The Ramsey Show - App - What Would Be a Good Side Hustle? (Hour 3)

Episode Date: May 4, 2020

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us, America. It's a free call at 888-825-5225. That's 888-825-5225. Joining me to answer your questions this hour, Ramsey personality, number one bestselling author multiple times, Rachel Cruz is with us, also my daughter. And so straight to the phones, Rachel. Let's go to Ben in Ohio. Hi, Ben. Welcome to the Dave Ramsey Show.

Thank you. Thanks for taking my call. Sure. What's up? I had a question for you. I recently got to Baby Step 4, and I upped my retirement. And I want to make sure I'm doing this the right way. I have three separate retirement accounts.

I got a 403B traditional. That's the bulk of my retirement. 403B IRA or Roth, I'm sorry, but I just started. And then I also have a Roth IRA that I started probably 10 years ago that I'm putting $50 a month in. I was curious because I'm putting 15% in through my work in the 403B. I was curious, should I merge the Roth accounts, the IRA that I had from a long time ago started, and my current one with my job? You really can't.

They're standalone. you can stop doing the old one and just do your job only at 15 percent um but if you anytime you have a rollover or a separate account they don't actually end up going together end up like like let's say you had three different traditional uh 401k is a different place you rolled them to traditional IRAs or Roth IRAs, each of those would still have it. They could be with one broker, but they'd have separate account numbers. Okay. How much is in the little one that's just the Roth IRA?

About $8,000. $80,000 or $8,000? $8,000. $8,000. Okay. Yeah. All right. You know, you could just make sure that's invested in a good mutual fund with a SmartVestor Pro

and keep doing your 15% and your 401K. Because, Rachel, we don't know more than 15% at Baby Step 4. Right. Or even look to spread out and see is there more money you can put in that Roth IRA depending on the match. It might do better than – it didn't have a match on the 403B, but it might do better options in the Roth than you could get in your own 403B. You're right. Right.

So just looking at that for, just to spread it out more. Because, I mean, I personally, I love Roth IRAs, right? I mean, obviously you want to hit within that 15%, but it growing tax-free, I mean, it's right there. It's just a great vehicle for retirement. So the more you can put in that, if it looks right and you see that the return is different, to see if you can spread it out. Exactly. Daniel is with us. Daniel is in Maryland. Hey, Daniel. Welcome to the Dave Ramsey Show. Hey, Dave. Thanks for taking my call. Hey, Rachel. How are you guys doing today? Great. How can we help? So I got a question. I'm 25 years old.

I'm currently single and I live with my parents and been looking to purchase some land or a house in the next six months to a year. And my main question was I have a little bit of debt, some school loan and a personal loan. I was wondering if I should focus paying that off or focus more on saving up for a down payment. Well, the short answer is focus on paying that off first, because we do want you completely debt free with an emergency fund before you go and buy a home, before you save up for that down payment. So how much debt do you have? How much is the student loan and the personal loan? Student loan is currently at $9,100. And then I have a bank

loan for about $7,400. Okay. How much do you make? This year, I'm going to make about $65,000. That's awesome, Daniel. Well, yeah, I'd knock that out in a heartbeat for sure. And take advantage of living at your parents. I mean, we talk about during a transition season, and if this is a time that you can save and knock that out, do it. And then once you're debt-free, you get a little bit of emergency fund. I would even be okay if you rented for a little while. Don't feel like you have to go right into owning a home, especially financially, getting in that place though where you are debt-free with that emergency fund and then saving up 10% to 20% for a down payment, 10% on the low end, and look to go buy some property. But I would for sure knock out that debt first.

Thanks for calling in, Daniel. We appreciate you being with us. Trent is in Indiana. Hi, Trent. Welcome to the Dave Ramsey Show. Hey, thanks, Dave. I really appreciate you taking my call. First off, I just want to say I

bought your book, Contra Leadership. It's a great book. Thank you. And I've binge watched probably over hundreds of your videos, so I really like those too. My question for you is, I'm about to graduate this Friday as a pharmacist, and I'm in $180,000 just in student loan debt. I have no other debts. I'm living at home, planning on paying as much of my income towards that as I can. My question is, what would be a good side hustle to do that's flexible, that's not Uber or Lyft? Pharmacy. From what I've looked up, right, until I'm licensed, until I can do more hours with that, yes. Oh, how long before you're licensed?

It'll take about a few months just because of COVID-19 and, like, scheduling safety demands. It'll take a bit. So I'm studying for that now. Yeah. Do you have a job lined up as a pharmacist when you complete that? I do. So I'll start off working there unlicensed as half pay, and then once unlicensed, it'll be full pay. It's $90,000 a year. It's $90,000 a year?

Yeah. That's the full pay? Right, with the opportunity to work up to work more overtime hours if they're available, which they usually are. Yeah, I would take all I can get of that and get your income up as high as you can get it once you pass. So what are you going to do as a side hustle? What do we think is a good income, producer?

I don't know. That's what I was going to ask about because how it's set up right now is I'll be floating around to, like, different stores until I get, like, a staff position, and then the hours would be more set. So it's not like I can say well i have weekends open so i can work you know x amount of hours a year yeah can you can you uh well so you need something you can plug in and plug out um i mean it's up to you i really think you probably have a you know forty five thousand dollars a year is half pay will they give you a bunch of hours during this training period uh i'm not sure yet

we have orientation coming up here next month so i'll have to ask those details yeah that might be your best side hustle is just more hours of that i mean you'll make more doing that than you would anything else yeah i'm just thinking long term can, like, build up enough stamina to work, you know, the 40 hours a week to do more than that. Well, long-term. I don't know. I guess I'll have to do some more research and thinking about it. Yeah, well, I mean, long-term, you're going to be a pharmacist. Long-term, you're going to be working all those hours in overtime.

And if they won't give you overtime, you pick up some at the ER and some other stuff at some other places as a pharmacist. Well, to do those jobs, you have to do like a couple years of residency before you can kind of pick up some side hours. But, yeah, for like some, there's something. No, I'm seeing kids do this all the time coming out of pharmacy school. Not all of those jobs require residency. So, I mean, you need to step in and listen. You've studied really hard and you're really smart to get this degree. This is your best place to make money in the interim before

you get licensed and after you get licensed. And you don't need that much stamina to work over 40 hours. It doesn't take that much. You can do it. This is the Dave Ramsey Show. show. We're all going through challenges and our lives have been impacted in ways we've never anticipated. If we learned anything, it's that change is constant, and having a plan is crucial to our family's livelihood. This is why I talk about term life insurance every day. And for those of you that haven't taken care of this for your family, I'm not sure what you're waiting for. Hopefully, recent events have opened your eyes, and if you need some extra motivation, companies have started raising rates. So the smart move is to get this taken care of right now.

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so that they can become wealthy, so that they can be outrageously generous. It's called Financial Peace University, and about 6 million people have been through it. And we never have done this before, but during the corona shutdown, we felt like we needed to make this available to you guys because you need this information. If you've never been through Financial Peace University, the idea of being in control with your money, being out of debt, having an emergency fund, it sets you up in a completely different place in times like this. And times like this are reminders, if you haven't been doing it, that you need to do it.

It's not an I told you so. It's a reminder. It's like this sucks being broke at a time like this. And so we've made Financial Peace University a 14-day free trial. So if you're feeling powerless or hopeless, or maybe you just got some time on your hands, hold on. You're going to be okay. We're in the middle of being isolated at home, these kinds of things.

For the first time ever, we're giving you a free trial to Financial Peace University for 14 days. You can watch it from home. It's all of our premium content, so you can see the proven plan to win with money. And it's got all nine lessons of Financial Peace University. Rachel, it's you and me, Anthony O'Neill, Chris Hogan, all two doing teaching in this. And then your Smart Money, Smart Kids series is on there, and I'm in a little bit of that. Yeah, and then the Legacy Journey.

So there's a lot of content in this 14- free trial. So go and binge watch it. I mean, man, if there's ever a time to realize that being debt free and having an emergency fund in place, even just those two small steps, um, put you in a totally different place when something like this happens. I mean, I always say it's not if life's going to happen, it's when is it going to happen. And taking the time here to say, you know what, I'm going to do something different. I'm going to do something that I never thought was possible. I'm actually going to take control of my money.

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Because I think when it comes to personal finance, if you're not used to this, it is really overwhelming and it can seem very intimidating, but we break it down really easily for you that you're never going to watch a video and think like, oh, I have no idea what they just said. That was so hard. Well, there's a lot of humor, a lot of stories. It's very easy to digest. Yeah, we've been doing this a long time and we're really good at communicating these ideas. So It's very easy to digest. because we're going to continually put out new information. We'll continue to put out new content, new videos. You just posted a fresh video in there, didn't you? Yeah, I think they did a budget tutorial. I'm pretty sure it came out.

I know I shot it. I'm not sure if it's out yet. Yeah, I knew you shot it last week, and they're getting ready to throw it out. We're turning stuff real fast right now and getting it up there, so I knew you had shot that. So just like real fast, we decided to do the Money in Marriage event, and over 3,000 people, almost 4,000 people watched that event. I bought a ticket, so that's double.

I bought a ticket. So if you're married and you bought a Money in Marriage event ticket, then that should be about 7,000 people watched it. And that thing was a huge success last week. It was a big, big deal. And you've still got the 14-day money finder up, right? Yes, I do. So it's a 14-day free challenge for you to go through,

and it's simple tasks to do every day to find some money. So we're finding on average people are finding $2,000 a year through this challenge. So you can go sign up for that and walk through it and find some extra cash. Some of you got some time on your hands right now and there's some time you can use it to uh to your own profit and to reset so when you come out of this you come out stronger and with new knowledge and new power that you never had before and you're ready to attack as soon as this thing turns the corner and you're released in your particular state to go back to work, to go back to doing some of the things in life that you've been used to doing.

All right, Michael is with us in Arizona. Hey, Michael, welcome to The Dave Ramsey Show. Hi there, Dave. Thanks for having me on. I appreciate it. Sure. What's up? So kind of a multi-part question for you.

I am a first responder, and my wife, she is in the vet med. Thankfully, her job is not being impacted, but one of her other jobs is possibly going away this fall. I'm partially being furloughed. Rough number is about 200 hours over the next year that I have to give up, which per pay period is going to drop my paycheck from about, call it $900 down to about $650. As a first responder being furloughed. Yes, yes. It's a very strange situation.

It's only a partial furlough. I know, but I mean, I would have thought you guys would have been working your butts off. No, people aren't calling you guys right now, right? They're all freaked out. I'm sorry, say that again? We're just trying to figure out how you're being furloughed. Why are you not working your tail off? I don't understand. Well, that's the thing. Before this, I was working as much overtime as I could. My paychecks were around 15 to 1700. And my wife and I just moved into a house in January, uh, thankfully using the VA loan. Um,

and, uh, we're, we're about $5,000 in debt right now, uh, credit cards, which that's been a burden for the past five years. And with me losing out on all my overtime, it drops my paychecks down to about $900. And then this partial furlough, being mandated to take eight hours off a pay period, drops it another $150, $200. I got you. What kind of a first responder are you? Law enforcement. Okay.

And so there's not work for law enforcement what is the i'm confused as to why the demand is not there in this situation i would have thought it would have been more demand i i would agree but with the uh with the agency that i work for uh which i'm i'm not going to talk about that right now no no i wouldn't ask you to or it's uh it makes makes the situation kind of unique um but uh my other question is is we just got our stimulus money uh which was 2400 just me and my wife and we just got our tax refund which was uh right around 2500 so i could use pretty much all of that to pay off all of our credit card debt. Would that be a wise idea to just get all of it gone? With the income that you know you have coming in, you can make budget, right? We should be able to.

Starting in about two weeks is when I'm going to find out what my new paycheck is going to be. Well, but I mean, you just told me what it was going to be very close you don't know exactly but you know very close and you can tell from that whether you're not going to be five hundred dollars off on your budget you can make budget correct but it's going to be it'll be making us lose about five hundred dollars a month i got that part but yeah you're not making any progress but but you can make budget so yeah make budget and go ahead and stay on your plan and then let's look for a side hustle with your uh law enforcement uh skills okay um now my other question is our mortgage company has offered a forbearance plan

um where no no you answered that pretty quick you know a forbearance plan. No. Where? No. No? You answered that pretty quick. You know what forbearance means? It means don't pay your payment now and it piles up and you have to pay it later. Yeah, it means don't pay your payment now and it piles up and you have to pay it later. So they've said that it doesn't balloon at the end of it. It's basically suspending for six months and then you just tack it on to the end of your loan for another six months of payment. So January 2050 will be finished on July 2050.

You can make your house payment, though? Yes. So why do you want to be in debt longer? Not necessarily longer, but in order to build up our emergency fund, because we only have about a thousand dollars set aside right now i think you need side hustles and tighten this budget up and don't be kicking the can down the road on your on your house i mean if you have to do it to survive that's one thing but you don't have to you're just feeling a pinch and you don't use not paying the house payment to build your emergency fund not a plan at all dude nope nope nope nope nope nope nope nope nope hey good question good question.

Good question. I hope you get back to work soon. This is the Dave Ramsey Show. Folks, since you're spending more time at home these days, why not make the most of it? Now, I know not everyone has the means to do a full renovation, but thanks to our friends at Blinds.com, there are some small changes you can make to help improve your home. Blinds.com makes it incredibly simple to shop top-quality blinds, shades, and interior shutters from home with easy online ordering and free shipping right to your door. Listen, window treatments are a simple project that you can do

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Brianna is with us in Texas. Hey, Brianna, how are you? Hi, Dave and Rachel. I'm amazing. How are you both? Better than I deserve. How can we help? So I really admire you guys and I value your opinion and I want you to know what your thoughts are on this. So my husband and I are on baby step two currently. We have $47,000 left to pay and I work two jobs. So I work a full-time job at a credit union and then I work weekends at a restaurant as a server.

And I've been doing this for 13 years. So it's been a long road. We moved here from California about four years ago from the Bay Area. And when we were there, the income at the restaurant was to help us survive. But now we're in Austin, and it's a lot less expensive. So that income has gone towards debt. So in March, I got furloughed from the restaurant and with everything going on. And it's been two months and I've really enjoyed not having to work seven days a week.

I bet. It's been really nice having a Saturday. I feel like I have a normal life and having a Saturday and Sunday, being with my husband, being with my family. So it's time to go back. My boss called me and said, hey, I'm ready to put you on the schedule. And honestly, I don't want to go back. So what is your household income, not counting the restaurant job?

$120,000. Okay. And how much debt have you guys reduced in the last year or two? Since we started FPU, we attend Celebration Church, so we took FPU in October. So since October, we've paid off about $12,000. Okay. So you're on a $24,000-a-year schedule making $120,000. Yes.

Kind of wimpy. Yeah. You haven't cut a bunch of stuff out of your life have you i have but i guess not as much as i should i mean 120 minus 24 000 means you're still spending 95 thousand dollars yeah did i miss something okay no So I don't know where it's going. I mean, how much is your house payment? $1,900. We just got the house two years ago. So this was before I knew about you.

You have $47,000 left. See, I think making $120,000 you could be done in a year. Be double the rate what you've been doing though okay and if i thought that then i think you know then i think well i've been waiting tables 13 years i don't want to do this anymore but i can do it for one more year to get out of debt and then i could drop it or not i don't know how much does the waiting tables add to the budget it's about it was about two thousand a month but then now with everything it's going to be very different for a while so i'm estimating it's going to be maybe maybe about 200 a weekend 200 to 250 yeah we'll just say 50 table so we'll cut it in half you know a thousand dollars yeah

that's twelve thousand dollars a year see twelve thousand dollars a year doesn't solve this problem as much as getting into your budget and cutting some other stuff in your lifestyle. I would stay home and cut my lifestyle like crazy. Okay. That you've not done yet if you want to quit. I mean, and then as you get geared up, you probably could jump back in there if you wanted to work for six months after you rest up a little bit.

I don't know. What are you thinking? Do you guys have kids? Oh, I have kids oh i have two step sons they're older 15 and 25 okay okay yeah i was gonna say you're yeah your living situation is always different with little ones around yeah i mean because here's the deal when it comes to getting out of debt the deeper you sacrifice your lifestyle and your time by working extra the faster you're going to get out of debt so you guys need to just map this out and say okay what could we do if we went radical what option a is what if i worked part-time and we cut our lifestyle like crazy how fast could we get out option b what if i didn't work but we just cut the lifestyle option c what if we didn't cut the

lifestyle and i just worked extra like look at your options and go ahead and map it out and i think you'll probably be motivated to do option a of maybe just doing both because you'll see the end game. And it'll be faster than what you guys are doing if you cut your lifestyle, too. So just it's your willingness. It's a personal choice for you guys of, you know, how deeply you want to cut the lifestyle and the time that you have at home by working extra is the faster you're going to get out. Now, here's the thing, okay? Let's also acknowledge that you've done a really good job. Yeah, absolutely. You've got a great start. at home by working extra is the faster you're going to get out now here's the thing okay let's also acknowledge that you've done a really good job yeah you got a great start you've learned

brand new habits yeah and you've been applying them since october and you've made good progress twelve thousand dollars of no slouch but if you're listening to the debt-free screams of people that call in here making 120 you're going to hear a faster rate of debt reduction than than 24 000 a year on 120 000 income okay when you hear the other people doing the debt-free screams and that's that means that they're doing something lifestyle cut that you aren't so it's not to say you've done a horrible job no listen you were overspending before now you're underspending about 24 000 a year so that's really good okay which actually was about the amount of your waitress income it was exactly it that's it that was yeah and so you can't cut this unless you cut the budget because you'll be in debt forever

okay and you may look at the job i mean considering where we are right now i know texas are you guys i guess you guys are opening restaurants, because you're going back to work. Yeah, but is it half capacity? It's all kind of funky right now anyway, so you're not – it's not like – Yeah, so that's something to be considered too. You're going to have to figure out, okay, if I do work, it is going to look different than it was six months ago. You can work as many hours for half the money, it sounds like, too. That's a possibility.

So you may not want to do that right now yeah but you get you you cannot uh reduce your debt by the exact amount of the waitress income then the waitress income goes away that means if you don't change something in the budget you're not reducing debt at all and so you've got to figure that part out as a part of this equation i do hear that you're tired of this, but the only way I can survive being tired of it is I got to be able to see that the light at the end of the tunnel. And if I could look over and go in one year, I'm completely done. If I bust it, I can bust it for a year. I can do anything for a year. You know, I can do anything for six months. I can do anything for three months. I mean, I can go crazy for a short period of time to get a longer result, to live like no one else so that later I can live and give like no one else.

I can, you know, no discipline seems pleasant at the time, the Bible says, but it yields a harvest of righteousness. And so that, you know, it doesn't feel good when you're doing it. But I'm with you. I would not do it unless I could see that it was getting me to my goal because the fatigue that goes with this sense of no traction is unbearable. Yeah, it's terrible. It's like living in a black hole, and you're just like wandering around with no direction.

Angela's in Indiana. Angela, how are you? I am super because my accountability partner is Dave Ramsey. Thank you very much. Yeah, there's a downside to that. He's brutal. Yeah, well, we need that. We have a 25-year-old young lady who has graduated with her master's degree.

She took her undergrad, paid for it with scholarships, took two years off, paid for her master's degree. She took her undergrad, paid for it with scholarships, took two years off, paid for her master's degree, graduated, and she is headed for Arkansas College of Health Education to be an osteopathic doctor this fall, but she's going to take out full loans the next four years, and Mama's about to have a fit.

What do you do? She's going to be a doctor of what osteopathic medicine so they basically look at all directions they take into natural healing or you know they don't just treat one thing they treat the whole body okay it's not an md then It's not an MD. How much is she paying for this? It's $55,000 a year before you pay your room and board. For four years? For four years. To not get an MD?

It's actually MD. She can work as, you know, doctor. More and more hospitals are using osteopathic. Okay, I'm sorry. I apologize for my ignorance. I just don't know what i'm talking about but it just sounds like it sounds like 200 grand for uh and not actually becoming a doctor so i'm i'm struggling with that part because i'm ignorant and i really am i'm not making fun so you so you do get an md yes yes oh i misunderstood okay all right well here's the thing you can't control her it's up to her no i can't control it but mom's at a place

where mom doesn't have any debt mom's on a good path for retirement kids taking a apartment, and it's a decent one, at $375 a month, and mom wants to help with that if kid pays it back when kid graduated. I don't want him to take full debt for everything. Folks, I love telling you about well-made, well-thought-out products. Today, I'm talking about Grip6 belts. I don't know about you, but I'm not a fan of traditional belts. They never fit right, and they're uncomfortable. Grip6 belts are unique. Owner BJ designed a truly modern, minimalist belt

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modernize American manufacturing. To learn more and get this month's Dave Ramsey special, visit GRIP6.com. That's GRIP6.com. our scripture today philippians 4 7 and the peace of God, which surpasses all understanding, will guard your hearts and your minds in Christ Jesus. Jim Rohn said, your life does not get better by chance. It gets better by change. All right, Rachel, let's go back and revisit. You and I do not know enough about osteopathy to even say it correctly, much less comment on its value as a degree. Spending in excess of $200,000 in the medical world and not getting an MD would not be something I would do with my limited knowledge of that world.

Now, there's a different issue, though. It's a classic Dr. John Deloney, Dr. Henry Cloud boundaries issue. You've got a 25-year-old that's going to go do this and go in debt $200,000. Mom is retiring and is trying to save for retirement and is offering to pay $375 for an apartment for the four years, which amounts to $5,000 a year out of $200,000. Right. $25,000.

You know, do you do that, and that way you're endorsing the decision that the 25-year-old is making because you're supporting it with money? Or do you just back away and go, you know, I love you, and sometimes people I love do stupid stuff? Yeah, I mean, I think it's all dependent upon the relationship, whether how hardcore you choose to go. Um, but it could be, I mean, she's 25 and yeah, she's going to go get this medical degree, whether it's an MD or not. We weren't really sure. We got, I think two different answers on the last call, but I mean, the deal is she's 25 and there's a part of me that's like, Hey, you're going to have to kind of grow up and realize, okay, this is what you're choosing to do. And there's going to be, your kid is running towards a dad gum, $250,000. Yeah. You can talk to her about it, but I don't

know how much control you have over her. But I mean, I'm talking about the apartment, if you pay for it or not. And there's a little bit where it's like, Hey, yeah. For you to say, Hey, you're choosing to go down this route and get into this amount of debt and choosing this life. All right, you got to do the whole thing. You're going to do the whole thing if that's what it is, if this is what you're going to choose. Because I can't endorse the decisions that you're making and help support that. That would be the hardcore line over here. So if you or Daniel or Denise had done that, what would your parents have done?

You, Dave Ramsey. What would we have done? You would have probably sat us down and talked to us like adults. That is one thing I will say. You guys gave us a lot of dignity growing up, even as teenagers. You guys kind of like let some slack out in the rope, if you will, of making our own decisions and choices. And it gives us the paradigm and the dignity to say hey i am being treated like an adult so that is one positive you would do but no you guys would not you would absolutely not pay for an apartment if i was going into debt for school yeah you don't agree with it right and we think you're making a bad choice and we would be endorsing that yep yeah and so that's the

boundary answer to the question it is just very painful and we've not had to endure it at our house because all three of you and your spouses have made really good, wise choices. We're very proud of that. And it wasn't because we were controlling and bottled you up and didn't allow you to make bad choices. You just were taught and then followed what you were taught uh but the thing with parents my age with the grown kids it's the most painful thing to watch people you love whether it's your own parents or whether it's your own grown kids or your uncle or your grandmother

that's doing something stupid with money it's painful to watch people you love do stupid stuff because you know it's going to bring harm to them. Right, you know the consequences on the end. So, I mean... This girl's not making a good decision. No, probably not, no. But I also wonder the communication factor with the mom of, hey, what have those conversations looked like?

Has it been naggy? Use your mom voice. Use your mom voice, it doesn't work. Right, so giving her the dignity to say, hey, I respect you as a 25-year old like i but here's what i've seen and here's the warning signs i'm going to put up and here's the boundaries i'm going to put on my life that involves you and here's this it's not to threaten you or to say you know to punish no no but i'm not going to endorse this yeah that's the process yeah that that's you know that that's how and and it's

not well that's tough love no that's just love that's just love a i love myself enough not to participate in crazy and b i'm not going to let you think that i think that any part of my being that this is a good idea by endorsing it and And so I would not pay the apartment if it was me. And again, that's not to be punishing, punitive. It's not to be nagging. And I really think that probably you'd be real careful not to be nagging. And it's very hard to hold your tongue, very hard in those situations. Is it hard to hold your tongue with me as your daughter? No, no. Never. You never. You never. No more your tongue with me as your daughter no never you never you never no more than you with me but yeah no because we pretty much say whatever's on our minds but um but yeah

but the the i mean if they're doing something like that they're engaging let's say they went into lifestyle things values that you didn't agree with you know you cannot make them not do that they're going to do what they're going to do. And you can't, I mean, all you can do is influence and persuade and try with wisdom to have a conversation. But it's very difficult. And really, I think that's why Henry Cloud sold 10 million books on boundaries. I mean, it's whatever he sold, but it's a bazillion.

And it's a wonderful book because of that, because it touches on something that almost every one of us faces in different areas of our life is the proper, gentle, compassionate setting of boundaries. Grace is with us in Florida. Hi, Grace. Welcome to the Dave Ramsey Show. Hi, Dave.

Thank you so much for taking my call. Sure. How can we help? Well, I am a business owner, and I've had my company now for 29 years. And I had planned on selling it this year, and then COVID-19 hit, which changed the whole game plan that I had had. What kind of business is it? We do embroidery, screen printing, promotional products, graphic design.

What was your gross revenues last year? Last year was $200. Okay. And I was on track this year to be 230. You will be. You just lost. April's income is going to show up in May and June and July if you go get it. Well, I had to pivot a little bit from the norm, which is helping selling PPE equipment to my system living facilities. That's smart.

And restaurants now that they're starting to come back. Very smart. You probably could make more than you thought you were going to make then. You're right. But the scary part is, you know, here I was getting ready to sell my company, retire. Did you have a buyer? I didn't have a buyer. I had a couple nibbles, but nothing of, you know, what I wanted to take.

Okay, so let me challenge on this, okay? Let's pretend that by the end of the year, because of the pivot and because some of the income you lost in April actually shows up in the other months because the people just didn't do it that month, but they do it another month, your regular business, that you actually end up making more by the end of the year. Why can you not sell the company then? I could. Okay.

But then, you know, these are all scenarios, right? But then I was thinking, well, what if I semi-retired? It would be bad timing. Pardon me? It would be bad timing. Okay. Because if you semi-retire right now, you take the value of your company and it goes down because you is the secret sauce over there, kiddo.

Yeah, you're right. Yeah, work till christmas and get this thing back up and put it on the market and sell it next january okay so here's the thing so let's uh i don't really have much retirement i mean i have savings yeah but you're gonna get the money from the sale of this business in January. You're going to be fine. This did not keep you from living your dream. You're going to get your dream still. You're going to have to work the pivot, and you're going to have to work the hours,

and you're going to have to get the emotional energy to push through one more year, and you're going to be fine. You can do this. Rachel, thanks for hanging out. Yeah, thanks for having me. That puts this hour of the Dave Ramsey Show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace,

and that's to walk daily with the Prince of Peace, Christ Jesus. In the middle of these uncertain times, Ramsey Solutions wants to give you some hope. For the very first time ever, we're giving you Financial Peace University free for 14 days. Go to DaveRamsey.com so you can watch from home.