The Ramsey Show - App - What Will Be the Defining Moment That Starts Your Financial Turnaround? (Hour 3)

Episode Date: November 16, 2021

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I'm Live from the headquarters of Ramsey 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, George Camel. Ramsey personality is my co-host. I almost called you Joe Camel. Did you hear that? It's happened before. It wouldn't be a first. I'll take it. Iconic name. That would be bad. That would be bad. That would be like teaching teenagers to smoke cigarettes i can't imagine you're doing that i don't even know if teenagers know who joe camel is it may have been not current teenagers

but people who used to be teenagers do you you used to be one it's a long time ago oh my goodness open phones this hour as we talk about your life and your money that we can actually help you with 888-825-5225 jenny is in denver hi jenny welcome to the ramsey show hi guys great to talk to you my question is should i allow my 25 year old daughter to use money that was intended for college to pay off her credit card debt. So where is this money parked? It is in mutual funds in a brokerage account that she doesn't have access to even though she's over 21, but we've kind of kept that because we don't think she's ready for it.

How much credit card debt is this? She has about $8,000 in credit card debt and $3,000 in a student loan that she never took any classes for. Oh. So she's already done some college. How much money is in this, quote, college fund? It was given to her by her grandmother, and it's $130,000 total. My husband and i actually put in about 20 000 of it but whose name is it in it's under her name and it's not under a 529 or

anything but that was the intent when she was a baby and she's already finished with college my husband and i paid for her college oh she did and you paid for it. Well, good for her. Okay, so you're the custodian on the account? Well, not officially anymore, but I'm trying to say, Dave, that if they don't think they can handle it, they might not know the password, et cetera. Okay. So you're basically keeping her money from her to protect her from her is what you're saying um correct you haven't seen okay so what is she what behaviors are she is she engaged in that make you think she's not capable of handling this well um she she's recently unemployed which is

why she asked us about it um because i think I think, um, she's getting, you know, kind of stressed out, but anyway, um, she spends a lot of money. Um, we've asked her to take your class, but she won't do it. She won't talk to us about sitting down with us and doing a budget. And she, she's learned all this as a kid and in high school her school taught her class. But she just seems to spend as fast as she can, it seems. That's my concern is if you clean up the $8,000 with this fund, she may just rack up another $8,000.

There's no lessons learned here. That's my concern, and yet she's 25 years old. I'm not sure exactly what place I have in. Yeah, I mean, there's two sides to this equation right now. I mean, there's a side where there's a concerned mom who doesn't want her daughter to blow $130,000 and look back and regret it. There's another side. If she figures out that money's there and you don't give it to her instantly, she's going to sue your butt and win.

This is not your money. You don't legally have control of it anymore. Right. You're just trying to do a little smoke and mirrors here to keep your hands off of it. So, I mean, you've got to balance this a little bit between the fact that what you're doing is for her own good, but you're not going to get away with it forever. Correct.

Yeah, I know that. It's not in a trust. No. It's simply her bank account, and she doesn't have the password. Yes. I feel bad about that. I do, but I also don't want to see her name added down to the agreement. I kind of do, but I kind of don't.

I'm with you. I mean, i love the fact that you're trying to help her uh but i don't know how much longer we can babysit this child um and not get yourself in trouble in the process okay so uh why do you think you guys have been unable to persuade her to grow up um she's pretty hard-headed and has a lot of different value systems than she was brought up with and what her dad and i have and i think she doesn't want to listen to us so you've really lost the ability to have a reasonable dialogue yes um i don't know how to answer this for sure i'm trying to think about it live here on the air with 22 million people listening at the moment while i'm hesitating and stumbling

because i i actually agree with both sides of this equation um what would i do if i woke up in your shoes well number one i'd be crying a lot because this is such a disappointing horrible situation number two i probably would have done what you have done to this point. I often told my kids that you won't find this Uniform Transfer to Minors Act account if you're doing heroin or running around and living on the back of a yacht like you're some kind of a reality star. You just won't know it's there. Good luck. I'll never give it to you.

And I told them that. However, we're down to four years over time that she is legally in control of this account if she ever gets this um man you could get yourself in a mess here so i'm about ready to hand this i'm about ready to hand this account to this kid and just wash my hands and go you know what you are you are a mess and you're going to make a mess with this and i am disgusted and i hate it because i think i'm doing you harm and as your mom it makes me cry but you know you just don't have the values and you're you're about to mess this up i know you're going to and i'm i wish you wouldn't i wish you'd go to financial peace university i wish you'd grow up and turn this money that your grandmother

left you but she's gonna because your grandmother's to be in heaven shaking her head. She's ashamed of you. I'm ashamed. I'm ashamed. Oh, okay. We're all ashamed of your behavior. Would she talk to her grandmother? I'm sorry, Dave? Would she talk to her grandmother?

Yeah. I mean, not about that. Her grandmother gave her $5,000 last year to clean up the debt. Will her grandmother knock a noggin on her grandmother knocked a knot on her. Yeah, I could ask for that. She might hear. She's probably done with you is what it sounds like I'm hearing, with you telling her what to do.

But maybe Granny can get away with it because Granny put most of this money in there. Yeah. You know, there's legal issues involved here. Okay? Okay. And then there's the moral issue of whether you're going to bring harm to your child. If I was the grandparent, I'd be asking you to transfer me the uh password and

i'd take the money back and i would say get after it kiddo sue me i ain't giving you nothing and i would knock a knot on her if i was the granddaddy grandma yeah now mom and dad might be different but good luck suing your grandma oh i wouldn't do that that that's That's a special place in hell right there. Oh, my gosh. But, yeah, you got legal issues because you guys put the money in her name. I'm sure most of you have seen the news recently about ransomware, cybercrimes, identity theft, and more and more data breaches. If you thought it was bad before, let me tell you, it's gone off the charts and it's out of control. It's impossible any longer to just bury your head and hope it doesn't happen to you. Today, it really is a matter of when it will happen and not if.

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Today's question comes from Jenna in Baton Rouge. My parents have always emphasized how important it is to have a good credit score. My husband and I are debt-free other than our mortgage. When we pay that off, we will not have anything left to show up on our credit report. I have to admit, I'm dragging my feet on paying off our home because I'm afraid of how it will impact us in the future. Should we slow down our payoff in order to keep that debt open as long as we can? Oh, boy. Should we keep debt around to avoid our credit score dropping?

I pay money so I have a credit score. There's real fear here, apparently. They're afraid of how it will impact them in the future. Well, here's the thing I know about credit scores. You only need one if you want to take on debt. And even then, you don't need one for a mortgage. So their question is, should we slow down our mortgage payoff? So let's say, let's go the hypothetical route. They pay off the mortgage and their credit score disappears after a little while. Now you don't have a credit score. Well, do you plan on going to get a car

loan? And if you plan on going to get another mortgage, I don't know why you would, but you can do that manually underwritten, no score loan with no credit score. You did that? Yeah, I did that. And so there's an irrational fear. You went to Churchill Mortgage with no credit score, got a manually unwritten loan, and you're not far from paying off your house now. No.

We're about to do it in over two years. You're hesitating in order to have a credit score. I have no fear of having no credit score. And we didn't have one when we got the house. Obviously, we have one now, and it'll disappear. I don't know what my credit score is. I don't care because I don't plan on going into debt. And so the irrational fear is coming in because they think,

how am I going to live my financial life without a score? Well, here's the problem, Jenna. You actually believe that you have prospered because of your credit score because your parents taught you that and your parents were wrong. And that belief that you have prospered because of your credit score is what's messing you up here because that belief is a lie. You are believing a lie. No one has prospered because of their credit score. because that belief is a lie. You are believing a lie. Okay?

No one has prospered because of their credit score. The credit score is built on the fact that you borrowed money, paid it back on time, and you grew your credit score. Why did you do that? So that you could borrow money and pay it back on time so that you grow your credit score. Why did you do that? So that you could borrow money so that you could pay it back on time hog day and so yeah i mean this is a dog chasing its freaking tail here and you guys are just going in circles and all you're doing is keeping the bank open and

not jenna open and so jenna this is about what makes you prosperous and by the way your credit score is not a measure of your prosperity it is not a measure of your prosperity. It is not a measure of your net worth. It's not a measure of your income. As a matter of fact, it doesn't take any of those things into consideration. The only thing your credit score takes into consideration, the algorithm that builds it, is 100% based on how much you play kissy face with debt. That's all it is. And so, you know, all of your fear, all of your hesitation is based on you believing a lie

and the lie is that credit scores cause prosperity and they do not they merely measure how much you've been playing kissy face with the bank how much interaction you've had with debt they merely measure that and the only thing they give you is the ability to borrow again and more which does not cause prosperity it causes the opposite it causes prosperity for the freaking bank stop it pay off your stinking house gosh we did an episode uh on the fine print all about this it's called the dirty truth behind your credit score you can check it out uh wherever you find your podcasts. And we did this, Dave. We went through and we talked to someone at Churchill and they explained to us the manual underwritten process.

We called apartments and found out you can rent without a credit score. I just rented a car and I rented hotels just this past week without a credit score, with a debit card. And so these things can be done, but there's this myth out there that I'm not going to be able to move in my financial life. I can't breathe if I don't have that good credit score to show everyone. Yeah, and it is mythology. All right, I got to go back to that last call before the break. Oh, yeah. I'm still swimming in that. So the mom calls, she's got a 25-year-old daughter. This money is in the daughter's name. Mom has the passcode. There's $130,000code there's 130 000 in there mom put in 20 000 grandma put in 110 000 it was earmarked for the kid to go to college the parents

instead paid for the college the daughter however has gone off the rails doesn't want to have anything to do with her parents values doesn't want to work uh is not working uh is irresponsible and so getting this hundred and thirty thousand dollars as a gift from her grandmother and her parents is not going to be a blessing to her it's going to bring harm to her however it is legally her money technically it is in her name her grandmother put it in her name and her parents put it in her name and so um there's really two options here one is follow the law and give the kid the money and she's going to blow it and screw up her life and we're all going to be pissed at her and she's even going to be pissed at herself later it's going to be a prodigal son moment like you said at the break she's gonna you know have to find her way to the pigs uh the other option is to not give it to her

and you could have all kinds of trouble from her she finds some jack leg lawyer and sues everybody involved um so i i didn't want the mom to have that liability in order to protect this kid who's misbehaving. The only thing I could come up with is for the grandmother to take control of the situation, put the money back in her checking account, and just tell the granddaughter, good luck with this. Yeah. It's my money to start with i just took it back you want to fight me on that we'll talk about it in court you're gonna grandma's gonna lose yeah if she goes to court because it was in it was in the daughter's name because she she took she took her money that wasn't rightfully hers well she she gifted it

to her to start with then she took it back And so you might actually get away with it if you had a judge with a sense of humor. But legally speaking, the title of the money has been transferred. I'm not a lawyer, but that's what happened. That's the downside of putting money in your kid's name. Your kid could go off the rails. And they went off the rails. I don't know. That's a risk she was willing to take.

But the question was, should I pay off the $8,000 credit card that she racked up? No. And the truth is, it I pay off the $8,000 credit card that she racked up? No. And the truth is, it's just enabling at that point. No. You either give her the whole money and let her pay it off, or you tell Grandma

to clean out the account, put it in Grandma's checking account, if Grandma's willing to bow up and fight the kid. But Grandma just gave her $5,000 the other day, so I don't know

if Grandma's willing to fight her or not. Yeah. She sounds like... I'm a grandpa. I'd be ready to fight her. I'd be willing to pay to see that fight. I'd be going, good luck, baby child.

I love you. I love you so much. I will fight you. That's true love. That would be it. This is The Ramsey Show. Thank you. George Camel, Ramsey Personality, is my co-host today. Travis and Ashley are with us on the debt-free stage in the lobby of Ramsey Solutions. What's up, guys?

Hey, how are you doing, Dave and George? Good to have you, brother. So how much, where you guys live? We're from Fayetteville, Arkansas. Cool. And how much debt have you paid off? $195,236. Yep. And how long did this take? Right at six years. Good for you. And your range of income during that time? Started at $76,000 and now we're just north of $160,000. Excellent. What do you all do for a living? So I started as a graphic designer at the beginning of this,

and now I'm a creative marketing manager. Okay. And I'm an accountant. All right. Very good. So six years, $195,000. I'm going to guess and say maybe you paid off your house. You're right.

We did. We did. Looking at weird people. The weirdest. Debt free completely. thousand i'm gonna guess and say maybe you paid off your house you're right we did looking at weird people the weirdest debt free completely wow good for you well done what's the house worth uh probably about 250 now excellent very cool good for you guys so uh tell us the story what happened six years ago how'd you get plugged into ramsey and what are you doing so actually i had a professor that told me that before you start applying to jobs you should google your own name so you could figure out what the employer's going to see and whenever i did this i found out that my grandparents had actually filed for bankruptcy and i didn't know that and my

grandfather is senior i'm the third and i had no idea my goodness so whenever i did this um it really made me go well i did what every 21 year old would do and go how do i get rich quick so i started googling because i'm like i never want this to happen again and sure enough your video was there and uh you said i'll get rich quick well you said don't get rich don't get rich quick you said the best way to get rich quick is to get rich slow and uh i skipped that class that day because i did about an hour before the assignment was due and uh from there we just started instantly and never looked back yeah this was about the time we started dating and he pretty much was like hey i'm on this journey um do you want to come along for the ride? And I was like, yeah, let's do it.

Because I think we both have really big dreams. And it was a vital part of being together and going on this journey. So was this all mortgage? Actually, it was $45,000 of student loans and the rest was mortgage. Wow. My student loans, not his. So I was, of course, like, okay, let's go on this journey. And he's like, okay, let's tackle your student loan. So that became the first one in the dead snowball yes that's right wow and you guys just

plowed right on through to the mortgage yes we did i mean from the time we bought the house the mission was to pay it off so that's incredible so what were the tactical things that you guys were doing what were the sacrifices along the journey well he hates when i tell this story but the first year i'll just start with, I really wanted an autumn wreath for the front door, and that's what started it all. I didn't get that autumn wreath, and then it turned into the next big decision, the next big decision, and we just consistently started saying no to material things or things that we couldn't have right then because we couldn't afford them,

and we just went down that path one decision after another and just stayed consistent with that. George, this is a common thread. When you give up the autumn wreath, that's when you know you're going to be okay. The autumn wreath? You're kidding. $10. $10 wreath.

This was a breakdown, right? I mean, a meltdown over the, I mean, it's not even a Christmas wreath. It's an autumn wreath. It's an autumn wreath. It was a fall wreath. I did not get to have a fall wreath on my door. And that's how he knew I was serious. I'm 61. I've still never had one.

Who knew? I didn't know that was a thing. They're big in Arkansas. Yeah. Well, I'll probably get home. Sharon's probably got one hanging on the door by the time I get there now that I said this. You never noticed it. Yeah.

That's hilarious. Oh, man. The autumn wreath breakthrough. So that caused a fight. It's the autumn wreath. Yeah. There has to be this defining thing that was the moment that's fabulous i really like that because you can remember this silly little thing and you go that's when it turned that was how we knew we were committed and all in and we were going to do whatever it took and you know we were going to say no to the now so we could say yes later sharon and i you know when the kids are low it's hard to get a babysitter so we finally get a babysitter we finally are going out to eat and we left and we were a mile and a half from home i can

show you exactly the traffic light we were sitting at and i went i forgot the stupid food envelope oh and i said well there's an atm right there across the street we can just go through get that and we'll put the money back when we get back to the thing and uh as i'm pulling across that street towards that atm i said nope not doing that and we turned around that parking lot drove back home and something about that action that was it that was the day it was done wow we're gonna do this this way we're gonna do this envelope system. We're not going to screw around with this. We're not going to cheat. And that's what the autumn wreath is.

That's so cool. I love that. That is awesomeness. So do you have the autumn wreath up now? Oh, you believe it. I have an autumn wreath, a Christmas wreath. I have a wreath for every season now. He's got the wreath collection now that you've got it.

Twelve. One for each month. A September, October wreath. Oh, I love that. This is so great. Kyle, I've got to tell you, that's important that you recognize that, because that gives you the tools then to go do anything else you want to do from this point. So now that you're 100% debt-free, what's your first big, wonderful thing you're going to do?

Honestly, we have two horrible cars, so we're actually planning on upgrading both of those very soon. Yeah, you need to. You need to. Yeah, so that's really next. And then, then honestly we want to come out here and celebrate and future home future kids we don't have kids so we're just starting to save for the future wow very good good for y'all i'm so proud of you well done all right when somebody asks how do you how old are you 28 years old yes and you have paid four houses worth 250 000 you don't have a dime owed anywhere in the world no and when someone says how do you do that what do you tell them the secret

to getting out of debt is consistency honestly that's what it is you have to sit down every month is i he'll say the budget but i think that goes with consistency it's just sitting down every month together and knowing what the end goal is going to be, why you're doing it, where you're going, and you're going to have good months, bad months. But as long as you both know where you're going and what the goal is, I think that's the big thing is that's how you stay gazelle intense is you know what you're working towards. Wow. I'm just curious because a lot of people, they have their student loan debt and they tackle that and that's wonderful. But what made you guys go go we want to do something so big and so bold at 28 years old we're gonna pay off our house well we knew our goals for long term were not normal and we knew if we wanted to get where we wanted to go we were gonna have to do

something radical and when we really sat down and look at it this was just the kind of thing we were after yeah so at 22 you guys said we want a long-term vision we don't this is not a two-year thing this is a 10-year thing a 15-year thing what do we want to be doing at 30 yes that's it's a lifelong thing i joke with people at my work i'm like we're gonna retire at 35 if we can and we're just gonna you know live this amazing life and everyone always laughs but i i think we're both just that weird where we're like you know we really want to do something that not the average person is going to do. Yeah. Yeah, you're on track to do that.

So proud of y'all. Very, very well done. Thank you. Very well done. Who was your biggest cheerleader outside the two of you? I would say, honestly, we had some smart investor pros that helped us. Josh and Melissa, thank you guys so much. Our friends Andrew and Megan, they're on the journey too right now. So they did a great job.

And then, honestly, we took FPU and having the whole group together was just awesome. Jen and Candice, thank you so much. For leading Financial Peace University. Yes. And our family. I mean, our family, they didn't understand what we were doing a lot of times. And they didn't understand, you know, why we were doing it. But they knew, they trusted us, and they just let us do our thing.

And it was a big deal to us and it's important so they were super supportive your grandpa that filed bankruptcy still alive no he's not was he when you looked that up uh yes he was you ever talked to him about it i didn't i didn't have the heart to do it i didn't blame him he's a true hero you don't you don't want to shame him that's okay i don't blame you just be interesting and you know i think about him right now. He's up there smiling in heaven looking at this. Oh, I know.

This is pretty cool. This is pretty cool. You've changed your family tree, dude. Well done. Very well done. Whoop, whoop, whoop, whoop. Good stuff. Got a copy of The Legacy Journey for you. That's the next chapter in your story.

Baby Steps Millionaires. That's what you'll be before you know it. Probably by the time you're 30 at the route you're going. Ding, ding, man. Excellent. Excellent. Excellent. And a copy of Total route you're going. Ding, ding, man. Excellent. Excellent. And a copy of Total Money Makeover for you to give to somebody else. And thanks for going through Financial Peace University.

We appreciate that. I'm glad it was a blessing to you. Thanks, Dave. Very, very well done. All right. Travis and Ashley, Fayetteville, Arkansas. $195,000 paid off. House and everything in six years.

They're only 28 years old, making $76,000 up to $160,000. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free! Yeah! Woo! Whoop, whoop, whoop, whoop, whoop, whoop, whoop, whoop.

That's how it's done right there, baby. Change the family tree, change the Google search. Now when you Google Travis's name, his debt-free story is going to show up. Is that this little YouTube video right here? This is The Ramsey Show. We'll be right back. Our scripture of the day, 1 Samuel 16, 7, The Lord does not look at the things people look at. People look at the outward appearance, but the Lord looks at the heart. Theodore Roosevelt said,

Every time we face our fear, we gain strength, courage, and confidence in the heart. Theodore Roosevelt said, every time we face our fear, we gain strength, courage, and confidence in the doing. George Campbell Ramsey personality is my co-host today. If you haven't heard, we launched pre-sale on the first book I have done in eight years today, a brand new book that comes out January the 11th. you can start purchasing it now with all kinds of extras added on about a hundred dollars worth of goodies if you pre-purchase baby steps millionaires how ordinary people built extraordinary wealth and how you can too ben is with us in tuscaloosa hi ben welcome to the ramsey Show. Thank you. How are you doing? Great. What's up? So I am currently a graduating senior at the University of Alabama.

I'm getting my accounting degree, and as of yet, I am debt-free. I got a full-ride scholarship. Good for you. So, well well thank you so right now i am looking into a master's program to get my 150 hours and meet my cpa requirement and i'm considering university of alabama or ut austin and the reason i'm considering ut austin is it is the number one program in the country for accountants. Alabama's number 11, and Alabama's going to cost me about $30,000. UT Austin would cost me about $50,000.

So I would be in debt for that amount, and I'm wondering if it would be worth it. You'd be in debt for what amount? Either the $30,000 or the $50,000. So you don't have the money to go get your master's? I don't have cash for it. So you got scholarships for your undergrad at Alabama. Why can't you get scholarships for your master's? I could look into it.

Might be worth $30,000. Yeah, that's true. Can you work as an accountant once you graduate before you get the master's or a while? I am working this summer. I got an internship. I had one last summer as well. They've given me a full-time offer at about $60 a year. Are you going to take it?

So I have that. I am unsure. I'm looking around at other companies. It's with a smaller firm, and I'd like to go public accounting. I think there's a little bit better of a career outlook. Well, here's my question to you. Can't you work for a year and save up and then cash flow it the year after to get that master's? Why is the only option to go into debt?

Because I'd like to get my CPA as soon as possible. All right, Ben. You called a show that tells people to never borrow money. So we're going to tell you never borrow money. All right? And then I'll answer your original question before we let you off the air, okay? So if you were my kid and my kids are older than you, I will put my arm around you and say,

you are going to work, my son, and you are going to work for someone for a little while and you're going to save up and pay cash for this master's, and just because you want your CPA sooner, well, yeah, you want a Bentley sooner too, but you can't afford one. You don't have the money for it, so you're not getting a Bentley either, or whatever car is your dream, but you can't afford it. You don't have the money. The other option is go get enough scholarships and go on scholarship

and just keep going. That's fine. Either one of those is fine. But, yeah. Oh, by the way, you could go to work for someone who has a program that will pay for your master's. So I suspect the people paying you $60 might pay for your master's if you agreed to stay there for a little while.

They might pay for it. You might ask them about that as part of the sign-on program. If you want me to come, I'll be happy to take $50 if you pay for my master's, not $60. And I'll go to work full-time, and I'll work my master's in the evenings and take the job and work your master's as an adult curriculum, not as a student curriculum. And do it that way. Now, the difference in school number one and school number 11 isn't spit. There's two jobs in America that give a rip, and they're two companies.

Everybody else doesn't give a crap. As a matter of fact, if you're working in accounting and you want to come to work at Ramsey Solutions, and have a large finance and accounting department and you'd make a lot more than 60 with your master's degree and your cpa and you wanted to move into corporate america so to speak we're not corporate america in the negative sense but we're a large company and you wanted to come to work here we wouldn't care whether you went to university of texas university of alabama university of tennessee university of georgia uh we might even hire you if you went to the university of florida so i mean but you know but the point being that an account master's in accounting is a master's in accounting and dude as you have already discovered accounting is really not a flexible uh world it's a world that has a set of rules and you will follow the rules if

you're doing accounting properly that's simple and the difference in number one and the number 11 is both of you follow the rules there is no difference i wouldn't not a chance i would pay more money to go the number one school not a chance all right i look at it like alabama's 45 off there you go there's a deal comparatively to austin and i don't think you're gonna you have hard data that shows hey i'm gonna make five hundred thousand dollars more if i go to ut austin as an accountant so there's that's why i go stay at alabama but cash flow it work for a year i know you want to be a cpa and it's going to happen soon you can work for a year and save up and pay for this yeah i'm not sure we talked you into it but you called here and asked so that's what you get for your answer.

Bill's in Dayton, Ohio. Hey, Bill, welcome to the Ramsey Show. Hey, Dave, thanks for taking my call. Sure, what's up? Good, well, I'm a financial peace disciple. I'm a weirdo, debt-free and mortgage-free kind of guy and a baby step millionaire. Way to go, way to go. Yep, I've got a uh question though i'm trying to

decide whether i should lease my condo or not if i move overseas for a job uh how long you'll be going overseas uh it's probably three to five years i'd sell it so i figured you say that i know you don't like long-distance... You are a financial peace disciple, landlording. You're right, I don't. So what country are you going to? What are you going to be doing? Well, so I'm trying to get out of rural Ohio,

and I was putting in for jobs other places, you know, nicer places. And finally I said, you know what what i need to pay off this condo so they paid it off and literally the next day i got a job offer in germany so germany what do you do yes i work for the air force oh good well thank you for your service you mean you are you are serving in the military in the air force is that what you're saying no i'm actually retired air force and i'm a civil servant for the air Force. Oh, okay. The way you said that, I wondered. Okay, all right. Yeah, your phrasing tipped me off.

And is it a three- to five-year contract? Well, I think it's a three-year minimum you can extend for a year or two. Okay. Sounds fun. Well, I'm 55 years old, so, you know, I started thinking about that final retirement place, but this would be a fun thing in the meantime, maybe. Yeah, a little bit of an adventure, huh? Do they pay for your housing there, or what's the housing situation in Germany? Well, so that's the deal. So now, you know, part of the pay here is they give you a locality pay.

And since my house was paid off, I'm pocketing that. But if I move overseas, that locality pay disappears, and they give you a housing allowance, which only matches your rent of the place that you, you know, the house that you rent. So your rent is covered in Germany. Right. But I wouldn't be pocketing it. It would be going straight to the landlord.

Yeah, you used to pocket it now. Yeah. Is there a raise involved, too? No. It's pretty much involved, too? No. It's pretty much a lateral move. Okay. So given the situation with the rent payment, you're actually taking a bit of a pay cut to do this. Exactly.

Exactly, yeah. Okay. It still sounds fun. I'd go do it. Yeah, but I'd sell the condo. Yeah, I wouldn't keep a condo while I'm in Germany. What would he do with the money once he sells the house? Does he park that?

If it's three to five years, is it worth putting in the market? I'm probably putting in mutual funds, yeah, so it's sitting there when I get back and I can do something with it. And, you know, this market's doing really well, and three to five years, and it sounds like he's probably going to be enjoying this a while. Yeah. Sounds pretty good.

Cool story. George Campbell, good show today. Fun times. Well done, James Childs. Kelly Daniels in the booth. I am Dave Ramsey, your host. We'll be back withames childs kelly daniels in the booth i am dave ramsey your host we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the prince of peace

christ jesus Hey, it's Kelly, associate producer and phone screener for The Ramsey Show. If you would like to do your debt-free scream live on the show, make sure you visit theramseyshow.com and register. We would love for you to come to Nashville and tell Dave your story.