The Ramsey Show - App - What Are Some Practical Ways To Get Better at Generosity? (Hour 2)

Episode Date: April 9, 2021

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is The Ramsey Show. It's where America hangs out to have a conversation about your life, your money, your work, career, your relationship, mental, emotional health. We're going to cover it all because it all matters in relation to you being who you are created to be. I'm Ken Coleman, host of The Ken Coleman Show, which is on the Ramsey Network. And my colleague is Dr. John Deloney. He's also at the Dr. John Deloney Show on the Ramsey Network as well.

And we are here for you this hour, 888-825-5225, 888-825-5225. So, a question I get a lot on the Ken Coleman Show, can I switch jobs during the baby steps? The answer is yes. Many times, it's the promotion you need and the financial boost, so I'm going to help you with some big shovel stuff. John's going, hey, a lot of times, people can't get through the baby steps because of relational and emotional issues. All kinds of stuff.

Mental health. John and I will team up if you're in a toxic work environment. What to do. John and I team up on that. I want you to know that you can ask those questions and, of course, your money questions. We are here for you. 888-825-5225. Let's start it off this hour in Sarasota, Florida, where Jamie joins us.

Jamie, you're on the Ramsey Show. Good afternoon, gentlemen. How are you guys today? We're having a blast. What's going on with you? Wonderful. Well, thank you so much for everything that you do to help everyone that listens to y'all. So here's my situation. And I'm 39, married, have a child,

and have a two-year-old and another one that is due in July. So I'm already, we are already, I should say, on baby step seven. Wow. And by nature, obviously we are on baby step 7, we have already money in savings and everything. By nature, I am naturally stingy. I am. And I want to become more generous. So I am wondering what would be some practical ways to become more generous so that I can, because in baby step seven is talking about giving. So how can I be generous and smart at the same time with the finances that I have?

Man, I love that question, Jamie. I love your heart, dude. So why, why are you stingy? I was, I grew up, uh, kind of, um, always, uh, how do I say this? this, kind of thinking that I didn't have enough, you know, and I never lacked anything, but I also never, I always thought, you know, I'm always thinking for the future, for the future, kind of like how you guys teach, you know, and I'm already thinking about, you know, my kids' braces and their college tuition and all that kind of stuff. My wife, on the other hand, she's extremely generous. Sometimes I think she's a little too generous where people take advantage of her. But I want to be generous and, you know, smart at the same time, because sometimes people take advantage of generous people.

But, you know, I guess this is the reason why I'm asking this question. So it sounds like beneath the – because you're clearly smart. You're 39 and you're a millionaire, right? You know how math works, and you're very disciplined, and you're intentional with your life. I'm not a millionaire yet, but maybe almost there. Okay. So it sounds like beneath the fear that I think any rational person has is, am I going to have enough?

That's a base fear that people have. You mentioned several times this idea of being taken advantage of, that somebody's going to pull it over on you. And where does that come from? You've been taken advantage of before? Yes, actually. And it's because, you know, it's funny because it actually happened, you know, not so much with friends, but mainly with family. You know, where we extend a hand and, you know, we kind of felt maybe in the past that we have gotten pooped on.

And pardon my expression, but you know, those things have really kind of marked us and you know, we know that obviously we know we need to, we realize the importance of setting boundaries, but you know, but it's the whole idea of, you know, giving, you know, for me it's something that I want to get to a point where it's just so, you know, so free in that sense, you know, without obviously being a little too

free to get what I'm saying. So here's two things to think through. A guy named Mitch changed my life when it came to giving back in college. That's back when we had nothing. And he had a little bit better job and he was a little bit better with his money. And one morning some kid came and knocked on the door and said, you know, fill in the blank. We're selling something or we need some money for down the street or whatever. And Mitch said, hang on. I don't have any cash, hold on and i wrote him a check a sizable check and everyone in the house you know a bunch of college knuckleheads and was like oh

he's gonna take that money and go do this or that and i'll never forget what mitch said he said well that's on him my gift was he gave me a need and my gift was fulfilled an obligation I had in my heart to help. And if somebody wants to take advantage of me, that's going to be between them and the mirror, not me. And then there's a second thing, which is, and I've learned this by sitting by Dave, there is an intentionality. There is a point when you start enabling people. And so like you talked about with family and boundaries, right? So when you know you're actively participating in somebody hurting themselves or hurting other people, whether it's through supporting addiction or whether it's fill in the blank, then you have an obligation to stop. So if I'm in your seat, I'm going to do two things.

Number one, I'm going to sit down with my wife and have a dreaming session. Who are people we would love to serve, help? What gets us going? Ken talks about passion when it comes to work. What are we passionate about serving other people? Something in your life. It may be people who get taken advantage of. Maybe that's where your passion is.

What is that thing you can contribute to in your community? The second thing is I would set some relatively aggressive goals. And then the third thing is this, and I'm making these up off the top of my head, brother, is I want to feel and see that transaction. You know, where I get the greatest joy is when I am at a restaurant and I see somebody working like bananas. She's working so hard. He's working so hard. And I'm going to obnoxiously tip that person I'm going to blow my budget for the whole month but I'm going to tip like crazy and you just watch them look at that check

my heart feels good but I know that their electric bill is taking care of that month because of that one meal that's when you start seeing the impact in your soul and in their soul when it comes to giving Jamie I'm just going to add I think John gave you some great things here but remind

yourself that you've been burned with family and you are talking about setting boundaries and set the boundaries and know that you're not going to make that mistake again. So be free from that. You're free. You know what that's like. You're going to do it again. Second thing I would mention is I think John is right and I was going to

say I would encourage you today or tomorrow, your favorite drive-thru place, just start small and build this muscle because you're scared and you don't trust people. If you want to get over stingy, start small. Here's what I want you to do. Next drive-thru, say, hey, the person behind me, how much is their deal? I'm going to take care of that.

Next time you go to a restaurant, your bill is $50. Tip $100 on top of it. Yeah. Do something small that you can see and begin to feel that positive chemical that gets released when you go, oh, that was really fun. And then just kind of build up. And if somebody burns you, the faith that's on them, you still did the right thing. Yeah. Just start giving.

Don't think. Just give. Don't move. More Ramsey Show coming right up. One of the questions I get all the time is, which life insurance company should I use for my term life policy? A valid question since there are hundreds of companies out there with rates all

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Thrilled to have you with us. I'm Ken Coleman, joined by my colleague, Dr. John Deloney, and we're taking you through this hour, 888-825-5225, 888-825-5225. John, you know this. I'm talking to people every day that are stuck and disengaged in their current job and Ramsey Solutions is a solution for that. If you're searching for a new job

our Get Hired live stream event, brought to you by yours truly. Tuesday, April 27th is for you. It's a one night event Tuesday, April 27th 8 Eastern, 7 Central. You'll learn how to get clear on what you do best, get qualified for the job you want, and get connected to job opportunities.

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Hi, guys. So I have a situation where I have a 16-year-old truck. I paid it off in 2010. And my dad always told me, hey, start saving. So when you have to buy and purchase a new truck or a new car, you need to pay it out outright. So I'm at a point right now where my truck is kind of, it's older. I feel like every's, I feel like every year it can, maybe something can happen, but I also owe a hundred, about 157,000 on my mortgage. And I'm wondering if I just, what's the best route? Is it to maybe possibly put that money towards my mortgage? And I'm talking about, I have about almost a hundred thousand dollars in my savings and I

have about 35, I'd say about 35 for emergency. And the rest, I was going to put down a truck or put down a car eventually, but I wanted to know what's the best route to go. Dude, go buy a truck and then pay the rest down on your house, man. You're overthinking this. That's it. Listen, you've got $100,000 in the bank. You know what?

That makes you a unicorn. Yeah, above and beyond your emergency fund. I'm assuming you have no debt, correct? The only debt I have is my house. Yeah, that's right. I understand that. But other than that, so yeah, John's right. What are you worried about?

Well, I don't know. So, I mean, my truck is fine, but I feel like it could die at any minute, right? Yeah, well, Scott, Scott, Scott, if your truck dies at any moment you got a hundred grand sitting in the bank there's absolutely zero to worry about okay do you i mean like you wanted to die listen i don't one time my wife bought a corolla and we agreed that when the corolla finally died, I could get a new car. Did you kill it early? No. You know why?

Because you can't kill a Corolla. Oh. It will be what they drive after the apocalypse. Corolla. Somewhere a Toyota executive is right in that town. You can't kill a Corolla. So I got to a point where I'd get in it every morning and go, please don't start. Please don't start.

And it would start. Is that where you're at,ott i mean it is and so here's but here's the grand here's my thing though is like i know i want to get eventually i want to get a tesla cyber truck whenever those come out okay that's not going to be like two or three years so i'm hoping my truck lasts that long right okay so i'm hoping on that but that's what i mean is like do should i just start and that's my question should I just start, and that's my question, should I just start focusing on putting money towards my home payment and then eventually, you know, but.

I wouldn't buy a $100,000 truck until my house was paid off. Yeah, it's not that. It's like 60-something thousand. Same difference. Yeah, it's a lot of money. So here's the deal. Scott, buddy, go get something or keep driving this thing and then put it – let's do this. Here's what I'd like to see you do because I think he needs real direction here.

Let's get specific. Yeah, I think you got $100,000 burning a hole in your pocket. Seriously. I think – and you're frustrated that you drive kind of a beater truck and you got $100,000 in the bank. Yeah. So if you're frustrated, you got the money to go buy it. But go buy something that retains its value pretty decently. And then if you can afford the Tesla thing down the road, then you're going to get most

of your money back or you're going to get a good chunk back. So if you buy one of those Toyota trucks that just hold their value forever. Tundras and the Tacomas. Tundras, Tacomas. Look, dude, here's the deal. I'd pay the house off. I would pay a big chunk down on the house. Tundras and the Tacomas. Tundras, Tacomas. Look, dude, here's the deal. I'd pay the house off. I would pay a big chunk down on the house. You got the emergency fund in place

because now you're really stacking money. So just walk the baby steps out and stop thinking about this. But yeah, if you want to go buy a nice car, go buy a nice car. My goodness gracious. What's the psychology there, John? I think he's got $100,000 to burn a homeless bucket. He doesn't want to spend it, though. Yeah, but you get in that

mix. I've had that where it's kind of an uppity feeling. I drive an old truck and I think, I got a nice job. What am I doing? And then I got to go back to say, this truck's great. It's getting me where I need to be. I've got other goals. My goal, as reverse of his, is I want to pay my house off first.

And by the way, nothing's wrong with the truck. he said nothing's wrong with the truck so keep driving the truck wants it to die wants it to die what do i do if it dies get another one you got a hundred grand scott he needs to take a couple deep breaths you got a breathing regimen for him yeah it's just he's up tight man it's just that's right again one of those not too complex things yeah fantastic he can go get the wem hop app and uh learn how to how to breathe triple eight eight two five five two two five you're listening to the ramsey show let's go north of the border toronto ontario where vinny joins us vinny you're on the ramsey show hi how are you guys doing oh we, we're having a blast. What's up, Vinny? So, yeah, my situation is I'm basically a recent college graduate. I got $20,000 in debt.

The thing is that since the pandemic, it's been a struggle trying to get a job and everything. So, you know, I've been always trying to, you know, go get into real estate investing. It's been, like, my dream goal. Not my dream goal, but like one of the things I really want to do. And, you know, the situation that I'm in right now, it's pretty like, I would say like it's losing my confidence on a daily basis. I'm just wondering like what, like I just try to get some sort of advice out here, you know, in order for me to deal with the situation.

Well, first of all, don't attach your confidence and your ability to eventually be a real estate investor to your current situation. So your situation, Vinny, is not your sentence. This isn't a life sentence. You're not a loser all of a sudden because you're recently out of college and you got student loan debt and you're having a hard time getting a job. You need to separate those two, number one. And then let's get serious about getting hired.

If it's two or three part-time jobs, just to get yourself some momentum right now, the quickest way to get out of a rut is to get busy, is to do something. But sitting around and commiserating, not that that's what you're doing, but just sitting around and soaking in your frustration is not the way to move forward. Get to work. Start making some money follow the baby steps knock the 20 000 out a young guy like you should be able to do that sacrifice big time uh john what would you add to that vinnie do you want to get into real estate

so you can try to short circuit the deal you're going to borrow some money grab a house flip it try to earn that cash and then roll and roll is that what you're talking about yeah not like flipping it and all that stuff. Yeah, but you got to do that with cash. Yeah, it's going to happen. You're going to go buy three properties. You're going to leverage yourself to the hilt. The market's lost its freaking mind.

And then it's going to roll over on you and you're going to be bust. Yeah, the market right now here in Toronto is messed up. That's how it is. One mil. Listen, it's... Dude... I thought it was just one mil. Listen, brother. You are way...

You are years away from real estate investing. I don't want to be the guy that hurts your feelings, but you're way far away. Right now, you need to learn... If you want to go sell houses and get a real estate license and go work in a real estate office and learn how the thing works...

Listen up, Vinny. Listen to what he just said, Vinny. That's the deal. Go do that and learn the business. But, brother, don't go take a bunch of loans out and try to roll some houses over because it's going to roll right on top of you, and you're going to be bust. Go pay your loans off and scratch and claw and scratch and claw. Ken gave you the best psychological advice.

When you get in a rut, go do something. Yeah. Don't just sit there. Vinny, get to work. Three part-time jobs. Six part-time jobs. Six part-time jobs. Pay the debt off. Get qualified if you want to be in real estate.

Use the proximity principle. Hang on the line. Kelly, let's give you a copy of my book. Start getting around people that are doing what you want to do. But you better do it the cash way. That means you've got to get to work and work for a while and sell a bunch of houses. Save all that money. Buy a house cash. and begin that process.

You can get there, but you're going to have to work your way there, Vinny. Come on, man. Get out of the house. Get to work. Don't move. This is the Ramsey Show. I'm Ken Coleman, joined by my colleague, Dr. John Delonio. We're taking you through this hour of the Ramsey Show.

Find out for yourself why Blinds.com is the number one online retailer of custom window covering. You get free samples, free shipping, and with the new promos they run every month, you'll save even more. Use the promo code RAMSEY to get the best deal. Today's question, there you go, from Barbara in Virginia, John. All right, Barbara asks, My husband and I are debt-free except for a 0% car loan of $13,000. Should we pay it off or continue with the $548 a month payment? We are retired and have monthly income of $6,000.

Our retirement portfolio is $1 million. Yes, pay it off yesterday and then be done. The only thing I wish you would have done in reading that was do the Dr. Evil $1 million. Yeah, simple. Because here's the thing. You're not playing a math game. You're a millionaire. Yeah.

You're playing a how many chains are hitched behind me? How many people am i subject to and right now you are willingly subject to a bank for no financial reason not because you have to not because you're stuck not because you don't have enough money you're just choosing every week to be indebted to a bank and at that point at your dollar amount doesn't make any sense. Yeah, good stuff there. 888-825-5225. Let's go to Orlando, Florida, where Chuck is on the line. Chuck, how can we help?

Hey. How are you? How's it going, guys? What's going on? Hey, my two AC systems in the house are about 12 years old, and they tell me from about 10 to 15 that they're going to die and it's going to run about $11,000 to replace them and I have a good savings account and I have some stock. So my question is should I pay it all off or consider financing it.

I just don't know. Don't finance the air conditioning. Just do not do that. How much do you have in savings? About $12,000. Okay. Do you have any other debt? No, I'm debt-free except for the mortgage.

Okay. Does that $12,000 include your emergency fund or is that above that? It does. It does. Okay. Does that $12,000 include your emergency fund, or is that above that? It does. It does. Okay. How much in stock? $46,000. Just in single stocks or company stock? Single stocks.

I invest myself. Okay. Yeah, I would actually sell the single stock and roll that into an emergency fund of some sort, and then you've got your $12,000 to pay your air conditioners off, and then you owe nobody any money. You're not going to take a loan out on a depreciating asset, which would be the air conditioners that the day you put them in are going to start losing value. What's your income, Chuck? What do you bring home? About $60 a year.

Okay. What do you bring home? About $60 a year. Okay. And how much, based on your budget right now, how much are you putting away a month, or how much could you, if you move the budget around a little bit, how much could you put away each month towards the AC replacement fund? Um, well, I, geez, probably, that's a good question, probably $400 or $500. All right. I think you've got a couple options there, right? We at Range Solutions, we don't, you know, we're not saying that, you know, being in stocks is evil or wrong. We just don't recommend it because it's a real roller coaster and you can get hurt.

So I think John gave you a great option, but I just wanted you to have in your mind, wait a second, if I could put 400 a month away, right now the units are working, correct? Yes, they are. Yeah, so again. Yes and no.

Actually, the inside unit has got a slow leak on it. They went ahead and charged it a couple of days ago, and so it's on its way out. Yeah, but let me say this. I've been down this road before. I've owned four houses now, and I've had this happen. And here's what I know about techs. They'll come out there, and they'll tell you all the things wrong with it. It's like the mechanic.

It doesn't mean they're evil, but it's just the way they roll. And they go, this thing's going to die somewhere between year 12 and year whatever. And all of a sudden, what does that do? Our emotions go, oh, my gosh, the clock is ticking. Well, first of all, the tech doesn't know exactly when it's going to die or he wouldn't be doing HVAC repair. He'd be in the prediction business. The second thing is, even though that hose is leaking,

I like to always ask, okay, I get it. I get that I'm going to have to replace this. Can you fix that hose? How much is it going to cost to fix the hose and keep that going? Because if we could keep that going and extend the life of this thing with some every once in a while repairs, that's not going to be a big financial hit to you.

You've got the emergency fund for that very reason. And if you begin to save $400 a month to replacing one of those units, well, you can do the math. You know how quickly you can get there and begin to at least take care of one. I seriously doubt that both are going to quit the same day. So I just don't want you to act out of fear is my point. Let's act out of facts. What are the facts right now? And let's go that direction. And Chuck, here's an interesting way to think of it. Following Ken's line of thinking, you can either start saving money on your own now,

or you can finance this thing and pay that same money on the back end to somebody else. I'd much rather own my own destiny in that scenario. Yeah. Right. And, again, John's advice was really good. You've got stock. Yeah, if I'm in your situation, I sell the stock tomorrow, everything's rocking and rolling, I sell the stock, I've got an emergency fund,

there is no drama in my house, and then I'd probably just go ahead and replace them. Yeah. And call it good. Yeah, if you're really worried about it, but hopefully you're not getting killed in the stock market and you're up right now, go ahead and use that. That is your money, and it's a really risky thing. And we'd really love for you to consider our investment strategy and reach out to a smart investor pro. Go to RamseySolutions.com, find a smart investor pro or two or three in your area,

and interview them and start that investment strategy that way. But you've got options here. You've got several options. But one thing I don't like is when we feel like something's wrong with the car. I mean, I can't tell you how many times I've had mechanics go, well, this is probably going to happen. And I go, has it happened? No, it hasn't happened. It's probably going to happen.

Okay, great. And about what is that going to cost when it happens? Okay. And you just got that money and wait for it to happen. Yeah, I'm not going to just drive that car every day going, gee, I hope this doesn't happen today. If it happens, we got the AAA. We'll get her over there. We'll fix it.

You know, just this, oh, I've got to move money now. I've got to come up with money now. Do you? Sometimes the answer is unequivocally yes. Sometimes it's like, no, actually. Before I go buy two air conditioning systems, I may have somebody else come out and look at them and get a second opinion

before I go spend $12,000. That's a great point. This is the kind of thing I would really do. I'm glad you brought this up. I'm telling my wife. She's on Facebook, right? I'm not on Facebook. You can go on Facebook, the whole neighborhood. We live in a neighborhood.

The neighborhood's got a page. There's all these next-door apps. I don't know all the stuff that I'm not on. But you could go, hey, anybody got some HVAC experience? I'm getting some different stories here. I got a story that seems pretty gruesome. You just never know. Some guy goes, yeah, I do it. I'm your neighbor. I'll come I got a story that seems pretty gruesome. You just never know. Some guy goes, yeah, I do it.

I'm your neighbor. I'll come over and take a look at it. Why wouldn't you exhaust all options before you decide to chunk 12 grand into two new units? Now, the thing going for this guy is, and I get it, he's in Orlando. It's about to get hotter than the surface of the sun. You need some air conditioning. That's right. Yeah.

You know what I'm saying. Yeah. It's that conditioning. That's right. Yeah, I... Yeah. You know what I'm saying. Yeah, it's... It's that fear thing you talked about before. Yeah, I get the temptation to, man, let's just do it right now. I'll figure out how to pay for it later.

And... No. We're not there. Let's be intentional. Yeah, yeah. I mean, goodness gracious. I grew up in Houston, so I know what happens

when the air conditioner goes out. Is it hotter in Houston, Texas in July or early into Florida? I don't know. I think it's about the same. Yeah. Once it crosses the 110 mark, it just hurts. Yeah. Kelly's shaking her head.

I think the humidity in Texas and Florida is probably equal. And that's really what's going on. The humidity is unbelievable. But, you know, John, we talked about this earlier. I want people to get this. We're having a little bit of fun here with Chuck. But, you know, John's right talked about this earlier. I want people to get this. We're having a little bit of fun here with Chuck. But, you know, John's right. I've learned this from you, and I talk about this too.

When you've got a fear, write it out, get it out of your head, and let's see if it's really, really, truly something I should be afraid of. If I stand close to the fire and get burned, that's a real fear. If I try this career, I'm going to be homeless and live under a bridge. That's not. Or if it costs $125 to recharge American engineers for the next three months, I've got 90 days to get some other opinions and ideas and solutions. Don't they make some kind of tape for that kind of stuff?

There's got to be some tape at Lowe's or Home Depot. I don't know. You just really embarrassed yourself there in front of America. Well, I don't know how to fix anything. So I willingly step into the laughter there, folks. Hey, I'll tell you what I do know. We're coming back to continue to help you. This is the ramsey show thrilled to have you with us 888-825-5225 i'm ken coleman joined by dr john deloney and we are talking about your life, your relationships, your money, your work,

your career path, mental health. We're talking about it all, 888-825-5225. Let's go to Ann Arbor, Michigan, home of my beloved Michigan Wolverines. Andrew joins us there. Andrew, how can we help? Hey, John. Hey, Ken. How are you guys doing today?

We're having a blast. What's up? My wife and I are 25 years old, and we are looking to have kids in the next three or five years. We don't want to look back and regret not ever moving out of state. So I was just kind of looking for some advice. What's the regret you fear? Just saying.

So we live in a small town just outside Ann Arbor. Our kind of fear is that you never go to the mountains. You never really get to live or experience living out of state. We have a lot of family members that are kind of doing that, and it's something that we're just kind of considering. So why don't you just go move? Well, it's always come back to finances and the projection of our future, right? Well, why not travel?

Have you traveled to some of these places that you wonder about living in? Yes, sir. Yes. So we would love to go down to Tennessee. There's opportunities with my company. There's also opportunities to go down to the Carolinas. really a lot of regions that we'd like to live. But when we have kids, we want to be back here in Michigan. So kind of the question I have for you goes back to our debt.

We currently have about $15,000 in savings. That's including our emergency fund. We have about $98,000 in mortgage debt. Um, we have $70,000 saved in our retirement and combined, we make a pre-tax and pre-contribution income of $135,000. Um, so I guess the question I have is we're projected to is I'm projected to pay off the house between August and October of next year. So I guess my question goes back to whether we should just wait a year. How much is your house worth, Andrew? How much is your house worth?

I know you've got $98,000 left. So what would it sell for right now? Give me a modest projection. I would think around between $230,000 and $250,000. Bro, I don't know what you're worried about. I'm going to let John speak to the psychology. But as long as you don't have an interruption in income, you guys, you're debt-free except your home.

You could pay the home off right now. Right now, if you sell it right now, you guys have-free except your home. You could pay the home off right now. Right now. If you sell it right now, you guys have got big-time cash, and if you replace your income, you said there are opportunities in the Carolinas and opportunities in Tennessee. Take the opportunities and you know what? If you want to have kids in three to five years, by the way,

you have no control over that. Zero. But let's just say that plays out for you. Listen, Andrew, you guys could rent for two or three years. It's not a sin to rent. You're debt-free if you're going to come back eventually. Or you might have enough money. It sounds like you're going to have enough money to put a nice down payment on something else and sell that when the kids come along.

John, you want to speak to the fear here? It's bigger than that. You may find some wonderful community in Tennessee or the Carolinas in three to five years. Never come back. And never go back. And so what you're doing is you're projecting the other side of a coin

while you're, you're projecting what's living on the tail side is going to be what you're living on the head side. And so you're never going to know until you go. And here's what you're looking for. You're looking for an ironclad, should we or shouldn't we? That doesn't exist. You're just going to have to jump. Or you're going to have to be really happy that you're looking for. You're looking for an ironclad should we or shouldn't we. That doesn't exist.

You're just going to have to jump, or you're going to have to be really happy that you didn't jump, or like my family, we always said, hey, we'd love to live outside of Texas. It was until we were in our late, late 30s before we finally made the jump, and our kids were young, and we never thought we'd do that, and we did. And so you put some artificial constraints on yourself,

and then you're bound in by these artificial constraints and feel like you can't move and then feeling like you can't move makes you frustrated and your wife frustrated and you're only 25 and we should be doing all that. Man, now's the time to do this. Those boundaries aren't real, right? You said it was a financial problem, Andrew, or a financial

issue. There's no financial issues. Sell that house. Yeah, sell the house. Move. Move this summer. Let me just touch up. Stacey and I had a great plan. We really did. We thought we'd be married two years and have a baby. Guess what? Seven and a half years infertility. Yep, four years for us.

I mean, listen, you got no control over that, so you just need to do this. I love the fact of a young couple, John, that's in the financial shape they're in, selling their house and going on this grand adventure. Because financially, this is not a silly decision. It's not even risky.

And you get somewhere and you're 28 and the whole thing implodes. Yeah. You got plenty of time to have a new adventure somewhere else. Yeah, you're fine. You can always go back to your original small town. Let's go to Jenny next in Colorado Springs. Yeah, you're fine. You can always go back to your original small town. Let's go to Jenny next in Colorado Springs. Jenny, how can we help?

Hey, guys. Thank you guys so much for taking my call. I'm a little nervous. That's okay. We're doing great. We are too. Okay.

Okay, so I have a business. It's a waxing business in the spring, so I've got two employees. Just this week, I signed another year lease, thinking it was just a normal situation, to go ahead and sign another year lease for the two suites that I do rent from for my landlord. Last night, I found out the landlord is planning on selling the building. And I just signed the lease this week and found out yesterday. My question is, because the real estate is so crazy here and really hot in the Springs. Would it be advantageous to look into purchasing my own building?

A little bit about my husband and I, my business cleared about a hundred thousand dollars last year after TAP. And we, we owe $182,000 on our house. We were hoping to go ahead and have our house fully paid for in a year and a half. And we make about $295,000 total between my husband and I. Can you afford to buy a building with cash? Well, we don't have the – for a commercial property, from my understanding, you're supposed to have 25% to 30% down to purchase the building.

Now, my landlord would love to sell it to me, but she wants to sell it for $750,000. So I would have to probably have two hundred and twenty five thousand dollars jenny jenny jenny you didn't answer his question but we know the answer the answer is no you don't have the cash to buy a building so if you don't have the cash to buy a building this is not a good decision for you and i don't think you have anything to worry about just because your current landlord is selling the building whoever the new owner is going to be, they want people renting, leasing from them. I just don't see with the business you've got going, this is an unnecessary question. You don't even need to think about buying anything at all.

Just keep going. Okay. Really? What if there was a property that was less than that, that I could occupy the majority of the space and not even have a landlord? What if a meteorite comes directly at us at any moment? Or what if my car gets a jet engine? Here's the thing. You can what if, and they're all going to be right and fun and adventurous what ifs.

And the chances of them coming through. What I don't want you to do is to go to Colorado Springs, take out a giant mortgage on a building, have that entire market slow down, and you're stuck with a building you can't fully fund or you can't fully lease or you're going to have to undersell the market. You're going to find yourself in a mess. And then you go from being a business owner to a business that's doing really good, to being a landowner, right? To being a, someone who's in the real estate business, which is a whole other business. So it all sounds good. If you can walk in and pay cash for a building, awesome. Great. Do it tomorrow. If you can't, don't bind yourself up into a whole other adventure. And I know you can sit down and flip over a napkin

and make the math work for you. I wouldn't do that. Jenny, you and your husband make really good money. Your business is growing. You got a new landlord, and it somehow freaked you out. And then you've created a worse scenario than actually just continuing to step forward. And you're holding a year lease in your hand.

Big deal. You're good. You're fine. You got this. Stay the course. Hey, I want to thank our producer, Ben Hill, our associate producer, Kelly Daniel, and my colleague, Dr. John Deloney. But most of all, we want to thank you, America. This is your show.

This is The Ramsey Show. Hey, it's Kelly, associate producer for The Ramsey Show. This episode is over, but if you heard about an event, product, or service and didn't have a chance to write it down, don't worry. We list everything you've heard about during this episode in the podcast show notes section or head to theramzshow.com. Thanks for listening.