The Ramsey Show - App - When Is It Time To Quit My Day Job? (Hour 3)

Episode Date: July 9, 2024

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Rebecca is in Louisiana, Shreveport, to be exact. Hi, Rebecca. How are you? Better than I deserve, Dave and Ken. Thank you. How can we help? Listen, I first have to say it is such an honor to talk with both of you.

Since becoming an avid listener of your show just last year, our family has paid off about $50,000 since last September. Way to go, kiddo! I could cry saying that. But anyways, the reason for my call today is I am sort of at a crossroads in my career and wondering what you guys think my next right move should be. It's okay if I kind of give you an overview. Tell us about it. Yeah, what's the crossroads?

Perfect. So a little bit of background. I'm recently 30. I'm married and we have four kids ranging in age from about 13 to 4. I was a teen mom. I graduated high school with one baby, went straight on to college and graduated on time with two babies. And in those hard life experiences, my purpose work, as Ken would probably put it, was born. And I began a career in faith-based nonprofit work about nine years ago. I made peanuts at first, but currently work in a leadership role at a nonprofit making $85,000 a year. Alongside this, I've also always maintained for the last eight, nine years, a self-employment side hustle type work, although it's really a ministry, it's a passion. I enjoy it. And that is in keynote

speaking and fundraising for nonprofits, particularly ministries. And in 2023, my side hustle brought in about $100,000 in net income. And this year for 2024, I am on track. I just picked up another contract yesterday to net $140,000 in my side income. Great job. It is. But, you know, you can see my self-employment income now supersedes my regular income. And the way we've kind of always worked it is my normal W-2 paycheck, along with my husband's, goes towards paying our bills. And then my speaking income, because it's grown so much, has just gone straight to the debt. And we've been able to slash it in the last year with a lot of force and with quick pace. But now both jobs have grown.

They've grown in responsibility and time. Both require nationwide travel. And I'm away from my kids and my husband, and I just feel like my mind, my body, my family is suffering. And this is kind of the crux of my question. Is it time that I quit my regular job and pursue just my self-employed network? Yes. It is. Yes, 100%. I feel... I know what you feel, guilt. Guilt. I feel it's kind of guilt. I know. I've talked to you so many times, but you have a

different name and a different life. Yeah. I really understand this. Here's the deal, though, okay? Your love of the organization and the mission, and I would guess, just hearing what we've heard about you, that you carry a lot of responsibility, that organization, and you are worried that if you leave them, it might come crumbling down. If not that bad, it might really put them in a bad spot. Is that about right? Yes. Okay. That's exactly right.

All right. And I understand that's because you're a really good person. But number one, the organization existed before you, and I got a good feeling it'll exist after you. Would you agree with that statement? Absolutely. Okay. I am in no way accusing you of some messianic complex, superwoman complex, because I think you're a humble, hardworking person. However, if you're not careful, you will put too much stock in your value for them and that turns into a self-fulfilling prophecy that if I leave them I'm a bad person as opposed to the mindset ought to be I have served them very well and have done

so much for them is that a true statement that is a true statement yes how's your how's your bench depth over there behind you yeah how's your bench i'm sorry do you know what he means depth behind no i don't i don't understand what it's a sports analogy do you have any do you have anybody behind you in leadership that's going to step into these shoes so that's the problem i don't so i'm not at the very top there is a president over me but i am at the executive level and there is not somebody um currently i mean they're going to mean, they're going to have to bring in someone from the outside. And therein lies the guilt.

Now, the question is, can you have any say? How many people on the team at this organization? Oh, probably about 45 total. Okay. All right. Yeah, your leadership team needs to work on always having you be working on your replacement. All of our leaders here are always working on their replacements all the time because our leaders usually are going to have to

step up into something new as we grow and somebody's going to step up into the shoes that they were in and so we were always working to on our replacement including me uh how you doing ken yeah thank you very much i think i feel okay my throat's a little scratchy all of a sudden uh quick question here practically speaking rebecca um yeah if if the replacement that dave is bringing up was ready to go today how quickly would you move on today okay because we have a little bit of money set aside and I've got enough. I mean, my self-employment work is, I know that now that was that pipeline's

plentiful. Yeah. I backed you into a corner there on purpose because I wanted you to get emotionally to the place where you're going to have to now get to mentally. So mentally you're going to have to say, what can I do in the days ahead to help prepare a person who's on staff or help my leadership team go find somebody that can step in. You do not owe them any more than that. Now, you owe that to them to leave well. And to me, that's the definition of leaving well, to say to them, hey, I'm moving on soon. Because you have nothing to worry about. They're not going to fire you when

you tell them. But you owe it to them, if you haven't already, to tell them, hey, I'm moving on soon. Because you have nothing to worry about. They're not going to fire you when you tell them. But you owe it to them, if you haven't already, to tell them, hey, listen, my time here is coming to an end. But I want to leave well. And I have determined. How can I help you fill these shoes? Yeah, I don't think we have somebody here. Do you all think we have somebody here? Or if you think they've got somebody,

then you need to identify that person to them and see if they agree. And then we begin to create a transition plan. that needs to happen tomorrow that conversation needs to happen tomorrow and it can be gradual if you start sooner rather than later yeah it doesn't have to be two weeks notice you can say that's right say okay my goal is september that should give us plenty of time to get someone in here and me to walk with them for a few weeks and get them okay get them acclimatized or whatever your goal is i don't care and and go guys if the leadership team wants me to give a two-week notice i can do that but i'm available to help this be gradual and smooth okay that that aligns with what i was thinking i was thinking september can i ask kind of a clarifying question just to

i want to make sure you guys have the details real quick we got we got about a minute make it quick so we still have some debt we are down to just our student loan debt and i think that is where my guilt is coming from because i think part of me thinks if i stick this out and grind although my body is suffering my kids are suffering we could be done in probably nine to twelve months or i could budget better can you can you grind Can you make it for 12 months? Are you going to be okay? No, but if you told me to, I probably would. Well, I mean, you probably can. You're probably not going to die from it. But I don't care. I mean, you're just making a value decision.

In order to get some of my sanity back, I'm going to be in debt a little bit longer. That's what you're saying. That's okay. You can decide that. I'm not going to be in debt a little bit longer. That's what you're saying. That's okay. You can decide that. I'm not going to shame you for that. But if you want to suck it up and plow on through, there's not any problem. That's not a negative thing. I could do a lot of stuff for nine months.

You know, I really can. But it's up to you. You know, you don't have to. You're doing great. You're amazing. This is The Ramsey Show. This show is sponsored Ramsey Show. obsessed society. We're obsessed about our own diets, our own workout routines, our own jobs, our own social media feeds, everything. It's easy to forget that no one can do life alone. And I don't care if you're an introvert, an extrovert, or whatever you want to call yourself, we all have to have a community and a support system to do life with. It's time to shift the focus from

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That's betterhelp, H-E-L-P.com slash Ramsey Radio. Ken Coleman, Ramsey personality is my co-host today. If you're selling a house in this weird real estate market, if you're buying a house in this weird real estate market, you really need a pro in your corner. You really need someone in your corner that has a clue. And I'm not talking about uncle henry who got his license three weeks ago i'm talking about somebody who sells 50 100 200 houses a year somebody who's high octane high protein get her done real estate agent that's what you're looking for we don't want

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I'm good. How are you? Thanks for taking my call. Sure. What are you? I'm good. How are you? Thanks for taking my call. Sure. What's up? So I have an annuity with a previous employer. I don't know anything about annuities. I've tried to do some research on them. I feel like I was left with more questions than answers. So when I did that, the gist of it is that I have a $45,000 annuity with them and $50,000 worth of debt. If I did pull the annuity, then it would wipe out six of my seven debts. And I know it wouldn't be the total amount. I would obviously owe some taxes on it, but it would wipe out six of my seven debts and speed up the journey. And

I just, I don't want to make an irrational or irresponsible decision with this, but I can't find any answers on annuities. And so I just wanted to call and get some advice and guidance on whether or not I should touch this or leave it alone. Well, there's two different, three different ways you'll get, you could get tagged or could get banged up doing this. Um, one is if it's in a retirement plan, is it, do you know if it's inside like a 401k or a 403b or anything like that to my knowledge no what where were you working what were you doing uh construction boston it's a union okay all right so you don't think it's in a retirement plan because if you take stuff out of a retirement plan early you know you get a 10

penalty plus taxes right they told me that i'm going to have the um 10 penalty and taxes regardless or then it is in a retirement plan there is no 10 penalty on annuities okay you can cash if i if i buy an annuity and cash it out early i don't have any taxes except on the gain inside the annuity. Okay. And I don't have, there is no penalty. Now, the third thing is the penalty, and that's an annuity thing, and it's called the surrender charges.

Okay. And so they're going to have dates that after certain dates, you get hit a certain amount. Do you know how old this thing is? It would be about 10 years old now. Okay. You might not have any surrender charges. The problem is there's three different variables here,

and without knowing the actual details of the contract, I can't help you. That's the problem you're running into on the internet too so here's what you need to do go to ramsey solutions.com and click on smart investor pro that's the mutual fund brokers that we endorse in your area you need to probably have one of those in your corner anyway for future investing you can send them the information you have over on this thing and they can tell you how bad the ding is okay if you're going to lose like 50 of your money and penalties or surrender charges or taxes no we don't want to cash it out we're not borrowing money at 50 interest to pay off debt agreed right but if you're going to lose% or 10% and you can free this money up

and get it away from this union that you don't have anything to do with anymore, sure, let's get it out of there. So it's a value judgment that way. How much of a ding on the money? Because, I mean, if you've got $50,000 in there and they take $25,000 of it, then this starts to not be fun. They told me it was going to be about 15 percent so i don't i don't know i'm not like i said i'm not getting necessarily the most clear answers

from them either yeah that's what's bothering me i'm not sure that who you're talking to and even knows what they're talking about so i you got i i'm thinking there's probably no surrender charges you probably most of those are gone by seven years in almost every annuity. It would be a very unusual annuity, but unions do some weird stuff sometimes. But probably not going to surrender charge. If it's in a retirement plan, you're going to get taxes and a 10% penalty, and I'm going to tell you not to cash it out. If it only has a tax penalty if you're

only paying taxes on the growth that would be probably 15 then i probably would cash it out okay so if you if you get to the bottom of this and it really is only 15 and you feel like that's solid information from maybe someone like a smart investor pro helping you look at it then yeah i'd probably use it i'd probably, I'd probably use it. I'd probably take that money and use it. Because it's not in a retirement account. You've just got a little bit of taxes on it. It'd be like if you owned a mutual fund and you had a little bit of taxes,

but it wasn't in a retirement account. I would tell you to cash that out and pay debt. And this is the same category, only this is just infinitely complicated. So, because there's these stinking annuities are there's so many different uh they're not it's not a generic product there's so many versions that you could stumble into or could be designed specifically for this union or whatever i mean there's no they're not breaking any laws or doing anything wrong to have a unique contract there. So that's the problem.

Philadelphia is next. Ed's on the line. Hi, Ed. What's up? Hi, Dave. How are you? Better than I deserve. How can I help?

Great. Hey, so to keep it brief, a few years ago, I bought a duplex. I did the old, you know, live in one half, rent out the other half thing. Hasn't gone as well as i would like it to go but what happened place where it's stable oh um there's tenant problems in a year of per say it again tenant problem um yeah the tenant actually died in a car accident and destroyed the unit um within a year of purchasing the property so that that's kind of what went wrong i'm sorry not

in that order they destroyed it and then died in a car accident correct okay that's yes that order all right i'm trying to make sure i know how this hidden drive the car into the unit okay no no no god almighty oh man and you're living next, and you didn't know he was trashing your unit? I mean, I kind of knew. But, I mean, what are you going to do at that point, you know? Stop him. The first day I hear a hole in the wall, the first day you're gone, buddy. That's what you do. Yeah, well, he was paying.

I don't care if he's paying. He's tearing it up. Yeah, I mean. I don't care if you're paying. You've got a cat. You've got to move. We don't have cats. Wow. It's a $ Yeah, I mean. I don't care if you're paying. You got a cat. You got to move. We don't have cats. Wow.

It's a $10,000 cat. Tearing my dad's house up. 21. Right. It was kind of a, yeah, looking back, bad idea. Yeah. Okay. All right.

So now here we are. Have you fixed the unit back up now? Oh, yes. And now you got a new tenant in it. Yeah. That's living and not tearing it up. Okay. Good.

Correct. It's in it. Yeah. That's living and not tearing it up. Okay, good. Correct. It's an improvement. Okay. Yeah, the question here is, in the meantime, I got married, had a baby. The place isn't that big. My wife wants to move. I'd like to stay here a few more years to continue saving money since the property is finally stable. I just wanted to see what your guys' take was on the timing discrepancy

we have here sell it leave yeah i have a wife and a baby she don't live there you're like you you think tenants will make you miserable a wife with a baby it can make you more miserable all right so if she don't want to live there that ain ain't good, man. No, you got to go. You're a young dad, aren't you? He's still not quite convinced. Take it from the two old married guys. Happy wife, happy life, my friend. Yeah, this is no longer about investments.

This is about peace of mind. Yeah. It worked cool when you were a bachelor, but now you got family, dude. You're out of the duplex business. Seriously. So you don't think maybe hanging on to it? No, I don't. No, I wouldn't hang on to it 20 seconds. I mean, there's nothing in this conversation about this duplex that's been fun so far.

No. You know, tenant tore it up and then died in a car accident. And now your wife wants to move. I think this is a sign from God. A lot of signs. This is The Ramsey Show. Hey, you guys. Health insurance costs are only moving one way, and that way isn't down.

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And the book is all about showing you how to properly read and go through the assessment. It tells you how it works, right, Ken? That's correct. It absolutely walks you through your actual results. So in other words, you get the assessment results, and then this book coaches you through it. It prints out a great report. It's a great report. You're going to get detailed on what you're really good at, what you really enjoy doing. We're talking about work. And then what results motivate you?

That's your detailed report. And then this book is kind of like a coaching session to help you ideate where you can go in the world of work or confirm, hey, you know what? I am doing the right thing. Maybe I'm in the wrong environment. And so it's a wonderful clarity guide is really what it gives you. Self-awareness so that you have a lot of confidence going forward. Love it. So find the work you're wired to do. It includes the Get Clear Career Assessment when you buy the book. It is a national bestseller, and you can get it at ramseysolutions.com slash store. All our stuff's in the store, boys and girls. Alex is with us. Alex is in Indianapolis. Hi, Alex. How are you? Better than I deserve, Dave. How about yourself? Just the same, sir. How can I help? So I'm currently an undergraduate student graduating actually in finance next semester in December.

Good for you. My hope is to go to law school after this, but I'm currently very, very fortunate to be debt-free coming out of undergrad. And I don't want to go into debt at all. I've been reading some of your stuff kind of recently and kind of sold me on it a little bit. So I was wondering what would be some ways that you might recommend not going into debt when you know you have like a massive law school debt coming up or cost coming up. I'm going to jump in here because I've coached a lot of people on this. I interviewed a legal expert out of Houston, Texas years ago who did this himself.

And he figured out how to go to law school for free. And you can search this. There's tons of resources on this. But here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full-ride scholarship. So you can take, you know this, the LSAT as many times as you want. There's a cash-ride scholarship. So you can take, you know this, the LSAT as many times as you want. There's a cash value on that.

And so study, study, study, and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride because these law schools have quotas that they're trying to get, and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for,

strong recommendations, people like U.S. senators, congressmen, governors, really well-known business people. That's your total application process. And then the last piece is to go for the non-name-known business people. That's your total application process. And then the last piece is to go for the non-name brand law schools. Your name brand law schools, I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rides to people because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students. But there are a lot of

smaller schools all around the country. No one's clamoring to come to their place. In other words, supply demand is the principle here. And where there's low demand, they are looking for supply, and they are wanting to get people graduating from their law school. So all that said, if you're willing to go to a non-name-brand law school, outside of those other three things I gave you, there is a very good chance that you can get a full ride, if not most of it, covered. What kind of law are you wanting to practice when you're out? Specifically intellectual property, kind of with a startup law like that kind

of in between those two yeah good contract law and ip law yeah good by the way i want to add to that no one cares your future clients will not come your future client because i've got i've got people that do that i've got trademark guys on retainer we've got ip people on retainer i've got a lead counsel that works here full-time i've got two guys that work for him two two lawyers that work for him full-time we got three on staff um i've got a state planning attorney i've got a tax attorney i've got um and i don't know where one of them graduated i don't have any idea okay all i care is can they do the work that's right and do they have the expertise?

Now, if they're a doofus, I'll start to worry about them, okay? But I mean, and there are lawyers that are doofuses. There's plenty of them. But actually, I do know where my lead counsel graduated. I just lied. I do know where he graduated from. But that's just an anomaly because in the interview process, I was making fun of him. But that was giving him a hard time about his team.

Right. But it had nothing to do with the law school. But anyway. But you're hiring these attorneys based on the credibility of their firms. Yeah. Like, I talked to one of my friends who had some trademark issues, and I'm like, who are you using? 17 people have called me since then and said who do you use and i've referred them and i never said and he's a graduate of yeah because

i don't even know nor does dave know their gpa in laws i have no idea nobody cares i don't know how many how much debt they've got from law school i don't know any i didn't do an interview like that i just said do you know how to do this and prove to me you know how to do this if you're oh i've got litigators on retainer to come to think of it uh two of them three of them right now yeah uh and so and i do not know where any of them went to law school so that's your customer so ken's right where you go to law school doesn't matter to anybody but you. That's it. Your mama might want to brag about it to her quilting friends. That's a fact. But other than that, nobody gives a rip.

I'm just saying. So my son went to Harvard. Now, that and $5 will get you a cup of coffee. I mean, it's just honestly, it does not mean squat. If you're going to run for president, it might turn up. Yeah. If you were, you know, if you were the editor of the Harvard Review while you were in law school, it might show up if you're running for president. But other than that, it's not going to come up. Yeah. And I want to address a objection to our audience because some people, I could hear it.

I've heard this a million times. Well, you go to some no-name law school. They don't have connections with big firms that's why that's a bunch of garbage and here's the other deal yeah it's as absolute garbage that's just but here's the other thing if you go to the ivy league or your name brand school understand that you are in competition with a bunch of people all working the same connections so it is not this advantage that you've been told that it is advantage yeah because you're in this pool with the wrong you're swimming in the wrong that's

exactly the issue you need to get in a different fishbowl in that bunch anyway because here's the thing i mean if you want to work for a law firm in new york city and you want to work 90 hours a week for five years to hopefully get to make partner right um you know yeah you might want to go to a name brand if that's your goal but i wouldn't i wouldn't sign anybody up for that hell personally uh you make a lot more money doing something else with a law degree and have a lot better quality of life so uh anyway that that's our thing we're sticking to that's true of all your degrees out there people where you go to school um you know i had a friend that was just come through a cancer treatment she has no idea where her oncologist went to college it's a great point doesn't have any idea

didn't didn't look it up just said can you help me with my cancer that's all she cared about right that's right that's the deal i mean daniel's uh wife's getting ready to have our eighth grandchild. I have no idea where the obstetrician went to college. None. And he's bringing a Ramsey into the world. By God, he better know what he's doing. You're telling me you aren't the father of the ride Steve Martin grandfather running around the hospital nervous?

I'm definitely that guy. I'm definitely that guy. But, yeah, no, I'm serious. I mean mean this thing of where you go to school is the biggest lie that has been told to people second only to if you go to college automatically you're going to be successful that's right i got a degree in left-handed puppetry well your degree's degree's freaking useless. What were you thinking? Well, I learned how to think, Dave. Mine's in German polka history. You're a barista is what you are.

This is The Ramsey Show. Our scripture of the day, Habakkuk 2.3, patience is not the same as indifference patience conveys the idea of someone who is tremendously strong and able to withstand all assaults whoa albert einstein said it's not that i'm so smart it's just that i stay with problems longer there we go sh Sharon is with us. Sharon is in Detroit, Michigan.

Hi, Sharon. How are you? Hi, I'm great. How are you? Better than I deserve. What's up? Okay. I, well, first of all, I'm Canadian.

I'm near Detroit, but in Canada. Okay. And I'm going to need to buy a car. Currently, my car is 10 years old. I think it's going to last another five to 10 years. I'm 66. So hopefully I'll retire sometime in those five to 10 years. My financial planner says, oh, get a loan. And and i'm like not comfortable with that yeah new financial i don't want to make yeah i don't yes i'm not happy there i don't like making a car payment i haven't had one obviously for a lot of years because i have an older car so i'm just wondering. What size is your nest egg? Pardon?

How much money do you have? I thought I had more than I have, but about $150,000. $2,400 of that I have for designated spending, but the rest of it is investments. You said how much is designated spending? What are you talking about? About $2,400. So we'll say I've got $150,000 invested.

I see. Yeah. Okay. And you are still working, or did you say you retired? I'm still working. I work full-time. I have a primary job, which my income gross is about $50,000 a year. And I also have a part-time job.

And this year, I'll be working a little more, so it'll be somewhere between $9,000 and $10,000 gross. Okay. And so we got $60,000 a year and you have, so what were you thinking of spending on a car? Um, well right now I have a 2014 Toyota Camry and, um, I kind of figured it out in miles. I got about 88,000 miles on it. And I would like to stay with a Toyota, probably a Prius, because we're all supposed to be going electric. I can't have a plug-in, so I'm looking at a hybrid. So they run around between $40,000 and $50,000 here in Canada. Okay.

So what I want to do, like, I don't want a car payment, but I'm okay with designated spending, so that to me is just putting the money away now to spend later. I'm just trying to figure out the best way to do that, whether to put it in. So in Canada, like the States, we have a CSA. Yeah, I'd probably pick up a twenty thousand dollar sell your car for what you can get and a total of about twenty thousand twenty five thousand dollar camry

i'd give up on the prius and just go to another camry and move up in car and write a check and not not not think about it again like right now yeah you got the. Is that money in a retirement account? Yes, it's my retirement. Is it an RSI, or is it just designated by you as retirement? No, so I have someone in the TFSA, which if I pull it out, that's after-tax dollars. Yeah, you don't want to leave that one alone, right? The other one, the RRSP, if I pull money out, there are tax implications.

So all of it's in some kind of a retirement account? That's correct. Oh, okay. Just one is there's no tax implications if I use it. The other one there is. So your plan is just save up the money then? Correct. Okay. So you want to save up the money then? Correct. Okay.

So you want to save up like $20,000. What's your car going to bring? Right now, about $14,000. Yeah, okay. So you save up $20,000 and your car brings $10,000 by then, and you buy a $30,000 Camry. I'm in. Okay.

So my question, though, is, like, to save that, like, I can save that, but how should I invest it so that it's making money while I'm saving it? Oh, you don't have to worry about it. You're not going to be saving it that long. It's not going to take you that long. How long is it going to take? A year? Two years?

To save that? Yeah. Well, I'll still be putting money into my um my retirement yeah so how long is it going to take you to save 20 000 bucks well making 60 into my investment two years okay yeah the interest didn't go back to anything this i mean put it in a high you put in a high yield savings account don't worry about it it's not there's not a big investment that's going to suddenly make you ten thousand dollars on on 20 not that's safe not that i would put you in or that i would be in if it was me doing this i would just throw it in a high yield savings account and call it a day okay and just keep and i really would get a different financial

advisor any financial advisor that tells a 66 year old woman to go get a different financial advisor. Any financial advisor that tells a 66-year-old woman to go get a car loan should be disbarred from ever giving advice again. I'm not happy with this company, and I don't know what to do. Well, get somebody that's got the heart of a teacher. Jump on. I mean, we don't have the SmartVestor Pros in Canada, per se. We do have them in Detroit. They probably know Canada, per se. We do have them in Detroit. They probably know Canada, though, if you're close enough to Detroit.

So you can check that way. But you're looking for someone that has the heart of a teacher and has some dadgum common sense. But anybody that tells a 66-year-old woman getting ready to head towards retirement to go get a car loan, that's just, you're done. That's just dumber than a rock. No. So you deserve to be fired yeah you're fired he's mailing it in oh for i mean that's not even that's not mailing it's just

malpractice jan's in atlanta hi jan how are you i'm good how are you better Better than I deserve. What's up? Okay. So currently we are debt free, my husband and I. We are renovating an investment property that's paid for. But our goal is to be able to rent this out when we're done. Airbnb kind of style or something of that nature. And then we would like to build a home back in our community that's about an hour and 15 minutes away from here our church and friends and all that stuff um but we know that it took us a long time to get out of debt we can get back into that very quickly um and so we're looking for the best way to get back to where we want to be um and if you know that if that is hey you can buy some land build a

build a house and then pay that off like we just paid off a house, then we can do that. But I wanted to get some advice on the best way to do that so we can stay debt-free. Okay. So the current home that you live in, you would sell and move closer to the community you want to be in? Well, we are living in our camper renovating this investment property that we own. Oh, and what's going to happen to the investment property? You want to try to keep it? We would.

Why don't you just sell it and use that money to buy you a house? Well, we can, and we're not opposed to that. We were looking at long-term. I am, too. Having a paid-for house is a great long-term and i am too as we get older having a paid for house is a great long-term move okay and then with a paid for house take your income and start stacking cash and get you another investment property if you want to buy some real estate but i would not own an investment piece of real estate and then take out a mortgage on a new home that's the same thing as borrowing

on a paid for home to go buy investments and i would never do that either that's the same thing as borrowing on a paid for home to go buy investments and i would never do that either it's the same thing though okay that makes sense yes sir yes sir yeah so i'd sell the investment property and build your house or buy you a house one of the two in the community that you want to go to and jan anybody that's willing to live in a camper to hit their goals is able to get just almost anything done that is true that is true that's serious sacrifice right there if i told sharon ramsey we were moving into a can i would like to be there so i could have an investment property that would the camper would have its tires slashed. It's true.

By a hillbilly woman. Mysteriously. It would happen. There would be no evidence. I promise you that. No bloodshed. That puts us out of the Ramsey Show and 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. We'll see you next time.