The Ramsey Show - App - The Importance of Making a Plan (Hour 3)

Episode Date: April 4, 2024

Девочка-пай guitar solo 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. Open phones this hour, Rachel Cruz, Ramsey Personality, co-host of the ever-popular Smart Money Happy Hour, and my daughter, number one best-selling author. She's my co-host. The phone number is 888-825-5225. And Maria is next. Maria is in Reno.

Hi, Maria. How are you? Hi. you how are you better than we deserve what's up well first of all it's a privilege to be able to ask this question because my husband and i have been following um your baby steps and we did financial peace before we got married so um now we're stuck though because we went off script so we started because you're stuck, though, because we went off script. So we started the baby step. You're stuck because what? We went off script. Off script. We were following all your baby steps, and then we kind of just went, whoo!

And there's no chapter on that. You fell off the proverbial wagon. Okay. So I'm hoping it wasn't a stupid decision. But anyways, it was good intentions. So we saved the 20% for a down payment. And at that time, just with family circumstances, we thought we would offer for my mom to come and find property with us with two homes and whatnot and kind of get her out of her situation. And there was a variety of reasons that played into that. But just, you know, she could get out of debt, whatnot, pay for a house that she could live in without making payments

and then be able to work and save for her retirement and whatnot. So your mom and you went in and bought a house together? So what we did was we found property with two homes, but it is one parcel. But there's two homes on it, and they both were fixer-uppers, still are. We're working on them but at least where we're at the dilemma at this point is um how do we legally kind of sort all this out because we we bought it it was kind of like green lights all the way and we we did counsel before we bought with a lawyer friend and some other friends of like is this can we make this work like legally how does

you know how will this all go down and they're're like, yeah, we can sort it all out. So we felt like we had green lights and then we found this property and whatnot. But we went in, she went, went in 25% of the purchase price. We went in 75%. Um, we're all on title, but now we're just trying to figure out how to legally kind of sort this out. What's going on? Who's trust? How do we really figure out percentage of ownership? Like ideally she feels like for her retirement consideration, she should keep a stake in

real estate. The advice my husband and I've received was buy her out and get her off title. It would be much simpler. Um, and so we're kind of just like scratching our heads. It seems simple. I'm like, like positive.

Like we could figure this out going in and now it just kind of seems muddy to us. So what you're saying is the council that you received sucked. Well, it did. Whoever this lawyer is, you're're gonna stay away from him he's stupid yeah we'll figure it out later that's a dumb butt plan okay um because you got yourself in a pinch now you know it's a mess you got a mess you got a relational mess you got a legal mess and you got a real estate mess and you got two houses under construction.

Yes, we do. This is chaos and stress everywhere around it. Oh, my Lord, what a mess. Yeah, buy her out. That's the cleanest. Okay, so, but if you were her or if you were giving her advice, I guess it's like. Take the money and go buy me something. Like you would leave? essentially yeah okay just long-term considerations yeah because she's in a mess with her daughter it's a mess who wants to be in a mess

it's a mess it ain't't going to clean up either. The only possible thing you can do, and I have no idea if you can pull this off in Reno, California or not, but check with the city and see if you can subdivide the parcel and run a lot line between them. Have two parcels. And then you could just deed her her half. And she owns it. Okay. just deed her her half and and she owns it okay and that way you lost some money but you kind of deserve to no i mean that is kind of why like let's let's figure this out now because if we have some front costs we need to just swallow it and move on but exactly exactly okay yeah i'm

serious i mean i don't want to hurt your mom and you don't want to hurt your mom and you know if if you want if you buy her out and you let her stay there you're going to have to have some clear family relational boundaries as to what the you know you're just going to let her live there free the rest of her life what's the plan that's part of the buyout i mean you got to you got to lay out the terms of the buyout i mean you gotta you gotta lay out the terms of the buyout see what you all didn't do is you you violated the begin with the end in mind principle and that means you have to write out everything and every possible negative scenario ahead of time and have exit strategies on everything before you do the deal now instead you're trying to unring the bell yeah and it's very difficult to do that and so without without without a tearing without people being hurt and you know because everybody

in the whole thing's got a bunch of different expectations yeah what's her what's her what is she thinking in office is she concerned or is it more you guys are concerned on your end honestly in the threesome it's probably just me because I'm more of a long-term thinker. Yeah. They're all more like, we can figure this out. When? Well, I'm wanting it done now. All these people that keep saying, we can figure this out.

When is it they're going to do it since they didn't do it beforehand? Right. No, I hear you. I mean, I'm on the call right yeah yeah i'm not i'm not i'm not i mean i'm not picking on you i'm just saying the decision overall you're aware before you called is a mess and she's willing to do i think she needs to take time to to look into like just retirement planning in general yeah but her first thought was like i need to keep a stake in real estate but that wasn't like our thought going into it that that was going to be her thought yeah so i would either subdivide the property and give her the half she

lives on and you have to get on with most cities and municipalities you go before the zoning board and they approve a parcel a change in parcel one parcel into two dividing it and it'll have to do with the zoning in the area typically you know you're allowed to have so many square feet for a single family in that particular zone it's an r5 and r2 or whatever residential whatever and um so then the zoning board will tell you you have a surveyor come out survey draw a lot a new lot line between the two houses and with setbacks and everything and it's all set up with the city and approved boom then you deed it over to her if that is not possible in the zoning situation you're sitting in then i'd probably sell the whole property or buy her out

one of the two because what you've got now is not going to end well, hon. You can smell it in the air and that's why you're calling. I'm sorry. I'm sorry you got yourself into this, but do please clean it up. This is the Ramsey Show. Our event season is in full swing. We've got three big events on the books right now. The first one is our big dog, the Total Money Makeover weekend here on the Ramsey campus, May 10th and 11th, Friday evening and all day Saturday. It's a weekend-long event, and we're going to have everybody speaking. Rachel, of course, will be talking. I'll be talking.

George Camel, Jade. Ken is going to be talking about how to increase your income. Dr. Deloney about how to increase your peace. Who am I leaving out? Somebody. So everybody's going to be there, all the Ramsey personalities. And when you leave, you will have a detailed plan on not just getting out of debt but becoming wealthy. And we will have convinced your friend that thinks you're crazy.

And when they leave after coming with you for the weekend, they will also be crazy, just like you. So you're going to be right on track. It's a two-day event. It's the ultimate motivator to get fired up and to live the life you've always wanted. We're in Nashville, May 10th and 11th. Great to visit this town anyway.

And it is going to be a fabulous, fabulous weekend. It is approaching a sellout. It's not sold out, but you can still get tickets, so you better get them now because it's only about a month away, right? So ramseysolutions.com slash events. And then a week and a half later, I'm going to be doing a two-night event. George is going to help me, called Dave Ramsey's Investing Essentials, where we go into the basics of investing,

but we also are going to go beyond and do something I've never done and open my personal playbook on what I do with my personal investments. And that includes a detailed look on the second night on real estate. I own several hundred million dollars worth of real estate. How did I do that? And how do I select real estate? What do I do? What's the process process this is not a tiktok seminar by some guy who wished he did it once i've done it a bunch it's my favorite thing as a matter of fact so come on and join us we'd love to have you it's a virtual event you can get your tickets again at ramsey solutions.com slash events and then you guys are doing this fabulous event it's may 20 i'm sorry it's october 24th through the 26th a true

weekend long event it's a big event marriage and money getaway here on campus at the ramsey event center dr john deloney and rachel cruz and this event man last year people were completely changed yeah it was amazing marriages Marriages were saved. It's amazing. When you come, and I think with the mindset of like, it's a getaway, right? You leave your kids, you come as a couple to a fun city like Nashville, and just in the mindset, too, of like, we want to grow. We want to be stretched.

We want to learn. And so all of that together, and we have fun. John and I, it's a fun weekend. You and John are funny, that's for sure. And our spouses came last year and did a panel so you never know if it'll happen again i know yeah that's right so yeah it's a really listen i'll tell you the truth now it's a it's a really fun weekend and we sold out of base of like the top tier at the event last year like it sold out before so it's a it's been a quick seller so make sure to get your tickets yeah there's not that

many hardly any left on it and it's in october so yeah ramsey solutions.com slash events for all three of those and i'm very proud to present all of those to you today's question comes from grace in colorado she says i'm a stay-at-home mom with two small children and i'm six months pregnant my husband died suddenly last week he handled all the finances i lost touch with it when i got busy with the kids i don't know if there's a will or life insurance i don't know the password of his computer can you direct me to a checklist of how to get through this i want to check the boxes but i need guidance so i'm not googling what to do every night goodness man oh grace so i assume james Yes. Man. Oh, Grace. So I assume, James, that we have Grace's contact information, of course, because it's obviously not a radio answer for something this tragic and in-depth.

So what we will do, Grace, is we're going to hook you up with one of our Ramsey counselors, coaches that's been through our training. We're going to pay for it. It won't cost you a dime. They're going to meet with you and hold your hand and walk you through every bit of this and they'll also connect you with smart vestor pro who can help guide you through the insurance issues and um and if there's any investing to be done uh when all the smoke clears so to speak um yeah then then you know we can figure out what we're doing here but um uh there's ways to discuss there's a there's a database you can tap into

to find out if life insurance exists uh there's not to find out about a will but um uh we you know the coach can the coach will even help you get with a computer specialist and see if we can get the stinking computer open so So I'm so sorry, honey. What a horrible, horrible place to be left in. But you've got friends here, and we will walk with you. We are mandated by the book we believe in to take care of widows and orphans, and we will. We will.

You can count on that. But for people listening, when it's a situation like this though for real what's the like to even begin um because in my head i'm like yeah you go down to like an it you know first thing we try to do is get the computer open yeah and hopefully that helps you find a will if there is one um uh and find it and any life insurance professional can help you with the database i can't remember the name of it off the top of my head but there's a uh the there's a search you can do and it costs like five dollars or something to be able to go in yeah and find see if there's anything uh showing up on life

insurance uh obviously if there's any file drawers or any hard hard paper areas you go through those and try to find wills and life insurance. Receipts or anything. Depending on the assets and the debt and so forth, you may need to contact an attorney and do a probate. You may not. He may not have left anything. Obviously, we've got to start taking the primary thing I hear right here is I've got to figure out how you're going to eat and feed children. A pregnant lady is going to feed two small kids in you know next week

yeah um because i have no idea where money's coming from at this point so i need i need to assess how much money we've got where we've got it where how we can create some money contact local church to come around you make sure you got food um you know we've got to do all these things and just put our arms around you and love you well. So there's so many things here. And if there is family, a lot of these situations, you end up just selling and being with family for a season. For a temporary, as a safety net. Yeah, for a season.

Not as a permanent thing, but as a safety net to get on your feet after this. But, yeah, Googling. Google probably can't help you, hon. I don't think mr google is gonna send much love your way um so what this does illustrate though is why it's so important for couples to handle their money together why it's so important to have a will with a central location where everyone knows where it is in the same place um we call it a legacy drawer at our house i've got a file drawer that's got all the wills and the trusts and the life insurance and

the car titles and the uh so forth all of my passcodes are in a uh system on my computer and uh three family members uh three people know where it is and they can all open it if something happens to me so sharon's not trapped out and all the different nine million, we've all got passwords to everything in the world. And so you got to be able to access every bit of that. And so. And it's even small things of, you know, what bills are automated, which ones are you paying directly? You know what I mean? Like. That's why you need to be involved in the process together you should always be handling your money together and so um i've got a friend in his 70s that just passed and i'm walking with his wife one of our best friends for some 40 or 50 years now um we've been friends and uh you know she's very very smart woman uh but was not very involved in the day-to-day.

And so she's having to learn how to do all of that at 70 years old now. And so you got to, it's, you know, it's the only way that it, it, yeah, it's having life insurance, having a will, having a game plan, working together is how you say I love you. Not participating together is not how you say I love you. That's not that's not right. And so it leaves people in the situation, this poor lady here. And I understand. I mean, she's pregnant, got two little babies. She didn't have time to mess with it.

She couldn't breathe. She got, you know, the little the littles take everything out of you when you've got a situation like that. But still, it leaves you so vulnerable, and it's just sad. So we'll be with you, darling. And you guys out there can know that Ramsey takes care of these situations when we run across them, that's for sure, 100% of the time. We have for 35 years of doing this, and we will continue to do that. And, yeah, widows and orphans.

This is The Ramsey Show. Rachel Cruz, Ramsey Personality, is my co-host today. Hey, there's always, not always, most days there's 50 to 200 folks out here watching the show in the lobby of Ramsey Solutions. We do this show from 1 to 4 Central Time, Monday through Friday. There's two Ramsey personalities. Usually I'm one of them if I'm in town, sitting here and answering your questions for three hours. We do a three-hour talk radio show that turns into a YouTube show, turns into a podcast, all of these kinds of things. And we invite you to come in and hang out with us.

It's a completely free experience if you're visiting the Nashville area. We're just south of Nashville in a wonderful little town called Franklin, Tennessee, and a little Civil War town, classic southern square, the whole bit. And you can check it out if you're here checking out Nashville or something and come by. Cookies, homemade cookies are free are free when you walk in you smell mama's kitchen and uh the coffee is free and uh the entertainment is questionable so um come in and hang out with us in the lobby we'd love to have you anytime here at ramsey solutions we built this lobby for that experience when we built this building it's uh designed for that. And part of

it is the debt-free stage. And on the debt-free stage is Miss Katie. Hi, Katie. How are you? Good. How are you? Better than I deserve. Where do you live? I live in Dallas, Texas. Very fun. And how much debt have you paid off, Katie? $80,613.54. I love it. And how long did that take you? Just under 12 months.

Whoa! And your range of income during that time? I started out making $29,000, a little more. And then this year it shot up to $113,600. Wow. What do you do for a living? I'm a registered nurse. So you've been working.

Yeah. A lot. A lot. A lot. A lot. Did you just get out of nursing school? Yes. Okay. That's what started this whole thing.

Yeah. My debt was entirely just a student loan from a one-year nursing program. Oh, my gosh. Wow. And you paid off in one year? In one year. You did it. So you have lived on beans and rice.

Exactly. These numbers are, I mean, like you're the coupon queen. You have no life. All you did was work and pay debt. I know. I'd go bother people for their shifts or part of their shifts. My favorite was the 3 a.m. to 7 a.m. Because you got your overtime.

You got weekend pay. You got the bonus pay. It was awesome. Working around the clock. What kind of nurse are you i am a pediatric emergency room nurse oh wow well thank you for my mom of three littles yeah good for you what rewarding work too pretty awesome and sometimes terrifying but yeah yeah but yeah wow look at you so what happened a year ago when you got out of nursing school why'd you get so fired up and how'd you get in touch with this Ramsey stuff so um I was crazy

and decided that was my second college degree my first one my parents paid for shout out um and then I just wanted to be a nurse and I wanted to be a nurse as fast as possible. And that required taking out a little bit of money. And then after I finished nursing school, um, I was introduced by my boyfriend, Kyle. Um, he would just start playing the podcast. Like when we'd be in the car, it was super like low key. Like it was never like, Hey, I think you should do this. It was, Oh, Hey, we're going to listen to the background music. And then I got kind of interested. And then it became my guilty pleasure after work.

I'd go home and sit in my bed after working night shift. And I'd put on the show before. And I'd work from home. And I worked from home job. So you had two jobs. Oh, yeah. Tons. I did everything under the moon.

I was ready to work um i knew nursing school like as hard as everyone says it was i was ready to work harder when i got out and um i think the idea of oh my god i just took out all this money and i'm gonna have this payment for 20 years was so scary so very nice good for you what was the most lucrative side hustle you did um i was a big instacart girl okay that was it was really awesome we live um a little bit north of like the highland park area and there's lots of people who like their groceries delivered there and you were there okay he helped but the best thing of all pay wise was the 3 a.m to 7 a.m overtime triple time all that stuff right oh yeah I'd work four five six days in a row like at one point my manager was

like are you okay slow down good for you Katie I don't work this much I'm like I love it way to go how's it feel to be free it's crazy I would let my paycheck hit my account um I'd take care of just my basic four walls um I lived like I still was in college I didn't buy anything didn't really do anything um and then that same day I drained my account to Sally Mae and a big old chunk would go down every week every month yeah it was crazy and then all of a sudden we got to the end and i was like what do i do with all this money can i stop working as hard yeah that's right that's right good for you okay so what was the hardest part because i'm like that's a full year 12 months of just doing this. Getting it. I think the hardest part was watching everyone else.

Just a lot of my friends at work would buy new cars or people would come in with new things. They'd go out and I was like, oh, that'd be really fun. But that's not for me. It's hard to-'s hard not yet yeah not yet um it was hard i think really just the hardest part was um kind of watching the world go on yeah so was that harder at the beginning or the end i'd say probably about the middle because i beginning you're all fired up yeah i was an end you can see the light yeah But in the middle it's like I'm stuck.

Yeah. Yeah. And it was like summerish and everybody was doing all these fun things. And I was like, I got to go pick up another shift. I got to go deliver some groceries. I got to keep on my track here. Okay. So would you tell people, Katie, because a lot of people, you know, their journey of

getting out of debt looks so different, right? And someone listening that's thinking, okay, I want to dive in. I want to do this. Would you recommend if they have the ability like you just go full force short amount of time all the pain but it's short or like you could spread this out for 24 months and it's less pain but it's going to take a little bit longer um i've always been like a super go-getter so i mean as long as you mark a clear finish line, guns blazing. Just go.

She's a rip the band-aid off girl. Yeah, you don't want her being your nurse if there's a band-aid involved. It's like, pop! Oh, sorry about that. Yeah, we're done. It's pretty true. That's so great. I love it.

Who was your biggest cheerleaders? My biggest cheerleader by far was my boyfriend kyle where is he is he here he's over here oh there you are okay hi kyle hi kyle she's great we love katie and then all my family that's here oh you brought your family too they're all super proud of you too then very good anybody tell you you're crazy while you're doing it most of the nurses i know well you're it's kind of a stark contrast for them to have to stand next to you yeah they're going i'm standing neck deep in my stupid and doing nothing about it and this girl's cleaning it up it's a little bit shaming just having you around you're amazing you are a warrior princess and you're making like 113 i mean i guess it's with some of the side hustles so you like did some of that but as a nurse but i'm like you're you're gonna make great money no payments there's

lots of money if you want to go after it that's right that's right good for you katie how old are you 25 oh my god i did i did it my goal was my 25th birthday, and I was like 10 days early. Wow. Awesome. Congratulations. So great. Hey, you're a hero. We're proud of you.

Well done, kiddo. Very, very, very well done. You're a warrior princess. That's pretty amazing. Good stuff, man. Good stuff. Don't get in this girl's way. Wow.

Wow. Just get after it. Get it. She's living proof my granny's saying is true. There's a great place to go when you're broke to work oh my gosh wow fabulously done all right it's katie from dallas 81 000 paid off in 12 months starting at 29 when she got out of school all the way to 113 and the secret sauce work count it down oh we've got a couple of every dollar coupons for you to give you a one-year subscription and you can give one away as a to a friend one of those nurses needs a subscription there we go count it down let's hear your debt-free scream all right three two one Three, two, one. I'm dead free! Yeah!

Woo-hoo! This is how it's done, boys and girls. I love it. Yes. Yes. The family is cheering her on right now. I know. Look at them.

So fun. Oh, my gosh. So great. This is the Ramsey Show. Our scripture of the day, 1 John 5.14. This is the confidence we have in approaching God, that if we ask anything according to his will, he hears us. Vince Lombardi said, confidence is contagious.

So is lack of confidence. Laura is with us in St. Louis Hi Laura, welcome to the Ramsey Show Hi y'all, thank you for taking my call I'll just get straight to my question So we just found out that our tax person has done our taxes incorrectly the past three years So we owe back taxes We are on baby step two so We don't have a ton of money. And we are debating on whether or not we should take out a personal loan to cover this,

or if we should set up a payment plan with the IRS. Take out a personal loan. Okay. The worst creditor on the planet is the IRS. They have almost unlimited power. They misuse it and abuse it. they charge the highest penalties and the highest interest they're not bankruptable personal loans are none of those okay all right that's what i figured you today i just wanted to make sure can i ask a follow-up question yeah let me ask one um how the crap did you not know your taxes were screwed up for three years so my husband is a pastor and um we assumed they were doing the his taxes correctly because they're they're different um and we just assumed they knew what they were doing and but how did you find it they discovered it that we had said something

about um uh his portion of the taxes this year. We had said it the first year, and they must have missed it. Yeah, I don't know. It is a cluster. Yeah, wow. Wow. Okay, so you think you've got it solved, or do you need a new tax person? No, I think they've got it figured out. Yeah, I hope so.

Yeah, we're looking at about 18 000 i think in back taxes that's enough to make me get somebody i was about to say we're gonna second opinion laura too it'd be worth it to pay somebody else just to make sure all your bases are covered yeah well the the benefit of them was they were free but and worth every dime and they were worth every penny yeah oh gosh no no they're the nicest people though a lot of stupid people are it happens yeah okay my follow-up question though should we go to our our bank let me tell you what's even worse they go to your church yeah yeah okay yeah that's that's even worse yeah get a new tax person okay anyway how can i help what's the other question uh should we go through our bank we have u.s bank for that we bank with should we go through a credit union instead or

through our bank what would be better you think credit union credit union okay in general in general they're more human. Now, a small-town local bank is fine, but a credit union versus a big bank. We don't ever recommend anyone do business with the mega banks. The Bank of America is the fifth thirds. They have no soul. And your credit union's got a soul. Your small-town local bank's got a soul.

Yes, they're bankers, but there's a human element to them they're you're not just a number where you're like you are with these other banks when does the point with irs debt would you say to go take out a personal loan versus just trying to pay it off always even if you owe unless you can write a check right now and pay it you got it i would not have irs debt versus personal debt yeah always because they're just they're unpredictable too because they're they're incompetent and so they're liable to do something they're not supposed to do like go just clean out their account or something yeah yeah and um they don't usually do that but i've run into it over the years so and they have and there's nothing that you don't have any recourse because they're just they have unlimited power every other debt has to sue you

before they start taking stuff the irs just shows up and starts taking stuff and so it's just it's brutal yeah and and then on the other side of it they vote me a refund for four years i can't get out of them i'm gonna have to go before congress to get my refund so it's unbelievable and it's not a refund because i overpaid it's a refund because the law changed and we adjusted our taxes and then they're just sitting on it under the biden administration we got all our refunds under the trump administration on the same thing but the biden bunch is just sitting on it over there um and it's yeah okay all right tracy's with us in New York City.

Hi, Tracy. How are you? Good. Thank you. Thank you so very much for taking my call. Sure. How can I help? I'm 51 years old, and unfortunately, I just heard about y'all like a week ago through

a friend, and she told me to give y'all a call. I need help with my retirement. I only have $100,000 in there, and my job, they don't match. They don't do matching. Okay. What do you make? $103,000. $103,000.

But I take care of a sibling who's bipolar and deals with a lot of issues. Mm-hmm. Do you have debt, Tracy? Yes. How much debt do you have? Oh, I'm sorry. The only debt that I have is my condo, and I owe $200,000.

Okay. Originally, when I got it, the interest rate was like $4.89, but I was able to refinance it when the rates went down. So my rate now is two something. So instead of lowering my payment, I just kept it at the same payment that I was paying. Gotcha. Yeah.

I mean, at this point, Tracy, I would be funding 15% of your income into retirement. I would get to a point where I'm throwing as much as I can to get this condo paid off. So you have paid for real estate, you're still funding. And you're, I mean, you have $100,000. I mean, you have a really great start. Some people that call in have nothing save for retirement. So at least there's something there.

And then who, and you said it's a sibling that you take care of? Yes. And how old are they? And you said it's a sibling that you take care of? Yes. And how old are they? He's 32. 32. Does he live with you? No, that did not work out very well.

Yes, yeah, I would assume so. So, Rachel's right. What we teach is a process called the baby steps. You need an emergency fund of three to six months of expenses, since you're debt-free other than the house. then you need to be putting 15 percent of your income fifteen thousand dollars a year sixteen thousand dollars a year into your retirement plan getting all the match it should be in roth if it can be if you're if you max out your 401k at work which you shouldn't be doing uh but if you do and you need to do more, you can do a Roth with one of our SmartVestor Pros. But you need to get to $16,000 a year.

Everything else beyond $16,000 a year that you have left in your budget should go to pay off your condo early. Okay. As quick as you get the condo paid off, I want you to max out all retirement. Because our goal here is sometime in the next 15 years, when you're 66 i want the condo paid off and a huge pile of money in your nest egg oh okay i think you're going to be a

millionaire oh i hope so yeah i think you are if you will do what i just told you to do i think you're going to be a millionaire okay awesome thank you thank you so much you're you're very smart and you're very kind to take care of the sibling the way you are. Good work. Very good work. I know. And it's just a reminder for the rest of you out there, Rachel, that it is amazing that as we studied 10,000 millionaires,

we found that the typical millionaire out of the 10,000, which is almost all of them, like 80-something percent fell in this category, they had funded their 401ks and their Roths steadily in good growth stock mutual funds, and they paid off their house. And so a very typical scenario would be we'd have a $600,000, $700,000 paid for house, and you'd have a $600,000 or $700,000 or an $800,000 nest egg that was built. And that's exactly where she's going to be. And so if you put like seven and eight together, you've got $1.5 million net worth.

And so $700,000 paid for house and an $800,000 nest egg. And that's about where she's headed with the number she just gave us. Yeah, and her company didn't match. And so the 15%, even if your company does match, does not include the employer's match. So it's 15% of your money. Of your money. That's a valid point. Very good.

But the big deal is that you can do it. Everybody says, oh, well, you know, the economy and the Biden and the Trump and the world, and it's just bad, and capitalism's evil, and we need anarchy and socialism and communism like my college professor taught me and all this bull crap out there. And, you know, the truth is the little man is getting ahead at a faster rate, a better rate in the United States of America than at any country, in any culture, in any time in the history of man.

You have a better opportunity today than you've ever had. So stop your whining and go do it. Get after it. That puts us out of the Ramsey show in the books. 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. I'll see you next time.