The Ramsey Show - App - The Best Way to Get Rich Quick Is to Get Rich Slow (Hour 1)

Episode Date: September 2, 2019

Home Selling, Debt, Savings, Budgeting   Tools to get you started: Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE   Check out other podcasts in the Ramsey Network: http://bit.ly/2JgzaQR 

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, and this is a big day around here today. We are so excited. Lots of fun stuff happening around Ramsey these days, and this is one of the things. Here's the deal. No one accidentally wins the Super Bowl. No one is accidentally successful at any area of their lives. We target that we want to raise great kids.

We target that we want to have a great marriage. We're very intentional and very clear about it, and the people who actually move things around in this world and have unusual levels of success are people who actually set goals christy wright ramsey personality number one best-selling authors joining me for a huge announcement welcome i'm so excited this is a big day this is huge too i think dave because what we're launching today it's not the first time we have a full year of success and track record that gives us this momentum going in so i'm so excited to announce it is the launch day of our 2020 goal planner now

we had a 2019 goal planner and we had amazing reviews and it was unbelievable how this tool has helped women not only win in their business but win in their lives and so we're like let's do it again let's make it bigger better and today's the launch day well in 2019 we launched the thing this whole gold planner christy wright doing it of course the business boutique audience is gobbling it up ladies are gobbling it up um and and and really the sales ended up about 2x of what we projected kind of caused a problem we had to rush around get some others made get them in get them out to you folks so this this year, we're a little more there. And, you know, the things we learn, anytime you do a version two, you learn some things and upgrade, right?

Right, exactly. And what's interesting is, you know, I remember us talking about this, Dave, before we even created the 2019 version. And I said, you know, I don't typically use a paper calendar. I use my phone for my appointments and that type of thing. But here's what I use. I do write down my goals because we teach that. If you write down your goals, you're much more likely to achieve them. I will do Bible studies and journal and take notes. And I also will keep a record of things I'm working on in progress. I'm making tasks, to-do lists, that type of thing.

I said, what would it look like if we put all that together in a planner where it had your calendar, it had your to-do list it has your your goals but it also has motivation i read books and you read books we're all readers around here so there's motivation every month that's going to inspire you and teach you and equip you when you put all that together you've got a really powerful tool to help you make your year exactly what you want it to be so it's got a full month calendar view a full weekly calendar view monthly lessons, activities, inspirational quotes, all of this.

And it just walks you through the year. But you get to decide what your future is, write it down, and then this little thing will get in your face and hold you accountable to that. Right, and we're checking in because I think there's something really important about seasons in life. So even in April, we're checking in on your goals. Are these still the right goals? Do we need to adjust or adapt based on how your year's going or something that happened

in your family or your business? And so it's amazing how we're constantly keeping a pulse on where we're going in our year, how things are going. And then even within the week, there are little spots to make a note of things you're grateful for, things you're doing for yourself, for your family, for your business to keep those priorities front and center. And it's amazing. When you see it on paper, gosh, it's much more likely to happen.

One of my most treasured possessions is I've got an old prayer journal and goal list. And I would just type it out, three-hole punch it, and put it in a little leather binder thing I had back in the early 90s. I've still got that. And some of the things I wrote out that today now, 30 years later, 25 years later, I'm living in the things I wrote out then. You know, when we moved from the old office, I had to clean out my old desk and I found these old speaking records like, here's my goal for how many times I speak this year

and how big the audience is. Maybe I could speak to 100 people. It was so fun to see those early days of those goals and see now where god has brought us uh you know years later but like you said you have to write it down for it to actually happen so the 2019 goal planner was a massive success as i told you sales wise 2020 will be even bigger we're ready for you this time right we're starting early we're going to be ready we're launching and so since we're launching it it's going to ship immediately here in the month of september the gold planner starts in january so what's someone do from now until

january right well that was one of the things that we improved just like you said we got the feedback from 2019 we started selling it in the fall of 18 but you could start using it in january well they said we want to use it now. We're so excited. So when you buy the 2020 Goal Planner, even though it starts in the hard copy in January for your full year, you actually get a downloadable version of the last few months of the year for 2019. So you can print those off. You can save them.

You can do them online. And you can go ahead and start putting your goals on paper for the last quarter of the year. So if they didn't have the 2019 Goal Planner, they can get the last three months of it downloaded. Exactly. Okay. And it's the same one we sold. Right.

Just the last few pages of it. That's right. And start using it now. Get in the habit. Okay. So if you know about these things, and honestly, I didn't. When they brought me this project, I went, do what? But apparently, there's a lot of these folks out, a lot of these types of products out there that are like $100, $150 that people use and very popular and huge sales on them.

So I was kind of amazed. And this is a beautiful product. It is. It's very well put together. It is something you literally, if you did this year after year, you'd have a bookcase full of these that you could look back and have watched your life evolve. And so the 2020 gold planter is on sale today for 49.99 but hurry we do have a limited quantity uh the 2019 sold out very very quickly we are ready for you but we think we're ready for you when we run out of

these it's very difficult to get there's something that this is a very expensive product to create right and so it takes a little time so when we run out we do run out right that this is a very expensive product to create right and so it takes a little time so when we run out we do run out right it really is a problem and so if you want one of these you should get it ahead of time get ready uh if you've got a uh a lady in your life that it sounds like this might be a good christmas gift get it in advance go ahead and get it now put it in the back of the closet don't forget it's back there pull it out at christmas time and wrap it i've done that i remembered it in march after i bought my christmas gift but yeah anyway you can tell that happened so 2019 planner sold out fast the 2020 is 49.99 and the reviews we got

on this now a lot of the reviews are kind of mixed up with i love christy reviews okay with that and so that that's part of it but the planner is truly amazing this is from last year full of motivation practical steps it's a game changer for me another one said help me with my time management i feel more organized it's led to higher productivity level i love christy see i told you it's in there and she has put together a planner that's perfect for me she has and she and the team have worked on this very uh very diligently it's been a labor of love uh because you build stuff like I do. I mean, we all do in Ramsey.

It's stuff we would want. It's stuff we would want and it's stuff that leads to life change and you really push us on that, Dave. We're not going to create something just because it's cute or it's clever or even if it would sell. We create things.

We create products, services, tools that lead to life change, that lead to transformation and that was our litmus test in creating this. Is this going to lead to transformation? And when you read the reviews on Amazon, DaveRamsey.com, and you hear these stories of the actual transformation that's occurred because they had a tool, that's exactly what we wanted.

That's exactly what we were going for. A friend of mine is a cook, and he was cooking up some stuff the other day, and he said, these grits, try these grits. They'll change your life. And we laughed, and they were really good grits, but you know what? They didn't change my life. They're grits. Okay?

It didn't change my life. This kind of stuff does change your life. This will. That's right. It leads you in the step-by-step process to get there. Proud of you, Christy. Well done. Thank you.

Christy Wright, the 2020 Gold Planner on sale now, $49.99 at DaveRamsey.com and of course BusinessBoutique.com and of course ChristyWright.com. You can find it everywhere around Ramsey. We're very, of course, BusinessBoutique.com. And, of course, ChristyWright.com. You can find it everywhere around Ramsey. We're very proud of this new baby. So check it out. This is The Dave Ramsey Show. Do you know who is a prime target for identity theft? Your children. Kids have no debts or credit history.

Their personal information is just as easy to get, but the theft could go completely undetected for years. Every day all over the country, young adults are starting down their own path in life by opening a bank account or renting their first apartment, only to find out that they somehow already have credit card debt, a mortgage, or even a criminal record. It's devastating, but it can be fixed when you have an ID theft protection plan from Zander Insurance. They monitor all personal info for the entire family, and they take over all the work if you become a victim. Best of all, your kids are covered for free on their family plan. Call them at 800-356-4282 or visit zander.com. It's just the smarter, more affordable way to protect your entire family. And it's the only plan I provide to my team.

Zander.com or 800-356-4282. Thanks for being with us, America. We're glad you're here. Mary's with us in Dayton, Ohio. Welcome to The Dave Ramsey Show, Mary. Thank you, Dave, for taking my call. I have some questions. I am 87 years old. I have three rentals. One I just rented for a year. I have one on land contract that will close next year, and I will net about $30,000 out of it. My question is, I have one that is empty. I can rent it for about $900 a month and it would take me about 11 years to net what I could sell it for. I can net 120 if I sell it now.

Should I sell it or should I keep it and rent it for $900 a month? Okay. Well, if you take the $120 and invest it, can you create $900 a month? Can I do that on investment? I don't know. That's what I'm asking. I mean, that's what you. Can I do that on investment? I don't know. That's what I'm asking. I mean, that's what you'd want to do, right? Because we know one way we can get $900 a month, and that's keeping it.

Or we could take the $120 and put it in mutual funds. If it made 10% on the mutual fund, that would be $10,000 a year. I'm sorry, $12,000 a year, which would be $1,000 a month. So I'd need to make 9%, 10% on your mutual funds in order to make the same money that you're making on this house. Well, you've got expenses on the house, so probably not. But, yeah, I would think you could probably buy a mutual fund, a series of mutual funds, if you went and sat with a broker and do about as well as you're doing on that. Which do you prefer?

Do you like having the rental property, or would you prefer to have some mutual funds? I do like the rental property, but at my age, I'm beginning to wonder. The expenses, taxes and insurance would be about $2,000 a year on it. So you'd be netting about $8,000. Right. If you get $10,000 and some change in and you had $2,000 in expenses, then you're not counting any other repairs or anything that you had come up,

but you'd be netting about $8,000 on a $120,000 investment. And so if you were to put that in mutual funds, you probably could make that if you pick good mutual funds. It's just a question which one you would rather own. And so one way I can answer questions like that for myself sometimes, and you might try this, Mary, is just do it in reverse. Let's pretend I had $120,000 in cash sitting in the middle of your kitchen table. Would you go buy a rental house like the one we're talking about,

or would you go buy mutual funds? Well, I don't know. I lost, years ago, I lost over half of what I had in the stock market, and that's when I took the rest out and started buying rental property. I don't know about the stock market. Well, that's the only place you're going to get a similar rate of return to what you're getting on the house. And so if you feel more comfortable with real estate,

then you keep the real estate and rent it. Or pay somebody a management fee to handle it for you if you don't want to deal with it at 87 years old. I can't blame you for that. Don't want to deal with a hassle or whatever. That's fine. No question. But it's just a matter of which one you would do. I personally do both. I have mutual fund investments and I have real estate investments that I pay cash for. And so it sounds like you're in a really nice place financially. You've done a great job.

And so it's just a question of what your preference is at this point. Idalis is with us in Sioux City, Iowa. Hi, Idalis. How are you? Good. How are you, Dave? Better than I deserve. What's up?

Me and my boyfriend need some help. We are $50,000 in debt with just our vehicles ten thousand dollars in credit card debt and three thousand dollars in the medical debt okay we aren't one of you is whose name is on these cars um both of our names are on both of the vehicles that we just got in May. Oh, God. Okay. And what about the credit cards? Some of the credit card debt is mine. Some of the credit card debt is his. Out of the $10,000, probably $3,500 of it is mine.

And what do you make a year? Me and him combined is $3,600. No make of your? Me and him. No, there is no me and him. Legally, you're not married. There's not a me and him. Okay? You have a roommate from a legal standpoint. Okay?

So if he gets up and walks away, you're in a partnership on two cars you can't afford with this guy. And if he gets up and walks away, you have your credit card debt, he has his. That's the way the law looks at it, okay? And so just because you guys want to. Yeah, the reason we do it together is because we have a three-year-old son together and we've been together for six years. That doesn't change the conversation.

You're still not married, and so when you're not married, you have to look at this differently. Now, why are you not married? We would love to get married, but the debt right now is just unbelievable. And marriage changes that? No. Okay. Because, I mean, you're doing all the stuff of being married except being married, which leaves you unbelievably unprotected from this situation.

So let's pretend you were to get married next week, which is what I would recommend, and then let's pretend that you had two cars that you can't afford that you bought that were really dumb. Then we would go sell those immediately. Yep. Go sell them immediately. What do you make a year?

I probably only make $20,000 a year. And what does he make a year um i probably only make twenty thousand dollars a year and what does he make a year his income varies um he works a landscaping job so in the winter his hours kind of drop what does he make in a year i think he makes probably forty40,000 a year. Okay. And you have $50,000 in car debt? Yep. Yeah. This doesn't work, does it?

No. No. Yeah, the bad news is you guys made a mess. The good news is it woke you up because you weren't stressed before. Now you're stressed, and at least you're paying attention. So hold on. I'm going to send you a copy of the book, The Total Money Makeover. And what I would do if I woke up in your shoes, because I've been there too,

I've done lots of dumb things in my life, is I would sell these two dumb cars as fast as I can, and I'd get me two smart cars, which aren't the small little cars that look like a skateboard. A smart car is a car you can actually pay cash for that is like a $1,000, $2,000 car. And then we work every extra job we can get our hands on. We have a big garage sale to celebrate our new marriage, and we pay off a bunch of debt as fast as we can, working them off smallest to largest. But you guys went and impulsed two cars, very large impulse purchases that you could not afford,

you cannot afford, and you will not prosper while you have those cars with this income set. And also, you need to keep in mind, you are in a very dangerous, precarious situation when you do not have the legal protections that marriage gives you, much less all the other aspects of it. So the idea that you can't afford to get married, but we can afford to do all the exact same things and live in the same house, it's not logical, not logical at all. Lorenzo is in Fort Myers, Florida, but we're going to come to Lorenzo after the break

because I just looked up at the clock and realized that we're heading into a break. So I want to make sure I get this right. Rico is on Facebook. Dave, my wife and I just had our first child. What do you recommend for life insurance coverage for children? I don't. At the most, a burial policy, which is done as a rider, a $10,000, $15,000 rider on your term policy, once you've got a fully funded emergency fund, I wouldn't carry a burial policy or anything on a child.

Children do not create an income. And if they don't create an income, then you don't have to replace their income if something happens to them. God forbid, it would be a horrible, horrible thing to go through. But all you've got to do is just cover the burial and the funeral, and that's it. And you can do that out of your emergency fund. And until you have an emergency fund, you might carry a rider on your term policy. Do your investing anywhere except in a life insurance policy. A fruit jar is better. We'll see you next time. Terrence and Angelise are with us from Tallahassee, Florida.

How are you guys? I'm good. You're doing good. Good. I see on my screen you're debt-free. Congratulations. Thank you. Thank you.

How much have you guys paid off? Oh, only $104,529 and about 88 cents. Only? Look at you. Only. And how long did that take? About 26 months. We had two months in between there where we would cash flow some other expenses.

So 24 months to be exact as far as payments are concerned. Gotcha. And what was your range of income during that two years? 85. Mm-hmm. 85 to 100. Mm-hmm. What do you all do for a living?

Well, I'm what they call a waymaster, Dave. I work for the county here weighing in trucks and other side jobs. I also work at my local university here, home of the Seminoles. Go Knows. Oh, look at that. Good for you. Okay, cool. What kind of debt was the $105,000?

Well, we had a little bit of everything, Dave. Of course, we had a couple of vehicles and some credit card debts, student loan debts, parent plus loans, and some braces. You were normal. Unfortunately, yeah. So how long have you two been married? 17 years. Very good. Good for you.

Yes, sir. So what happened two years ago that put you on this journey? Because, man, you guys got after it. Congratulations. Yeah. Yeah. Well, for me, I think what it was, Dave, your name kept coming up in conversation. I was trying to make some changes professionally and thought that I could make those changes

and realized that we had a mountain of debt that wouldn't allow me to do so. So my former boss, shout out to Gil Page, he had a mountain of debt that wouldn't allow me to do so. So my former boss, shout out to Gil Page, he had a copy of your book he had given away to me the Christmas before. And after hearing your name a few times, I realized the book was at home and I dove right into it and it lit me on fire. And so I went and told my husband, babe, this is the plan. And he easily just jumped on board, and from there we just got started. All right.

Very cool. Way to go. So you were that easy, Terrence. She just told you, this book says this, and you're like, we're getting out of there. I didn't have a problem with it, Dave. I actually tried to implement it 15 years ago, but when she heard it from you, I mean, it worked. Oh, I see how she does you.

I'll say this. If I have any other problems or things I need to get started, I'll call you so you can call her. And we can get started ASAP. We'll have to wait 15 years that way, man. But, Dave, actually, he told me this 17 years ago. Before we got married, he's a country boy, you know, very simple, never had a credit card, no car payments, and he wanted us to live on one income.

And I thought he had bumped his head because I was a city girl and we needed good credit and we needed a new car and all of these great things that I thought we needed. And he ended up coming on board with me. And then 15 years later, you said, rock my world. Well, you were ready, though. That's good. Good for you guys. What do you tell people the key to getting out of debt is?

I think, Dave, first, coming to an agreement with each other. We have to get on the same page first. We can't be put in two different directions. And once you do that, to me, that's the main key, and getting on that one page first. We can't be pulling two different directions. And once you do that, to me that's the main key in getting on that one accord first. I definitely agree. For me, I handled most of our finances the first 15 years of marriage and did make all the best decisions because I guess I made a lot of emotional decisions

being a woman. But once we got on the same page and we knew exactly what we had coming in and going out, it was such a relief for me to share that information with him on a monthly basis. So definitely coming together, being on the same page was huge for us. Yeah, that's everything. It changes people. I mean, people say this all the time when we're doing debt-free screams, but I don't know if the typical listener who's not working on it together understands how important that data point is.

Out of the millions of people that we've done, that we know that have gotten out of debt, and the, I guess, thousands now that we've had do debt-free screams, the data point comes up over and over and over and over again. Being on a budget, working together, communicating, being unified on it. It's just almost impossible to drag a semi-dead spouse through this, isn't it? Oh, yeah, impossible. Well, Dave, I tell you what, we have the privilege of we have a marriage ministry, team marriage, and we talk to a lot of different couples, and we have the wife who's on board and the husband who isn't, and the husband's on board and the wife isn't. And that is the most challenging thing that they face is, you know,

you have one spouse who's so eager and ready to go and they're on fire, but then the other hasn't bought into the plan. So we were just so blessed and fortunate that we decided to work this thing together. We saw what living check to check looked like and having more month in money, and I think we were just tired. We were sick and tired of being sick and tired, if you would. It changes everything when you do that. So how's it feel now?

It does. I finally got the truck I wanted, and I had it maybe a year, but I gave it up with no problem. Oh, wow. Sold the truck. No problem. Sold the truck. Yes, sir.

Wow. Yes, sir sir how much did that bring uh what 23 000 for the truck yeah we owe 23 000 and we sold it for what babe about 17 000 so we took a little hit on it but catch it paid the difference because of course like everyone we were upside down in it we were were looking real nice, but we were riding upside down and got rid of it in our van immediately. Those were the big items that we immediately got rid of. Yeah, I think that saved us like $42,000. And then the vehicle that we paid cash for, the two we drive now, only cost us like $6,500.

Together? Cash, yeah. Wow, that's awesome. Well, and now that you don't Well, and now you can save up. Now that you don't have any payments, you can save up and drive whatever you want, right? Oh, that's right. That's right. We're driving like no one else, so later we can drive like no one else.

You got it. You got it dialed in. I'm proud of you. Very, very well done. Thank you, Dave. Great job. Well, Dave, I tell you what, if I could, this is surreal for us. I've listened to debt-free screams.

It's been an emotional experience for me. My kids have listened to you, my husband. When I exercise at work, I've just been motivated by your channel. And to be on with you today is just, I mean, it's just the cherry on top of this process. It's surreal. I can't believe this is even happening. Yes, it's us four in our house and Dave. Well, I'm honored to be part of the family.

Oh, yeah, you in there. It's good stuff, man. Well done. All right, we've got a copy of Chris Hogan's Retire Inspired book for you. You know that's the next chapter in your story to be millionaires. You are well on your way to doing that. Congratulations. And very, very proud of you.

All right. Terrence and Angelise in Tallahassee, Florida. $105,000 paid off in 26 months, making $85,000 to $100,000. Count it down. Let's hear a debt-free scream. Hey, I know you want to do it, Andrew. We're going to throw Dave off. This is for Mia, TC, and Trey.

We're debt-free. I love it. Well done, you guys. Great story. Great family. That's just fun. Blinds.com gives us our question of the day with a 100% satisfaction guarantee. If you mismeasure, they'll replace your blinds free.

Free samples and deals running all the time. Click Ramsey or use Ramsey as your promo code when you go there to get the best deals. Jeffrey's in Texas. Where in the baby steps should I start saving a college fund for myself? I'm 25 with $7,000 in debt, household income of 52. My wife's 28. I have two children, three and seven. I want to pursue a bachelor's in nursing. It will cost approximately $30,000, take about two and a half years. I would save that after your emergency fund. Make yourself debt-free, Jeffrey, and then start saving. Then build your emergency fund of three to six months of expenses.

And at that point, before you go on with baby steps four, five, and six, is when you upgrade in car, you can go on vacation again, because before that you shouldn't be. You can buy a better couch, whatever it is you want to do. And that would be a point where some people save up for a down payment on the first house at that point, You can buy a better couch, whatever it is you want to do. And that would be a point where some people save up for a down payment on the first house at that point. And some people do go back to school and pay cash for it at that point. You might do that before you start retirement and before you start your kid's college fund and before you pay extra on the mortgage for sure.

So that would be baby step 3B, in other words. Hope that helps you. Thank you for checking in with us and for being Blinds.com's Question of the Day. Thanks for joining us. Lorenzo is in Fort Myers, Florida. Hey, Lorenzo, how are you? Hey, how's it going? I'm Mr. Lorenzo. I appreciate you taking my call. I appreciate everything you do. Thank you. How can I help?

I'm 28 years old. I don't have any debt. And basically, I wanted to try and become a millionaire in 12 years. I was wondering, is there a smarter way to get there other than using growth stock mutual funds? I just don't want to be looking in hindsight and thinking, man, I should have done this, or I could have did it a little bit more efficiently. So I wanted to know what you had to say. The best way to get rich quick is get rich slow. Okay. People that get in a hurry are always the ones that get burned.

That's how I went broke in my 20s. I got in a hurry. And I had a million-dollar net worth by the time I was 26, but I'd borrowed my way into it. So I had $4 million worth of real estate, $3 million worth of debt. The difference in the two is a million-dollar net worth. But the banks got sold to another bank, called my notes. I spent the next two and a half years of my life losing everything I owned as that house of cards I had built fell.

And so from experience, I'll tell you to get rich slow. Don't be in a hurry. And so how old did you say you are again? 28 years old. Okay. What's your household income? My base is $60,000. I'm a paramedic.

I do an awful lot of overtime. So, for instance, this year I'll make a little over $100,000. Are you single? And I've spoken with one of your recommended financial advisors, and he said, you know, basically we can do the Roth IRA, and that seems to be the slower route. He said, but if you want to get, you know, more aggressive, you can do, I think he called it an individual taxable account, which there's pretty much no limitation on.

Yeah, you're just buying mutual funds. You're just buying mutual funds. Are you single? Yes, sir. Okay. I mean, if you save $40,000 a year at 10% to 12%, in 12 years you'll have right at a million dollars. That's where you would be one more time i'm sorry if you save about 40 to 45 000 a year invested in good mutual funds like he's talking about

you would you would have a net worth of a million dollars and you can do that starting now we did we did the math together and um i was going to put $50,000 in as a lump sum, and that is individual count, and then I think it was going to be right at $3,300, just under $3,300 a month. And I believe I have the wherewithal to do that. I'm very focused and methodical with things that I do. I just, you know, again, I just wanted to bounce the idea off your head to see if there's anything else that I might be missing before I go all in on this plan. Beverly Sills said there's no shortcut to any place worth going.

And I think you have a good, solid tortoise-in-the-hair type plan. And the tortoise always wins the race every time I read the book. So that's how I did it the second time and how I want you to do it. If you do this, you will be there in 10 years probably because you are so focused and the numbers you just gave me match with what i just gave you 50 000 up front 3300 a month that's another 40 000 a year i'm saying 45 000 you know 46 000 a year something like that'll put you there in 12 years if you just did per year but you gotta you gotta love some up front to throw at it that helps the equation and then just did it per year, but you've got to lump some up front to throw at it. That helps the equation, and then just load it up.

Do you have a 401K available at work? Well, I'm in the Florida retirement system. I don't think they have a 401K that does matching. I could be wrong. I've got to look into it further. If you've got a match, that helps a little, but the big thing is just steady, slow and steady wins the race. Steady time and consistency, just continually investing over and over and over and over and over again for 12 whole years,

and you'll be there at your rate. But here's the thing. You're going to end up making more money over that 12 years than you're projecting, and you'll probably end up saving more than you're projecting. So I'm projecting you'll get there in about a decade, the way you're going. And I think that's wonderful. Congratulations. Great goal.

I want to be one of our everyday millionaires by the time you're 40. That would be awesome. Kate is with us in Pittsburgh, Pennsylvania. Hi, Kate. How are you? Hey, Dave. I'm doing well. It's really good to talk to you.

You too. What's up? So I have doing well. It's really good to talk to you. You too. What's up? So I have a question. My fiancé and I have about $375,000 in debt. Oh, my gosh. We're both lawyers. Well, I'm an attorney. We're waiting on his bar exam results to come out.

He just took it this summer. We're getting married in three weeks, and we've budgeted $2,500 for a honeymoon. We've cashed out our wedding. The whole thing, including honeymoon, is going to be $9,500. My mom, who's a big proponent of you, is kind of making us feel bad about taking a honeymoon, and I'm sort of wondering, like, is it? Okay.

Well, I'm sorry that got done to you. I'm sorry that got done to you. I'm sorry that got done to you in my name. I assume your household income when you return and he passes the bar within a year will be $200,000 plus? Hopefully, yeah. Right now we're sitting at about $75,000. Hopefully he's going to get an associate's job that's going to make about $90,000, and then I'm hoping to get bumped up in job in the spring. So you have $375,000 worth of debt.

You've had a $9,000 wedding. You want to do a $2,500 honeymoon. No, no, no. $9,500 is wedding and honeymoon. Oh, the whole thing. And that includes $2,500 for the honeymoon. Yeah. Okay.

I'm making sure I got the numbers right. Let me tell you what I would do if I were in your shoes. I would go on the honeymoon. Okay. Your mom is wrong. Okay. Now mom is wrong. Okay. Now, here, let's... We haven't been on vacation in four and a half years.

That's okay, but let's talk this through for a second, okay? If you want to spend $25,000 on the honeymoon, yeah, I'd probably smack you around a little. Right. You know what I'm saying? Because that would actually make a dent on the $375,000. But what makes a dent on the $375,000 is not your honeymoon. It's your income when you get back.

Yeah, absolutely. And that's my reasoning, too. Out of your numbers, this honeymoon is like buying a biscuit. Right. But if it was like buying a car we'd not buy the car i would agree with your mom at that point but i think your mom's got her dave ramsey got her dave ramsey knob up about one notch too high okay okay so i get blamed i get blamed for a lot of crap that i didn't do but you know so yeah dave ramsey dave ramsey, what? What? How do you know? You know, but no.

I mean, listen, she just wants what's good for you, and she wants you to get out of debt. She's scared to death that you have this much debt. That's all it is. So we'll cut her a little slack. But if I woke up in your shoes, I would go on the honeymoon. Okay. Cool. Well, and you'll be happy to know that Dave Ramsey is certainly not a cuss word in my new household.

My fiance and I have been doing FPU for the past seven weeks. We're almost done. Well, especially now that you get to go on a honeymoon. Right. So when's the marriage again? So we're getting married October 2nd. It's on a Tuesday. Good for you.

Well, congratulations. Thank you very much. We're very excited. excited you should be your future's so bright thanks we think so too we're really going to attack this debt and hopefully be out of it within five years that's the goal you are you absolutely are you're going to make it i'm proud of you go get it not proud of the debt but i'm proud of you the way you're thinking the way the fact that you do think and can think you're excited you got a future you got a game plan you're cleaning up the mess you're gonna be great you guys are just gonna be great that debt is gonna go away so fast because you're so concentrating so well done well done and we won't pick on mom too bad she means

well but i think she's just got it dialed up a little too hot we'll turn the heat down one notch there and actually put a honeymoon back in the budget at that level anyway you know i've worked really really hard to um to help a whole lot of people and in the process i've gotten well known and that's a blessing um but my name is used as a verb sometimes that it should not be used. Dave Ramsey, this or that. I'm pretty hardcore, but I'm not nearly as hardcore as my reputation of me is. This is the Dave Ramsey Show. Hey, guys, it's Blake Thompson, senior executive producer for the Dave Ramsey Show. This hour's over, but you can find more great content on our YouTube channel.

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