The Ramsey Show - App - The Secret to Being a Successful Financial Advisor (Hour 2)

Episode Date: December 18, 2018

The show about you

🎵 Live from the headquarters of Ramsey Solutions, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I am Dave Ramsey, your host. Thank you for joining us, America. We're glad you're here. Open phones at 888-825-5225 danielle is with us in new york city merry christmas to you danielle merry christmas thank you how can i help today um well i'm a newer listener i just discovered your show um i try to listen every day and i'm motivated to get my hour finances on check.

Good. We have basically not done any of your steps in order, and so I'm backpedaling, and we have about $20,000 in credit card debt that I want to get on top of, and I'm wondering if a debt consolidation loan is a good idea. Okay. Well, generally it is not,

because generally you end up paying more in interest and not less. So you have credit card debt that you want to consolidate. Right. How much credit card debt do you have? It's about $20,000. Okay. And what's your household income? $20,000. Okay. And what's your household income? $250,000.

Okay. All right. And what do you think your interest rates are on that $20,000? They range, I would say, from probably 11% to maybe 19% or 21%. Okay. All right. So if you could save 10% on the interest for one year, you would save $2,000.

Right? Does that sound right? And that would be okay to do if you can pull that off as long as it's not a second mortgage on your home. But mainly it's only okay to do is if you have a game plan to attack all of your debt very very aggressively which it sounds like you're ready to do because here's the problem people do debt consolidation and they feel like oh now i've got a lower payment and the pressure goes off and they go back to their old evil ways

right and you don't want to do that okay you? You guys make a ton of money. You should blow through this debt and be done with it very, very quickly. How much other debt do you have, not counting your home? We do have two fairly expensive cars that are on the newer side. And what do you owe on those cars? Probably $65,000. Okay. Each or one? No, together. together okay and what else do you have we have no student loan debt anymore that's done good we have about 500,000 in retirement between

the two of us plus we'll both get pensions when we retire. So I feel like we're in good shape for retirement. Temporarily, you're heading in the right way. That won't do it if you're used to making $250,000, but you've got a good start. And so what do you guys do for a living? We're both teachers. Very good. Okay, great. Great.

So this is your only debt is $85,000? Yes, the cars and the credit card, yeah, other than our house. Okay. So here's what I would say is if you go on beans and rice, rice and beans, a scorched earth lifestyle making $250,000 a year, how fast do you pay off $85,000? My God, I don't know. $85,000 from $250,000 leaves a lot. Yes, it does.

It's like $7,000. It's like $6,000 or $7,000. Sorry, go ahead. That's okay. Stop all of your retirement temporarily. Be on a written budget. The two of you sit down together write this out and say this is vital it's important and the faster we do this the more successful we will be with it

and the way you do it the fastest is you cut the deepest okay so if i said um you know, 85 from 250, that would leave 165 to live on not counting taxes. Right. Now, you are in an expensive world that you live in, but really, you don't have to be able to do that. Like, that's like one year. Yeah, we just need to get on a budget. It would be like super, super tight. Your friends are going to think you joined a cult. Okay.

Because you're not going to see the inside of a restaurant. You're not going on vacation. We are getting out of debt. Because you've been just sloppy is all you've been. You make so much money, you've been sloppy. Very. And you can do it. You can do it.

It's not like you've been way out of control, stupid or crazy. You've just been disorganized, sloppy. You weren't paying attention to it. And it's like when you're, what do you teach, what subject do you teach? Elementary school. And what age? First grade. Oh, wow.

So you really do get to see the bright student that you really wish they would apply themselves? Yeah. That's themselves yeah that's you that's you you're my new bright student and i want you to apply yourself okay okay because you know that you know when you look at that kid you can see what they can do they don't see they can do it yet but i i mean i'm looking at your math a year year and a half depending on your taxes stopping all your retirement completely focused trashing your lifestyle where people think you're weird and you just get after it see that solves the twenty thousand dollar problem so quickly that debt consolidation the math on it doesn't do much good okay because you're gonna pay the 20 off really fast okay if we're paying off 85 in a year

right that makes sense and that's how i would get after this so it's a good question Okay. If we're paying off 85 in a year. Right. That makes sense. And that's how I would get after this. So it's a good question. It's a good discussion. You got this, kiddo. You can do it. You can do it.

I know you can do it. I can see your potential. Now if I could just get you to do it. Open phones at 888-825-5225. Thank you for being with us. Yehuda is with us in Baltimore. Hey, Yehuda, what's up? Hey, how's it going?

Better than I deserve. How can I help? Good, good. I have a quick question for you. I know you're not a fan of having a credit card. I've heard you say that many times. I was just wondering, how is someone supposed to build credit without using credit cards? Why would you want to build credit?

So don't you need credit to get a mortgage? Oh, so you can go in debt. Okay. Actually, you don't to get a mortgage. You don't? If you could get a mortgage without building credit, why else would you build credit? So that's a good question. Can you get a mortgage without building credit?

Yeah, I'll tell you how in a minute but if you could get a mortgage without building credit and you had a zero credit score is there any other reason you would want to build credit not particularly okay because really the the thing of building credit is a thing invented by the banks because basically it works like this. I'm going to go into debt. Why? So I can build credit. Why? So I can go into debt.

Why? So I can build credit. Why? So I can go into debt. Why? So I can build credit. Why? Because I just love banks.

You know, that's really what the whole society has turned into, if you think about it. And so you can get a mortgage with a zero credit score if you go to a mortgage company like Churchill Mortgage that does what's called or was willing to do what's called manual underwriting, which means they verify your job. They verify your income. They verify your savings position. And they'll verify that you paid your landlord earlier on time. And with zero credit score, you can get the same interest rate, the same mortgage as someone without. But you have to have a mortgage company that knows how to and is willing to go to the trouble. It's extra trouble for them to do manual underwriting. And Churchill Mortgage is one of them that will do that. We endorse Churchill, and we love them. And that's what we'd recommend, avoiding debt. Let me tell you a story about two families that are very much alike in a lot of ways. Both families have two working parents and a couple of young kids.

Each has debt and has struggled to make ends meet, but they're starting to make headway with their budgets and smarter decisions with money. They have dreams and plans, and the only real difference is that one family has the right amount of term life insurance and the other doesn't. Big difference. If one of the parents die, and that does happen. Their well-being would be destroyed. Paying for the mortgage, utilities, food, and other bills would be impossible, let alone saving for education or retirement. That's why every day I talk relentlessly about getting term life insurance. Just go to ZanderInsurance.com or call 800-356-4282

and see how inexpensive it really is. Be the family that takes those deliberate steps to be different and responsible. It really does make you the hero of your story, and it puts you on course for better things ahead. So back in July, we gave away 200 Financial Peace University leader memberships during Coordinator Appreciation Week. Wes Howard was one of the guys, one of the people who won that in order to become a Financial Peace University coordinator. Since then, he's led an FPU class. He started One Smart Money, hosted a Smart Money live stream at his church, and he plans to lead another group in January. This guy is on fire, and I just want to talk to him

because I'm so thankful for people like Wes. We have thousands of these coordinators all over America that are leading their Financial Peace University classes. Hey, Wes, Merry Christmas. Merry Christmas, Dave. How's it going, buddy? Better than I deserve, man. So thanks for leading this. What made you make the decision to become a Financial Peace University coordinator?

Well, I'll tell you a long story short. We had a marriage deal go through with our class. The subject of money come up, and we were kind of lacking that ministry. One thing led to another, and my wife and I talked about it. We prayed about it, and I got in contact with you guys, and my stewardship advisor was just unbelievably awesome from the word get-go. You know, he taught me through it and coached me through the process, and next thing I know, he rewarded me and gifted this stuff to me

and said, you know, I know you can do it, and we just never turned back. And what we've been blessed with, we just want to pass that on. I mean, it's just unbelievable. It's like you say, it's more than just a finance class. It's a marriage class. It's a communication class. There's so much to this. And we laugh at our church.

We say, you know, we drank the Ramsey Solution Kool-Aid, and we want to make a big old batch for everybody. Well, we appreciate that. That's fun. You know, one of the things that happens when you're leading one of these classes, and, you know, for years when I was doing it in person even, nowadays, of course, it's taught by me on video and Rachel Cruz and Chris Hogan and so forth. But one of the things you guys get as a coordinator is you really have a front row seat to watch people transform their lives, don't you?

Oh, it's huge. It's emotional. I mean, it's unbelievable the things that come out of this and what's happened with our particular group. Our kids involved with some of the other kids, you know, they're starting to pay attention. They're starting to see this. There's a few of them that are in college and getting ready,

and you start seeing their ears perk up, and the next thing you know, the whole entire family is involved, and it really is working and changing lives, man. It's awesome. Now, tell me about one of the stories that sticks with you from the class you led? Well, through one of our other group members, their son and our son are both in college now. Both have no student loans. Both of them are working part-time right now through the break and also have jobs lined up through the summer, through the universities.

And they each have about five or six thousand saved up in cash right now so just to be able to pass that on um was absolutely huge to see it be lived out you know yeah that's a breakthrough right there man that's that's changing your family tree yes yeah very very cool well man you've totally changed the lives of people in your group thank Thank you so much for this. We appreciate you leading the Financial Peace University class. And thanks for taking a few minutes to talk to me, man. I really appreciate what you're doing.

Open phones at 888-825-5225. If you would like to lead a Financial Peace University class like he's doing, we're going to give away to the next 100 people that call us and agree to start their first group in January or February. If you'll start a group at the first of the year, because we've got a ton of people wanting to go to these classes, and we'll help you get started, and we'll put some people in your class too, probably. So I can't guarantee that, but I mean,

there's a bazillion people buying these things for Christmasmas and everything else and so we need some groups to start so we're going to give away a hundred of the leader kits just like we did with west back in the spring if you'll start the class and it's your very first group you've never done it before and you're going to start it in january or february we give you the first 100 of you, and we'll give it to you. So just call us. You can call the team at 844-944-1072. 844-944-1072. The first 100 of you that call in that are going to start a new class, never done a class in January or or February for Financial Peace University Coordinator. We will give you, and that's several hundred dollars worth of leader kit materials.

And you can also, if you lose that number or you need to connect with us, just hit DaveRamsey.com or even call Customer Care. They'll help you. They'll concierge you right over to the Financial Peace University team. It's 844-944-1072. Alex is with us in Bowling Green. Hey, Alex, welcome to the Dave Ramsey Show. Hey, Dave, thanks for taking my call. I appreciate it. Sure, what's up?

I'm just calling. I have a couple questions about the blended retirement system. I've been in the Army for 11 years, and most of it has been in the reserve side. I don't foresee myself going back to active duty at any point. And so I feel like this is a big decision, and I don't have enough information to be able to make the best decision. So I'm just calling to see if I can get your thoughts on whether or not the blended retirement system, whether or not I should opt into that or stick with the legacy system. Right.

Well, you're right on the bubble. The closer you are to the 20-year mark, the more I would say just stay in the legacy system. The newer you are in the system, then i would say the blended is going to come out better for you that's the math that i have run on the new offering because obviously the new offering is uh you take a reduction in the traditional 20-year military retirement in return you get money in your 401k system right yeah Yeah, that's my understanding of it. And then that money is yours whether you retire, when you retire, whether you die or whether you don't.

When you die with your military retirement, unless you've taken joint survivor, then it dies with you. If you took joint survivor, when she dies, it dies with her. So either way, it dies when you die. But money that's in your 401k passes to your family. And so regardless because it becomes your money anytime you can can to not do a pension and move towards uh 401k it almost always benefits you with you being but the military is so powerful the the retirement is such

a good thing at the 20-year mark and and obviously it's people you can count on. The government's going to pay the military retirement. Then what you can get into there if you're not careful, because it's so strong, you're going to want to do that the closer you are to it. With you being at the 11-year mark and in and out of reserves versus active duty, I don't know what the math will come out. And so what I would tell you to do is get with one of the smart investor pros and take every number that you have, get every number gathered up,

and let them help you crunch the numbers. They don't make anything on it either way, but one of them will be able to crunch it through or get with one of our financial coaches, one of the two. But you're going to have to have all the numbers, and then someone's going to have to get a financial calculator with you and help you say, okay, this is what's going on. But keep in mind, if it comes out about even to do the 401k blended versus the retirement, legacy retirement, then do the 401. Because you're going to get – because that money survives you. And so that's the tiebreaker.

And I think you're going to be pretty close to a tie. I think you're probably going to do the blended when you run the math. But I don't know with you in and out of reserves, in and out of the active duty and so forth, I don't know what your numbers are going to be. So that's what we've got to know is what would you get at retirement at the 20-year mark? What would you get in legacy and what would you get in blended? And then also what could you put into the 401k? What is the match and what will it get you to there?

And so you can just stack up the money on both sides of the table and see at the 20-year mark which one's going to be the bigger stack. Or for that matter, at the 40-year mark, which one's going to be the bigger stack and all of that. So, great question. Thank you for joining us. Open phones here at 888-825-5225. You jump in. We'll talk about your life, your money.

It is a free call. This is what we do, folks. We're here to help you with your life, your money. It is a free call. This is what we do, folks. We're here to help you with your life and your money. This is The Dave Ramsey Show. Are high health care costs getting you down? Are you confused trying to navigate your options? Do you wish you could find an affordable, biblical solution to your health care costs? Based on New Testament principles, Christian Health Care Ministries, or CHM, helps Christian families, churches, and ministries join together as the body of Christ to share their major healthcare costs.

Christian Healthcare Ministries is the original health cost-sharing ministry, a Better Business Bureau-accredited organization CHM members share to pay each other's medical bills. It's not insurance. It's Christians financially and spiritually supporting each other. It's what Christian Healthcare Ministries has done for over 35 years, and our members have shared over $2.5 billion in medical bills. To learn more, visit chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. In the lobby of Ramsey Solutions, Seth and Brittany are with us. Hey, guys, how are you? Hi, Dave. We're great. Thank you. Merry Christmas, good to have you. Where do you live? We live in Williamsburg, Virginia. Oh, beautiful. And all the way to Nashville to do a debt-free scream. Oh, yes sir. Very fun. How much have you paid off? We paid off $69,503. All right, and how long did this take? It took us three years and seven months.

Got it. And your range of income during that time? Well, I'm the one who came with the majority of the debt, so I started below $30,000, and now I'm above $70,000. Okay, but you're married. We are married, yes. It's combined, $70,000. I'm sorry. I started below $30,000 combined.

We make over $70,000 now. So you got married during this time? We did, yes. Oh, okay. I'm sorry. I started below $30,000 combined. We make over $70,000 now. So you got married during this time? We did, yes. Oh, okay. I'm catching on now. Okay, perfect. Okay, so, wow. $70,000 worth of debt.

What kind of debt? Credit cards, student loans, both of our cars, travel, personal loans. We were normal. Everything. You were just normal. And normal sucks. Definitely sucks. Oh, man. And making $30 You were just normal. And normal sucks. Definitely sucks. Oh, man.

And making $30,000. Wow. And now you're married. What do you guys do for a living? Well, I'm active duty in the Army. I'm an officer. I used to be, but now I'm working at Home Depot. Perfect.

Cool. Well, welcome. So good to have you guys. So how long ago did you get married then? We've been married for about a year and a half now. Okay. And I'm guessing this accelerated dramatically since then. Yes.

Because your income more than doubled, right? Yes. Between getting married and earning my commission, I moved from the enlisted side in the Army to the officer side. That helped the old income a little. Very good. Congratulations. Thank you. So what's your rank?

I'm a first lieutenant now. I actually just got promoted last month. Wow. Well, thank you for your. Congratulations. Thank you. So what's your rank? I'm a first lieutenant now. I actually just got promoted last month. Wow. Well, thank you for your service. Both of you. Thank you. Both of you. Very well done.

Cool. So what puts you on this journey? Tell me kind of how all this unfolded. Because you started and then you have to deal with getting married and then you both are going to do it. And now how did all that work? Yep. deal with getting married, and then you both are going to do it, and now how'd all that work? Yep. Well, back when I was on the enlisted side, one of my NCOs talked about being debt-free, him and his family, and it just piqued my interest. I was like, what is this being debt-free? It doesn't make any sense to me. So he told me about you and got me listening to your show,

and so that's what started me on my debt-free journey. Wow. Most, the majority of the debt that I had actually was, our debt was about 90% mine and about maybe 10% Seth's. Okay. And so I started on mine. And then when we started dating, we had our own debt snowballs that we worked individually. And Seth actually became debt-free before we got married. Ah. So once we got married and our incomes combined, we started working together, and we were able to pay off the remaining part of what was the debt that I brought to the marriage.

Yeah. So how much got knocked out in the last 18 months? Oh, wow. I'd say probably roughly about $25,000. Yeah, I was thinking you really kicked it into gear now. Yeah, that's perfect. We did. Okay, so how's this dating conversation go?

Seth, were you getting out of debt already when you met her well when I was in the army I did the FPU but uh too much of a free spirit so I just kind of went on my own way so you went through the class but you flunked yeah okay she re-educated me and got me back on track so then you start dating and at least you had a common thing to talk about. Yes, we supported each other. So you're like, okay, I'm doing this stuff, and you're going, okay, well, I'll do it too then. Exactly. Okay.

Good, good. Very fun. I'll go back and do the stuff I learned in that class that I didn't do. Exactly, and we'll encourage each other along the way. I will make a budget. There you go. That's fun. Outside the two of you, who was your biggest cheerleader in this process?

I'd say probably my mom and my sister. We got them both started on the budget, and my mom calls me all the time, and we talk about the envelopes and updating every dollar. So, yeah, probably my mom would be the biggest one. Does that NCO that recommended this know you made it? I don't think he does, actually. We lost touch when he moved out of Colorado, and, yeah, things change so quickly in the Army if you don't.

Oh, yeah. Yeah, you lose connection. Yeah, you do. It's part of the transient nature of it. Yeah. Wow. Well, way to go, guys. I'm very proud of you.

Thank you. Thank you. What do you tell people the key to getting out of debt is, other than marrying well? I'd say probably just doing the budget and working together is probably the biggest thing. Just keep on staying motivated. Motivate each other when you're getting down. It feels like you're not making any progress. Just keep on reminding yourself and tune into your podcast.

Yes, listen to the show. It's so helpful. These screams are so motivating. It's so much fun. Well, I'll just let you know, other people are doing it. I can, too. Exactly. And some of them, when you hear them, not yours, but some of them, when you hear them, you go, if they can do it, I know I can.

Exactly. I'm just like, wow. Yep, it's a lot of fun. Very motivating. Well, congratulations. Thank you, guys. Got a copy of Chris Hogan's book for you, number one bestseller, Retire Inspired. And, of course, we'll also send you the new one after the first of the year, the Everyday Millionaire book.

Thank you. Because that's what your next step's going to be. We want you to be everyday millionaires now. Definitely. We do. And outrageously generous as you go along. You're on your way. You're on your way.

I'm proud of you. Well done. Thank you. Seth and Brittany Williamsburg, Virginia, $70,000 paid off in three years and seven months. 18 months ago, got married, kicked it into high gear, making 30 up to 70. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!

Yeah! We did it, babe. I love it. Well done. Well done. Open phones at 888-825-5225. You jump in. We'll talk about your life and your money.

You know, one of the things a lot of people do when they're on their debt-free journey is they attend the pep rally. You know what the pep rally is? It's one of our live events. When we come to your city or you watch the online stream or something like that, you know, the smart money events, the smart conference events, the money in marriage events, the smart parenting events that now we've launched. So listen, there's a huge rundown of these things, and I want you to listen carefully because here's the deal. You can obviously go online at DaveRamsey.com and find any of the events and where they are and when they are. But here's the thing. Starting today through Christmas, we're going to knock 25% off any of those live event tickets up until christmas day and of course you can just download

the ticket so it's like an you don't worry about being shipping or anything like that it just lands there boom you got the thing excellent stocking stuffer excellent stocking stuffer the tickets aren't that expensive for these things they're you know relatively you know it's not it's nothing like you pay to go to a music concert not a big time one anyway okay so anyway smart money january 17th colorado springs and that's hogan and anthony o'neill irvine california january 22nd me and chris hogan smart money raleigh north carolina february 5th hogan anthony o'neill grand rapids, Michigan That one will be live streamed And that is February the 20th Anthony O'Neill and me

Cincinnati, Ohio February the 21st Hogan and Anthony That's the next day Atlanta, Georgia March 14th Passion City Church Chris Hogan, Anthony O'Neill

San Diego, California At the Rock Church I'll be Church, Chris Hogan, Anthony O'Neill, San Diego, California, at the Rock Church. I'll be there with Chris Hogan on March the 25th. That is the Smart Money schedule. The Smart Parent schedule is Anthony O'Neill and Meg Meeker. They will be May 14th and May 21st in Minneapolis and in Sacramento. The Smart Conference, all day long, baby! Yeah, that's everybody, plus Henry Cloud, plus Les Parrott, plus Meg Meeker. Man, it's a huge lineup.

Every Ramsey personality, the whole day, you're going to learn everything. January the 12th, that's in 20 minutes, right? And that's the Smart Conference all day long, 25% off. Money and marriage, the big one is in Les Parrott and Rachel Cruz. The big one is February 14th on Valentine's Day Money in marriage. The big one is in Celeste Parrott and Rachel Cruz. The big one is February 14th on Valentine's Day here in Nashville. A destination event. Yeah, Kansas City, April 1st. Des Moines, Iowa, April 15th.

And Dallas, Texas, May 16th. We have a busy spring ahead of us. We're going to be all over the place. From now until Christmas Day, 25% off all seats for the Smart Conference, Smart Money, Money in Marriage, Smart Parent Events. You've got to use the word JOLLY at checkout to get the discount. These events will help you in every aspect of your life. Plus, you just come away motivated and pumped up.

It's the pep rally before the game day, baby. This is how we do it. We're going to show you what to do and make you believe you can do it because that's all the truth. 25% off expires on Christmas Day. Use the code JOLLY to get 25% off live event tickets. Great stocking stuffers. Man, I love this.

That's a great idea. Great promotion. It's going to be fun. This is the Dave Ramsey Show. Aaron is with us in Fort Wayne, Indiana. Merry Christmas, Aaron. Welcome to the Dave Ramsey Show. Hey, thanks, Dave. I appreciate you having me on.

Certainly. How can I help? I got a question for you. I'm new to the financial industry, and I'm a relatively young guy, so I didn't know if you had any tips or advice you could give me as I start my new career. What is your career? What part of the financial industry are you in? Well, I'm actually going to be a financial advisor.

I just passed my Series 7, and I'm studying now for my 66. Very good. Good for you. Those are tough tasks, man. Congratulations. I appreciate it. Thank you. How old are you?

I'm 25. Okay. That was about your age when I passed those. That's quite a bit of studying the business is that you're entering into can be very very lucrative not only for you but for the companies that you represent and or work for the the companies oftentimes will, as is just their nature, will get very driven on the products that you sell. or 66 that get into the business is that if we're not careful, we start seeing the products that you're selling, the annuity or the mutual fund or the whatever it is that you're selling as the solution to the people's problem,

and you become very product-oriented, which turns you into a salesman and my advice to you would be to avoid that the people that i know as a matter of fact i was just emailing at the commercial break with a friend of mine he's not one of our smart investor pros but he's my age and he's been doing advising since he was your age, and he makes a pile of money. He has helped a lot of people, but he has approached it the way I'm talking about. It sometimes on the short term is slower, but on the long term, you'll build a base of clients that you will make wealthy, and they will make you wealthy in the process.

And here's the secret. Don't be a salesman. Be a servant. Don't be a salesman. Be a teacher. Teach your clients. Go at it with the heart of a teacher. Explain to them what it is they're getting, how it works, what the upsides are, what the downsides are, what the history of the market is. Calm down.

Ride the waves. Stay invested. Stay invested. Be the tortoise. Don't be the hare. Be a teacher and this is what you're you know the if they come away and they understand their investments instead of they are just buying it because aaron is slick i like aaron i trust aaron he's got an expensive suit he seems like he's really smart i'm gonna do

whatever aaron says that spells disaster for you because as soon as the stock market slips a little bit they're going to blame you you follow me i do but if they understand that the nature of the market is every time trump burps it goes up or down i mean we may just the market this year may just break even it looks like you know It doesn't even look like we're going to make money. Yeah, understanding the process. Yeah, and you understand the history of it, that you're not doing this on the short term. You're doing this on the long term.

If you want to get rich quick, you need to see someone other than me. That's the statement I would make if I were you. If you want to be the tortoise instead of the hare, I will show you how to build wealth the proven way, the pike with, then, you know, it's just about 85%, and this is just me guessing, it's anecdotal, it's not researched, but I think about 85% of the people in your world are salespeople and about 15% are teachers, and the salespeople don't last. There's high turnover.

The teachers last. They're in the business 25 years later and they've got customers that have been with them 20 of the 25 years you know it's long deep relationships and and you get you know you get to watch and literally participate in the magic of compound interest. And you just get to watch these compounding investments, the growth rates. Absolutely amazing. So that's what I would tell you. And so just know your products inside and out. Be smart. You are smart.

You couldn't pass these tests. Dumb people can't pass those tests. But be smart. Be on top of the products. Understand them. but be smart, be on top of the products, understand them, but understand that the answer is the customer, not the product. And if you can serve them by being their teacher, I think you'll win. And that's what we require of our SmartVestor pros, by the way. They get a speech that sounds a lot like I just gave you.

And if they don't like that or they don't agree with that or whatever, or they don't act that way when they meet with our folk, then they don't get to be a SmartVestor Pro. Because I'm just not going to send my listeners to people who are going to just hawk stuff at them. And it's that simple. So, good question, man. I think you're going to do well.

Congratulations. Jenny is with us in Nashville. Hi, Jenny. How are you? Hey, Dave. Love your show. Thank you. How can I help?

Well, my husband and I are wondering, should we combine our finances? Yes. If you want a quality marriage and if you want a high probability of building wealth. Okay. There was a guy, there was a guy,? There was an article I just picked up that James handed me the other day that says when you're married, don't rely on a joint bank account because nearly half of the marriages end in divorce, and the woman always gets screwed, and she doesn't end up with the money,

and you need to be independent of your husband or you're not going to win, and this was CNBC, and that's a bunch of crap. It's an absolute load of crap, and here's why, okay? 100% of the time that where you spend your money and how you spend your money is a result of your value systems. Jesus said it this way. He said, your treasure's where your heart is. When you plan your money out together, you are sharing your fears.

You are sharing your dreams. You are sharing your goals. And we together are reaching for those things. Now, you have a vote. You get to help decide. Both of you get to decide. I'm not saying that you lose your personal identity in this. And divorce laws give you all kinds of protection in the event of a divorce.

So that's a bunch of garbage. And besides that, 50% of the marriages that we deal with do not end in divorce because they start handling their money together. So, yes, you ought to combine your finances. Yes, you ought to combine your checking account. Yes, you ought to combine your finances yes you ought to combine your checking account yes you ought to combine your decision making on your finances you'll make better decisions you'll be wiser you if forces communication in your marriage and here's here's what happened jenny i didn't even know all that when i first started teaching this stuff when i was teaching a class i was teaching church, I made everybody do their budget together, but it wasn't from a relational standpoint. I made them do the budget together because it's impractical to run two sets of books in a household.

It's very difficult to get it to hit the same goal. And I forced everybody to combine their goals and to sit down and work the baby steps together and to combine all their assets and everything. And, you know, it's for richer, for poorer, in sickness and in health. Unto thee all my worldly goods I pledge. That's what the old-fashioned marriage vows say. And what ended up happening was people came back and they said, you know, we were about to get divorced and you saved our marriage. I'm like, I didn't save your marriage. I was in a marriage class.

And they said, Dave, we had a good marriage before. Another couple said this. And now we've got a great marriage. You forced us to share our future. You forced us to communicate. You forced us, and it was better than any marriage counselor we'd ever been to. And I kept hearing this over and over and over and over and over again, and now 30 years later, I'm 1,000% sure. By the way, I found all kinds of research since then

that shows the data points are that very few people build wealth without their spouse participating. Very few people live a marriage as if you're roommates and build wealth. It almost never happens. Marriage is grand, divorce is 50 grand, and when you live separately,

you're going to end up living separately. Combine your finances. This is The Dave Ramsey Show. Hey guys, this is James Childs, producer of The Dave Ramsey Show. I'm excited to announce that we're now carrying on 600 radio stations across the country. To find one near you,

head to DaveRamsey.com slash show.