The Ramsey Show - App - The Best Side Hustle Recommendations (Hour 2)

Episode Date: September 19, 2023

Девочка-пай Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth. We help them do work they love and create actual amazing relationships. I'm Jade Warshaw, your host today, joined by Ken Coleman. And the number is simple, 888-825-5225. We want you to give us a call so we can talk to you. We'll talk to you about whatever's on your mind. Ken's here. He's the career guy. And so if there's ever a moment where you're like, Jade, am I making enough money? Is it time to make a switch? How do I make a switch? Ken, you're the guy, right? Yeah, and you hear the word career. A lot of people go, I can't.

I don't want to do that. Let's focus on your work. Are you making the income you want to make? I'm not interested in giving you a bunch of advice about your resume, but I'll tell you what I will do. I like that. I'll help you figure out what it is that makes you come alive so you get out of the bed in the morning fired up and ready to go. And we find that, by the way, millionaires, everyday millionaires, from the largest millionaire study ever done by Ramsey Solutions, 98% of them loved what they did for work.

You were made for more than a paycheck. You know, collecting 26 or 52, however many checks you get in a year is not your destiny. And so that's my jam. That's what I want to help you with. And by the way, that'll help you make more money or the right amount of money so that you can learn to live on less than you make and be very fulfilled, not chasing all of the things that people get into. Let me tell you what.

There you go. That's my spin on what I want to help you with. That social media post you made, you were created more for more than just picking up 26 checks yeah i said yes yeah i fired that off this morning i was just thinking like so many people going to work today that just that's the only thing they're looking forward to is the next check it shouldn't be like that's freaking depressing that is depressing so anyway i love that thank you though yeah we're here to help you with with work issues as well so love it so with that let's go over to South Padre Island, Texas. Sounds like a nice place to be from.

It does. Let's talk about Dave. Let's go on, David. David, what's going on? I wanted to thank you both. You guys, I'm oddly nervous. I preach in front of 400 people a week, and I'm nervous around you kids. No worries.

Well, it's really the Jade factor she's so cool She does that to people just think You're just talking to me and that'll Just calm you right down because I'm not impressive So that should help Thank you for that Jane I agree with shoes over sheets And cauliflower and

Tofu cookies are not cookies That's right So each of us get a point today thanks to david okay very good all right my brother and i uh inherited a farm from my folks uh awesome uh gesture from them it's worth about 1.2 million might uh we weren't going to sell it for a couple years uh it produces about 35,500 in crop revenue every year, and we're drinking it. So my brother came to me two months ago and said, yeah, my wife and I want to sell. So I am a bivocational pastor.

I work, and I'm a general manager at a Congo complex. We make about $155 a year, which is my life and I. Okay. I was doing Dave Ramsey stuff before we knew Dave Ramsey. I got five Dave Ramsey cars and a Dave Ramsey boat. I love that. And both of my kids graduated college this year debt-free. Wow.

Very nice. Very cool. That was our goal to get them out. So my question is, we don't have a primary home. We have a 10-year contract with our church, and we live in the church manse. So I was considering buying my brother out of the farm. It would be about a 500 and we're getting a family discount. So about a $580,000 loan, 20-year loan at 7%. So 35.5 of that would go directly into the loan, which is our guaranteed cash rent. It leaves me like, I don't know, $17,500 a year to pay on a $52,000

loan. And that loan payment for the year would be about $52,800. So it would be $1,500 a month for us and we would commit probably to doing three times that a month and putting $3,000 in

towards the principal. Would it be something that Dave would recommend? Is there a home on the farm? My parents took the five acres when my father died in 91. My mom died just last year. And they took the five acres with the house and the barn and sold that. And that was part of their you know their income so the answer is no there's no home that you and your wife could live on if you buy the farm no no home and but i

have a 10 year and the only way that i would be out of this contract here and my other job is if i died or uh if i cheated on my wife or i did something that would get me out of church. How many more years do you have on the 10-year church home? I just signed the new contract. So I have 10 full years that we're assured of this job, and then I signed a 10-year contract on my other job. Why do you want the farm? That's a great question. It's not sentimental, but we know they're not making any more land, and it's income producing at the time. It's the debt

that makes me nervous. Yeah, it should make you nervous. Let me hit you then. So now that you answered that way, okay, it's not sentimental. It's only throwing off $35,000 a year. That's not life-changing for you. But if you sell this, it's life-changing. True or false? Well, I would say false. Hold on.

True or false? I'm not backing you into a corner. I just want you to answer it. If you and your brother sell it, what do you walk away with? And does that change your life? Yes or no? I don't need anything. So I think no.

How much money would you make on the sale of the farm? $605,000. I'm here to tell you that'll change your life. Yeah, that'll change your life. Well, the question you have to ask yourself is do I want to make $625,000 or do I want to go into debt $580,000? To make $35,000 a year. It doesn't make any sense. Would you be telling me the same thing if we lived on the farm? I don't know, but you're playing hypotheticals.

I was leaning in that direction. Here's the deal. My friend, David, I'm going to talk to you like I talk to my dad, because my dad was a bivocational pastor. You already have a bad feeling in your stomach about this debt, and it makes no sense. If it had a home on it and it became your primary home and that's where you wanted to live the rest of your life, yeah, my answer would be different. But you didn't back me into a corner you're playing

hypotheticals yeah i i wouldn't do it jay do you have a different answer i wouldn't do it i mean maybe i i have a feeling that your thought is maybe at some point you would build on this land but that's even more money still i mean that's just no we would keep the land forever. And I don't know, you know, we would be a legacy land for our kids. But I understand. So I guess my question would be, so let's say I take the $605,000. Hey, I'm up against a break. I don't think I can keep letting you go on this one. But what I would tell you...

I already told you what to do. Yeah, David. Take the money. Take the money and run. Are you going to go into half a million dollars? No, almost $600,000 worth of debt, and you're going to get $35,000 back a year? He gave us the key word. He said it wasn't sentimental, and that's what I was listening for.

He also said he felt horrible about the idea of debt. You're right, David. We agree with you. You're right, David. Don't do it. This is The Ramsey Show. What's up, everyone? You're listening to The Ramsey Show.

I am your host, Jade Warshaw. I got Ken Coleman to my right. We're talking about your life and your money, so give us a call. The number is 888-825-5225. And I can tell you this. When folks come to us and come to me specifically, they're wanting to get out of debt. They're wanting to go fast, Ken.

They're like, how can I do this as quick as possible? And I always tell them, I'm like, you have to get your income up. Yes, you have to get your spending and your expenses down, right? We're cutting items in the budget. But at the end of the day, you also have to get your money coming in,

get that as high as possible because that's what's gonna make your debt snowball move. That's how you pay off debt fast. And the answer to that question is side hustling. And so then it's like, okay, Jade, I know I need a side hustle, but what's truly the best one? Because we want to make a lot of money per hour, right? We want to get a lot of bang for our buck and we checked the Ramsey Baby Steps community to find out what you guys are doing to side hustle and really what are the best side hustles and what you guys are saying. So let's see what they're talking about, Ken. I love some of these. So Christy says, I own a travel agency, which has been my full-time job for 17 years, but I have several agents on my team who work in their own time booking vacations and cruises. Good side gig if you like travel, so you can get paid to do something you really enjoy and you get a lot of perks. So that's a really fun one. How about Paula? Side gig she has with a direct sales company. She does it from her phone anytime she wants, and it gives her an extra $200 to $1,200 a month.

Now, that's some serious progress. Yeah, that ain't bad. $1,200 a month. Kendra, or I'm sorry, Cassandra says she babysits in your home for couples in order for them to have date nights on the weekends. Now, let me tell you, that babysitting gig, you can make a lot. It adds up. I'm out of the game now.

My daughter's starting to do it, but I haven't asked her what her rates are. What's a going rate for a babysitter? You got the littles. Okay. So I've got, when I had one child, it was generally about $15 an hour. And then when I had two children, it went up and it's about 20, sometimes a little more, 25 an hour. I'm telling you. One person charged me 30 an hour like it depends on what they do like if they're just like hey i'm just here i'm on my phone but i'm just watching make sure they don't hurt themselves i'd be getting greedy if i was trying to get out of debt right now you know what i'd be doing i'd be like the old woman who lived in a shoe with all

these kids i'd have like 10 kids at my house for four or five hours a night, just running a daycare at night from my home, be racking up. Let me tell you. At those rates, I'd be like, come on, it's pizza night at the Coleman's. There are moms who will pay, because I have one babysitter. She's amazing. When I come back, the cabinets are organized. The silverware is organized.

You know, everything's perfectly stacked on each other. I come back, she's organized the cupboards. Yeah yeah i'm not doing kids to bed but that wouldn't be part of kids she can charge more because she does that so babysitting i'll tell you what i'd be saying to bring them over we're gonna feed them they'll be exhausted when you pick them up i'm gonna run the little ragamuffins but wait they gotta go to your house yeah because that's that's how i'm gonna max out they gotta go to the shoe i'm gonna have yeah see i'm gonna have everybody come to me hey it's date night and we have 20 kids and i'm just sugared them up then they crash we exercise them can you realize how creepy that sounds come on kids come over to my house it's not just me stacy josie's

there why you gotta make it all creepy? It's Uncle Ken. It's date night. We got it. All right. I guess it's getting creepier. Well, this one's better. Let's talk about Miranda. She says, I do Rover. I've seen that. It's a pet sitting. It's pet sitting. It's an app and people can go on there if they need, like if they want to get a dog walker for their dog, they can schedule a dog walker or dog sitting all through this app rover i've seen it she says i make a decent amount of money doing only doggy daycare and home boarding see i think i changed my mind i'm gonna kill the dog the kid idea i'm gonna go to the dogs we're gonna have 12 dogs over the house be great i got a huge backyard just let them go crazy

i like that it's less creepy or sarah she says i love driving the school bus i also make extra money by washing the school buses and doing trips as well now that sounds like a lot of work sarah you're over here washing school buses my arms are tired just thinking about washing school buses look you got to do what gives you joy if she enjoys doing the top done oh that's a lot of reaching you can only get so much that's a big roof she takes pride in her bus look i, I love this. What I love about these is they're clearly an extension of what these people already love to do. And I think those make the best side hustles. Tell you one that I heard about recently.

Guy is washing trash cans in a neighborhood. Think about how nasty the trash cans get. And coming in, power washing. Who knows what kind of chemicals he's putting in there, making good money washing cans so what is what are you all doing we want to hear from you what are you doing to make extra money let us know in the comments or tag at jade warshaw or at ken coleman on your preferred social media and if it's a really good one we're going to give you a shout out on the show yeah and put the put like actually put if you feel confident and feel comfortable put what you're actually earning because i want to to know, are you making $20 an hour?

Are you making $12? Like, this has got to be, I want to know the good stuff. Yeah. All right. Let's go to the phone lines. We got Josiah in Oklahoma City. OK, see, what's going on, Josiah? Hey, thank you so much for taking my call.

No problem. How can we help? So my wife and I, we, uh, read total money makeover. We started our, uh, started the process about two months ago. I was missing the show. And, uh, we had about, we had about $39,000 in debt and personal loans and a little bit of student loan. And we just, uh, over the last few years, we've been paying that down. It was down to about 20, we had 22,000 left on it, uh, on just all of our loans and realized, you know, once we started this, we got on a budget, we got our spending

under control. And first of all, we just want to say, we're really thankful for the program. And it's been just amazing for our lives, for our marriage. And we were really thankful. Um, but it's, so we, we got our spending under control. We, um, we realized, you know what, I'm, I'm driving around too nice of a truck to be still $22,000 in debt. So as of yesterday, we sold the truck. We now are debt free and we're trying to decide. So right now we have, we have some investments for retirement set aside. We're 24, 25 years old. Um,

and we have about $13,000 in cash, uh, which we need to be in another car. So we're trying to decide how much car should we get? Um, should we have a $10,000 emergency fund, a $3,000 car, or since it was just replaced a car,

we're about to get, we're in the military. We're about to get sent to California. We're looking for something with better mileage. Should we just get a car, we're in the military, we're about to get sent to California, we're looking for something with better mileage, should we just get a little bit more car? And we have a very stable job, so we're not really worried about having a huge emergency fund at this point. So I guess we're trying to decide what baby step are we on? Should we just get the cheapest car we can, have 10,000 emergency fund, and start 15% saving? Or should we kind of get a better car that'll work better for us in

the long run, maybe more reliable and have a little smaller emergency fund to start with? So that's a really good question. Let me put myself in your shoes. So you've got this one car. Is this car two or is this going to be your only car? This is car two. Car number two. Okay. And what's car number one? What is it? It's 2010 toyota rav4 it's it's got like 150,000 miles on it it's been it's been good there's no no issues with it there's no issues it's in good shape um yeah it's in good shape and you have kids uh no kids no kids and so is this going to just be a knock around car or is this somebody's commuting? Like, tell me a little bit more. It's going to be my it's going to be my commuting car.

I'm I'm the only one who works. So I will be in California. What's your favorite color? You got a favorite color? Oh, man, I don't really care. I just want to get all right. I want to get to and from work with a good, good gas mileage and something that's not going to break down on me.

Before you give him that car, Ken, when move to california uh in about six months okay are you are can you guys do the one car thing until you move or are you like we have to have a car now for us we do we do need two cars what i'd probably do is i'd get a knock around car now and then in six months when you move, do you guys plan like what's, here's what I'm thinking through. I'm trying to save you money on the move. So I'm like, okay, if you're moving, are you driving both of these cars over? What's the plan?

Can you sell one off before you go? Yeah, I mean we're in the military, so it's our move is going to be covered. We don't really have any big expenses associated with the move. You don't want to buy the car in California. You want to buy it in Oklahoma City. Yeah, that's a good point.

Look, my friend, I got a silver 2007 Toyota Camry hybrid, only $69.95 with 114,000 miles at Go Auto of Oklahoma City. That's just one quick search. I love that. My friend, I get a nice little car for you. Low gas mileage. I mean, it gets great mileage. And pay cash. I probably

wouldn't spend more than $10,000. I think $10,000 is good. Search between $10,000 and $12,000. That's what I did. And I found stuff under that. So there you go. I love it. This is the way to do it. Ken Coleman on the ones and twos. I'm the used car guy. You are. It's my new title here on the Ramsey Show. You found some good stuff over there, but that's what I do. This is the way to do it. Ken Coleman on the ones and twos. I'm the used car guy. You are. It's my new title here on the Ramsey Show. You found some good stuff over there, but that's what I do.

This is the Ramsey Show. What's going on, everybody? You're listening to the Ramsey Show. I'm your host, Jade Warshaw, and this is Ken Coleman. You can give us a call and talk to us directly, 888-825-5225 and some of you are new listeners you're joining us for the first time whether it be on the podcast maybe you're listening on YouTube or even Twitter we broadcast on Twitter these days or X. Is that

right I did not know that yeah that's right I should pay attention to James emails welcome wherever you're watching however you're watching welcome we're thrilled to have you here're for you. And if you're a new listener, we want you to dive in because you're going to hear Ken and I or whoever's hosting talk about all sorts of things, the baby steps or gazelle intensity or beans and rice, rice and beans or baby step one. What does all of this stuff mean? We don't want to leave you guys in the dust. We want to make sure you know what we're talking about. So go to ramseysolutions.com and go ahead and click that get started button. And we're going to help you find the best next step. We want to make sure you know what we're talking about. So go to RamseySolutions.com and go ahead and click that Get Started button. And we're going to help you find the best next step. We're going to plug you in. You're going to know what's going on. You're going to feel

support and community. That's what we're all about. So do that. Go to RamseySolutions.com and click Get Started. And that's how that's going to roll. And now we're going to go to Jessica. She's right here at home, Nashville, Tennessee. What's going on, Jessica? Hi, how are you guys? Doing good. You're right up the Tennessee. What's going on, Jessica? Hi, how are you guys? Doing good. You're right up the street. What's going on? Well, I just started listening and I've got a couple questions. So I'm kind of just trying to do baby step two and look at some of this debt. And I thought I was doing really good and I don't have a lot of debt. And so I've got a little bit of debt that's all zero interest. And the whole plan is to pay

that off as soon as the interest would start accruing. But after listening, I would love to try to get rid of that. I also have two mortgages, but I also have a investment portfolio that's worth over a million dollars. So I'm trying to decide, do I pull money from that to pay off some of this debt or even to pay off my mortgage? Or do I let that keep making money for me and just try to do it with the money that's coming in? Does that make sense? Yeah, definitely. Well, let's kind of break it down and see really what the details are. So can you tell me, aside from the mortgages, how much debt you have and what it is, what type of debt it is? Yeah. Yeah, sure. So I had a $10,000. It's really,

I guess, a credit line. I had to get a new water line for my house, and that was about $18,000. That's now at $64,47. And it's zero interest until February. So my plan is to pay that off by February. Okay. But of course, I mean, I could pay that sooner. And then I got kind of roped into a vacation club. I don't know if you're familiar with what these are. So it basically is you're kind of like paying upfront for vacations. And so basically I'm paying about $2,000 a month for that. And after nine years, that's over, but I'm getting, yeah. So it equals, you know, like $169,000, I think. Wait, you're paying $2,000 a month and you're locked in for nine years? Right. For a vacation club. But but you get vacation so you get like

hey wait you're not going to convince me this is a good idea you better be getting a fifty thousand dollar vacation for twenty four thousand i mean i almost don't want to know more about this um is my question is is there any way out i don don't know. I guess I could think about trying. I think if I said, hey, I'll pay it off in full early, then they'll cut it like maybe in half. Yeah. I want you to find out more about that because I do not want you locked into $2,000 a month for nine years.

So let's look into that. See if there's a buyout. Weigh it. If you're not sure, call us back on that. What other debt do you have? Just my two mortgages. So my one mortgage is on my primary house, and that's $19.85 a month. I have $236,000 left on that mortgage.

And then I bought a lake house with my parents. And so I pay half of that mortgage. Lake house with your parents. Explain that one. Are you on the deed? Do you? Yes, I'm on the deed and on the mortgage. And so I pay half of all of that. And they are too? Or is it just in your name? Yes. No, they are too. Interesting. That's How much is that? They live with me primarily. So we're connected for the rest of life, it feels like.

So that mortgage is... That doesn't sound like a good feeling. I feel like you set it up that way. Now you're regretful, which you should be. Well, right. So that mortgage was $80 680 000 mortgage we still have 664 left and i pay about 1900 a month on that and they pay the other 1900 right yep okay um y'all are some vacationing people i know that's right y'all are living your best life a lot of vacations a lot of time on the lake.

I know, right? Okay. And to throw in another wrench, I'm thinking about selling my primary house and having them move full-time to the lake and then buying a home so I can have some separation. You do need separation. Why don't you just kick them to the lake house? Why do you have to sell your current house? Yeah, I'd kick them to the lake house. Well, because my current house is three acres, and I can't upkeep it on my own. My dad does all of that. And I could actually get $600,000 out of my house in equity. I was going to ask you if you sold it what you'd get.

Okay, so now we know we got $600,000 coming from mortgage one. We're going to keep mortgage two around because there's a lot of details into that. So far, you've only explained about $8,000 of debt, even though one of them is occurring monthly. Is there any more debt or that's it? So just the water line, which I'm paying $1,000 a month, hope to pay off in February. And then this vacation club, which, you know, is $100 and whatever, and I'm paying 2000 a month. And then what's your income girlfriend? Um, I met one 85 a year. So I'm bringing in about 13 to 14,000 a month. Okay. So we're paying, we're paying off the loan. Next check. There's no reason not to. You've got that kind of waterline one. Yeah.

Just pay it off. Got it got it okay so we're paying that off we're looking into the vacation club and i want you to get out of it even if you take a bit of a hit i want you out of it i do not want you paying on that for nine years you make too much money okay like if you want yeah you make too much money okay now i can just take whatever vacations i want yeah yes with the 1 million invested the only way I might, I mean, here's what we can look at. Okay. If you said, I'm going to sell mortgage number one, I'm going to pull, I'm going to take home 350 from that sale. Well, I have about 600 in equity at least. Okay, but you owe $236,000. No, I'm saying I could sell it for $900,000.

Oh! Yeah, she's all out. She's walking away with $600,000. Let's go. Okay, so I would sell that, and then I would... I'd get out of the vacation thing with the lump sum out of that. Uh-huh, and I would take that money,

the $600,000. What do you plan on spending on your next, your house for you? Because I want you to pay cash. I mean, I'm in Nashville. I want to downsize, but it's still going to cost me between six and seven. Okay. So if it's costing you between six and seven, you've got the $600,000 from the mortgage.

The $1 million invested, is any of it in non-retirement funds? Yeah, yeah yeah yeah i have um about 180 and 401ks and then um 1.175 and actual like stock mutual funds and then an ira that's 220 000 okay ira 220 um so the stock and mutual fund allows you to clean all this mess up. Yeah. All of it. Yes, exactly. How did you come across that money? Was that just saved money? No, no, no, no, no. So my husband passed away eight years ago, and that was life insurance.

Oh, my gosh. I see. I'm so sorry about that. Yeah, I'm sorry. Thank you. And I have a guardianship account fund for my son at $109,000. The plan is to use that for college. Okay. What I would do if I were you is I would pay cash for the next home.

Between $600,000 to $700,000 is fine. If you pull $100,000 out from the stocks or somewhere, sell off those, I would do that and be totally debt-free. Then I don't love this mortgage with your parents. What is your parents' financial situation like? Real briefly. I mean, they're both retired and they are making money off of Social Security and my dad has a pension. So I mean, they have decent money coming in. I want you to talk to them about a plan to pay this mortgage off because that's my next big step, because that's going to be the thing that's going to continuously be around your neck and making you feel like, oh, like you said, I'm tied to them

for life, which, you know, they're your parents are good people. But I don't like that you're in this mortgage with them. And I want you all out of it. And I want you working together to do that since you're all on the deed. This is The Ramsey Show. All right, you're listening to The Ramsey Show. I'm Jade. This is Ken. And we just had an amazing weekend in Chicago, Illinois for our Smart Conference event. It was pretty awesome. Ken, you did a keynote. I did a keynote. All the personalities were there. Dave, it was a great time had by all. And I really love our live events because we get to meet you guys. We get to sign autographs.

It's just great to get a pulse on what's going on. And I'm really excited because coming up, we have another event, Money in Marriage. And that is hosted by Rachel Cruz, John Deloney. And that's going to be October 19th. I'm super excited about I'm going to be part of that one, Ken. Yes, I think George's as well. Is that true? All of our personalities? I think George is there as well. Yeah, this is going to be good. And this might be a spoiler alert. I don't know if I want to say it or not, but there might be a cameo

by Sam Warshaw there. So I'm just letting you know it is I believe that is what is called a leak. Yeah, I leaked a leaking information out there. It's a drip. I'm dripping information. Oh, I like that better. That's what the kids say. Don't the kids say something about... Well, drip, that's when you're talking about your clothes or your jewelry. Yeah. Yeah. I'm trying to keep up. Come on, Ken. Listen, I'm trying. If I can get my boys to talk to me, then I learn these things. I was going to say, I'm going to tell your boys things like that. I think they say things like check the drip. Check the drip.

Is that right? Yeah. Did I use that properly? Yeah. Yeah, drip too hard. That's what I'm talking about. Don't tell me you can't teach an old dog new tricks. Ken, I like the drip.

I know. I got my golf outfit on today. I got the golf pants, the pullover. I'm drippy. Yes. Did I say that right? Yes. Come on.

Come on. Dap it up, Ken. That's what I'm talking about. I don't even know what's happening right now. I thought I was going to be made fun of when I said drippy, and I was willing to sacrifice for the greater good. There you go. To give you all something to laugh at out there. Well, when you come to the Money in Marriage event, make sure you come correct.

I will be there. I didn't get invited. I'll be home watching football. And for those of you all who are interested, make sure to go to ramseysolutions.com slash live events. I think there's still some tickets left, but you better go fast because those tickets sell like hot potatoes. You know what I'm talking about, Ken? Hot potatoes? Hot tamales? I think hot cakes is the phrase. Hot potatoes? I think selling like hot cakes is the phrase. You said hot potatoes. I think it's hot cakes. I think you might be right. They're selling

like pancakes. You start using old phrases, I'm the guy. Nobody gets one over on me when it comes to the old school phrases. These tickets are selling like hot cakes. I'm going to start saying hot potatoes. Yeah, you heard it here first. All right, Greg in Boston, Massachusetts. What's going on?

Beantown. Hey, thanks for taking my call. And I'm feeling pretty drippy myself, Ken. Yeah. Thank you. From one dripster to another. a dripster i made that too far too far too far too far the audience oh thank you how can we help greg sure sure so um my situation is you know we've been an avid listener for a long time you know bred the total money makeover, like from cover to cover. So, um, so the issue is that, you know, um, my wife and I, we have a one-year-old and we have a baby on

the way and she's doing February. Yeah. Thank you. And, um, we have the light at the end of the tunnel. We are at the precipice of, you know, basically being debt free. We, um, we have about $8,000 left. Oh, wow. Our tumor debt. Yeah. It's been a long time coming about two and a half years and really struggling and getting it done. Um, went from about 45,000 all the way down to where we are now. Awesome. Great job. Yeah. Yeah. So, um, the question is now, um, with, you know, our one-year-old and we have a baby on the way, we have the money right now to pay off the debt. But, you know, with the newborn on the way and, you know,

all these medical bills are starting to stack up with our high deductible health plan, we want to know if it's, you know, if we should hold off until the baby comes or we should pay off the debt and then, you know, gradually, you know, pay we should hold off until the baby comes, or we should pay off the debt and then, you know, gradually, you know, pay off the debt, you know, with life. Yeah. Do you have the money for the deductible set aside as well? Yeah. So we have an HSA with money that's stacked up, but it's slowly starting to, you know, trickle down because, you know, we're reaching the end of that to pay off the deductible and the remainder. And then we have an out-of-pocket maximum that we have to pay. And then with baby coming in February, we're going to have to then have to double dip again. So then the deductible will reset on the beginning of the year.

So my question is, do you have those out-of-pocket maximums in your HSA? Do you have enough for both years? Right now we have about 1,500, and that will cover, you know, the remainder of this year. And then, yeah, the next will reset, so we won't have anything left in the HSA. Okay. I would temporarily pause the baby steps because you don't know what's going to happen. And I believe that you're going to have a great baby. Everything is going to go smoothly, have a wonderful delivery.

But being conservative, I would just make sure that I have this money saved just in case it's going to give you a lot of peace. And here's the thing. If something happens and you end up having a bunch of money, you's going to give you a lot of peace. And here's the thing. If something happens and you end up having like a bunch of money, you know, you're going to have this big chunk of money when this baby comes in, you're going to go, oh, great. We can pay off this debt and we're going to have extra money after that. Right. Right. And that's not a bad that's not a bad thing. You know, I get it. You're like, oh, we're so close. Eight thousand dollars. I just want to have the balance be zero. Look, keep keep paying the minimums on it and then

just keep this money aside. And if something were to happen and you have more than the out-of-pocket max for both years and you're like, this is plenty of money, I'm not mad at you if you went ahead and paid the $8,000 off, but I definitely want you to have both of those out-of-pocket maximums. You're playing it safe and that's smart, Greg, and you're not going to go backwards. I can tell you're committed to this. This is a good move. And then the minute baby's okay and everything's good, knock it out at once. Absolutely. And by the way, I got to give Greg some love. He used the word precipice. That's word of the day. We're on the precipice. I like that. That's the word of the day. Go look it up. Word of the day. I love it love it let's take another call let's go to Teresa in San Diego what's going on Teresa hi hi thank you so much for answering my call no problem how can we help yes so I'm currently planning on moving with my mom I'm married my husband and I we are moving

back with my mom temporarily for us to save up some money and to kind of finish up paying our debt. My attorney in Stacey Steps, too, super committed with my husband as well. How much debt? Student loans, $80,000 in student loans, and consumer debt is a total of $32,000, which includes a card that's used for my husband's business. Okay. And we're left only with 3200 and credit card we're killing the credit card first and we're almost done with that by October

of this year how much do you guys earn combined so my husband is self-employed um he made and myself unemployed for the county so So combined, it varies. I make $60,000. That's my income. My husband is in between $50,000 or $80,000. It just really depends. Okay. So we make about $90,000 to $120,000 a year.

And how long are you planning to stay with mom? There you go. Excuse me, can you repeat that? How long are you planning to stay with your mother? Less than six months. Okay. Less than six months. Okay. If it's less than six months, go for it.

Let that be the end date. And what's the goal that you will have accomplished by the time you move out in six months? Yes. So the reason why we're moving with my mom is because we want to open a business. It's called a Dover residential facility is to help individuals with disabilities and they live with you. And by doing that, you'd receive an income. Um, so I'm going to continue work to work and my husband as well, but plus that my mom will be moving with us. But the thing is that we are trying to purchase a home, but will be uh not finishing paying our debt yeah i don't i don't want you to i don't want you to

buy a home until you've gotten out of debt and until you've gotten on your own two feet this business idea it sounds like a fun idea but it can wait until you are in a more um stable financial footing you've got a lot of debt here. The credit card debt, you're going to knock out in no time. You've got this car here. You said it's for work. I have a few more questions about that. But the key point that I want you to take away from here is I don't want you buying a home until you're out of debt and then take it a step further. I want you to have three to six months of expenses saved before you buy that home. And then to take it another step further,

Teresa, I'm sorry to do this to you, but you need to pick a home that's not going to be any more than 25% of your take-home pay. So you're going to be saving for a while when you get this home. I'm not trying to crush dreams, Ken, but I want to make sure that when you do this, it's 100% a blessing, especially since she plans on running a business out of that house. Nothing is worse than when you're house poor and when you're trying to work just to pay bills. Hey, that's keeping the dream alive. Making the dream possible. Thank you, Ken. Thank you for seeing the up and up on that. All right. This is The Ramsey Show. This is the end of this hour. We'll seeamsaysolutions.com today to sign up for

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