The Ramsey Show - App - The Bear Market Has Arrived

Episode Date: June 14, 2022

Dave Ramsey & George Kamel discuss: What exactly is a "bear market"? How to help parents with money, Growing a small business, Should a married couple invest 15% of each of their paychecks, or just one of them? What to do when your house won't sell. 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

I'm out. Live, it's the Ramsey Show. Thank you for being with us. This is where debt is dumped, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. We're broadcasting from Ramsey Solutions. This is the show where we teach you how to build wealth, how to absolutely find work that you love, and actual relationships. Yeah, all of this works together so you have a better life. George Campbell, Ramsey Personalities, my co-host today.

Open phones at 888-825-5225. Well, George, the bear is in the house. Uh-oh. I keep seeing the headlines, Dave. The bear is here. The bear has arrived. The bear market. So scary.

Scary bear. Now, bulls are scary, too, but for some reason, there's something about the bear market, Dave, that Scary bear. Now, bulls are scary too, but for some reason, there's something about the bear market, Dave, that's got people riled up. What's going on there? Well, a bear market is like a recession. It's a thing that the media throws around. It's like, whoa!

Tornado is coming! Get in your bathtub, put on a helmet. They got my click. Yeah. The bear market is a bear market! put on a helmet they got my click yeah the bear mark is a bear market recession oh well these are not these are not good things but we do have we have a tendency to hyperbole and overreact and create headlines and get people to watch our new shows by doing these so what are my chances of living so hit what? I'm booked to talk about the bear market on Fox a little bit later in the week here.

So I always get the phone call when things are bad. And so here we go again. So here's a bear market. Market's down 20%. That's definition. That's it? That's it. I thought the sky was falling.

Nope. Chicken little. Not happening. Kind of disappointing. I thought the sky was falling. Nope, chicken little. Not happening. Kind of disappointing. I thought there would be more. But, you know, if you were buying shoes and they were on sale 20% off, you'd be excited. I love a good sale. You know, if you're buying a car and it was 20% off, that'd be a nice thing.

But when your stocks are 20% off and you get to buy them at a discount, people don't think that way. They think that they've, I've lost all my money in the stock market. No, you haven't lost anything unless you sold it. I don't even know how much I've lost because I haven't lost anything because I haven't sold it. Great time to invest.

The only person that gets hurt on a roller coaster are those that jump off in the middle of the ride. Ride the coaster, baby. Ride, baby, ride. So if you're staring at the 401K balance, you're saying don't freak out. I'm saying quit staring at your 401K balance. I haven't even looked at mine. Don't cash it out.

Well, you're just, yeah. No, here's the deal. You are not in this for a two-week play. Your 401K is not a two-week play. It's not a two-month play. It's not a two-year play. Your 401K is a 20 or a two-week play. It's not a two-month play. It's not a two-year play. Your 401k is a 20- or a 40-year play. And so all you should care about is where the market's going to be when you get there.

That's all you should care about. You don't have to care about what it is in a given moment. And the reason you don't have to care about that is you're thinking, do you think that 20% off, honestly, people, if you're one of those that's freaking out right now if you're the one i'm making fun of because you're melting down in your andromaqueen mode if that's you ask yourself do you really think that the american economy is going to implode now i mean stop your little feelings i'm talking about use your intellect breathe do you really think that all of these companies coca-cola mcdonald's home depot apple are going to become worth zero now come on, breathe, breathe with me. They're not, okay?

Why are they down? Because we have a screwed up economy because of COVID and Joe Biden screwing with the gas pipelines. It's pretty simple. COVID's going to go away, and hopefully Joe will after a few more years. And it's going to be away and hopefully joe will after a few more years and it's going to be okay right quit screwing with stuff in the economy and let the economy run and it runs just fine but covid messed up supply chain supply demand prices went all wonky i mean my god it's like the mississippi ran backwards used cars went up in value what a weird world we live in I mean

seriously this is a weird economy and people who used to get ten dollars an hour to put bread on the shelves now get thirty dollars an hour to put bread on the shelves and we wonder why the price of bread went up because we all want a universal wage for doing nothing and so socialism is kicking in and you guys are loving the benefits of it. And so this is what's going on. So the bear market is simply the stock market is following us into a recession. The stock, the people, our investors are not feeling happy. They're feeling sad. And so they're not willing to pay as much for a single stock as they were.

Thus, the price of the stock stock market is going down and it's down 20 which is a lot but it is not time to panic and if i were here's the thing what is it buffett says he says uh i try to be greedy when others are fearful are fearful and fearful when others are greedy great quote and uh now know, I don't know if Buffett is actually greedy. I don't look at him as that type of person, like greedy, but like more like, yeah, I want to be. This is the time to buy. That's a contrarian mentality. In other words, contrary to the typical person out there, the typical investor.

Okay, so if the investors are running away from the stock market it's going down that means it's on sale when i was a kid and we went to kmart which is now gone uh that's how long ago this was but the dinosaurs roamed the earth back then if you went into kmart they had this little box they would roll around that had a little pole on and on top of it was a blue light like a like a like a policeman's light right like uh sheriff taylor is in town. Barney Fife is here, right? And so they would flip that little light on and move it over next to something and take whatever it was on that rack and put it on sale.

It was called a blue light special. And so it's on sale, and all us rednecks would run to Kmart and go to the blue light specials and get deals on whatever it was that we didn't need at Kmart. But that's all the stock market is. It's on sale. It's a blue light special right now. It's down 20%.

You have the opportunity to buy. So if you think that the stock market, if you think the American economy, companies like Home Depot, Apple, and so on, are going to be worth, as a group, more 20 years from today, then you would be happy to buy more shares right now while they're on sale, would you not? That is logical. But not if you watch the news. Oh, my God!

You know, it's just crazy out there, right? And so sitting about to put the helmet on, the tornado's coming. It's, oh, my God, like a bike helmet is going to help you in a tornado, you idiot. Now, what about the group of people who are actually trying to retire right now or they're recently retired and they're having to do it? You don't use all your money. You don't okay today is my retirement day i'm taking all of that money up cash $800,000 and i'm gonna put it on my kitchen table that is not what people do at retirement okay what do you do at retirement if you have $800,000 in mutual funds do you take it

all out no what you do you take an income off of it and you say i want that 800 000 to give me 80 000 a year and so you take 80 000 a year off well it didn't make 80 000 so you use up a little your 800 and next year when you take out 80 and it goes up 200 then you don't have to worry about it because it all goes back and so just set up your income out of it. You didn't lose your retirement. Calm your butt down. We are going into a little lightweight recession, two quarters in a row of the economy not growing. A recession is the gross domestic product, the adding up of all goods and services in America. Two quarters in a row shrunk.

That is a recession. It receded like my hairline. Okay? I wasn't going to say it. That's how it worked. You weren't going to say it, but I did. I just saw a study that really made me sad. It showed that families owning life insurance in the U.S. was at its lowest point since the 1970s. After what we've been through the past few years, I'm just lost on how people don't make this more of a priority. How are you going to make sure your family needs are met if something happens to you? This is why getting term life is an absolute necessity. Rates have never been cheaper, and the whole process to apply is pretty simple, with many companies not even requiring an exam anymore.

This is why I send you to Zander Insurance, and I have for almost 25 years. They'll make sure you get the right protection at the lowest cost possible, and they're there for you and your family every day. I challenge all of you to make sure your families are protected. It needs to be a top priority. Call Zander at 800-356-4282 or visit zander.com. That's 800-356-4282 or zander.com. George Campbell Ramsey Personality is my co-host today. A lot of people would rather spend their weekend doing yard work than insurance.

I got a better idea. You get to see George as a Ramsey personality, walk you through our new five-day guide to insurance called Confidence in Your Coverage. Makes learning about insurance quick and practical. You're going to laugh out loud. These are little quick short clips, but you're going to learn about insurance. And George is not only informative, but he's downright entertaining. So be sure and check this stuff out. It's the five-day guide to insurance confidence in your coverage with George Campbell. Go to RamseySolutions.com slash confidence, and you'll still have to do the yard work, but you'll know more about insurance. RamseySolutions.com slash confidence.

Canada is on the line. Brittany's calling. Hi, Brittany. Welcome to the Ramsey Show. Hi, Dave. How are you? Better than I deserve. What's up?

My husband and I are 30 and 31. We've been married for 10 years, and we have a two-and-a-half-year-old daughter. My question is about my parents. They're in their early 60s. They have absolutely no retirement plan. They have credit card debt. They rent their house. They barely make ends meet. My mom can't work and my dad got laid off five years ago from his sales job and has been doing food delivery and odd jobs ever since and is sort of barely moving by. We try to help, but we have our own young family to worry about. And I'm the only child who's able to take care of them in the future. So our question is, what should we be doing to prepare for the future when they need to retire? Wow. Well, the only thing you can, only the strong can help the weak. Broke people can't feed hungry kids.

And if you're broke, and because you have a big fund over here that says parents on the side of it, and you have no other money, and you haven't taken care of yourself, and you're supposed to take care of them somehow in your mind instead of your own family, then that doesn't work. So your best option is do the stuff we teach, get yourself out of debt, build your emergency fund, build some wealth, and become wealthy. And the wealthier you are by the time they need help, the less strain it's going to put on you if you choose to help them.

Since they've not chosen to help themselves, how does your husband feel about this? He's equally as concerned about their well-being as I am. Like, of course, our family comes first, but we would be the only ones who could help them to keep them off the street in the future. Sometimes that's code for I'm getting ready to put my own family in stress. And I'm not okay with that. Just go ahead and say it out loud

your babies and your husband and your household are a 10 out of 10 on a priority and your parents after their misbehavior and lack of responsibility and don't give a rip about anything and choose to continue down this spending like they're in congress are down the list i i'm i mean i'm sympathetic towards them i'd love for you to be able to help them but um they're in Congress are down the list. I mean, I'm sympathetic towards them. I'd love for you to be able to help them, but they're not real appealing people to help, you know? That's true. And so have you talked to them and said that to them?

No, we're a bit nervous to talk to them because we feel like they might be defensive. Oh, you think? I'll bet they're defensive. Yeah. We've tried to talk to them, but it doesn't seem like they're in denial. No, they're stuck on stupid. Yeah, I don't doubt that.

I think there's some guilt and shame on their part as well, their feeling, because they haven't taken care of themselves. And they've probably lost hope that anything could even change. And so the only thing you can do is inject some hope into their lives. And that doesn't mean you have to be soft. It might mean a really hard conversation where you say, you're broke and we can't take care of you. And I love you guys. And here's what it's going to take to get out of this situation. But I need you to care more than I do.

Yeah. I mean, it's like the only grown up in the equation I'm talking to is you. Feels like that sometimes. I'm sorry? It feels like that sometimes. Yeah, yeah. It's frustrating. It's got to be frustrating for you.

So, I mean, you don't have to be mean or shaming to them. That doesn't serve any purpose. No one is ever transformed by somebody being mean to them. I mean, we do it here on the air because it's just entertaining. But the truth is most people are transformed more by love, right? And so sitting down with them and just going, Mom and Dad, I'm really scared for y'all. And I'm honestly a little bit scared that it's going to put a strain on our family because somehow I'm going to be looked to be the only one that takes care of y'all because you haven i'm honestly a little bit scared that uh it's going to put a strain on our family because somehow i'm going to be looked to be the only one that takes care of y'all because you

haven't taken care of yourself and um and you know one more piece of honesty is frustrates me a little bit i'm pretty pretty upset with you about that that you you you guys are a future liability to me because you won't behave and so i really want y'all to look consider doing some stuff i'd love to help you coach you i mean we're doing some stuff we've gone through this class i'll pay for you to go through this class um you know that kind of stuff and just but there's not a sense in shaming them but it is also unfair for us all to walk around and act like this is okay if they were doing some other kind of misbehavior, you wouldn't tolerate it. I mean, if they're doing cocaine, you wouldn't, well, I just don't want to talk to them about it. I think

they'll be defensive. You know, you'd be going, no, that's, you know, that's crazy. Y'all are doing cocaine. I mean, you can't confuse love with enabling. And a lot of times people go, well, this is the only way I know how to love them is to give them money and throw that at the problem. Yeah. And that's what's being set up here it's not there yet but it's being set up and and it's it's as if you feel the obligation to take care of somebody but well it's sweet i i appreciate your sweetheart you really have a good heart but i i do think you owe them a candid conversation about your fears and your frustrations around this subject and that's's not to shame them, but that's to let them in on the fact that they should really and could really do some things to help themselves so that they don't become a burden.

And that's just frustrating. Oh, it's hard. Hannah's with us in Kingsport, Tennessee. Hi, Hannah. How are you? Hi, Mr. Dave. Thank you for taking my call. Sure.

What's up? I'll just get my base question out on the floor first. My base question is, should I get a part-time or full-time job while I get a personal business off the ground? I have three business ideas that I'm in the middle of deciding among, although I've pretty much decided on Etsy. My husband's full-time income is about $84,000 to $90,000 take home a year, and he's doing contract work, so he's an engineer. So we may or may not be moving to Florida or Pennsylvania next. Our end goal is to adopt, and we don't want to have any debt when we adopt. We don't have any debt right now, but I count our mortgage as debt.

I hate it. It makes me feel sick sometimes. It is debt. Excuse me? It is debt. Mortgage is a debt. Yes, sir. That's how I view it as well.

I mean, if you don't pay the house you don't pay the payment they'll take the house that's called debt yeah so yeah that's you know it's not i don't want to be sick about it i don't want you to be stressed out but well why why couldn't you work while you're starting your etsy thing what's the downside i'm hesitant because i have some mental health issues they're not super severe i don't have to be on medication, but I have pretty severe anxiety that can lead to panic attacks sometimes, depending on the work I do. I also have health issues that prohibit me from being around chemicals. So like I couldn't work at a grocery store because I'd have to use chemicals that legitimately make me sick, so sick-like.

Wow. So are you getting some therapy, some help on the anxiety issue? I have in the past. I've been really leaning into the Lord and into my family to help with the anxiety, and journaling for some reason has really been helpful, too. Very helpful. It's very helpful. It's a good tool.

Yeah, I would just, you know, if you had any other kind of illness, a physical illness, you would get a doc. And you'd lean into the Lord and family on that too. And then you'd get a doc that tells you you need penicillin or you get a doc that says you need to exercise or whatever. And so if I were in your shoes, I'd probably try to get somebody to coach me on this issue so that I can get this out of my life and get a good Christian counselor that the Lord can use to guide you. And I think that'd be helpful.

But, yeah, if you can find a workplace that's chemical-free and doesn't trigger your anxiety issues while you're working on them, I would. But, you know, I'm fine with you not doing that. You can live on your husband's income sounds like it's not necessary but I would find some work you can do even if it's from home and get the Etsy business off the ground at the pace that you can do it and I would love to have the anxiety

thing under control and heading in the right direction before we continue the adoption process and do that with cash for sure this is the Ramsey personality is my co-host today. Open phones at 888-825-5225. This is the Ramsey Show. Irina is with us in Portland, Oregon. Hi, Irina. How are you? Hi, Dave. I am better than I deserve.

Good. How can we help? Thank you so much for taking my call. It's such an honor to speak with you. So my husband and I are in baby steps four, five, and six. And I know that means 15% of total household income invested towards retirement. I am wondering, based on our situation, so we're pretty young, we already have about $27,000 for retirement, which I made me and my husband, then he was my boyfriend, I made us invest that when we were in high school. And using the investment calculator, so right now both of us are working. I recently graduated from college at free.

And using the investment calculator, I saw that, you know, if we're putting in $1,000 each month, then in 2055 when we want to retire, at a 10% return, we'll have about $4 million, which is very, very comfortable for us. So I was wondering if it would be a good idea to keep investing that $1,000, which is about 15% of my income, and then we would use my husband's 15% of his income and whatever else we can save apart from for our kids and new car and everything to hopefully to go towards the house and hopefully pay that off soon so that later I can leave work, raise the kids, and now we can continue to save that $1,000 for retirement

and have some wiggle room when we go back to just one salary. So let me recap. You want to invest 7.5% of your household income to create wiggle room to fund other life goals? Effectively, yes. No, I would invest 15% total. He invests 15, you invest 15. It doesn't matter how it shakes down as long as it's 15% of your household income. And you guys should have the margin to fund everything else. What's your household income? Right now it'll be about $145 before taxes. Okay.

Let me help you with this. Your assumptions were that you kept investing the exact same amount for your entire life. Yeah. Which would assume that you made no more money. Mm-hmm. So you started at $145,000 and never got a raise for 50 years. Yeah. Not a realistic assumption, agreed?

Yeah. So you're going to have more than $4 million, and you're going to have the house paid off even quicker than you thought. Both. It's hard to see it with the numbers because if we're investing 15% of our total income, it seems like it'll take, not it seems, running the numbers, it'll take a long time. So how much do you owe on your house? We have a loan out for, I think, okay all right and so if you pay 30 000 a year

on the house in 10 years it's gone right and if you pay 50 000 a year on the house out of 145 it's gone in what six, six years. Okay? So between six and seven years, or between six and ten years, your home's going to be paid off. How old are you? I'm 21. My husband's 23. And you'll be 31. Ooh, ancient.

I don't know how you're going to get around when you're 31. It'd be awful. Honey, you are doing so good. Chill out and follow the baby steps. They work. Will do. You're going to be fine. You're not only going to get the house paid off before you think you're going to,

you're going to have more retirement than you think you're going to because you're going to get raises that you didn't factor into your equation. And so when the math is talking to you with wrong assumptions it's telling you the wrong things okay yeah it was using that base number just to see like it's a good exercise to go through but it's not a good exercise to it's not a good exercise to allow your emotions to kick in because of so you know and listen did you hear what you just said to me you're 22 years old you guys make 145 000 you understand where that puts you that's like rock star stuff you're amazing praise god yeah you are i said some anxiety about the future that you don't know she's great listen you're just a wonderful nerd is what you are.

Yeah. I mean, you just, you love getting in these numbers and bathing around these numbers, talk to you. The fact you're even thinking about this stuff and talking about it makes me think you're going to be happy. You are so wonderful. You're going to do so much better than your feelings are telling you you're going to do.

Not because you worry and fret, but because you pay attention. And because you got and fret, but because you pay attention. And because you've got an incredible freaking start at 22 years old. This is a good problem to have. So, listen, you invest 15%, you still have 85% of your gross income at your disposal to accomplish all of your life goals, funding college, paying off the home early, going on vacation. You guys are going to be great. You're going to be a millionaire when you're 30.

Oh, my gosh. Easy. You guys are going to be great. You're going to be a millionaire when you're 30. Oh, my gosh. Easy. Easy. Slam dunk. Hold on. I'm going to send you a copy of Baby Steps Millionaires. Maybe it'll calm you down a little bit. You're doing great.

You are doing so much better than you feel like you're doing. Rex is in Oklahoma City. What's up, Rex? Hey, guys. How are you? Better than I deserve. How can we help? Well, okay. So we're kind of getting in this a little late in the game.

Me and my wife, we're both 45. Oh, ancient. Has the authorized kicked in yet? Exactly. Yes, it has. But anyway, I mean, we do well. We've got a mortgage that we owe about $122,000 on. House is worth close to $400,000. Way to go.

You almost got it done. Good. I know, and that's what I've been focusing on for the last 15 years. How can we help you today? What do you need? Well, so we've got about $90,000 in savings, and I want to take that money and throw it at the house. And what kind of savings? Just in your savings account at the bank?

It's at the bank, yeah. Well, yeah. Today. Do you have an emergency fund in addition to that? Yes. How much is in your emergency fund? $30,000. And you make how much a year?

Combined, about $225,000. Okay, yeah. I mean, take the 90th, throw it at the house today, and pay off the house by Christmas. That's what I want to do, but my wife, she's a little more conservative, and she's like... Well, tell her after you get the house paid off, if she hates it, you can go get a mortgage. Okay. If she's conservative, she'd want the house mortgage gone, wouldn't she? Well, I know, but she feels she's like, I'm without that money in the bank. You have an emergency fund.

You have $30,000 and a $225,000 income. Is there something unstable about your income? No, not at all. She's a nurse. I'm in sales. Oh, good Lord. Yeah. Okay.

Yeah. Listen, I understand, but what I can tell you is this, is that I will make her a promise that when she gets this house paid off by christmas she's gonna sense a security that is 10x what this 90k sitting in a stupid savings account is giving her here's why okay and i just because i've been doing this for so long and i personally experienced it too but i've witnessed it with that free screamers and talk to people all the time the borrower is slave to the lender and what we don't understand is what dr john deloney talks about our body carries the stress of debt that we don't even know is there because we've been carrying it so long we're used to it and when there's suddenly

it's over and you got no payments anywhere you you suddenly, I mean, it's like somebody took 300 pounds off your shoulders. You stand up a little straighter. George, you just paid off your house back in January, right? Dr. John Deloney said, George, you've been walking around with a little swagger ever since you paid off the house. Is that what caused the swagger? That's so much swagger, Dave. I didn't know that. That's the swagger.

But it's true. There's a levity to it. Tell your wife you promise her that you will be walking with a swagger when you get your house paid off. But seriously, I'm telling you, there's a thing that happens in theank or Countrywide or whoever the flip it is. It changes things that you cannot put a pencil to and that don't show up necessarily directly in the checkbook. But, man, you feel free. And I promise you her security is going to be 10x. She's going to be glad she did it.

And if you hate it, you can always go get a mortgage. This is The Ramsey Show. Our scripture of the day, John 15, 5. I am the vine, you are the branches. If you remain in me and I in you, you will bear much fruit. Apart from me, you can do nothing. Helen Keller said we can do anything if we stick to it long enough. Open phones here at 888-825-5225. George Campbell Ramsey Personality is my co-host. Justin is in South Bend, Indiana. Hi, Justin.

How are you? I'm doing great, Dave. It's a pleasure to talk to you. You too. What's up? So my wife and I, you know, we are planning to build. We're trying to get on this housing boom here and sell our home. And there's definitely a lot of things that I was finishing up,

and I wanted to make sure we were going to give somebody a good home. So I had a lot of things I wanted to finish, make sure it was good to go. And now I kind of feel like we missed the boat. The house has been on the market for about two weeks, 10 days with a realtor. So no activity at all, and I just am very concerned and I don't know what to do from here. So when you sell it, where are you moving? So we're actually going to move in with my in-laws. We're going to end up building,

and I'm going to do majority of that myself. Sounds like a long journey. Yeah, yes it is. Do the in-laws know that? Yes, they do. Thankfully, they're willing to take us in. So how long does this project take, do you think? So it'll probably take at least a good 10 to 12 months. Yeah. Okay. And you're going to be the general contractor? Yeah, I'm going to be the GC, and I have a few good friends that are going to help me with a lot of electrical and plumbing.

So I'm hoping to save, you know, quite a bit of money going that route. Mm-hmm. Okay, good. That sounds fun. All right. So you've had zero lookers. Zero lookers. Why?

What do you think the problem is? I'm not entirely sure. Yeah, you do. What do you think's wrong with the house? Is it priced too high or is it ugly? I don't think it's ugly. Personally, I've done most of the work. What does your realtor think? She told us that we have really good curb appeal.

She thought it was a good home. And, you know, I guess what's really discouraging is our neighbors next door sold in four days. This was about four or five weeks ago now. They sold in about four days. And what did it sell for? $303,000. $303,000. And yours is listed for what?

Yes, sir. 290. Okay. And what was their square footage? It's 1,100, I believe it was. And yours is? Ours is 1,800, including the finished basement. So you have almost twice the size house for less money and have not had a single looker?

No, sir. Does your realtor actually put it in MLS? Is there a sign in the front yard? Is this an ELP? Is your real estate agent a Ramsey ELP? I don't know. Apparently not. Okay. Can you hire the neighbor's realtor? Because clearly they did a good job. Yeah, I definitely could look into that.

I guess that's why I'm calling you, because I don't know exactly what the problem is. I don't either. I'm hearing a better buy. I mean, you're 75 cents on the dollar per square foot of the house next door, and you're almost twice as large, and you're for less money. I mean, there's nothing here that... Did you get professional photos done? Was it staged properly?

Yeah, we got professional photos done. You're not under construction on any of your projects? No, sir, no, but that's why we kind of listed it. I feel a little late because i want to make sure everything was it's not late i mean the market didn't in the last two weeks the market in south bend indiana didn't just stop that just didn't happen okay yeah so something else is going on i don't know what it is but i mean the real the real estate market has slowed down versus three months ago but um but your neighbor's sale indicates the market's still fairly lively.

Yeah. So I don't know. I don't know what to tell you. The real estate agent has no idea. They've got no input. No, they were at a loss as well, and we're just kind of at a standstill, and I'm not sure if we should lower the price or keep it the same. No, I don't think, I mean, if the house next door is any kind of comparable sale at all,

I mean, if it's any indicator, you're not overpriced. Agreed? Okay. I don't think price is the problem here. I think we need to look into the other factors with the real estate agent and really start to make some tweaks and see if it changes the ball game ball game at all yeah i mean it's only been two weeks that's not bad only takes one buyer but oh my goodness um yeah that yeah i'm with you that's a little bit uh i i'm not freaking out that the overall economy has completely fallen in the dumper

since your neighbor's house sold 14 days ago and you you missed the one little moment in time you could have sold your house it's not not that's just not true that's not that didn't happen okay so but the market is slowing and there is lots of bad economic news on the tv but that does not mean suddenly all the buyers went away they did not people are selling houses like crazy out there. So all across America to this day. So I don't know. That's interesting. There's something in this conversation I don't know. There's a piece of information I'm missing.

I just don't think lowering it by $5,000 is going to cause 17 people to show up. No, I would not lower the price. I might change the real estate agent if they have absolutely no input. I mean, if your real estate agent sold 50, 60 houses last year, I'm afraid you've got a newbie. But if you don't have a newbie, if you've got a stud that's high octane that's doing a lot of work, then maybe we just give it a little time. Let's let it sit and watch it a little bit and see. But that's a little weird.

I don't disagree with you. Strange. Strange. Strange. If you want to get the people that we recommend, they're called Ramsey Trusted Endorsed Local Providers. These are all high-octane, high-performers, sell a lot of houses, or they don't get in our program. We will not endorse somebody that doesn't do a lot of volume. If you want to find out who that is, just click on that. Call them and ask them for an opinion.

You can just call them and talk to them. Click on them at RamseySolutions.com and ELP for real estate. And, you know, you put in your zip and your street address and all that kind of junk, and it'll pop right up and give you a couple different people to pick from in your area. David is with us in Tucson. Hi, David. Welcome to the Ramsey Show. Thank you, gentlemen.

And I know time's short, so I'll jump straight to it. Good. Doing retirement income planning on old assumptions, and all of a sudden some of those assumptions are changing. So my plan's always been to wait until 70 for Social Security for the 8% per year boost. And my full retirement age is about two months away. And suddenly I realized with

inflation, colas aren't likely to be one or 2%. They're likely to be six to 8%, which pretty much makes up the difference. I can also, I'm still working. I can divert up to $27,000 a year into a traditional 457B. As we discussed earlier earlier today you can buy that on sale uh social security is only taxable at 85 instead of 100 so your question is am i missing something or is it time your questions what do you want to do am i missing something or does retire or claiming social security at full retirement age just make more sense than it ever did. Claiming Social Security now instead of 70 because the economy is down right now? Well, the COLA makes up the loss of waiting for the delayed credit.

Yeah, maybe if it doesn't adjust it more. I mean, COLA's not out yet, and it's usually not going to self-correct over time because your inflation rate hopefully is not going to stay at this because I don't believe that we're going to leave people in office that continue to do the stupid butt stuff that they're doing. So, yeah, I, no, no. I think your original plan is the plan you stick with. Because I don't think you're going to see the inflation numbers stay up there long enough to make sure your plan activates the way you're talking about.

Your new plan activates the way you're talking about. So I think your old plan is just fine. Again, I try not to make permanent decisions on temporary data. And that's what this feels like. But, hey, thanks for the call. It's an interesting question. George, good show today. Appreciate it.

Austin, Ben, Zach, Andrew, James in the booth. Well done, gentlemen. I am Dave Ramsey, your host. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. Do you love a good day, friends? Want to see the latest Ramsey Show videos going viral?

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