The Ramsey Show - App - When Is It Time To Invest in Real Estate? (Hour 1)

Episode Date: November 24, 2021

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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. Ramsey personality George Camel is my co-host today on a special Eve of Thanksgiving, Thanksgiving Eve show, which means that we have different rules today. We are really sure that gratitude is an indication of your future prosperity. People who are ungrateful, entitled, arrogant little twits tend to not prosper. They tend to be selfish, self-centered,

and people who are grateful, who are kind, who are thinking of others, they have a tendency to prosper because the grateful people tend to be the content people. They tend to be the people who think of others, as I said. They tend to be generous. Their faces reflect it. They're different people. You make decisions differently when you have a spirit of gratitude. That's what it comes down to.

And if you're discontent, you're going to make decisions out of that discontentment. So we're people that believe that corny stuff to be true uh pretty much straight up corn balls and proud of it part of our brand sarcastic corn balls that's a good way that's us yeah that's us so uh but we're that and so uh if you call in today to be on the air you have to pay to be on the air today uh and your your ticket price is you have to tell us what you're grateful for because you have, I ought to be grateful for something. If you can't think of something, don't call the show. You shouldn't call today, because we're going to be cornballs.

We want to know gratitude. So we did this with our team this morning, but there was a lady prior to the Civil War named Sarah Hale. Sarah was an editor of a huge magazine, 150,000 subscribers, which in those days was a lot of people i presume the population and um she had written she'd written a bunch of famous things she wrote the nursery rhyme mary had a little lamb a classic classic yep and so sarah was quite a famous person in her day and she had written to the president of the united states 30 consecutive years with one request, requesting that he set aside a national day of Thanksgiving where we stop and give thanks to the Lord. Finally, at 74 years old, in September 28th of 1863, she wrote another letter to then

sitting President Abraham Lincoln, who got with his Secretary of State, William Seward, who was a known wordsmith, fabulous writer, brilliant man, and had him write the proclamation that became Thanksgiving Day. October 3rd, 1863, a proclamation of the President of the United States. The year that is drawing towards its close has been filled with the blessings of fruitful fields and healthful skies. To these bounties which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added, which are of so extraordinary a nature that they cannot fail to penetrate and soften even the heart which is habitually insensitive to the ever watchful providence of Almighty God. In the midst of a civil war of unequaled magnitude and severity, which has sometimes seemed to foreign states to invite and to provoke their aggression,

peace has been preserved with all nations, order has been maintained, the laws have been respected and obeyed, and harmony has prevailed everywhere except in the theater of military conflict, while that theater has been greatly contracted by the advancing armies and navies of the Union. Needful diversions of wealth and of strength from the fields of peaceful industry to the national defense, have not arrested the plow, the shuttle, or the ship. The axe has enlarged the borders of our settlements and the mines as well of iron and coal as of the precious metals have yielded even more abundantly than heretofore. Population has steadily increased, notwithstanding the waste that has been made in the camp, the siege, and the battlefield.

And the country rejoicing in the consciousness of augmented strength and vigor is permitted to expect continuance of years with large increase of freedom. No human counsel hath devised, nor hath any mortal hand worked out these great things. They are the gracious gifts of the Most High God, who, while dealing with us in anger for our sins, hath nevertheless remembered mercy. It has seemed fit to me and proper that they should be solemnly, reverently, and gratefully acknowledged as with one heart and one voice by the whole American people. I do therefore invite my fellow citizens in every part of the United States,

and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next as a day of thanksgiving and praise to our beneficent Father who dwelleth in the heavens. And I recommend to them that while offering up ascriptions justly due to him for such singular deliverances and blessings, they also, with humble penitence for our national perverseness and disobedience, commend to his tender care all those who have become widows, orphans, mourners, or sufferers in the lamentable strife in which we are unavoidably engaged, and fervently implore the interposition of the Almighty Hand to heal the wounds of the nation, and to restore it as soon as may be consistent with the divine purposes, to the full enjoyment of peace, harmony, tranquility,

and union. In testimony whereof I have hereto set my hand and caused the seal of the United States to be affixed, done at the city of Washington this third day of October in the year of our Lord, 1863. President Abraham Lincoln William Seward, Secretary of State. It's been a long time since we had a president of the United States say so blatantly, boldly, and up front that it is God from where our blessings flow. Been too long.

And, I mean, they may have. I may have missed it, but I don't think I did. All of the garbage and the infighting and the politicized garbage and toxicity that's out there now. Don't we need leaders like this now? Man. Either party would be happy with either party if they stand up and do that right there. And said it like that, eloquently. Well, I mean, yeah, no one speaks like that anymore. But it's just beautiful prose.

But the idea, I mean, that we, let me just tell you, if you were confused, that is the actual proclamation I just read from the United States president that the purpose of Thanksgiving Day is to say thank you to the Lord for his blessings. You may not like that. You may not have done that if it was you. But that is what's known as a fact. And facts are interesting things to have knowledge of. That has actually occurred.

That is the genesis of this holiday. It's not something else. It wasn't invented as the day before Black Friday. It was invented when we stop and say, thank you, Lord, because you blessed us beyond our wildest imaginations. It's a Thanksgiving Eve show here on The Ramsey Show. George Campbell Ramsey Personality is my co-host. Thanks for joining us. Most people know me as the guy who did stupid with a lot of zeros on the end. I made my first million dollars in my 20s the wrong way and then went bankrupt. That's when I set out to learn God's ways of handling money and I developed the Ramsey Baby

Steps. By following these steps, I became a millionaire again and this time the right way. After three decades of guiding millions of others through the plan, the evidence is undeniable. If you follow the Baby Steps, you will become a millionaire and get to live and give like no one else. And now I'm excited to share with you that I've written a new book called Baby Steps Millionaires, and it's available for pre-order right now. You'll learn how ordinary people built extraordinary wealth and how you can too. I'll walk you through how to invest, build wealth, and bust through the barriers preventing

you from becoming a millionaire. For those who are ready, it's game on. You can baby step your way to becoming a millionaire. Pre-order your copy today at Ramsey Personality, is my co-host today. Host of the fine print, the final episode for season one. There's been ten episodes total on Ramsey Networks. It has dropped. It's all about the Robin Hood app.

I listened to the rest of it this morning. Very, very interesting. Very well done, George. Thanks for listening. Good to have you. It was a fun episode to do. I learned a lot just doing these episodes. Yeah.

Because you do a lot of digging. Yeah. I mean, the detail is pretty incredible. So as you call in today, what are you thankful for, Brian, in Salt Lake City? What are you thankful for? I'm not waiting! I'm not waiting! Hey, Dave, I am thankful that God sent his only son, Jesus Christ,

to die for me and everybody else who believes in him that we may have eternal life. Very well done. Okay, how can we help today? I am calling because I want to know how long it is okay to not put money towards retirement to save for a down payment. In my case, I'm projecting it would take me three years to save for a house down payment if I don't put anything in retirement, and seven years if I do put the 15% towards the Roth retirement option. Yeah, three years is about as far as I like to go, George. Yeah, I'm in the same boat. Two to three years, if you're going gazelle and 10, saving up for that down payment. Any longer than that, and I would start to look at maybe a mix

of those two things so that you're not losing out on that investing for too long of a time. Yeah, if you told me four years, I'd probably tell you to do something towards retirement and make it five years. But in this case, you can just roll up your sleeves and knock it out in three. Hey, that's what I would do. I would have at it. Good job, man. Good job. Paul is in Sacramento, California. Paul, what are you thankful for? Well, I am thankful for growing up in a Christian family. Cool. So that, you know, I wouldn't get smacked around in life without having God by my side.

Amen. Cool. How can we help today? So I've got a question about, for you actually, real estate or becoming a realtor and I am a little nervous. Um, so you endorse, uh, your realtors and I know your ads always say, like, don't go for a newbie and all that, which I completely agree with. And I want to know the steps to become a realtor and one day be endorsed. Okay. All right. So you're not a real estate agent today?

No, I'm working on it at the moment. Okay, good. How old are you? 19. Okay, cool. Well, I got my license when I was 18 years old in 1978, and I sold real estate while I was in college, which was a bit of a stretch it was hard interest rates were very high and i was very young and very stupid and uh it was very difficult but i sold some houses and made more money than i would have made flopping whoppers you know so it was good experience in that regard um so what is your plan to enter that difficult market at your age what's your what's your thinking on that I really don't know. That's why I'm calling. Okay. What's driving you to want to be a realtor? Well, I've pretty much been around real estate my whole life. My parents weren't realtors, but they bought and sold houses all the time. And I've just been around my whole life. I

love it. So you may already have a little bit of knowledge, which is great. And once you get your license and you start, you know, you sell the first house, obviously it's going to take some time to get that experience, but you start to do that and you start to create some of that word of mouth referrals and you maybe get in with a firm. And Dave, you can speak to this from your extensive real estate background, but as a young guy getting started, how do you get to the point where you have that trust and credibility? You know, when I was starting, Paul, there weren't people doing like they do today. It was pretty much just Lone Ranger. Everybody was. Today, there are some of the top performing real estate agents, for instance, some of our ELPs. They have a team

of real estate agents. You may have a key person that's out front, and they may have a buyer's agent, a couple of listing agents, and a couple of people who just work for them that are licensed that show houses and do other things just to keep things moving. And this may be a person that sells 300 houses a year, and they may have a three- or four-person team. That stuff wasn't around when I was doing it at your age. And if I was going to tell somebody what to do, I would tell you to join a team like that.

Come in almost as an intern into a team of high performers and go in there and work for someone rather than out there on your own in the cold, so to speak. And you'll learn what the rhythm is of somebody who's a high producer of a team that's really high octane versus trying to gut it out and you know get enough dirt under your fingernails to figure it all out you can gut your way through it eventually grind your way through it but i think the shortest path the easiest path would be to you know if you can if you can play toss with peyton manning uh it's better than just going out in the backyard and throwing the ball up in the air and catching it yourself you know if you can if you can play toss with Peyton Manning it's better than

just going out in the backyard and throwing the ball up in the air and catching it yourself you know I mean that's kind of the way it feels so get in there and with a group that is running at a very high clip and that'll teach you to run at that speed it'll teach you to throw a ball with that speed catch a ball at that speed get the a ball with that speed, get the deal done. And the way their minds think, the way their spirits operate, because it's different when you're a high performer like that. Because the vast majority of real estate agents don't sell three houses a year. The vast majority. I forget the number, but it's like 70, 80% of them. Wow.

And so most people with a real estate license really don't make a living in the real estate business. So there's very few that do. And that's why we always tell people to deal only with a high-octane, high-protein, high-producer. But I think you've got the problem. It can be overcome, but you've got the legitimate barrier of getting someone to trust a 19- old's opinion about their three or four hundred thousand dollar purchase that's just tough that's a hard one can it be done yeah i did it i did it it wasn't three four hundred thousand back then you know that that be a lot less but the obviously a lot of inflation in the last 40 years but anyway bottom line is

that's what i would do good question thank you for joining us stephanie is in salem oregon stephanie what are you thankful for hi dave hi george i'm super grateful for my family we're gonna be having our first thanksgiving uh dinner tomorrow is like a big family um in the last couple years due to covid so i'm super grateful for yeah that's a lot of people getting back to the turkey after COVID. That's good. Yeah. I like that. Very good. How can we help today? So I have a burning question for you. So my husband and I are in baby steps four through six, got free, got our emergency fund. Now it's time to get on the 15%. And I'm a little bit

confused. I literally have been binge listening to you for the last 20 months. I'm still teleworking from home. Um, and I have not heard this question answered. Um, so we need to do the 15%. I work for the state. And so they automatically take 6% out, um, and like invested into a plan, but I still need to take my additional, um, 9%. Yeah. 9%. And then my husband, um, we also need to do like his 15%. So my question is, um, uh, with the state, you get offered a 457 and you can do that into a Roth. And the maximum is $19,500 a year that I can put into that. For my husband, he does not have a 401k through his work. So we've been doing a Roth for him. But do I take the additional, once he maxes out his Roth, do I take his additional amount and put it into my 457 plan, or does he open up his own individual, like, retirement,

like, brokerage account for his remaining amount? That's where I'm a little bit... Okay, there's not a his and hers. It's 15% of your household income. And that number, we've got to run through the paradigm of what to put it in. If you've got a 401k at the state, that'll be better than a 457. If not, the 457's okay.

That's just deferred comp, as all 457 is. So, the rule of thumb, George, is match beats... Match is going to beat the Roth, and Roth is going to beat traditional. So do as much as you can where there's a match. Then do as much as you can where there's a Roth, whether it's at the state or whether it's an individual Roth. And if you run out there and you still haven't used up to 15% of your household income, then do traditional. But it doesn't matter who's it's sitting in.

Run it down through that paradigm for the whole household. It's the eve of Thanksgiving. Thanksgiving Eve. George Campbell, Ramsey personality, is my co-host today. Quite a little crowd has showed up here on their way to Grandmother's house. Dropped by to have a cup of coffee and some free cookies at the Old Ramsey Solutions Lobby. Also on the debt-free stage here, ready to do a debt-free scream, Dominique is with us. Hi, Dominique. How are you? Hi, guys. How are y'all?

Better than we deserve. What are you thankful for today? I am thankful for the program that you have given America and the whole world. I really am. I appreciate y'all so much. That's exactly how we told you to say it. Well done. That's great. Thank you, darling. We appreciate that. How much have you paid off? $30,462.64. I love it. And how long did it take? Nine months, four weeks, and one day.

Cool. And like 10 months okay pretty much and what was your range of income during that 10 months um i went from about 60 000 to 67 000 cool what do you do for a living i am a uh 60 blackhawk helicopter technical inspector whoa okay wow and uh what kind of debt was this 30 000 bucks uh some of it was a tsp loan um car loan trailer a car trailer that my ex-husband bought and uh lawyer fees okay a car trailer because you got to have one of those to carry your car when race cars are like yeah yeah i hear you okay so you're military obviously thank you for your service thank you and so blackhawk you're at clarksville no i work in san antonio oh okay for the texas army national guard okay all right excellent very cool well we've got a bunch of blackhawks

up the road up here so that's what i was thinking right above us here there's a 101st and so on up at clarksville so i know those guys well. Yeah, I bet you do. Cool. Very cool. So the debt, the $30,000 in debt was what now? It was a car loan, $16,000. Oh, and the car trailer. The car trailer, of course. The TSP loan that I used to buy a single-wide trailer and lawyer's fees.

So the single-wide's paid off? I paid it off. So you are 100% debt free? Totally debt free. Your house and everything? Absolutely. Okay, good for you. Very cool.

Well done. Okay, so what happened 10 months ago or so that put you on this Ramsey stuff? So it was the middle of summer during COVID. Of course. And I have two little girls by myself. And they were stir crazy. And I was trying to find a place to take them to go swimming, to get them out of the house, to get moving. We were going hiking. And then one Saturday morning,

somebody knocks on my front door with court papers. I was served in a lawsuit for $32,000 for a truck that was awarded to my ex-husband that I thought he had taken care of. And I fell apart. I had heard about you back in 2014 when I first came off active duty, and I was going to follow the plan. And then my ex-husband kind of derailed it. He didn't want to do exactly what Dave said. He didn't want to follow good choices. And so I let myself get off the good

path. And we bought a house the totally stupid way, zero down VA loan underwater, like you wouldn't believe. It got flooded by Hurricane Harvey. I didn't have flood insurance. I went through every bad thing that you can imagine. And finally I decided this is enough. They want more money than I paid for my car and my house put together and I didn't have it. So I found a lawyer that was willing to help me fight back and I decided I was going to dig out because I want better for my girls than I ever imagined I could have for myself. So how much did you end up paying on the car repo from him when he took the truck according to the divorce decree? Nothing.

Oh, you got out of it? The lawyer's fees were all I paid on that. Wow. Wow. Good job, lawyers. Yeah. I'm so thankful for him. Yeah, they did a good job because you don't usually win those.

No, definitely not. So you because you don't usually win those. No, definitely not. So you must have had an angle on that. Good job. Very cool. Good, good, good, good. Wow, so you've been through a lot this last week. You're just a resilient person. I don't want to get in your way.

Don't pray for strength, okay? Because God will send everything to make you stronger. Well, it's one thing to not have a spouse on board, but to have an ex-spouse who's not on board, that makes things a whole lot more tricky. Yeah. And you navigated this stuff while clawing your way out of debt and with an amazing why, those two girls sitting over there. Was that what drove you on this journey?

Absolutely, because I know that everything I do is an example for them, and they're going to want to walk the same footsteps I walk, and I want to get as far as I can so they can go further. They see their mom as a fighter. So you cleaned up all the remaining mess from the divorce. The portion that was yours ran off the car company that did the repo on the X that had your name on it too. But we're able to get rid of that with a legal maneuver and then you plow your way through 30,,000 in 10 months. Absolutely.

And that means you were on beans and rice. Or did you sell something? No. I mean, every stimulus penny I got went towards it. I had money in savings because I was going to redo the front porch of my trailer because it was falling apart. And thank God, my parents came up one weekend, and my dad went to the lumber store, and he bought the lumber,

installed it all for me, and he was like, use that money and help dig yourself out. Yeah, cool. How much was that? I don't know. On the money and savings, I mean. Oh, that was $4,000 or $5,000. Okay, all right. And then the rest of the other $25,000 or so you just plowed through.

Absolutely. Way to go, kiddo. Extra, I did. I already worked two jobs as it is because i'm a dual status technician i'm a civilian for the dod during the week and i'm a guards member on the weekends okay and so i couldn't take on a third job but i just i i did everything extra i could yeah every time they let you turn every time they let you in there you went absolutely so phenomenal well done what do you tell people the key to getting out of debt is?

Intentionality. Know your goal and don't take your eyes off of it. Just keep moving. Yeah, that's definitely you. And I mean, I could have gotten out of it a lot quicker, but I had to be intentional with my girls too. So every month I plan one Monday a month where I pick one of them up early, and we have one-on-one time, and I focus on just them for their mental health.

And so, yeah, we spent a little bit of extra money that we probably could have used towards debt. Not much. Yeah. There's not much room in these numbers. You were on beans and rice. I mean, that personal time's like walking through a park or something i mean you weren't you weren't spending serious money i dare it well yeah yeah there you go well done very very well done did you have any cheerleaders along the way it sounds

like your dad for sure both my parents um my bonus mom my ex-mother-in-law um my commander at work he's actually a ramsey coordinator which I didn't know until I was kind of in the middle of digging. Um, just everybody, my friends, my people at church. It was great. Yeah. Wow. Well, that helps a lot. All of a sudden people start coming around you and you, as soon as you start moving in the right direction and it accelerates the process because it gives you energy. Oh yes. And because you get tired while you're plowing through this for 10 freaking months. Yeah. Or nine months, four weeks, and 32 minutes.

Yeah. I mean, wow. Pretty incredible. Pretty incredible. Well done. Well, we're going to do something today. You're the very first person we've done this with. We're going to give you a copy of the brand new book that comes out in January.

We're going to give you an early release copy of Baby Steps Millionaires. Thank you. Because we think that's what you're going to give you a copy of the brand-new book that comes out in January. We're going to give you an early-release copy of Baby Steps Millionaires. Thank you. Because we think that's what you're going to be next. That's the next chapter in your story. We'll also give you a copy of the Total Money Makeover, and that will be for you to pay it forward and run into somebody else who's had it. They reach the end. When you finally say, I've had it, when they knock on the door and they serve that lawsuit,

you go, that's it. I'm done. I'm not living like this anymore. And you brought the two kiddos with you. And, oh, great T-shirts. What are their names and ages? Let's get them up there. Tegan is 10 and Alana is 9.

All right. Tegan and Alana. Why one and why two? Absolutely. Thing one and thing two. I love it. They are my why. Yes.

That's very good. I love that. That might be a first. I don't think I've seen that one before. I haven't seen that T-shirt. I don't think so. But it's that's very good i love that that might be a first i don't think i've seen that one before i don't hadn't seen that t-shirt i don't think so but it's very very good and uh beautiful young ladies so very very cool lots of good reasons to fight scratch claw and win right there all right dominique tegan and alana san antonio texas thirty,000 paid off in 10 months making $60,000 to $67,000. Count it down. Let's hear a debt-free

scream. 3, 2, 1. We're debt-free! Woo! I love it! Woo! Are those tears of joy? I hope so.

Single mom. She pulled it off. Incredible. That's how you do it right there. No excuses. This is The Ramsey personality is my co-host today. Guys, Christmas countdown is on. They didn't move it.

Christmas this year is in December. And a Christmas frame of mind goes with Thanksgiving Eve. And we like celebrating around here, as we've already established. We celebrate Christmas with our Ramsey Show listeners by giving away money, the Ramsey Christmas Cash Giveaway. It's become a tradition. Every week we are giving away $500 up through Christmas. We've already given away some.

And the grand prize of $5,000. And you can enter to win every day. Increase your chances of winning. No purchase necessary. Go to RamseySolutions.com slash giveaway. Plus, if you're looking for life-changing gifts for your family and friends, our famous week-long Black Friday sale, well, we're right in the middle of it. This week only, you can get up to 73% off bestsellers that will make perfect gifts for him, her, kids of all ages.

Yeah, we got everything, including $10 sale on a bunch of the books, including the total money makeover. It's all there. Forget the one-time use presents. Get a lifetime of hope for someone. Shop our Black Friday sale, online store, RamseySolutions.com. Kevin's in Boise. Hi, Kevin. Welcome to the Ramsey Show.

Hey, hello, sir. How are you? Better than I deserve. What's up in your world hey and question i was trying to find out when you instead of seeing a smart investor pro at what point do you buy a property for rental income versus investing it versus you know to a uh investor pro okay well we won't i wouldn't suggest you start buying rental property unless you pay cash for it after your home is paid off and so if you're using ramsey lingo that would be in baby step seven then yeah kevin where are you at financially? Do you have a paid-for house currently? Yes. Okay.

Yeah, we have zero debt. We have nothing. Way to go. It's amazing. Yeah, I would begin right now to pile up some money as fast as I could to pay cash for my first rental if I was you. And I think, meanwhile, you could probably save 15% of your income still towards mutual funds. That's the way I did it i i you know i got my

house paid off and then i just kept doing 15 of my income into retirement in mutual funds that's not that much really and then i every other dollar i could scrape together for investing i just piled it up until i paid cash for my first little rental and that as soon as you do that that you all that rental income will help you buy the next one too So it snowballs in a good direction after you get it going. Well, I guess that's where I'm at now is we do have the cash available to buy a rental income. Great. Do it. And have it paid for.

Do it. So when you get that money, you do that. So then you get that money. Where do you put the money from the rent? Do you just put it in some account to go towards another rental? Yeah, that's what i've done uh and i use some of my other money to go towards the next rental because i love real estate and it sounds like you do too but you don't have to do that it's not like mandatory part of the ramsey plan or something some people don't like real estate in dealing with renters and all they just do mutual funds that That's okay. But what I have done was I would take extra cash,

and I just opened up a simple S&P 500 no commission low turnover mutual fund, just an index fund, okay? And I just dumped money in that index fund until there's enough in there to buy another piece of real estate. And then I dumped money in there until there's enough money to buy another piece of real estate. The interesting thing was it got to the point that it turned out to be a lot of money because as you get a few properties, that account builds really fast.

You know what I'm saying? Mm-hmm. And just keep going. It seems like a safer bet with the real estate versus putting it in the funds. It is safer in some ways in that you control more of the variables and real estate is less volatile. It doesn't jump up and down as much in price as the stock market does. It's also a whole heck of a lot more hassle. You know, stuff breaks on real estate.

They never call me from my mutual fund company and want an air conditioner yeah and the me and the mutual fund company never calls and says you know i lost my job i'm not paying my rent we don't ever get that from them so uh it makes a little less and it's a little more volatile but it's also a whole lot less hassle i just kind of open up my email and see how much money I made. It's not much to it on the mutual funds. But I like the real estate, but I grew up in that business. I love real estate, and I've got a bunch of it. But you're doing it exactly in the right order. That's incredible. Paid for house, has the cash to buy a rental property. I'd go ahead and

pull the trigger on this one. Yeah, and usually when we get that call, it's somebody who's still fighting through their credit card debt or their student loan. They see dollar signs flashing before their eyes. They've been watching some weekend get-rich-quick thing on real estate crap, and they're about to get themselves into a mess. Yeah, I see that a lot on TikTok. That's the hot thing is flip houses and real estate investing,

and these are the same people who have $100,000 in student loan debt who are about to walk into a nightmare. I mean, TikTok, pretty good for dance moves maybe, but not great for financial advice. I'm just thinking financial advice and TikTok. This is like, you know. There's a lot of bad financial advice on TikTok. I will say that. Yeah, that's like the youngsters' version of stupid. You know, the other one that gets me is on the other end, the old people version is,

if your financial products are advertised between Snuggies and walk-in bathtubs, they're probably not good. You know, if washed-up Hollywood figures are— Yeah, if Tom Selleck is selling you whole life insurance, run away. Yeah, that would be, yeah, it would be run away. That would be long-term care. What is it? Yeah. No, they're selling reverse mortgages. Oh, that's a hot one.

Yeah, that's the one. You need to do a fine print on reverse mortgages. That would be a fun one. That would be good. We can play some of those TV ads. You could put the timeshare in there. You could do timeshare on one. You could do – because if you guys want the next season for fine print, you guys need to email and let george know what he's supposed to talk about yes we've had lots of great ideas come

through it's the email the fine print at ramsay solutions.com if you've got an idea for uh an episode around a company that is scamming people a product that's terrible for people and there is no shortage dave yeah apparently there's not the timeshare industry's one the reverse mortgages are another one that you could do um and i thought of one this morning when I was listening to the fine print on my walk, and it's actual scams. We had a guy calling, and his mom had gotten scammed. And not just, you know, semi-legal scams like we're talking about right here. Like, timeshares are legalized fraud, right? Yeah, like getting your personal information i'm talking about like you know the spanish setup

or the nigerian prince or there's you know there's some basic setups with these scams and if you learn kind of how they work and expose them and uh maybe interview somebody with the fbi or something on on these scams that would be good i mean we've had some we've had some really interesting calls over the years i have fallen for one i fell? Yes. I was really embarrassed to say it. I shipped some shoes to Nigeria off of Craigslist. I was selling some shoes on Craigslist. The guy said, hey, send them to my cousin. I'll pay you extra for the shipping.

And I got the email, and I said, wow, he's really willing to pay the extra 50 bucks to ship them. And so I just went ahead and shipped them. And it turns out the email was not from PayPal. No. Once I shipped it, I never checked my actual bank account to see if the money was really there. I just saw an email from PayPal, and I went, all right, he's good to go, and I shipped him. So that was my stupid text. There was an eBay scam that went around that was similar to that for a while.

Yeah. That they would actually cut and paste and put the PayPal on it and get you to go ahead and pay the wrong account. And somehow they were hacking into the system. It was real embarrassing. You can replicate emails and websites to look just like the actual companies. IRS is one. IRS does that a lot. We need your information.

They're phishing scams. We need your information in order to get phishing with a P, by the way. Oh, yeah. But you need to do an episode on that. I know. That's good. I've had a lot of stupid attacks with scams. That's very cool. And senior citizens are the most susceptible nigeria needed tennis shoes and you weren't

suspicious at all i just thought wow what a nice guy he wants to send these to his cousin in nigeria and i was you know i was probably who happens to be a prince yes there was no prince involved there was no red flag no royalty here no red flags except i'm shipping tennis shoes to nigeria other than that and that guy's looking on craigslist for these who knew yeah this is where No royalty here. No red flags, except I'm shipping tennis shoes to Nigeria. That should have been. But other than that. And a guy's looking on Craigslist for these. Who knew? Yeah, this is where we pick them up.

That's generally where we buy our shoes for Nigeria. Well, I just did a segment for media today, helping senior citizens figure out cell phone plans. And there was one about they wanted to know how to avoid scams. Exactly. Exactly. Because that's who the primary target of the scams is, is senior citizens. Wire us money. Buy us gift cards.

Give us some personal information. So I always say, when in doubt, hang up. If it seems suspicious, it seems too good to be true. Yeah. Yeah. And that pretty much ends the whole thing when you do that. So very, very good answer. Good answer.

George Camel, Ramsey Personality, my co-host on this Thanksgiving Eve, where we are thankful for James Childs and Kelly. Very thankful for them. Austin and the booth, thankful he's training and that Kelly has let him live so far. This is the Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.