The Ramsey Show - App - The Importance of Getting Your Financial Stats Straight (Hour 2)

Episode Date: July 17, 2024

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. George Campbell Ramsey, personality number one, best-selling author, co-host of the Smart Money Happy Hour with our own Rachel Cruz. He's my co-host today. Open phones here at 888-825-5225. Dylan's with us in Nashville. Hi, Dylan. How are you? Good. How are you?

Better than I deserve. What's up? So both my wife and I are students in our last semester of college, and we are expecting our first child in February. Well, congratulations. My question. Thank you. We're pretty excited.

My question is we have two options on where to go after school. We can go to both of our families in Pensacola and make about $140,000 net, or our second option is to stay here in Nashville and make about $260,000 net. So we're having a tough time deciding whether to be around family as we're learning how to be a new mom and dad or to throw away that money and change our future. Okay, that's weird. That much discrepancy. There's not that much discrepancy between Nashville and Pensacola.

What are your degrees in? So I'll graduate with an electrical engineering degree and she'll graduate um as an attorney when she passes the bar uh so if she's in pensacola she'll do plaintiff work and she will spend a couple years in the prosecutor's office why i'm getting experience uh to get trial experience. It's hard to... What is she going to do if she's in Nashville? She'll work for a defense attorney. Why not work for a defense attorney in Pensacola? You're not comparing apples to apples.

No, not really. How are you guys so sure and so set on all of this? It sounds like you have this all dialed in. Yeah, so we've been, I have done about five internships and she's done about four. So her dad does law in Pensacola.

So he asked around for salaries in Pensacola and in Nashville we have our salaries just because we've been talking. You cut out. You have our salaries uh just because we've been talking you cut out you've been you've been you have your salaries why so in pensacola um her dad works as an attorney in pensacola so we got him to ask around and in nashville um it's it's the salaries that we've been talking to um we've been working for them throughout college uh so so we've okay a defense attorney

in nashville one year out of law school does not make double what a defense attorney in pensacola makes one year out of law school that's just not apples that's not true you've got bad stats man so yeah no really you do have bad stats i don't her dad got one of you two got bad numbers sure okay i mean seriously so you're talking about her making what in nashville 185 one what 185 she's gonna make 185. She's going to make 185? Yes, sir. In Nashville? She'll make 185, sir. Okay.

As a defense attorney one year out of law school? Yes, sir. Is this an internship that they offered her that? Yes, sir. Okay. And her dad asked around in Pensacola and said a defense attorney one year out of law school in Pensacola makes what? About $85,000 their first year. I just don't perceive that.

I mean, I don't have any criminal defense attorneys, but I've got way too many lawyers that I give money to, and I just do not perceive that much difference in the Pensacola market. You're talking about less than 50%. It's not logical. Something's wrong. I'm telling you these numbers are wrong. Or she got the best deal on the planet ever which the 185 sounds high to me

but i hope it's right but you know and the worst deal ever or just a perception in pensacola so in your situation you're you're being offered what both places i'm offered probably around 85 to 95 in both places okay let, see, that's more logical. Okay. So the swing is the discrepancy in her pay. Okay. Yes, sir. And also, she kind of dumbed it down and goes,

well, if we go back to Pensacola, I'm going to work in the prosecutor's office and make nothing. Yeah, really. Because you took it all the way down to nothing then, right? That's not the $ down to nothing then right that's that's not the 100k right um yes sir so it would be either 65 for an in uh prosecutor or 85 for defense yeah private yeah okay all right so um then the second question is, let's assume those numbers work through and get some sanity to them. I'm still not okay with this discrepancy.

I've got to work through that if I'm you. You do whatever you want to do, but I've got to work through that because it's not logical. The second thing is, because Pensacola is not a huge market, but Nashville is a medium-sized market. I mean, it is a metropolitan area, I mean, for sure. And so, anyway, the second thing is if we stay in Nashville 10 years from today from a career perspective, are we glad we did? If we go to Pensacola 10 years from today, are we glad we did if we stay in pensacola if we go to pensacola 10 years from today are we glad we took that career path because if the curve separates them even more severely

you know projecting out 10 years then that's a bigger part of the decision in other words is your opportunity more limits limited severely by being in a smaller market, both of you? Your upside. Because I would expect your income to double in that decade or more in your field. Okay? And I would expect hers to probably do, probably double as well during that time in a normal market situation. But if you feel like in a quote-unquote smaller town, you are not going to have that opportunity.

That's the second question is, what's the long-term implications of this decision? The third question is simply, where do I want to live? Sure, you're fair. Dylan, I'll tell you, as a new dad, I got about a one-year-old. My in-laws, they're near Pensacola. My family's in Boston. And they fly.

And it's a one-way direct flight for them to come visit us. It's a one-way direct flight. We go visit them. And it's been great. And so I wouldn't make the decision just based on my parents are close. As a matter of fact, your in-laws moved away. They left us. They were here and they left you like an orphan. They wanted to retire at the beach.

Can you imagine, Dylan? They went to the beach. They went to Pensacola and left you. They were here, and they left you like an orphan. They wanted to retire at the beach. Can you imagine? They went to the beach. They went to Pensacola and left you. So there you go. That's the truth. And it's been great for us, and I wouldn't trade it, and Nashville is wonderful.

So I would be where you guys want to be long-term, to Dave's point. And the family part is just a bonus. And it's hard not having family nearby, but we got a lot of support, a lot of community. You can pay for babysitters and daycare and be just fine i would not make the decision only on the math today even after i've adjusted the math for the questions i beat you up on okay and who knows maybe the in-laws if the baby's cute enough they move to nashville decide i'd love to be near the grandbaby they might move away if you move to pensacola they might move away. If you move to Pensacola, they might move away. That would be detrimental.

Like yours. That would hurt my feelings. That's personal at that point. They just don't like you. We moved down here for you, and then y'all left. This is The Ramsey Show. George Campbell Ramsey personality is my co-host today. We were talking during the commercial break

about the young electrical engineer and lawyer on the move and um george and i both had an additional thought an epiphany if you will there you go there you go that's what happens during commercial breaks we have epiphanies and um i guess um but anyway uh the other thing you can do, folks, if you're facing something like that, number one, if you've got this vast discrepancy, you need to look into the differences because it's not logical. Okay, I'm going to go back to that one more time. But aside from that, if you can make $260 year at 20 something years old brand new married just out

of school and and it's you know and it's not a town you had planned to live in look at it as an adventure and go do it and say okay we're going to do this for three years we're going to commit to three years and at the end of three years we're going to reassess i mean the new baby will be three we can still move and be near the grandparents um we can figure out if the travel has been too strenuous on anyone back and forth to see family and that kind of stuff um and you know we're while we're having this adventure we're going to stack some cash but it's not like you have to one of the things that we end up doing with a purchase of a home certainly with a purchase of a car or a decision to make a move on a career we act like that it's

that you can't undo the decision okay if you don't like the car you can sell it if you don't like the house you sell it if you don't like the city move you know i mean so these things are not as permanent as our emotions we fret over it like like god's to say, you cannot leave. You get one chance. Decide carefully. I hope he sounds like that. I mean, seriously, is that what he's going to do? No, that's not how it works. If you get there and the town sucks, leave.

Or you don't like the town, leave. Nothing is permanent unless you make it permanent so there we go david is with us david is in minneapolis hi david how are you hi i'm doing good how you doing better than we deserve sir how can we help um i just have a question okay so i'm receiving an inheritance from a family member that had passed away. Right. And I currently have, I'm living with my girl, my girlfriend, Kelly. And around at first, when I first started getting the inheritance, she was like directed as like a payee is like a watch over guide type of thing for me with my money. And I just recently found out that about around 30 to $40,000 is just gone from that,

that I should have, that I should have saved in a bank account and it's just missing. Don't know where it's at. How can I like legally try to go about getting my money back in returns to me? You're saying you put your girlfriend on your account and she stole your money yes and there's no like receipts there's no no nothing and why is she not the ex-girlfriend uh i'm trying to figure that one out myself as well yeah me too because i got about a three and a half second rule on this one, buddy. I have a low threshold for dating criminals and people who committed fraud against me. Yeah, I've asked her about it, and she's verbally admitted to it, but there's nothing I don't know.

What did she do with the money, pray tell? I don't know. Well, did you ask her? You stole my $40,000. Where the hell is my money? This is how this sounds. It's a natural line of questioning. She literally tells me, I don't know.

That's literally it. Yeah. I literally don't know where you're going to be living by nightfall because I'm setting all your crap out in the street. Right. And then I've had a good friend of mine, my buddy, that's one of my neighbors. He's helped me with it and tried to add up and do some financial checking with it. And a couple of times, that actually had to um i've gotten like back pay with my inheritance a couple of different times for two years and that david is she still on the account today honey

no she is not i have she's still living in your house yes why but she has nothing she has nothing to do with my bank account why Why is she still in your house? I'm renting. You need the rent money? No. We're both on the same lease together. Is your phone cutting out or is somebody in the background? I'm with my friend.

And he's with me as well. He's telling you what to say? He's helping me with... Okay. David, how old are you? I'm 29 years old, sir. What do you do for a living, sir? I currently do not have a job at the moment.

Why? I'm looking for a new job. Why? I lost my job. Okay, why? If I'm going to be honest about it, from my past substance abuse. Okay, okay, that's fair. How long has it been since you've worked?

Honestly, about four or five months, about almost five months. Okay. All right. So I think you need more and better counsel in your life than just your friend who's trying to help you. And I'm glad he's trying to help you, but you need some other folks in your life to help guide you through putting your life together in a way that this kind of thing doesn't happen to you okay yes sir and so um you are in the minneapolis area all right and so what i'm going to do is christian's going to pick up when i put you on hold and we're going to connect you with a good local church there and get some of the pastoral team to come around you and help guide you back into a career and guide you to make sure that these kinds of things aren't happening to you,

help you stay sober, help you with your sobriety, and help you put together a life that doesn't leave you vulnerable to this kind of thing. And that's going to include, my suggestion is, is that this lady needs to leave your home today, okay? Yes. And she does not your girlfriend anymore. Because people that love people don't do this to other people. Give me one, sorry. And tell her to take her dog with her too um yeah i don't think

legally i mean she's a payee on the account so well i don't know what i i don't think he's going to get his money back because she spent it it's gone it's not like she moved it into her name and has done a beautiful investment that he's going to get back. There's no one in this whole story that's very smart. And so, no, you've got to separate yourself from people that bring you harm. You have to put physical distance between yourself, emotional distance, spiritual distance, and legal distance. But, David, you're not going to get your money back. Your money's gone. The only thing you can do is prevent this from happening again by putting your

life together in such a way that you have a sustainable life where you don't need this inheritance and it becomes a blessing that you can grow and build yourself a prosperous life long term but you're not going to do that with this uh character under your roof okay and uh and there when someone steals your money there is no magic hack to help you get your money back most of the time when someone steals your money it's gone there's a you know very rarely um and you know you could threaten to prosecute her criminally if she doesn't return the money and see if she coughs some of it up. But I don't know that she can because I think she probably spent it.

I think it's probably spent on drugs. I don't know. I have no idea what she spent it on. Well, another reminder, never combine your finances or life with someone you're not married to. Ever. Period. Ever. Ever.

Never do that. Good point, George. This is the Ramsey Show. George Campbell Ramsey personality is my co-host today thank you for joining us america we're glad you're here if you want to win with money it's an intentional act meaning you have to do it on purpose you don't accidentally win at anything and money is true as well if you want to build wealth no one accidentally builds well. Oops, look what happened. They don't say that. They got worked real hard.

I lived on less than I made. I saved and invested. I have been generous and careful. I've been wise over a long period of time, and now I'm very wealthy. This is the story we hear over and over and over again. How do you do that on a daily basis? You do it with a written game plan called a budget. And we tell folks to give every dollar an assignment that's why we named the world's best budgeting app every dollar

your spouse has it on their phone you have it on your phone you have it on the computer and everybody knows what everybody's doing and everybody is in agreement and boom we execute the plan download every dollar like tens of millions of people have done for free in the App Store. The EveryDollar budgeting app in the App Store or Google Play or EveryDollar.com. Dia is with us in Sacramento. Hi, Dia. How are you? Hi, good.

Thanks for taking my call. Sure. What's up? So my husband and I i we started a trucking company in 2022 he was the owner operator previously and um since we started the company we just kept losing money and um now we're at the point where we have everything maxed out, all our credit cards, business credit cards and personal. We have a truck loan and we had a claim that wanted to go into court, but they kind of backed out for now. We have two fuel companies that actually need their payments as well. So that's our situation right now.

And we don't know if we should be filing bankruptcy or if we need to figure something out because we really don't want to file bankruptcy. But it's just that everyone's calling us, you know. It's scary, isn't it? All the fun stuff. Yeah, very, very scary. I'm sorry. So right now we have two little girls.

How old are your babies? One's about two months. One's just turned four. Wow. So what are you guys, 28? We are in our 30s, early 30s, 32 and 33. Okay. All right.

Okay. So he's still running the company, right? So far now, we had to shut down because our insurance was just costing way more than we were making. Okay. What do you owe on the truck? On the truck, currently, we owe about $8,000. Okay. What's it worth?

It is worth about $20 good okay um if you file bankruptcy you understand that the bankruptcy court's going to sell the truck right yeah yeah and we don't want that because that is practically our source of income you know right. You don't have an income. You have a losing business. Yes, we do. So what would I do if I woke up in your shoes and I have been where you are? I've been so scared I couldn't breathe with a brand-new baby and a toddler and a marriage hanging on by a thread and a failed business.

I've been right there. That's what happened to me when I was 28. Yeah, it's been rough so what would i do if i were in your shoes i would tell him to take his cdl and go get a job tomorrow okay so currently he is working for a company he's um he's a driver now he just started about three weeks ago but you know what's he making he is making about 1500 a week so the other thing is the truck that we have um he has the turbo broke down and that's three thousand dollars while he was on the road he was working like essentially as an owner operator and then once the truck broke down so

the truck is worth 28 but it has a three3,000 broken item, and you owe $8,000. Yeah, yeah. So you're going to sell it for $25,000 because somebody's got to fix the turbo, and you're going to take the rest of the money and start settling your debts. Okay. Let's pretend you walk out of this with $15,000 or $20,000 cash after you sell the truck. Okay. I would say more $15,000 with the turbo and everything. Yeah, I think you're probably right.

I'm just saying. Okay. And he's making $1,500 a week, and he's working like a crazy man. He's not scared of work. He's not. No, he's a hard worker. Y'all have not been good at the business side of it, but he knows how to drive a truck, and he knows how to work, and he can go make money, and he's good at that.

So we got a $6,000 a month income now, and you got babies. Is there anything you can do from home to add income? I'm looking to see if I can find a job from home. I used to work in the pharmacy as a tech, and I was going back to school. I wanted to go back to school. You're not back to school right now. Right now we're trying to eat. Okay, yeah.

Right now we need any to eat okay yeah right now we need right now we need any income you can create that's legal and moral and doesn't leave your family in jeopardy okay yeah so if he's making six and you could pull in another two now we got eight to work with we got 15 from the sale of the truck you told me you had seventy thousand dollars in debt credit card debt is how much credit card debt is um so it's about 50 000 it's like 10 000 on each we have so the fuel bill the fuel bill that's calling you is how much the fuel bill one is 2 500 and the other one is uh ten thousand dollars and he took it to a small court claim and but they didn't uh they didn't serve us so we talked to an attorney he said not to a small court claim, but they didn't serve us.

So we talked to an attorney. He said not to show up to court because until they serve you, you don't have to do anything with it. Okay, so here's what I want you to do. I want you to take the 15K. Okay. Sell the truck and do it this week. Okay. Sell the truck now.

Okay. Okay? Because part of what happens when you get this deep in the mud is you slow down. I want you to speed up. Okay. If you got $15,000 in your hand, you have $12,500 in fuel bill. Pay the $2,500 as soon as you get to $15,000. Just pay them.

You owe it. Okay. Call the 10K guy and say, I've got a little bit bit of cash but not enough to pay you the whole thing what would you take and talk to him on the phone okay what would you take we're closing down we're out of business we're trying to keep from filing bankruptcy i got a little bit of cash and i want to try to pay you before i deal with the credit cards would you what how much would you knock off if i bring you cash today okay okay and see if he'll take five or seven thousand bucks five thousand bucks seven thousand bucks okay and get that 10 down just a little bit and go take him some money because that's a small business guy trying to eat too right right yeah you want to pay him okay so the credit card company

can jump in a creek i'm going to take care of those two fuel guys first. Okay. That feels pretty good, doesn't it? It does, yes. Right now we're trying to make payments for the credit card. I don't give a crap about the credit cards. Let them sit. Let's get these fuel.

Let's get the truck sold, get the fuel thing taken care of. Settle the tin. Get it in writing from him, in writing that he's accepting seven thousand dollars five thousand dollars whatever it is as settlement in full on this debt no more is owed okay in writing or don't give him the money and then give him a cashier's check okay that day walk over there and hand him his money and just pay the 25002,500. Now, those two are gone. You still got a little bit of money in your hand. Yes.

Okay. Now, I want you to line up and start doing a budget and take care of the four walls, George. Absolutely. That's food, utility, shelter, transportation, and your basic insurance. Outside of that, we're not spending any money. But think about this. Now, you're down to $50,000 of credit cards. You're making $72,000.

There's no need to file bankruptcy. We're going to knock this thing out in two years you see how that works and clean these credit cards up as you can get to them but you don't pay credit cards until your family eats and your rent is paid and the lights are paid okay credit cards are not first they're last okay and my husband just worries about his credit score who gives a crap about his credit score you just lost a business do you know what a credit score does it gives him access to more debt that's how we got into this mess right your credit score has been such a blessing to you so far yes it has it crashed you it crashed who gives a crap about your credit score? I want your babies to eat and his wife to relax.

Yeah. Well, I haven't relaxed for the past three years. I know. I know. You deserve a better life. He's a hard worker as well. Both of you deserve better than this. So credit cards are the end of the list.

We're going to get to them, but we're going to get to them last. Take care of the fuel bill. Get the truck sold. Let's get moving, okay? Okay. You hang on. We're going to get you into Financial Peace University and get you into every dollar as our gift to make sure you're taken care of.

We'll show you how to handle money and how to walk out of this. You can do this. You're not bankrupt. You're just scared. This is the Ramsey Show. I'm Dave Ramsey. My co-host today is George Camel. George, when someone clicks follow on YouTube or subscribe on Spotify or Apple on the podcast, or they leave a five-star review, or they share the show by letting people know by link

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do run a formula on this stuff. And YouTube or Apple or whoever, they do push the show out, promote it, if it's hot, if you guys are doing it. And we know you guys are doing all of this because our numbers are like way up. And it's a domino effect because that pushes it up to this piece of the chart and then this piece of the chart. Next thing you know, we're looking up going, we're number one in business and on podcasts. And people are now finding the show.

And it kind of spirals from there. So that's the best way to help us market the show. And the best news is it's completely free to do that. We're not asking for your money here. And you're a big help to us. We appreciate you very much for doing that. Open phones at 888-825-5225. Joshua is with us in Grand Rapids, Michigan.

Hey, Joshua, how are you? Doing good, Dave. How are you guys? Better than we deserve. What's up? So my question for you today is, should I rent an apartment or buy a mobile home? So long story short, I have kind of worn out my welcome at living at home, and I'm just trying to figure out the best way to go about it.

I am in about $27,000 in debt still, working my way through the baby steps. How old are you? 28. Oh, yeah, you definitely worn out your welcome. Yeah. And what do you make? What's your income?

About $60,000 yearly. Good for you. What do you do for a living? I'm currently a maintenance tech and programmer for my company. Good for you. Awesome. Okay. So you're saying, should I rent or buy a mobile home?

That answer is very easy. Rent. I would never suggest anyone buy a mobile home because that thing is going down in value. Yeah, you're going to move further and further away from money when you have a very large car that you sleep in. Cars go down in value like a rock. So do mobile homes, and that's what a mobile home does. And so not only are you going to be paying payments on it, but you're going to be losing value every single month you own it and so it takes you down two different ways rent only takes you down one way just you're paying for a place to live so

go get you the least expensive apartment that you can get that's safe nothing fancy don't spend a bunch of money on this because the more money you spend on this the less money you can spend getting out of debt and as soon as you get out of debt you can save up the money for a down payment get you an actual house that goes up in value that we would suggest after you're out of debt but yeah we don't you know you take a fifty thousand dollar mobile home and you visit it just a few years later it's worth ten and now you're underwater on it yeah and, it's worth $10,000. And now you're underwater on it. Yeah. And so it's dangerous.

So, Joshua, you might need to get a few roommates. When you turn 50 into 10, that's not a wealth-building mechanism. Okay? That's why this answer is so quick and so easy. Well, I think the reason people go to that, Dave, is because they go, well, my payment on the mobile home would be $800, and rent around here is $1,200. Yeah, but they're losing

more than 400 a month in value exactly and you're stuck rent when the lease is up you move so and joshua to help you the the parameter here is you want to look at a quarter of your take-home pay so if you make four grand take home from your 60 you want to try to keep it at a thousand which means you might need to get roommates which is is totally fine. Or find a garage apartment over the top of some rich old lady's house and cut her grass for part of the dadgum rent. And that's the kind of deal you're looking for. You're just trying to get out of the house because you wore out your welcome and get yourself established as a 28-year-old man. Good for you. And get a sustainable situation built.

Then work your way out of debt. Then build your emergency fund. Then build your down payment by house. This is your game plan, sir. Well done. Tommy is in Charleston, South Carolina. Hey, Tommy, how are you? Doing well. How are you?

Better than we deserve. What's up? I'm 58 years old. I haven't saved a lot for retirement. I have about $75,000 in a 401k. Just started listening to you guys, so I switched it over. What I've been putting into it to the Roth 401k. Good.

I mean, that was the right thing to do. It was. And so the company I currently work for, they have a stock purchase program you get invited to or they ask you to do, and it's three different levels to it. And I'm at the first level, and I funded that last year with $2,000, with them doing a $2,000 match to it. And also the first year it went up 30%. But every year, they ask if you want to buy more stock.

And when you do, that helps you get to the next level if you're ever invited to be at the next level. What is this, Scientology? What do you mean? Why is there multiple levels here? You know, I guess that's the way. I really don't know. Okay.

But my question really is should I participate in? Is this company publicly traded on the stock market? It's private. Yeah. Yeah. Okay. So my question is should I, you know, I like to retire when I'm 65 or 67. So I just focus on the Roth 401k and not worry about yes okay because you have absolutely

no control over this privately held stock um right they are technically allowed to do whatever they want to do that's where the levels thing came from it's something they just made up okay to try to encourage employees to buy into it. It went up 33%, but that's because they just decided it went up 33%. You put the thing on at a book value, and then, you know, there's very little, and there's no market for it. You can't sell it. You have to sell it back to them. Right.

Yeah. That's correct. So if it goes up 33%, but you have to sell it back to them with a discount, then it didn't go up 33%. Right. So, no, that's not where I want my money, in a situation that I have no control and no ability to liquidate it and turn it into something.

So I'm putting it all in the 401K. And if you put that money in your 401K with how the stock market's been doing, you're seeing 20 25 30 percent last year as of 2024 i'm not saying that's going to continue but last year was 26 and this year's 17 to date so um not a bad you know return right there either so and you can actually sell those funds and make real money instead of you know ramsey bucks maybe we should start that one day dave oh i'm to take that as a no. Dave is not going to start his own. I'm trying to think how to respond to that intelligently.

There is no way to respond intelligently to a stupid question. That's what I've learned. Yeah, Tommy. And if you can get your money out of that, I would. If you've only got two thousand dollars in there that's fine but if you've got much more than that in there i'm i'm worried for you i'm not saying they're going to crash but you just don't have any control you don't have any of the normal things that you have with a mutual fund or even a single stock if you're working for a publicly traded company and they were issuing shares of stock as bonuses or something that would even if this private company just said hey we're closing up shop what is that stock worth zero that's frightening zero and you've got no control over the decisions

they make that could cause them you don't have any control over that with a publicly traded stock either but um yeah but at least there's there's some you know outside investor shareholders out there yeah and it's just your employees i'm not that private companies that issue stock i'm not saying they do something wrong they're not doing anything wrong but you're the way you determine if it went up 33 is you know the way you do your accounting and so it i'm not saying they cook the books. That's not my point. But you can choose if you want to hand the profits out to the owners in dividends. You can choose if you want to take the profits and reinvest them into equipment to make the company grow more, which would not cause you to grow 33%. So you've got to just, you know, what are they doing with the profits? How are they booking that to cause this?

And so it's not just as simple as, oh, we made a bunch of money. It's not that easy. This is The Ramsey Show. Thank you. We'll see you next time.