The Ramsey Show - App - The Secret to Happiness Is Lowered Expectations (Hour 2)

Episode Date: November 5, 2021

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Thank you. Solutions Broadcasting from the Dollar Car Rental Studios. It's the Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us. Dr. John Deloney, Ramsey personality, is my co-host today. He is the host of the Dr. John Deloney Show, where he answers questions about mental health, relationships, boundaries, anxiety, and other things that are going on. The show is a wonderful success, and if you want to participate in his show,

you can email him at askjohn at ramsaysolutions.com with a question for that show, or leave a voicemail, and Kelly and the team will get back to you. They produce that show. The number is 844-693-3291. Buddy's here today if you want to talk to him, and the phone number here is 888-825-5225, 888-825-5225. Courtney is with us in Battle Creek, Michigan. Hi, Courtney.

How are you? Hi, I'm well. How are you? Better than I deserve. What's up? So I'm a family medicine PA. I've been working in private practice. And I am in a leadership role right now, but could foresee possibly an opportunity to buy into the practice maybe within the next five years or so.

So I guess I'm just hoping for some advice on potentially how to save up to buy into the practice and also kind of what to consider financially and personally making that big of a decision well uh this situation and a law firm are the two times that i have seen what is effectively a partnership work uh most of the time in business partnerships don't work uh we always with when we're dealing with entree leadership team in business setting we just tell them the only ship on sale is a partnership. But even though the vast majority of these medical partnerships do work, they work because you've got very, very clearly delineated rights and responsibilities and processes for death, disability, whatever, default, whatever happens, any of the Ds that happen, you guys, they probably have very good agreement structure. And that's what helps them to survive.

But you do want to learn about all of that. So kind of think about what are the worst-case scenarios on everything and how is that addressed. When a partner dies, that's bought in. What When a partner dies that's bought in, what happens? When they go through a divorce, what happens? When they don't pay or do their part, when they're no longer interested in showing up for work, disinterest. So disinterest, divorce, disability. They lose the ability to come to work. What happens to their shares, your shares?

How do you get paid or not get paid what is your requirement to participate and so it's it is a bunch of d's it's divorce death disability disinterest default drug use you know all these what are all the dummy people tricks people can do dummy yeah every once in a while a partner just is a dumb one that's just you just got a dumb one okay i'm just trying to think of a good deal to jump in here feel free john so uh but that you know that that but my guess is when you do investigate that and understand it you're probably going to find it's probably well thought out where in most two guys opening a heat and air store uh heat and air company it's never thought out.

And so that's where the disasters all come from. But you guys are in a world that's very well developed in that area. So that's thing one. Thing two is the way you save up is you say, this is so important, I'm going to save up. I mean, I'm going to treat this like I'm paying off my house. I'm going to pile up cash so fast, and we're going to live on nothing, so that when this opportunity comes, I can write the check, because I'm not going into debt to do it. I'm not going into debt to do it.

Yeah, absolutely not. And then the last thing is what the voting and governance structure is because you're going to be a minority shareholder. You're not going to have the ability to vote by yourself and tell everybody what to do because you don't have 51%. And so what is the process for if four of the partners, if there's five partners, and the other four get together and decide they want to go $40 million in debt and build a building for the practice and you don't want to, you're going to get outvoted. And so you've got to kind of think through how the voting process or the governing process works here because you do not have the ability to just stop something you don't have a trump card you don't have a you can't just stop bad things from happening and they're happening where you just paid x number of hundreds of thousands of dollars to become a part of this and you have no

control so that's the yeah it's very emotionally uh strenuous to be a minority shareholder because you got really your life savings invested in something you can't control and that that's that's the dangerous part and that's why i tell people not to do it uh except in these situations i have seen you know i don't know what the percentages are but the vast majority are successful so uh versus other types of partnerships so i'm not going to tell you not to do it and were i in your shoes i probably would do it but with cash and i just need to understand uh the secret to happiness is uh lowered expectations i need to understand what happens in all the worst case scenarios, including me getting outvoted on something, because they want to take a political stance with this that I'm perpendicular to with our whatever procedure internally. We want to make a public statement that's perpendicular to my belief system.

And now I'm part of it because I'm an owner in this. And I can't keep it from happening. So those are the kinds of things you've got to kind of address. And, you know, if they're not written parts of the documents, at least set your own expectations on them because when it turns sideways, you know I took this risk on. Is there any rule of thumb for pricing out a buy-in like this? Is some net present value?

It is. It's an NOI thing, a net operating income. So the income of the practice after everybody's been paid is what the shareholders divvy up. And so what are you getting on average if you own one-fifth of the practice? It's $500,000, so I'm going to get $100,000. Okay, so what am I going to pay for that? Usually not more than $300,000 or $400,000. So you're going to look at just three to five years.

Yeah, you're going to break even in three years probably, and a lot of them break even faster than that because there's a sense that they want to keep her because she's become such an integral part of the practice. And so they're letting her buy in at sometimes 50% of what a stranger would buy in. Okay. Because you want those partners all knit together because it's golden handcuffs then. Yeah, then she can't just walk away.

Well, she can, but it would be ludicrous financially. It becomes golden handcuffs. So for that reason, they're usually priced very good for the buyer. Gotcha. Very good, usually. Very cool situation to be in. Yeah, it is. Again, it's an anomaly in business that the medical partnerships.

But it's important you just said that you don't pay off the front end line. You pay off what has trickled down to the shareholder, to the owners. Yeah, absolutely. I mean, that's the way all partners get from profit, but that's where we are. Dr. John Deloney, Ramsey Personality, is my co-host today. I'm Dave Ramsey. In today's world, technology and innovation are crucial for any company's success. But the primary focus should always be on you and meeting your needs. That's why you get the best of both with Zander Insurance and their term life plans. Zander uses time-saving technology like over-the-phone applications, voice or electronic signature, text message updates, electronic policy delivery, and even plans with no medical exams to speed up the process of getting you the protection your family needs. One of the reasons I've endorsed Zander for 20 years is they never skimp on service.

They are committed to serving you, whether you want to do business online or need that personal touch. You pick your path. Go to Zander.com or call 800-356-4282. Zander will guide you through the whole thing, keep it simple, and find you the best rates. That's Zander.com or 800-356-4282. Open phones this hour. I'm Dave Ramsey your host you jump in we'll talk about your life and your money dr chandeloni ramsey personality is my co-host today hey homeschool parents we know that preparing your teen for the real world can feel like a big job especially when it comes to teaching them complicated money topics but you can it, and our homeschool curriculum can help.

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Hi, Naveel. How are you? Hi, Dave. Very happy to be on your show. How are you? Better than I deserve. What's up? So I'm 23 years old. I just got a new job of making $87,000 a year before taxes. And I'm not really sure when I'm going to be married or have a house within the next possibly three to five years, but I do want to save up for them. Do you feel as though I should continue with me not knowing

when I'm going to have those actions? Do you think I should save up for them still in like a CD or a bank account, or should I invest that money into a mutual fund as I'm doing with the rest of my money. Great. Good job. What are you doing for a living? I am a project manager with a company that ships stuff to your house. It has a little smiley face on it. Oh, that one. Okay. $87,000. Awesome.

At 23 years old. That's impressive, sir. That's awesome. Very cool. Very cool. Yeah, thank you. Well, first thing is we have to be debt-free and have an emergency fund. Have you done that?

Yes. I'm technically past baby step three. I do have about three to six months of expenses. My expenses have changed because I just moved back in with my parents when I got this job, but I do have what was six months of my previous expenses. Okay. All right. Yeah, I'd start putting, go ahead to baby step four and put 15 months of my previous expenses. Okay. All right.

Yeah, I'd start putting, go ahead to baby step four and put 15% of your income aside for retirement. Beyond that, you're saving and investing for these other things you're talking about. And, you know, the closer to five years that you're going to have that money parked, the more likely I would be to move towards mutual funds. You know, when you, mutual funds are volatile and they go up and down because the stock market goes up and down. But if you leave it alone five years, you have a very high probability of making money on it, percentage-wise. The number of five-year periods that have lost money is almost none, but twice as many two-year periods have lost money. So you've got about a 50-50 chance at two years of losing money or making money. But if you're parked in a savings account, you're making 1%.

So me, if I'm 23, I'm going to play that because you don't have any set plan right now for when you're going to buy. You don't have any set plan for marriage, those kinds of things. So I'm going to go ahead and play that long play because it's probably going to be pretty close to five years before you have to actually cash that in and use it. Is that agreed? Yes, that makes a lot of sense. Are you dating somebody right now? Yes, I am.

But the way my job kind of works, I travel a lot, so I don't really have a home location. And thus, I don't really know whether or not I'm going to be moving in with this person or marrying them really any time soon. That sounds more like a relationship issue than a job issue, but we can save that for another phone call. How about that? Good deal. Yeah, I want to know if he was just thinking, I hope to maybe a spouse will fall out of the sky, or we're getting closer there.

Yeah, that's a good clarification. That's incredible. 23 years old, way down the road there. That's fantastic. Well done. Michaela is with us in New York City. Hi, Michaela. How are you?

Good. How are you, Dave? Better than I deserve. What's up? So, yeah, me and my husband, we got married last year in March 2020. And our first goal was to pay off my husband's student debt and credit card, which was $28,000. And that was together. We live here in Long Island, New York, and I have some student debt overseas. So I'm originally from Sweden, and I have a $29,500 student loan, but my interest rate is $0.05, which means that right now I only pay $12 a year, and I'm not taking any further

loans. So you want to keep it like it's a pet because it doesn't eat much? No. The dilemma is that we want to start a family in the near future, and we live in a one-bedroom apartment. And, yeah, we are just debating if we should. No debate. Pay it off.

Pay it off. Pay it off. Don't start a family while you're still chained to something overseas. Yeah. Let's get that paid off as soon as possible. If you have a baby before the student loan is gone and before you have the money to move into a different property, then just move to a two-bedroom. Yeah. We have $18,000 saved up right now.

Oh, good. How much is the student loan? $29,500. $29,000. Oh, good. Well, you only got $10,000 left. So pay $18,000 on the student loan today. Pay it off.

Are you there? Yeah. It's emotional. It is. It is. But here's what's going to be real emotional. When you start your family with chained to nothing. Yeah.

Here's the thing. The question you're really asking us is, what is the shortest distance between where I am today and being stable financially and wealthy financially? And the shortest distance is don't screw around with a student loan and keep it around like it's a freaking pet. You have to kill that thing and get rid of it. And that will give you more stability and a shorter distance to wealth and stability, financial peace for you and your family, than keeping it around and it's in the closet growing and munching over there and just chomping like some kind of monster in the closet, like some kind of cartoon or something. And no, no, no, no, no, no. Clean up your life.

When you have no payments, you feel different physically. When you have no payments, your relationships are changed. When you have no payments, your relationships are changed. When you have no payments, your mind is clearer to make better decisions. You're a better mom. No question about it. And it's not to say if you're a bad mom, if you have debt. No, don't give me those stupid tweets. But the point is, I mean, when your mind is clear and free of the anxiety and the stress associated with that,

it opens you up to be a better husband, better wife, better employee, better version of you. You sleep better. You eat better. You just walk through life better. Yeah. Right? And that's what we want for you. And, yes, you're going to have another year of saving for a house, and that's okay.

That's all right. Whoop-de-doop-dee. You've got plenty of time. Tom is in Omaha, Nebraska. Hey, Tom, how are you? Good, Dave. How are you today? Better than I deserve. What's up? Well, I've been listening to you a lot of years and I thought, hey, it's time to give you a call. About a year ago, my mom passed away and left some land and some money with us. I have about $100,000 cash I parked, and I just thought, hey, just leave it sit for a while

until everything gets kind of calmed down and then decide what to do. Just curious if I should pay my house off or debt-free except the house. We do have six months emergency fund set up, so I didn't know if I should pay the house off. Sure. And move on. I'm 64. I didn't know if I should pay the house off. Sure. And move on.

I'm 64. I didn't know if that mattered. Sure. Why wouldn't you? Well, here's the reason I called you. I had a guy, not one of yours, not one of your trained people, which I am going to look into next week, but he wanted to sell me an annuity, $100,000 annuity,

and I said, no, I'm not going to do it. I've been listening to Dave long enough. I'm going to run like the wind and get away from that. And so then I got thinking, well, should I invest it? Let me ask you this, Tom. Number one, you knew what I was going to say before you called, right? You know I did. I've been listening to you for a lot of years.

We're just chasing our tail here. But reverse engineer it's a lot of you. We're just chasing our tail here. Reverse engineer it for a second. You're 64. I'm turning 61 this week. We're about the same age. You're sitting there in a paid-for house. Would you go borrow on it to invest the money?

Absolutely not. Same dadgum thing, dude. Imagine being 64 and heading into retirement with no payments on your house and just being completely free. Imagine doing that by 5 p.m. today. What a gift that your mom will have left you there. That's incredible. This is The Ramsey Show. Thank you. Dr. John Deloney, Ramsey personality, is my co-host today here on The Ramsey Show. Open phones at 888-825-5225. In the lobby of Ramsey Solutions on the debt-free stage, Kevin and Lydia are with us. Hey, guys. How are you?

Hey. We are psyched, Dave. Awesome. So good to have you guys. Thank you. Honored to have you. Where do you live? We are from just south of Knoxville in a little town called Maryville, Tennessee. No. Yes, sir.

Maryville. Did you know I was born in Maryville? We absolutely did. I love my home. Do they have a billboard out there, HOMA? No, they don't. Maryville is a wonderful town. If you're a Yankee, it's Maryville, but it's Maryville.

Trust me. I've learned that the hard way. Way to go, guys. Well, it's an honor to have you guys. So how much debt did you pay off? We paid off $215,000. Love it. And how long did this take you?

About six years. Okay. And your range of income during that time? Starting was $80,000. Ending was $125,000. Wow. Look at you. Way to go, guys.

So I'm going to guess that you paid off your house. We absolutely did. Yes, sir. I'm looking at weird people! Absolutely. No house payment or anything. How old are you two? Mid-30s.

I'm 37. Kevin's 35. And you have a paid-for house. Yes, sir. What's this house worth? About $320,000. Wow. Look at you.

I love it. That is so freaking cool. And right on track. I mean, you fit all the numbers that we typically see. Very well done. So tell us the story. What in the world happened? Well, you know what?

The story started in Maryville. You were the commencement speaker at our alma mater in 2009. So you went to Maryville College? We went to Maryville College. I did. Yeah. I had an honorary doctorate. You did?

I'm an honorary something or other. I don't know what it is. Dr. Delaney, this is Dr. Ramsey over here. Yeah, who knew that? Trust me. He's going to make us all start calling him now. I got the little tassel stored somewhere. Really cool, Kevin and Lydia.

That was pretty cool because my great-grand grandmother started the drama department there wow and uh back in uh ought six i believe it was something like that and uh my grandmother graduated from there my wife my wife my uh aunt both my aunts graduated from there and um man it was like it's like a whole family week there awesome it was so cool to get to do that it was quite an honor. Yeah. So you went to the school and lived in this town both? Yeah, yeah. I was born in Marable, but I was raised in a small town called Vaughnor, just about 25 minutes down the road. Yeah. And you know what?

She was, Lydia was your ASL interpreter. She's an American Sign Language interpreter. And I was the guy in the crowd with my arms crossed saying, what's the deal about this guy anyway? You probably remember me. No. And the next day, we had a road trip planned. And we listened to, at the time, it was a new concept, this audio digital book. I'm sorry, this digital audio book that we download.

And we listened to it all the way to our trip and all the way back. And at that time, 15 months later we we paid off about thirty thousand dollars in student debt and yeah so we've been debt free ever since but few years later you know we find the house that we want to raise our family in and we um absolutely just killed it and um so fun we paid off that house 24 years sooner than the bank wanted us to. Way to go, y'all. Way to go. That's so cool.

That is so cool. So the Total Money Makeover with a digital download stays on the road with y'all. Absolutely. Man, that probably took a while to download back then. It did. That's amazing. It's a little iPod Touch. Yeah.

Playing on a cassette adapter yeah that is so fun yeah we had that thing on cd for a while and then of course when everything went to mp3 it was awesome and we were able to shift it that's so cool y'all fun fun so what are your degrees in my degree is in american sign language interpreting of course yeah and and i'm a teacher i'm an educator but i work for a tech company now in their professional learning space. Oh, that's neat. Very good. Good for you guys.

I'm so proud of you. Thanks, Dave. Excellent. How does it feel to not have a payment in the world? You know, it feels great. And, I mean, our goal this whole time was getting to that baby step seven because that really starts us out on the next chapter of our lives. And that is, you know, we always like to share with folks, but in the Bible, we see God working through three institutions and or, you know, three human institutions, and that's

fatherhood, marriage and adoption. And so we wanted to adopt and we want to help others adopt. Starting this Friday, we're going to have a couple of new kids entering to our lives, and we fully intend to adopt them. Our vision is, after that, we would love to just write a check every year for someone in our church to also do the same wow so they can they can adopt as well that is very cool and you don't have any payments yes which means you can actually do this yes it's not a pipe dream you've actually mathematically figured out this is doable absolutely it's easier to help people when you aren't broke that's right you know what a neat idea i mean people are like

everybody's got a lot of good intentions, but they don't do nothing to get themselves in a position to be generous like you are. I love it, man. And then you see the people in your church that can write a check to help out, and you think, well, that person must be a fill-in-the-blank, own some huge business or something. Nope. It's two really dedicated teachers that decided way back in the day, we're just going to live our lives differently.

Remember, six years ago, we're going to pay off our house. Our house! It's incredible.'s our house incredible i love it all right who were your biggest cheerleaders you know uh outside the two of you yeah you know we we have our our parents here uh both both sets represented here and you know it was my mom uh in the mid 90s who i saw as a kid just paying off her house before it was cool, right? I mean, she just absolutely paid it off early, and that really inspired me. We saw that it gave her so much freedom to just pour out on her grandkids and to her kids. And even as a teenager, I was just sitting there thinking, I want that as well. So they've just been great cheerleaders for us.

Awesomeness. So what do you tell people the key to getting out of debt is? You guys are professionals. You've done it. Yeah, so I would say the key is really being on the same page. Whatever you have to do. I don't think there's any way we could have done this if one of us was dragging the other in either direction. Not for six years um yeah so uh you know whatever it takes to figure out financially how you can make this

happen um yeah right and dave i will always say that my key she she is standing right here because um i i might have been the philip fulmer on the sideline with the playbook you know drawing up the the plays and the spreadsheets and all that, but she was the Peyton Manning on the field doing 95% of the purchases and our family and ensuring that we're staying on track. And she likes – she's always been the type – she loves composting. She loves to see nasty things getting shrunk down smaller and smaller and smaller, and that's exactly what she did with this debt as well.

She was the one who said can i press the button can let me click the button to make that number get smaller and smaller and smaller until and so now it's it's zero and we are we are so grateful for that we'll get the kiddos into the shot their names and ages are what? Yes. So this is, we have Sophia is our oldest. She's 10. This is Benjamin. He is 8. This is Elliot right here, who is 5. And Gideon, who is 3. All right.

And two more coming next week. Yes, sir. More on Saturday. Yes, sir. I love it. They will be 12 and 10. All right. Wow.

Very, very cool. Well, congratulations, you guys. We are so very proud of you. We've got a copy of the Legacy Journey for you because you've put yourself in a position to be a legacy and live a legacy. It's beautiful. It's a great, great picture of winning. It's absolutely amazing. I'm so proud of you all.

Thank you. Very, very well done. Also, a copy of the Total Money Makeover for you to give away and pay it forward, and we appreciate you. Six years. Six years. Six years. Was it worth it? Absolutely. Yes, sir.

Absolutely. Looking at you right there, it's worth it. It was worth me getting up and coming down here today to get to meet y'all. Yeah, me too. Pretty incredible. I love looking at the lineage between a speech given nine years ago is going to impact the lives of a 12 and 10 year old to adopted tomorrow good grief man i'm about to cry look at that y'all count it down i love it

215 000 paid off in six years making 80 to 125 let's hear a debt-free scream to god alone be the glory. Three, two, one, we're dead free! We're dead free! Yeah! Man, that is amazing. You never know. You never know. This is the Ramsey personality, is my co-host today. Open phones at 888-825-5225. That's 888-825-5225. That's 888-825-5225. Mike is with us in Harrisburg, Pennsylvania.

Hey, Mike, what's up? Hi, Dave. Thank you for taking my call. Hi, Dr. John. I recently applied for life insurance, term life insurance, and was denied due to my health issues. I'm on baby step two and i'm trying to figure out how i can take care of my family in case something were to happen to me

what's the nature of your health issues anxiety depression and they denied you for that yes yes yeah some of the medications I'm on is pretty dangerous. Wow, I'm so sorry, man. A bipolar diagnosis or a depression diagnosis is harsh in the life insurance world. Wow. How are you doing? Pretty good, pretty good. Just trying to make ends meet right now i'm working two jobs you know with gazelle intensity so good for you man yeah you're plowing through

that's hard yeah how long you've been uh fighting this depression monster oh a better about uh 20 years now i'd say ever since college you got good support around you now i do good i do i have a good church family and a loving wife awesome you have little ones i do two girls very cool well it's a fight worth fighting brother it's a hard one but i'm uh you're you're a hero to keep plugging and that's what you're doing to go back to the technical answer um if uh it is a little bit like a uh uh a a more i don't i don't know how to phrase this, but it's more like a health issue, a medical issue. This is both.

It's mental health. But let's just say cancer. With cancer, it used to that they wouldn't write you if you ever had a cancer diagnosis. You could just forget life insurance for almost forever. Nowadays, it is staged, and you can get life insurance if you have had cancer. If you had it 20 minutes ago, no. Most times, depending on the type of cancer, usually no. But 20 months ago, now we're starting to talk about it.

Five years ago, definitely you start to be insurable in today's world. And the same is true as you get measurable proven progress with your therapy and with your pharmacology on the depression. So the more you get the other side of this, the more insurable you are always. Okay. Uh, and I think, I think John will agree with me that depression is not a,

uh, a chronic lifetime illness that has to stay with you until death. Agreed. Yeah. Depression can be messy. If you've had it, you've gone on 15, 20 years,

it's hard. Yeah. Yeah. Um, what kind of care are you under now? I just see my medical doctor. He's the one that fills the prescriptions for me. Okay.

So I haven't actually reached out and sought the help of a licensed psychologist or anything. I would recommend doing that. Yeah. I would recommend doing that. As Dave mentioned, being intentional about what does life look like two years, five years, seven years? What does a path of healing look like, not a path of sustaining? Does that make sense? It does. I would love to see you partner with your doctor and go see a local psychologist, local counselor who would walk alongside you and begin to learn some strategies um yeah rather than just simply living in the dull medicated state anyway then how do we how do we get you how do we cover your family in the meantime

which is the reason for your call you're getting all this unsolicited advice but welcome to the show so uh but anyway how do we actually get you covered? There's a couple things you can do. What you're looking for are life insurance plans that do not require medical. They don't require any kind of a thing. They're much more expensive typically. An example would be, do you have a home mortgage? I do. You can call your mortgage company, and they will sell you mortgage life insurance without any medical questions.

It just pays off the mortgage in the event you die. That's a big one. But it's about 5X of what normal term is. It's more expensive, and so I don't recommend it, but I do recommend it for someone who's uninsurable, and you are right now. Okay? Okay. someone who's uninsurable and you are right now okay okay number two uh there's a lot of the other non-medical checked uh life insurances are usually come in small doses like 10 or 20 thousand dollars with your bank through your checking account it's almost like this little gimmick type policies

that you get but there are no medical checks on them, and it's perfectly legal. There's nothing immoral or improper about you taking that and taking that type of insurance knowing that you're dealing with depression. There's nothing wrong with that at all. So I would go gather up a handful of those and get the mortgage life, and then that gets your family to where they're at least, in quotes, air quotes, okay. You're probably not going to get fully insured doing all that. It's going to be too expensive. But you can get some stuff on you, and they're not going to be left high and dry, so to speak. Then, of course, the last thing we're going to do, in addition to you getting some healing

and getting the other side of this, is you're going to build wealth to where you don't even need insurance. And that's what we all do. We all have this goal of having enough wealth that if we were to pass away, then our spouse, our kids is going to be okay with the money that we have without any life insurance. That's being self-insured. And so that's starting to work your plan. Have you guys been working the baby steps at all? Have you been working the debt snowball snowball or working your with your every

dollar budget or anything like that yes we're currently on baby step two okay and uh what are you plugged into of our stuff i have ramsey plus okay and i have a few of your books actually okay so you and your wife can go through financial Peace University, you can get in the EveryDollar experience together, and you guys can accelerate this get-out-of-debt plan and move towards, because the less debt you have, the more money you have, the less need for insurance there is. Does that make sense? It does, yeah. Thank you. So we're going to move you that direction. In the meantime, a stopgap are some of these insurance plans that you can get without medical, including mortgage life would be the big one of the bunch.

Rochelle is with us in Sioux Falls, South Dakota. Hi, Rochelle. How are you? Good. Thank you for taking my call. Sure. How can we help? I'm calling about an inherited retirement plan.

My mom passed away a few months ago and my two children ages eight and 10 are among the beneficiaries of that account. In speaking with the financial institution, they won't even speak with me or let me view anything about this plan without providing a court issued guardianship. I spoke with a lawyer about doing that, and they're kind of advising me to maybe not go that route because they said it can be expensive and a lot of paperwork, and there's annual reports that have to be completed. So I'm just wondering what... I'm sorry.

How much money is in this account? They would each receive $18,000. Oh, I wouldn't screw with it just uh but i wouldn't call back the financial institution and climb all up in them because last time i checked their mother is their guardian that's so ridiculous uh yes i asked for that first certificate yeah like they came from me that makes me their i'm their legal guardian you dupes i'm about to jack you up with some lawyers you want some lawyers in your life we're about to send some to you in a matter of principle matter of fact there's 18 000 this account i think i'm going to spend 36 000 proving my point

you know just just have a little fun with them on the phone and and i think you might bully them back because they're bullying you uh is what they're doing because they don't want you to take the money out of their stupid little bank. That's what it is. Okay, that's helpful. Yeah, anyway, but I don't know that it'll work, but I would have some fun trying it because it pisses me off hearing it, and it's not even me. Can you imagine looking at a bereaving mother? Can you imagine looking at me and saying, you're not your kid's guardian?

Oh, my gosh. How could you have no soul? Hillbilly activated, okay? Right there. That's it. It's so ridiculous. Oh, my God. I just lost my mom.

Sorry. Prove it that those are your kids. Yeah, sorry. Idiot. You're not your children's guardian. Idiot. Because we are the bank. I'm not even a hillbilly, and I'm activated.

What is that? What is that? Mary Poppins Bank? Remember the old bank in'm not even a hillbilly and I'm acting. What is that? What is that? Mary Poppins Bank? Remember the old bank in Mary Poppins? That's what that sounds like. Ugh. This is James Child, producer of The Ramsey Show. Did you know The Ramsey Show is one of the most popular podcasts in the world?

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