The Ramsey Show - App - The Housing Market Is Crazy... What Should We Do? (Hour 3)

Episode Date: January 17, 2022

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Live from the headquarters of Ramsey Solutions, it's the Ramsey Show. Where debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. Dr. John Deloney, Ramsey Personality, is my co-host today as we answer your questions about your relationships, your work, your money, and your life, all right here on The Ramsey Show. Open phones at 888-825-5225. Matt is with us in Portland, Maine. Hey, Matt, how are you? I'm well, Dave. How are you? Better than I deserve. What's up? My wife and I have a what would Dave do question. So I'm 28. She's 27. We just got into our first house a few months ago. And I'm the super nerd and I have my amortization schedule. And it looks like if we pause investing, we can pay our house off within three years. And I wanted to get your opinion on that.

What's your household income? On target earnings, it's just shy of $200,000 a year. Okay. And what's the balance on your house? $206,000. Okay. And so if you were to invest, it would take you four years if you were to stay with Baby Steps. That's correct. Yeah. I would stay with the Baby Steps. And here's why. You're putting $30,000 away, which is 15% of your income in Baby Step 4, and you're sheltering it from the government, and it costs you one more year to pay off your house.

In return, if you did it the other way and you paid it all off in three years, you can't go back and shelter that three years you missed. Does that make sense? It does. You can't backfund your roth back three years and so um you're going to be there you're fine you're 28 you're going to be 31 32 years old with a paid for house making serious money with serious money going into retirement you're going to be a multi multi-millionaire either way there's no dumb answers in this conversation

but i would personally you ask what they would do i would go ahead and stick with the baby steps because that puts another 90 000 bucks that the government that is growing for you in the future that the government doesn't have their hands on and you can't go backwards and undo that so actually it puts yeah well another 90 because it's three years three years at 30 00030,000. So it's that simple. But, yeah, good question. And the good news is you're thinking about it, which means you're going to be okay. Nothing wrong with being a super nerd. You just don't overanalyze something to the point you do nothing, and you're not that guy.

You're a man of action, so you're going to be just fine. And I also get the feeling of that mortgage sits on you, and it just like it just weighs on you weighs on you weighs on you right it was one year yeah that's right if it was 10 years we'd think about it yeah change it change you can change from 10 years to three yeah let's make that happen yeah we might we might think about that but to add one year to the equation yeah it's not that big a deal four years ago go by as fast as three it's gonna go real. Open phones at 888-825-5225. Jonathan's in Nashville. Hey, Jonathan.

How are you? Good afternoon, Dave. How are you doing? Better than I deserve. How can we help? Before we get started, I just want to say I think you did great for so many people like me. And I just got kind of a direction, career path question for you, if you don't mind. Sure. direction career path question for you if you don't mind sure to be really brief part-time

student at belmont sociology major uh i make around 25 000 got around 13 000 in student loan debt and about 300 a month car lease payment i'm about to move in with my grandmother, who's giving me $122,000 to move in, just kind of help take care of the place, assist her, go to the grocery store, et cetera. And just kind of seeing- She's going to give you $120,000 to move in with her? She's pretty well off. Tell her I'll do it for $100,000. Jeez Louise. Wow.

I know it. I've made my day. Okay, so you're going to have a new six-figure job working for your grandmother. Well, it's just a one-time gift, though. I mean, it's not going to be recurring. Okay. I was thinking about should I buy my car that's on a lease cancel lease buy a junker uh you know i'll stay max max now roth ira i want to put i know you

don't like this but i want to put a little bit of money in bitcoin and gold but just kind of seeing what you're thinking you know inflation excuse me i got covid too unfortunately but uh don't give it to me through the phone well so you got a lot you got a lot going on here right i know i just found this news out well i'm i just i can't quit i can't quit smiling but i'm also i'm pretty go ahead you're You're how old, did you say? 26. Okay, and what is it you want to do with your life? Yeah.

You're going to be a social worker? No, that's not even that. That's a sociologist. What are you going to do, man? I'm pretty good with people. I want to go into real estate. And what I was thinking is inflation is like 15% real inflation right now. No.

No, it's not. It's seven. You're reading weird websites, bro. It was a Bitcoin website. Yeah, stop reading those websites. All of them. All of them. Get off the internet, homie.

Dude, get off the internet. Okay. Why are you getting a sociology degree to go into real estate well this you got me sidetracked here no you've got us sidetracked trust me why did you why are you getting a sociology degree to go into real estate because i was thinking study associate basically studying human mass human behavior i was thinking it'd give me a leg up because i know i'm in tennessee got people coming from all over the country i was thinking that maybe it would help me be no that's not it um what happened was you were you were studying sociology and you are getting caught up in anything that shines. Yes.

You're like a bass. You're getting ready to get hooked. Squirrel. Squirrel. So Bitcoin, gold, real estate, all these things are exciting and look like a way to get rich easy, and you need to put the get rich easy to the side. And now Grandma made you rich. And now you think $122,000 is rich, and it's not.

No. It's not going to go that far. It's going to disappear so fast, it's going to be scary how fast that disappears. Yeah. I'm going to recommend your grandmother not do this, because you're about to lose all this money. All of it. If you don't straighten up and get away from the shiny stuff.

Because, you know, that's how a bass gets caught. He jumps on a shiny thing. So don't be a bass. Don't be a dumb bass. Don't do it. So, yeah, you jump on the Bitcoin, jump on gold, jump on real estate, nothing down. This is not the time for you to do any of this. So you need to slow down.

You need to sell the car and get you a paid for $10,000 car and pay off your student loan debt. And then take two steps back and ask yourself, I want to spend my life investing in that I love. It gives me richness of soul where I can be a service to humanity, not how can I take something and get there quick. Because you've got get rich quick written all over you. And it's going to bring you pain. He who hastens to be rich will not go unpunished. This is The important than ever. While some circumstances can't be controlled, there are items within your budget you can take Thank you. budget. That's chministries.org slash budget. Christian Healthcare Ministries is a Ramsey

trusted provider. Dr. John Deloney, Ramsey Personality, joins us this hour. Open phones at 888-825-5225. 5 225 John is there something in addition to just Um Maturity Emotional maturity Not chronological or Anything else but just emotional maturity Is there something in addition to that

That um Breaks someone away from A get rich quick Cause I remember when I got rich quick I was chasing get rich quick And nothing remember when i got rich quick i was chasing get rich quick and nothing down real estate and i did it i got rich quick and then i lost everything because i was stupid the he who hastens to be rich will not go unpunished but there's something that um it greed and fear are the things that drive that but it feels like that um there there's a uh

this looking for a shortcut thing feels like a maturity thing. Is it something else? I tend to think it's about belonging. The way we're bombarded with messages now, like we think about that last caller, the way we're bombarded with messages now is that everybody's doing this thing. And suddenly you're put into this like this it's like the titanic we're all getting on the boats man if you don't get on the boat you're going to drown and i think it's just this and then you start walking down that road and then

somebody's like what about all this and there's just such a machine that keeps pumping things into you but what you're not doing what you could be doing and i didn't feel like everybody was doing nothing down real no i think back in the day there was one or two. Because I think about the old... I thought I was the exception. That you were special? Yeah. Yeah, now I think it's switched to where you're left out.

FOMO. Yeah, yeah. And I remember, to answer your original, I remember back in, it was 2004, 2005, when the UFC, the Ultimate Fighting Championship, started to blow up. Yeah. And gyms opened up everywhere.

Yep. Everybody's a fighter now. I'd been a part of a gym for a while, and they filled up real fast, and then they emptied equally as fast because people realized, oh, they punch you in the face? This is not fun. Oh, yeah, this does hurt. Oh, they kick you?

Yeah. And so I think there's something about, unfortunately, part of wisdom is getting hit in the mouth. And I think you've got to put some money into bitcoin and lose every penny of it thinking you were so smart and that's how you realize huh if someone didn't teach you out of the gate about humility and wisdom and hey we won this this time but not this time i think that's a real important lesson either you confer that or you just got to take it if you don't have a model for it right yeah but i'm just the cause is what i was the root cause uh from a psychological

perspective so it's it is FOMO it can be or you know fear of missing out or it can be um i think we're i think we're pride or special or you know i'm different i can do this but we're wired to the least the the least restrictive road right yeah that's the way we're wired yeah and that that's not necessarily a bad thing you don't want to take a pain on to take pain on that's weird yeah but uh but this idea that that um yeah i know i know 99 of the millionaires turn become millionaires this way but not me i've got this i've got it yeah there's something just whacked about that and i was one of them i did that i fell into that it's an arrogance of sorts and i talked about this on the maturity tied with arrogance on the on the documentary same thing playing the lotto i had a

history professor who um we were talking about d-day and i i looked at it he was a strategic strategist a military strategist and i was looking at D-Day and I was like, man, why didn't they just send 30 or 40,000 of our top troops into D-Day? And my professor's response was because any, they would have looked at that and gone, this is not a good situation. This is a tough wave after wave situation. And I said, well, what kept all those guys going? They all thought they weren't going to die. And he said, pure old-fashioned 18 year old arrogance they both looked at each other and they looked at the right and the left and said sucks to be that guy because i'm coming home when they sat there

and told you eight out of eight out of ten nine out of ten of you aren't coming home i think there's just something about being 18 19 20 21 you're invincible you're ready to go take on the world and that opening scene in private run oh man i stood on top of that beach just looking at the gun turrets can you imagine 3 500 men died on omaha in like 17 minutes instantly yeah they just obliterated yeah and yeah there's something about that and we'll just keep going we'll just keep going and that's what happens with these waves of get rich quick yeah as they come. And they come through about twice, three times a generation roughly. But I hadn't seen one like this one in a while.

This one's very interesting because it's mixed in with this existential crisis around COVID where everybody suddenly realizes they're going to die. And so we're just here for a vapor, and you mix that with a little inflation. 15%. No, it's not 7% which means he's been reading a gold site or he's been reading a bitcoin site because the actual inflation rate is not 15% 7% is not good but 7% I mean in Carter we had 12

I think it goes back to surround yourself with wise people because they're going to be able to tell you if their heart rate doesn't get up hey yeah inflation seven if you're broke beer drinking buddies are all that you have to help you analyze your wealth building process you're screwed that's right yeah absolutely or if the internet is the other only source you've got which is even worse right yeah because they're trying to make money off of you. Well, and, you know, worse than that, they're wrong. You know, it's just like that's the other problem is it's just inaccurate.

It's bad information. Most of the time. I mean, not everything on the Internet is bad information. My generation ascribed, my parents' generation ascribed complete credibility to any newsman on CBS. Walter Cronkite. If Walter Cronkite said it, that's right there with like Jesus said it. That's it. It's done. This generation is wisely, believes nothing the media says because nothing they say is true.

I mean, nothing they say is true. It's like our local newspaper. If you read it in there, you go, I wonder what really happened. Every time I read it, I read articles about people, including myself. I go, who is that guy? I don't even know that guy. They just made that up. Where did they get that information?

They just dreamed up a story and put it in there and so it but it's just this generation because so journalism has completely lost credibility it doesn't have that anymore but this generation then are not this current one these 19 year olds they're smarter than that but the probably the millennials they think everything on the internet was true and so the big joke was you know everything on the internet's true a but a blinken you know, you know, ascribe the quote to Abe Lincoln. And so, but, you know, but we're starting to realize the source of information is not there. It's not true. And so what you've got to do is you have to get around people who have proven track records of actually doing the thing you're talking about.

That's right and um if you want to be a really world-class parent you should not hang out with people who have parenting theories right or bonkers kids or kids that are all you know off the dadgum reservation where the in asylums are the inmates are running the asylum but if you see a family that's functional and the children are not they're not little stepford children they're not devoid of personality in the name of discipline, but on the other hand, they're not running around the restaurant swinging from the chandeliers. You know, they've got a personality, but they're also, you know, they seem to be functional children on the way to adulthood.

That'd be a couple to sit down and have dinner with and talk to about how to be a parent because they actually are doing it. Same thing with a marriage. You know, I got to spend time with mr true at kathy before he and miss jean passed away and um i remember i was we were in long beach speaking at this um i speak in a chick-fil-a thing and we're up in the suite with him and um bubba and trudy and uh dan their three kids and a bunch of their grandkids and stuff. And I'm talking to them because I'm enthralled. At that point, I think they'd been married 67 years. Wow.

And so we're walking along the concourse down through here, these 80-something-year-old people, and I look up and they're holding hands, and I'm like, this is who I want to talk to about being married. That's right. One time, 67 years. I want to talk to about being married. That's right. You know, one time, 67 years. Yep. I want to talk to them about being married. Now, you'd want to ask Mr. Truett Cathy about a lot of different things.

There have been a lot of things to ask him about, but I did. I asked him, and I asked her, because Sharon was with me. I said, say, Miss Cathy, how do you put up with an entrepreneurial man like this all these years? And she just, those eyes lit up, and she smiled, and she said, patience. Did Sharon give her an amen? Sharon's dancing. Yeah, you're right.

Put wise people in your life. Good, wise people. This is silly. This is silly. The way we're disseminating information in our culture is completely broken now. This is The Ramsey Personality, is my co-host today as we talk about your relationships, your work, your money, and your life. This is The Ramsey Show. Open phones at 888-825-5225.

When you get ready to file your taxes, don't use a junk product to, quote, file for free, only to find out later you got upgraded six times and they tried to sell you a bunch of other stuff this is how some of these big online filing services do it so we got a problem with that so we took matters into our own hands and we launched a product called ramsey smart tax how's it different well for starters you get everything you need up front there are no hidden fees no hidden agendas. We're not trying to sell you something else. Just get your taxes done right online for less. Now, if you've got complicated taxes, you ought to go to one of our tax ELPs.

If you've got an easy tax return, go to RamseySolutions.com slash smart tax to learn more, and you can put your old tax software on notice. Done with you. RamseySolutions.com slash smart tax. Neil is with us. Neil is in Nashville. If I hit the right button, he would be.

Try it again. Let's see. There he is. Hey, Neil. How are you? Hey. Great, thanks. How are you?

Better than I deserve. What's up? Well, hey, just wanted to thank you for your awesome advice through the years. My wife and I have been debt-free for five years, and we're on the investment step. Great. And yeah, so my question is, we're going to get a fairly sizable inheritance in a few months, and we want to pay off our house. Cool. And that will pretty much cover the balance of the mortgage. And my question is there's just been, you know, different schools of advice that we've had about, like,

maybe taking some of it, investing, half, pay off, just invest the whole thing, et cetera, et cetera. But we like being debt-free, and we want to pay off our house. Good. Do it. So, yeah, okay. What do you own? $240,000.

Okay, good. And how much is the inheritance? Roughly about $250,000. Okay. Who passed away? My mother. I'm sorry, man. Sorry about that.

Yeah, it's okay. That's okay. So was she good with money? Oh, God, no. No. Where did she get $250,000 to leave you? Well, my son helped out. They sold her place when she moved into a care home. So she just had a house that that's what this came from okay that's correct yes and then uh one of the ways i judge stuff like this assuming the person was a functional person um i always ask myself is

is mom in this case in heaven smiling when i pay off my house i would think she would be. Yeah. Yeah. Or maybe another way is, is mom in heaven smiling to knowing that her son is free? His spirit is lifted.

He's sleeping deeply in the night. His marriage is going full throttle, right? What does paying off the house mean to you and your wife? It means being even more debt-free than we already are yeah and it's stable and you know you don't have to worry about the next version next variant coming through or whatever you you're not not at least not you might medically have to worry about but financially you

don't have to worry about it so that kind of stuff it's a whole different thing right so way to go man yeah so here's let me back up just two steps then the decisions made and you knew what to do you just need somebody say it out loud okay now but let's um not like you're going to convince the other people necessarily because they've already got their opinions and usually those convinced against their will are of the same opinion still but let me tell you what the data says, not what someone with an opinion says. The data says this. We did the largest study of millionaires in North America ever done, over 10,000 of them. In-depth, airtight research. almost 70% to 80% of them, which is most of them, followed this simple case study.

They sounded like this, okay? It took them 12 to 17 years to get there. In your case, you got an inheritance. They didn't, okay? But in almost every case, they had two things that made them hit a million-dollar net worth. They had a beefy, well-funded retirement account. Their 401K, their Roth IRAs, and that kind of stuff, and a paid-for house. Right.

More millionaires were created by that combination than any other thing we found anywhere. More than entrepreneurism, more than gold or Bitcoin, which precisely 0% was the precise percent that did that. You know, more than I borrowed on my house to invest, and the money I made on investments made me a millionaire, which is what's being proposed to you that you should do, but your heart told you you didn't want to. And my point is the data says that you're right, and whoever's making that proposal to you is wrong. Right.

If that gives you any further comfort on the decision that you've already made. So data, you know, is truth. Truth is an important thing when you're dialing these things in. But it's not helpful when you want to buy a new truck, Dave. I can't stand data when it goes against what I want it to say. Yeah, it's not helpful when I want to flex my intellect rather than my wisdom. Exactly. And there is a difference.

All right. Let's go to Brian in Houston. Hey, Brian. What's up? Hey, Dave. How are you doing? Better than I deserve. How can we help?

Good. Apologies. I'm super nervous, but I'll get through this quick. No problem. So my wife and I, we had our I had it moment last year, and we grinded and were gazelle intense all last year. And long story short, we're debt-free on Baby Step 3 as of like a week ago. Good for you, man.

Way to go. How much did you pay off? About $50,000. Yeah. Way to go, Brian. Get them. I like it. Yeah.

So now and shortly after, about a week later, we found out we're pregnant with our first child. Of course you did. Of course you did. That's how that works. Well done. Yep. Yep. So that's awesome. So we my wife and I would both love if she'd be able to stay home with our children and the baby's due in September. And right now my income is 60k combined with my wife's right now. It's about 115. And on my own, my base, I should say is 60,000. And we have a weird bonus structure where we get a bonus kind of halfway through the year and a bonus at the end of the year. And that can be anywhere between like 10 and 40,000 on top of that. Um, so my question is, I'm just looking through our finances and

with going down to one income come September, I just want to make sure we'll still be able to do baby steps four, five, and six, um, on just my income. Cause I'll be able to, we'll be able to fully fund our emergency fund and save enough for the labor and delivery of our child. But I just want to make sure I'm doing this correctly. Yeah, you're fine. There's two things are going to happen. One is 15% of 60,000 is less than 15% of 115,000 at baby step four. So that's automatically reduced.

And your kid's college savings, you've got plenty of time. It's going to take you longer to pay off the house because you got half the income you used to have so that's part of the equation what i do want you to do in addition to what you're doing um is i want you to practice not using her check at all okay between now and the baby because you're not going to have her check. Why don't you run the house on your income and set her check to the side to do some of these other things that you're talking about that are one-off things and practice running the household on your check

for nine months because you're going to feel how tight that is. You're cutting your income in half. That's pretty big. You can do it. You can do it, and if it's what you want to do, I'm for is. You're cutting your income in half. That's pretty big. You can do it. You can do it. And if it's what you want to do, I'm for you. I want you to do it.

Okay? Yeah. But you need to feel that. There's a reality to that. And sometimes that reality means you start looking around the Houston area to see is there other jobs I can make a little bit more money or is there a way I can make sure I'm on the higher end of this bonus structure uh twice a year when it dumps out but I love that idea of practicing Dave that's that's a great idea you get to really feel it and see

those are real numbers making them work it's a different different thing man different thing congratulations though brother you worked hard to get to this moment and you've done it man you did this is amazing congrats. Congrats. Very well done. Very well done. Proverbs 28, 19, Whoever works his land will have plenty of bread, but he who follows worthless pursuits will have plenty of poverty. Oh, we've kind of been talking about that. Ouch. Martin Luther King said, if you can't fly, then run. If you can't run, then walk.

If you can't walk, then crawl. But whatever you do, you have to keep moving forward. Absolutely. crawl but whatever you do you have to keep moving forward absolutely dr king amazing mind an amazing mind amazing probably one of the better orators uh in history lincoln churchill king yeah uh and not only that a quote machine for sure yeah uh but that But I love that quote of his. I've used it for years. If you can't fly, then run. If you can't run, then walk. If you can't walk, then crawl. But whatever you do, you have to keep moving forward.

The other one I loved was, if you want to be a street sweeper, sweep the streets in such a way that the angels of heaven proclaim, there was a street sweep sweeper i can't say it yeah stumbling over my words but yeah if you're gonna do it do it with excellence do whatever it happens but he paints it with such poetry yeah you know amazing julia is with us julia is in tampa florida hi julia how are you hi dave i'm doing great how about you better than i deserve what's up in your world all right awesome well um so Well, so I have lived in Tampa, Florida for most of my life. My mom, who's disabled, also lives here, and I need to be able to stay here and live in the area.

And basically, since last year, I've been searching for a house because I've been ready to buy a house now. And with so many out-of-state buyers coming down here, paying cash, paying a lot over asking, I have not had any luck with getting an offer accepted for a house that I've really loved. And so I'm really afraid, especially with this year being predicted as Tampa being the number one hottest market in all of the U.S. Really?

I said I'll be priced. I didn't know that. That's what I read. That's what I read. Internet, Dave. Internet. That was written by the Tampa newspaper. That's right.

The Tampa Real Estate Association wrote that. It's a hot market, but I doubt it's the hottest market in the United States. But it might be in the top 20 for sure. Your question still stands though. It's hard to find a house and it's getting really, really frustrating and almost a little scary. Is that what you're saying? Well, that's not the only thing. So I'm really afraid that I'll be priced out of the market for something good within my price range. The longer prices rise and I'm not able to buy, in which case eventually I won't be able to buy in this area at all if i wait um

and so should i just find something as quickly as possible even if it's not exactly what i want no no anytime you get desperate right after i get desperate i get stupid and right after i get stupid i get broke when you get that when you get that kind of a mentality going you're getting ready to make a mistake every time i do i make a mistake have you ever heard of the word catastrophize i have yes so you've painted a picture like right now it's hard you have something that you really really want and it's hard to get a hold to get your hands wrapped around it keeps slipping through your fingers and from that, you have painted a picture of the next year, two years, five years, ten years of just disaster. And none of that's true.

That's not true. So here's what, what do you do for a living? I work, well, I used to work in project management, and now I do recruitment. Yeah. You make good money? Not as good as in project management, but I really had to get out of that because it was just really stressful and I couldn't do it any longer. Recruiting isn't? Well, I had to kind of start more at the entry level.

So I started at 60, but I'm moving into 70 and 80 pretty soon. And if you actually became a recruiter, you'd make six figures, right? It depends. I think if I work in IT recruitment or even if I recruit engineers for big companies, those are definitely in the six figures. Okay. So here's my point. If you're on a career that is increasing, your career is increasing percentage-wise faster than the housing market is. Percentage-wise. Even at this rate? Follow the numbers.

Follow the numbers. Let's do facts. Okay, facts. When you go from 60 to 100 over three years, that's a 40% increase. Houses are not going to increase 40% in the next three years. Your numbers are moving faster than housing is moving. Your ability to afford a house. It may be the same house at a higher price, but you'll be making more.

And so I want you to slow down two beats, keep looking, but promise yourself you're not going to buy out of desperation or panic because you're going to make a mistake if you do. Promise yourself you're going to buy only when the right deal is there. As a person of faith, I always just tell myself that's when it all works is when God wants me to have it. Until then, he was holding the right thing. I just hadn't found it yet.

And I really appreciate that i think i just needed to hear it because um i feel the same way yeah just um i really need to hear from somebody so if he can if he if he can you know if he knows when the sparrow falls if he can number the hairs on my head he can get me a house especially the number of hairs on my head it's not a big job yeah 11 11 how'd you know john don't be telling all my secrets gosh no secrets on radio unbelievable hey and julia i'll tell you this um my wife and i looked and looked and looked when i took this job and you did you went through about seven of them through your fingers. Yeah, we had contracts on four of them. And you ended up getting the best one, though. It took nine and a half months, and we got the one.

We had to give our realtor a pretty sizable tip because she was great, but we got the one that we wanted. Hang in there. You did kind of have to talk yourself off the ledge during that. It gets frustrating as crap. Well, and I almost made a couple, like, I'll just replace the whole this. And even you help me say dude don't do that walk away from that so i just be patient and an apartment is okay

yeah apartment can still be home you know if you don't just say throw up your hands and go i'm not gonna look anymore just keep looking yeah and just make a game out of it and it's just i hadn't found it yet i just hadn't found it yet and i'm gonna find it and when i do it's gonna be awesome and earlier in a segment we talked about the difference between wants and needs you need a place to lay your head that's an apartment you really want a nice house that meets all of your wish list it's gonna go up in value let it be a want and make it the right one yeah yeah i'm not doing this until it's right that's right and even in this crazy market it's hard all around you have lost their mind. You be the one that doesn't.

Yeah. Be the calm in the storm. That's right, Julia. That's, what is that old song, that old Rudyard Kipling. Oh, Rudyard Kipling, yeah. Yeah, when, so you've become a man, my son, but when all about you have lost their, I had to memorize it in the sixth grade and I've forgotten it now. But, yeah, then you've become a man, my son. But in this case, and I've forgotten it now. But, yeah, then you become a man, my son.

But in this case, become a woman, my lady. But, yeah, just don't lose your mind just because everyone else has. And that's true. Chasing something, running from something. It can be FOMO. It can be greed. It can be fear. It can be pride.

And isn't it interesting that these character qualities, negative though they be, affect your money more than the math? Almost always. Math is easy. It doesn't change. Yeah, and it's just this person in my mirror is my problem. And the wiser he gets, I don't know if he's going to get any smarter, but the wiser he gets, the fewer money problems he has. And the calmer you are.

Don't sweat the small stuff. Oh, by the way, it's all small stuff. You know, it's that thing, right? Be anxious for nothing. Be anxious for nothing. But that, man, it's so hard because we live in a culture that's driven by acquisition. It's driven by the newest, shiniest thing. It's driven by the latest technology.

And fear. Fear, fear, fear. And driven by fear. There's a lot of fear out there right now. People are, and they're mean when they're afraid, I've noticed. Some of you people in your COVID stuff, bless your little hearts, you're just mean. Just anger, anger, anger, anger. Just mean. I hearts you're just mean anger anger anger just mean i know you're afraid but but just be afraid stop being mean you don't have to be mean while

you're at it oh my gosh i mean and during the height of that stuff man the way people were dressing people down in grocery stores and everything else is out of control yeah it's it all does come back to that and it does end up being reflected in in your money and in your goal setting julia you're gonna be fine slow down about three heartbeats you're good just just be an assassin just be an assassin slow down and go find that right thing and just drop it you got you got this you can do it dr john deloney james ben austin in the booth i am am Dave Ramsey, your host. Is it Austin? It's Austin. It's Austin.

Got it right today. 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. Hey, guys, this is James, senior producer for The Ramsey Show. Did you know over 18 million people listen to The Ramsey Show every week? And a lot of those people listen on one of our 600 plus radio stations across the country. To find a station near you, head to theramseyshow.com.