800 more per month in the first quarter of this year than she did over last year as attributed to the Academy. So you're seeing real dollars and real women's lives and businesses being changed. Because why? Because they got the help they needed. And we all need help when we're trying to grow something.

Absolutely. Very cool. And this is need help when we're trying to grow something. Absolutely. Very cool. And this is not an ongoing open enrollment. We've only got the enrollment open. It's for the six months. Right. But it closes on Thursday. Yeah.

So you sign up, you're in for six months. Right. But after Thursday, you won't be in. That's right. We only open one or two times a year. And the reason we do that is because the rest of the year, I spend my time focusing on my members. I'm focusing on training them, coaching them, working with them, doing deep dive lessons and coaching sessions. And so we open it one or two times a year for a few days to let a new class come in, if you will. And the last time we were open was September. And so we're

open right now for just a few days and we close on Thursday. So it's just an unbelievable opportunity for women to get a spot in this group. This is my kind of inner circle. I call it this sisterhood of trust where we're walking together, we're locking arms, and we're going to do this thing. We've got a variety of businesses represented, product-based, service-based, online-based, multi-level marketing, nonprofit, ministry. It doesn't matter.

You're all in business, and I'm going to help you run your business. Very cool. You got questions about business, ladies I'm going to help you run your business. Very cool. You got questions about business, ladies? Or if you, gentlemen, you have a question about your lady around business, we're here to help. Equipping women to make money doing what they love. That is the business boutique mantra. And it happens for the podcast. It happens for the academy, the book, the events, everything.

Christy Wright is here with us this half hour. The phone number, lines are open. Kelly's holding some open for questions of this type. It's 888-825-5225. That's 888-825-5225. Now, you said we've got all these deep dive lessons. What are some examples of some of the ones that really hit a nerve, the ones that people really like, I guess, the most, the ones you get the most response to, the subject of the lesson?

Sure. Well, what's interesting about our video training library in the academy that you get access to is we've been building this for years. So there are over 200 lessons in the video training library that we're adding to every single week as we drop out new lessons. But I'll give you an example. We have everything that is high level from marketing to branding to hiring to firing, research. I even do specific lessons on specific issues such as how do I name my business or when do I start paying myself? What about trademarks and taxes and the financial aspect of running a business?

And so we talk about all of those things because, like I said, we've been building it for two years. So it's insanely valuable today because we continue to add to it. So what are the most popular lessons, the ones that click on the most? The ones about money. Because money is a pain point. And we talk about this all the time, but it's, oh, I feel guilty for charging. How do I price? How do I raise my prices? When do I pay myself? How do I talk about my business without being my prices? When do I pay myself? You know, how do I talk about my business without being pushy or salesy? And so any of those, when you equip women to not only price what they're worth, but have confidence in what their pricing is, it changes the game for them. They're making so much more money and there's an identity shift

and a dignity that happens when they realize, oh my gosh, I'm worth this and I'm not taking advantage of people. I'm helping people and they're paying me for the value I bring to the marketplace. So those seem to really hit a nerve. So why is that? Is it because ladies are just relational and they don't want to hurt somebody's feelings? I think that's part of it. I think that's part of it. I think also when you're getting into business, if you are coming from a creative perspective

or it's a side business, it feels so it's not just business it is personal it's you you're putting yourself out there to be accepted or rejected and so they don't want to come across as self-promoting and they don't want to come across as taking advantage of people they've been taken advantage of before in the past and so they associate that with sales and that really skews their ideas about what's possible with their business. And so when you can reframe that and talk about, don't worry about selling. Just share your heart and your story, and the sale will naturally follow. Selling is actually serving.

Gosh, they have a whole new freedom in running hard towards their sales goals when they realize that it's not a bad, evil, slimy thing. It's actually a really good sign that you're taking care of the marketplace. The applause your customers give you is profit. Nathan is in Decatur, Illinois. Hi, Nathan. Your question for Christy Wright. Yeah, I was calling to see how much money I should continue to put into our house for upgrades

so my wife can get licensed to run her home daycare. All right. So specifically, you're asking for a specific space you're trying to upgrade? Give me a little bit more details here. We bought our house three years ago. We remodeled the living room and the bathroom, and now the state is saying to get the license, we are going to have to remodel the dining room and the kitchen. And it's hard for me as the husband to see the profit in it when I'm spending. I've already spent $10,000 on the upgrades, and we still don't have the license yet.

I'm just kind of wondering how far do I go before we just say no deal. Well, when you get the license, what will the income produce? She should be able to have up to eight kids. And in the area, each kid could bring a hundred and a quarter a week so but she's told me she's only comfortable with up to five so it'd be two more than what she has now legally and how many so she's full now right she has three now at 125 a week okay so 625 a week um So we're talking about $32,000 a year. Did I do that right? Yeah, and that's before we pay taxes and everything.

Yeah, and any expenses and everything else. And it's going to cost you another what? About $10,000 if I do the work on my own to redo the kitchen and the dining room, which is the area where the kids could potentially be at. But the Delta is only two kids, right? Correct. The change is only by two kids, so it only changes by $250. Correct.

And then we'd also have to get higher insurance for the daycare, which goes from $80 a year to $1,000 a year with our insurance. Well, I think you look at that and you look at the actual costs that you're going to have versus the income you're going to produce. It's not just a dream killer thing. It's a money thing. I mean, you're just looking at, okay, we put out $10,000 and, you know, we're going to make $13,000 minus expenses.

So you're going to break even at best the first year? Right. Yeah. That doesn't sound fun to me. Yeah, it's also a value decision. You have to think about what you're comfortable with. Like, run the numbers of what you're going to make, but also what are you comfortable with as a family?

Because even if you're looking at this and you're on different pages, you want to be on the same page with what your goals are and what you're financially comfortable with investing, course and also what you have what you have available but i don't want you being positioned as the bad guy it's just a business analysis just look at the numbers together and say why would we do this or why would we not do this business boutique host of the business boutique podcast and the host of the Business Boutique podcast and the creator of the whole movement, equipping women to make money doing what they love.

If you're a lady, you've got a question about business, Christy's here for you. The phone number is 888-825-5225. The Business Boutique Academy, which is our online training and coaching group, limited access. Only two times a year do we open enrollment. It is open enrollment right now.

It closes on Thursday, this Thursday. And no, we don't open it again until fall. And so if you want to get in, there's a six-month opportunity for you to be in right now. And you can be part of this incredible group of high performance ladies and christy of course leading you coaching you training you hundreds of sessions recorded online that you can watch lessons on almost any subject around the subject of money and she'll be in there coaching and talking to you and leading group coaching sessions as well so check it out the business boutique academy at

businessboutique.com now before we went into the break that guy was calling and um we kind of got in the numbers because that's what i do too quickly and he do i spend ten thousand dollars more to make thirteen thousand more gross um and uh but the way he kept phrasing it was like he's the bad guy, like he's the dream killer. Yeah. So how does because those numbers don't work for him. How does he sit down with her and say, OK, this is a business and all increases in income that are not that are completely offset by expenses are not good. Yeah. How does he do that and not take the position of the husband somehow killing his wife's dream?

Yeah, well, I think exactly like you said, when you sit down and actually paint the picture of the numbers and you look at it together, then it takes some of the emotion out of it because you're just looking at the facts of the situation. Now, one of the things that you're great about teaching, and I teach this through Business Boutique, are there are ways for you to build your business up on the side and build it up so much. Maybe you increase your prices. Maybe you have other sources of revenue into your business where eventually the business

is supporting itself and cash flowing itself. And then you can make improvements. You can make growth in your business, but it's supported by the business. It doesn't feel like something you're always pulling out of your savings account. You started this business on a card table in your living room. You didn't take out a bunch of business debt. You didn't make this huge, terrifying leap. So you can make incremental improvements to grow the business financially to where that savings is going in. But when you look at the numbers, it takes some of the squirmy feelings out of it because you realize, hey, it's not never. It's just maybe not right now.

The business is in a position to demand this kind of increase in investment right now. Well, you'd have to make more money on the investment to make the investment make sense. Right, right. And when you see that on paper, it's easier to say no to. It doesn't feel like you're killing my dream. It feels like, oh, well, the business isn't ready for this right now. I can hear this conversation going a different way. Yeah.

And she's like, you're just not supporting me. Yes. Okay, so let's talk about that. Because when we talk about money, and you know this, you do this all day, every day. When we talk about money, we're really talking about values, especially in a marriage. You know, I use the example of my husband. He values really good, expensive dinners. I value clothes and cute handbags

so like we value different things but when we sit down to create a budget together if he starts valuing cute handbags i'm gonna pull matt to the side he likes no he likes he likes the nice but i'm going oh but the dinner is gone at the end of the meal and i can wear these clothes for such a long time so we sit down and create a budget and both values need to be represented well in a business when i'm working with women with businesses, what's interesting is when you sit down to create a business budget, specifically if there's an amount of money you're going to invest from your personal funds, your savings account on the front end, you need to be on the same page with your spouse about what that amount is

and what your values are around that. I'll give you an example. Melissa Hennant, who started Grace and Lace, she's this unbelievable shark tank success story. She never wanted to put a dime of her own money into the business. She actually took advance payment on her first pair of boot socks and use that money to fulfill that order because she never wanted to invest any money into the business. That was her value. That's fine. It's her business. You may have $10,000 in savings and you're comfortable investing $3,000 into a business to get it off the ground. And that's your value. That's okay.

That's why it's so important to be on the same page with your spouse about your savings and your values of what you're comfortable contributing. But set a limit to it because if not, that side business or that business will nickel and dime you to death. And then it's a hobby. It's not making you money because you're continually pouring into it. It needs to stand on its own. You cannot, man or woman, it's not just a lady thing, you cannot emotionally make decisions. You have to use the math.

Yeah. Because this is a business. That's right. And sometimes in multi-level, people get into emotionally making decisions, and they end up at the end of their multi-level career having paid to be involved. That's right. They not only didn't make a profit, they had a loss, net-net, with the stuff that's piled up in their garage, and they sell it for 20 cents on the dollar at the flea market or

something. Right. And that happens all the time. But all that is is I got excited. Yes. And that happens. The emotions get you carried away. This is true in any type of business.

I talk to women all the time. They're like, oh, well, Chrissy, I don't care about the money. I just do it because I love it. I'm like, that's great. But loving enough to make a business work you also need money so we're gonna need to you love it enough to write a check to get to do it yeah right exactly yeah and so what percentage of these ladies husbands are reasonable and supporting and what percentage are not oh the vast majority is reasonable and supporting. In fact, in most cases, the husbands believe in them more than they believe in themselves. The husbands will spend money on buying them a membership to the academy that they won't

spend on themselves. And so I told some of the ladies last night on my Facebook Live, Mother's Day is coming up. If you don't feel comfortable buying it for yourself, tell your husband this is what you want for Mother's Day. Like, it's amazing how the husbands are going, oh, I believe in you. You can do this. You should do this.

And then women are wringing their hands, I don't know. I don't know if I can. And it's because they're new or they're starting out or they need a little help in the confidence department. But man, it's amazing to see when they start doing it, they look up and they have surprised themselves and they go, I can't believe I'm doing this. I can't believe I'm making this much money. I can't believe I'm making this impact.

Christy Wright, Ramsey Personality with us this half hour. BusinessBoutique.com is where you find out about the Business Boutique Academy and all other things Business Boutique. Susan's in Traverse City, Michigan. Hey, Susan, your question for Christy. Hi. Hi, Christy. I'm curious. I'm in an online university right now full time, and I have an interest in writing,

and I'd like to do writing online, but I'm concerned. There's a lot of companies out there that will claim, you know, oh, come with us, and we've got tons and tons of jobs. You can pick and choose whatever you want, but, you know, there's always a gimmick. And so I'm just curious if you can give me some insight of which ones to beware of and, you know, which ones to maybe look toward that, you know, somebody that wants to be independent won't get caught up in. So you want to be a freelance writer full-time is what you're saying?

Yes. Okay, great. Well, I'll tell you, have you done any writing so far? Not professionally, no. Okay, that's okay. I'll just tell you, the best way to become a writer is to start writing. And I know that sounds simple, but you need to start getting some sample work and you need to start doing some writing even for free just to get your name out there and get referrals.

But I'll tell you what, Susan, I would love to help you with this. I'm going to give you a six-month membership to the Academy. We're open right now. Join my coaching group, and I'll walk with you the next six months. I am a writer myself. I love working with writers. I would love to help you get your work out there. So if you stay on the phone, Kelly will take care of you.

You can be a part of my coaching group the next six months, and we'll dive into this together. Susan, are you referring to some of these scam things that are out there where they tell people they're going to get the freelance writers a bunch of work? Yes. Yeah. Ninety percent of that is BS. Occasionally there's a real one, but most of that is just an ad in the back of a magazine, and it's BS. It's like court reporting you're going to become rich or something if you give me $8,000. They want money up front on those things.

You can tell 100% of the time they want money up front. You give them nothing. That is not a deal. Freelance is valuable in and of itself. You've just got to build a network, and you've got to build your lead base to be able to get the types of writing that you're going to do, whether it's creative writing or whether it's technical writing or whatever the type of writing you're going to do, whether it's creative writing or whether it's technical writing or whatever the type of writing you're going to do.

And you get in the community that does that, and you build over time people that will do that, whether you're ghostwriting and so forth. And we pull some of our full-time content team members are people that are in that community, and we end up pulling them in, and they want to come in and be part of our team full-time. But don't pay someone to be on their list. No, you have to go look for it in the right spots. Yeah, that's the deal. For the right relationships. Christy Wright, Ramsey Personality, hanging out with us. Thanks for being here.

Thanks for having me. Glad to be here. Good half hour. Very good stuff. Again, businessboutique.com is where you find out about all things Business Boutique. And this week until Thursday, open enrollment on things Business Boutique. And this week until Thursday, open enrollment on the Business Boutique Academy, the online training and coaching group. This is The Dave Ramsey Show. Hey guys, it's Blake Thompson,

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