The Ramsey Show - App - When You Feel Defeated by Debt (Hour 2)

Episode Date: August 16, 2018

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Live from the headquarters of Ramsey Solutions, this is the Dave Ramsey Show, where your money and your life are the focus. Sitting in for Dave, I'm Chris Hogan, and I'm so excited to be here with you, America. Also joining me in studio is the one and only Mr. Anthony O'Neill. Chris Hogan, America. It's good to be on the show. Thank you for having me back on, man. I'm excited. We were out together just not long ago, so we're back to do it again. But America, we need to hear from you, so that means we need you to call. The phone number to call

is 888-825-5225. Again, that's 888-825-5225. Also, you can email us, or excuse me, via social media, at Ramsey show. And speaking of social media, Anthony, we are going to take a question right now. This is from Vanessa on on Instagram.

She says, do you think it's wise to take out a personal loan from my 401k to pay off credit card debt. I have a total of $5,500 in credit card debt, and it feels like I'll never be able to pay it off making these monthly payments. Anthony, with someone that's sitting in credit card debt like that, I'll attack the 401k thing. But the mindset behind being in debt, you have been there. I've been there.

How do you make the shift? The shift is mental, and the shift is going to be inside of you. You have to make that shift. One thing I read here on it here, Chris, it says it just feels like I'll never be able to pay it off. Well, here's the first thing. You have to stop saying what you feel like and say what you're going to do. You have to change what you say.

So you're going to say, you know what, I'm going to pay this off and you just attack it. And that is the number one thing that helped me, you know, Chris, get out of thirty five thousand dollars worth of debt at the age of 19. I said, you know what? I'm going after it. Did it take me a little while? Yes. Was it uncomfortable? Yes. But now I'm in I'm in a very comfortable place when it comes to my finances because of the season I spent being uncomfortable. Now, I'm not the retirement expert, but I know a little bit. I'm not touching my retirement. You better believe it. You know, looking at this, Vanessa, I know, like Anthony is saying, that you feel like you're not going to be able to get this paid off. But the last thing you want to do is steal from your future to be able to deal with your present.

I would much rather you get focused, get every dollar, go to everydollar.com to start to budget. I'd rather you take on an extra job to attack that credit card debt as opposed to pulling it. Because when you pull money out of 401K, Anthony, people don't understand. You're getting hit with penalties and fees, and you're going to also surrender up to 50% of that money. So it's the wrong way to go, Vanessa. Trust us. Get focused. Get intentional.

And listen, you can do this. We teach the debt snowball. Attack this debt smallest to biggest. You say credit card debt of $5,500. That sounds like a couple of cards. Start with the little one. Make minimum payments on the second one and throw everything at that first one. And you can do it. All right, America, we're going to the phones because that's what we do.

We've got Evan on the line from Atlanta. Evan, how can we help you? Hey, Chris, thanks for taking my call. Yes, sir. So I have about $10,000 in debt. A little over half of that is student loan debt. I'm currently in school, so I'm not able to cash flow that. And so I'm wondering if I need to take a semester off of school so that I can pick up another part-time job and knock out some of that debt. Oh, wow. Anthony, as you hear this, you're traveling around and even wrote the grad guide and helping people with college. What should Evan do? Yeah, yeah. Evan, are you currently

working right now? Yes, I'm working full-time. Okay, working full-time. What's your yearly income? It's about $30,000. About $30,000. And are you in your junior year or are you still in your freshman, sophomore year? I am considered a junior. Okay, you're considered a junior. Okay, cool. And you're in-state. Are you at an in-state school? No, I'm actually doing online schooling.

Online schooling. Okay, cool, great. So this is what I'm going to recommend. Do I have a problem with you taking off a semester? I don't have a problem with that, but this is what I do want you to do. If you want to go back to school, I don't want you to worry about paying off your student loans right now. I want you to figure out how you can cash flow the rest of it. That's the key thing because if you're going to go back to school, I don't want you to stop going to school, pay off student loans, and then go take out more student loans.

I want you to get through college completely, completely debt free. So going to get in $30,000 a year in state school online, you should be able to cash flow that, meaning you take one class a semester, maybe be two, but move slower. And then once you graduate, Hogan, then I want him to go back and do the baby steps. Babysit number one, set aside $1,000 and line up all of your debt from smallest to largest. Yeah. And I like that Evan is now thinking about this situation, right? He's not looking at it. He's not letting it stack up to where he's got hundreds of thousands in student loan debt before he gets focused. But I agree with you. Doing online classes, he has an opportunity

to be able to do this and he can, but you want to see it for what it is and get more intentional. So I agree with you, Anthony. I think, Evan, you can do this. You just got to stay focused. All right, we're going to go back to the phones next up. I've got Sam in Louisville, Kentucky. Sam, how can we help you? Hi, Chris. So I've got a little bit of a dilemma with starting out on the baby steps

where I'm getting ready for a step one, and I've got a bonus paycheck, if you will. And I'm just wondering if it might be more advantageous for me to put $500 of that towards paying off an immediate debt on a stupid loan that I took for a mattress or funneling the whole thing into my $1,000 emergency fund. Okay. All right, Sam. I like here that you're thinking. Now, tell me this. Outside of this mattress, how much did you finance on this mattress? It was just about $1,000 for a three-year term.

All right. Is that mattress comfortable? Oh, yes. All right. All right. And so what other debts do you have? I have student loans, credit cards, car payment, and mortgage. Okay.

How much in student loans do you owe? $28,000. All right. And then how much on the car? On the car, I owe $7,500. All right. And how much in credit cards? About $5,300.

Okay. All right. And the mortgage is how much do you owe on your home? $77,000. Okay. All right. What's your income, Sam? on your home? $77,000. Okay. All right. What's your income, Sam? It's around gross $33,000.

Okay. All right. Well, you know, first and foremost, how much is the bonus you're getting? It's around $900. All right, $900. Is this a one-time bonus or is this something you're going to see recurring throughout the year? It is a one-time bonus. Okay. All right. So here's the deal deal and we're going to dive into your question but i got

to tell you something you you got the plethora of debt here a mattress student loan credit cards and car and then house uh you got to stop the appetite for debt yeah you follow me yeah i mean seriously man because and i know you're getting it because you're calling in asking about a bonus, which typically when people get bonus money, they start to go out and go do stuff for themselves. So I like that you're taking responsibility for it. But I think you've got to slow yourself down and really think about this and look at it. Was the mattress, was that a 90 days not same as cash? Correct. Okay.

So I'm ending up paying about $300 in interest on it. All right. Hey, Sam, did you hear what I said there, not same as cash? Because they try to market that stuff where 90 days is same as cash. And you know what? No, it's not because we know how to count, right? That 22% in interest they're waiting to slap on you as soon as you miss that 90-day period. So we know it's not the same as cash.

So I would definitely, Anthony, tell him, attack the debt. Use a 500. Now, attack the debt and become a grown man. You see, little boys get what they want. Grown men do what they need to do. So I agree with you, Hogan. Stop accumulating debt and go after your future. Absolutely.

Sam, you've got this. Take that $500. Get focused. Let's pay off this mattress. And hey, you need to keep this mattress for at least 15 years because that's how long they're good for. My friend, you've got this. Stay plugged in America. This is the Dave Ramsey show. One question I get asked all the time is, do I need life insurance? Listen, the whole point of life insurance is to replace your income for someone who counts on you. So if you have a spouse or you have kids, yes, you need term life insurance.

It's the only way to protect them until you're out of debt and have built up your wealth. You're only digging a deeper hole if you waste money on cash value plans since it robs you of the ability to make real progress. And that's why I send you to Zander Insurance, and I have for 20 years. That's where I get all my insurance, and they only offer the plans I recommend. It is not expensive. It's not complicated. And Zander will be there as your guide every step of the way.

Visit Zander.com or call 800-356-4282. You need to get this taken care of. I can give you the advice, and I can tell you where to go. But it's really up to you to take that important step to get your family protected. That's Zander.com or 800-356-4282. Hello, America. You are listening to The Dave Ramsey Show. I am Chris Hogan sitting in for Dave, but I'm not alone. I'm joined in studio by Mr. Anthony O'Neill, who is a money expert, travels around speaking to youth. He goes to high school, colleges, as well as businesses, just like myself. myself and Anthony I don't know if people are aware that if you have a corporate event or your church has something going on or there's something in your area and you want to bring one of us

Ramsey speakers in and I'm talking about you me Rachel Christy and Ken you have an opportunity to do that all you have to do is go to Dave Ramsey dot com slash speakers group and then it has a little information about all of us and the topics that we talk about. Yeah. Yeah. I'm excited about, you know, Chris, in a couple of weeks, I'll be going down to speak to the Baltimore Ravens again.

And I just love going into, you know, NFL and NBA and even corporations to talk about just really being a good steward and being healthy and making healthy decisions with your money. So trying to follow in your footsteps and travel the world too, man. Well, I tell you,

I have fun going into these events. And, you know, whether I'm talking about money or leadership, it's a great opportunity to get to connect with people. Yeah. And that's where we kind of keep our hand on the pulse of America, of what's going on. So we're excited. All right. I got something else new to tell you. If you all haven't heard, I've got a new book project out.

It's called Everyday Millionaires. How ordinary people built extraordinary wealth and how you can, too. I got a new book project out. It's called Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too. Now, America, I need you to hear me on this. This is not just a book where we put down some great wisdom. There's some good, good points and information in here. But this book is based on the largest study

that's ever been done on net worth millionaires. We studied over 10,000 millionaires, 10,000, to dig into the qualities that they're, how they invest, how they live, what they do, how did they get there? And Anthony, the thing that I love the most is that we have information here about their stories, that it doesn't matter where you come from. It's about where you're going. And so you have an opportunity. You can pre-order the book today for $20 and get this for $20. You're going to get $50 in bonus items. What I mean by that is you're going to get the audio book.

You're going to get the ebook. You're going to get two lessons. One for me talking about how to retire inspired. You're also going to get a lesson from Dave Ramsey talking about that. It's okay to build wealth. So it's a great opportunity to get this information. I can't wait for people to hear it as well as see it and read it themselves. A lady told me the other day, she goes, Chris, I could listen to you read

the phone book. And I said, well, we can do a little bit better than that. I got a couple of books out that you can listen to. So we're excited to talk to you there. So again, great opportunity there. And there's something else with this. We've got a special bundle I'm going to tell you about here in a moment. But first, we're going back to the phones. If you've got a question about money or life, I want you to call us. The number to call is 888-825-5225. Again, that's 888-825-5225. I've got Brandon on the phone in Orlando. Brandon, how are you?

I'm okay, Chris. How are you? I'm good, buddy. How can we help you today? Well, hello, Anthony. My question is, we are just under $90,000 in debt, not including a mortgage. We make only $54,000 a year. That's take home.

And we tried FPU in 2014. My aunt and uncle took the course, and they gave us all of the information in the booklets and total money makeover, and we tried it, but we lost our motivation. Yesterday, I went and I sold some firearms to get that baby step one done. How can I keep that motivation? Oh, buddy. We went through bankruptcy, and two I keep that motivation? Oh, buddy.

We went through bankruptcy, and two years later, here we are, $90,000 in debt. Wow. Wow. What is the, Brandon, what is the $90,000 in debt comprised of? $7,000 in credit cards. Okay. $6,000 in student loans. Okay. And $76,000 over three vehicles.

Okay. All right. And looking at this, I can hear it in your voice that you're feeling the stress and the pressure. You know, looking at your scenario, here's what I like, Brandon. I like that you've said enough is enough, and you've already been willing to sacrifice some stuff to be able to get your thousand dollars in place. And I think now it's a matter, Anthony, of him being able to stay motivated. I know you speak to young people all around the country and people that are not so young about motivation. What can you do?

Well, here's the first thing, Brandon. I love your voice because I remember that voice when I was thirty five thousand dollars in debt, homeless, sleeping in the back of my car with no income. And I was like, how do I get motivated? But the thing that I've learned for myself is even with you, I would even recommend this was I had to change how I was talking and what I was saying and how I was looking at my situation to be. You're making good income. One thing you pointed out, you have three cars that have 76,000 dollars worth of debt. You can get rid of

a couple of these cars and that would knock off a lot of it. But the motivation, I hear it in your voice, use how you feel right now to change where you are. You have a family. I don't know if you have any kids,

but I'm pretty sure you're married. So use that motivation and say, you know what, I want a better life not just for me, but for my kids, and I'm going to do what I have to do, like what you did to get to babysit number one. But after that, man, you have three cars here. Hogan, I'm selling two of these. What kind of cars are these, Brandon? Well, one, I'm co-signed on my mom's Hyundai.

Okay. I have a Volkswagen Golf with a $13,000 note on it. Okay. And because my wife wanted it, we got a brand-new 2018 Jeep Ranger. How much do you owe on that? $42,000 the other day okay yeah see right now brandon what's happening is you guys are allowing your wants to get in the way of your needs uh do you and your wife talk about money are you all connected on this at all it's a touchy subject okay Okay. My wife gets really bad anxiety when dealing with money, so she tells me to just handle everything, and I try, but...

Okay. I look at how much money we can move and how much goes out, and I say, we can afford that when we really can't. Okay. All right. So it sounds like to me that you're doing some things to try to keep her happy, but all the while, you're getting yourself frustrated. And so this money stuff is something you all got to team up on. And it doesn't matter, you know, that she's necessarily that she gets overwhelmed with it.

It's a matter of you all working in this together, uh, because this wrangler, I'm going to tell you, I know we need to wrangle. We need to wrangle up a plan to get this thing sold. Uh, so you need to get on Kelly blue book, KBB.com, find this out and let's get this thing sold. You all are not in a position to do this. You have cars that are stealing your motivation. You're allowing your, your wants to get in the way of your needs. And Brandon, here's what I want to do. I'm going to gift you financial peace university. It's a nine week course.

It's Dave's number one plan on how do you get focused? And I want you and your wife to go through this together and working on this together, I'm telling you, you can change how you all are viewing this. Because if you take the vehicles out, like Anthony pointed out, you got $76,000 in vehicle. That's the situation. You only have $6,000 in student loan. Now, I say only because the average is hovering around $38,000, $39,000. $37,500. And then you've got $7,000 in credit card debt.

So fixing vehicles, you can get your situation fixed. Now, you co-signed on a loan for your mother. Now, America out there, you may not know what co-sign means. But co-sign means you're guaranteeing a loan. So whatever it is, on a vehicle, personal loan, whatever it is, it's saying if the person doesn't pay, you as the cosigner are agreeing to. So, Brandon, if you're you need to make sure that your mother is making this payment and is able to get this thing paid off so you can remove that from your debt load and your obligation. So, my friend, you've got to change some habits. And like Anthony mentioned, changing

your thinking will allow you to do that. And, you know, Chris, one thing as you and I both travel the world, we see this. A lot of people get upset over the storms that we cause. He said two years ago, we went through this class and we don't have motivation. But you just said you bought a 2018 car that's worth $44,000. If we subtract that from where you are, you'll only be at $30,000. And so sometimes I think we see exactly what he said. I see I can afford it

because it was coming in but just because you can afford the payment doesn't mean you can afford the car anthony thank you for saying that and i'm going to tell you something america what you can't afford is a payment come on man don't allow a payment in your house you all know the deal that we say we're okay for you to have a 15-year fixed rate mortgage because averages show people are paying it off the focus people are paying them off in seven to eight. So Brandon, get plugged in. We're going to gift you Financial Peace University and make sure you and your wife go together. And again, hold her hand.

I want you to reassure her and let her know that you all are in this together because teamwork can actually make the financial dream works as well. You're listening to The Dave Ramsey Show. Okay, I need you to listen to this, because one normal routine that everyone does can cause total chaos in your life. Folks, I'm talking about the simple act of using Wi-Fi. When you're on Wi-Fi anywhere in public or at home, you're at risk of hackers easily seeing every site you visit and search you're doing online.

It doesn't matter if you're doing it on your cell phone or your laptop. I'm not telling you this to scare you. I don't operate in fear. But I want you to be aware and take action. You need to download Hotspot Shield. Hotspot Shield helps keep your connection on your own Wi-Fi and any public Wi-Fi secure. 600 million people worldwide have downloaded Anchor Free's Hotspot Shield. Download it now.

My listeners can save even more by going to hotspotshield.com slash Dave. That's hotspotshield.com slash Dave. You can be secure in seconds. Download Hotspot Shield today. Hello, America. You are listening to The Dave Ramsey Show. James Giles has aptly brought us back in with some Aretha Franklin. If you had not heard, Aretha passed away today after a long battle with cancer. And just appreciate all of her heart and soul that she put into her music.

She definitely made an impact, A.O. Oh, man, she made a huge impact, man. I was talking to my mom earlier, and she was just like, wow. I grew up listening to Aretha Franklin, and when it was time to get up on Saturday mornings, clean the house. I was like, man. But this is her goal. She served America well. Yes, she did. I'm like, man, but this is the, here we go. She served America. Well, yes, she did for her and our family.

Yeah. And the beauty of it is, is that she left us a legacy with her songs and her heart behind it, which is, you know, we've got to really consider what is our mark? What are we leaving behind? What are we leaving for our family, for our grandkids, our great grandkids, but just people in general. And I think the more that we care about people and we focus and we try to help them, that allows us to leave a mark, not only in the community,

but it helps us to cause a ripple effect to really be able to help people moving forward. So anyway, our best wishes go out to the family, and we definitely will miss you, Ms. Franklin. America, we are here for you. We want to hear from you. The number to call is 888-825-5225. Again, that's 888-825-5225. If you've got a money question, we want to hear from you. We're going back to the phones.

Next up, we have Elizabeth calling us from San Jose, California. Elizabeth, how can we help you? Hi. Thank you for taking my call. I have a question about investing. This is a question from my mom. My mom is 57 years old, and she just sold her house for $1,385. She just bought a home cash for $750, but she did some renovations on it that cost about $60,000.

She doesn't have a 401k, a pension from her job. She still wants to work until she's about 62. And she has $455,000 money left over from selling the house and then $50,000 in life insurance. And she's a little worried. She's not sure how she should invest the rest of her money that she just made on selling her home. So we just wanted to know what you would suggest.

Okay. So, Elizabeth, you told me she sold the home for $1.385. That's how much it was worth. She sold it and bought a home for $750, right? Yes. Okay. So then she said had about $60,000 in repairs? Yes. Okay. And so looking at that about $60,000 in repairs? Yes.

Okay. And so looking at that, so that would leave her $575,000. Okay. Oh, yeah. But I believe there's taxes and other things. Okay. Okay. I'm with you. So the $455,000 was...

You better believe it. Okay. That's fantastic. Yes. Well, with $455,000, she's got a great opportunity to be able to really help herself as far as saving up for retirement. The thing that I would do is I would put this money into a bank account, a money market account, let it sit. Right. While she kind of collects her breath. I love that she paid cash for a house.

But now it's going to be a matter of getting a game plan, Anthony, and smart investor pros or investment professionals that can guide and really help her to figure out what to do with this four hundred fifty five thousand to be able to have it to grow. Yeah. You know, and how many other people in her age bracket are probably experiencing this as well right now? I mean, four hundred fifty five thousand dollars. So, I mean, there's some people who don't even have fifty thousand dollars in retirement age. So she is doing good. Could she do better? Absolutely. All of us can. But I like the fact of her looking into one of our SmartVestor Pros and seeing what else we can invest into.

I agree. And so how do you find them? Well, what you can do is you can go to DaveRamsey.com and click on SmartVestor Pro. It'll allow you to be able to find investment professionals that are near you. And so, Elizabeth, your mom can do this and really get there, be able to interview, find people that can help and guide. And listen, as you get the list of people, I want you to interview them. Find people that you talked with that you like, and then from there, you can start to

work with them. But again, the goal is we've got to get this money to grow for her for a long term over the future. And then we also have to stay allergic to debt. Okay. It's so easy to go backwards. When we buy a new home, then we start to think we need new furniture. And the next thing you know, you need a new car to drive up in the new home. No, what you need is a new attitude. We got to look at things different because if you keep doing what you've always done, you're going to keep getting what you always got. All right. So stay focused. And Elizabeth, please pass this on to your mom. And hey, I tell you what I want to do. I want to Elizabeth, I want to give your mom a copy of retire inspired. This is a book. It's going to talk about investing. It's going to talk about

questions to ask investment professionals. And so I'm going to gift that to you to give to your mom. And I wish her well. Please ask her to stay in touch. All right, America, we're going back to the phone. We've got Rebecca in Seattle. Rebecca, how are you today? I'm good. How are you? I'm good.

I've got a question. This is Seattle. I've been out there a few times. I was just out speaking at a corporate headquarters. It was raining. Does it rain a lot all the time in Seattle? You know, we have our International Rain Festival January 1st through December 31st. Okay, is it raining today?

No, no, unfortunately it is not. Okay. We get rain year-round every month of the year. My goodness. All right. Well, it's a beautiful area. It stays very lush and green. I guess that's because of all the rain.

So how can Anthony and I help you today? You know, I've got a question about 403B and Roth. I started my own Roth IRA and have about $8,000 in it. And I did that before I worked for a nonprofit where I was able to put about $16,000 into it over the last two years. Now I quit there, and I have a contract position with a company that's moving towards nonprofit status, but it won't happen for about a year. Okay. So the new company doesn't make contributions, but I'm in a position to move into management over the next two years, maybe three. So I'm wondering, do I keep my money in the 403b and the Roth or do i move it over

just because i'm always going to be in that non-profit realm well here's the thing rebecca the beauty of it is is with your 403b you know and again for america listening out there this is just a non-profit version of a 401k which a 401k simply means an employee can save up money for their financial future uh through a corporate plan. So your 403B with it, what you can do is roll that over into an IRA because that's pre-tax money. The money that you have in Roth, just leave that alone. Let that sit there because that's following you. That's going to continue to grow and be able to gain.

Because here's the thing, Rebecca, your money needs to grow because inflation is going up each and every year, right? And all we mean by inflation is that the cost of things are going to go up. So we can't just put money in a savings account and just leave it there and hope everything's going to be all right. We got to put that money to work, right?

And so we want it to go. So even if you're working at a place that doesn't offer you retirement savings, it doesn't mean that you can't save on your own. So it's a great opportunity for you to continue to do the Roth IRA. You can do up to $5,500 a year in there, but you can also start to put money aside for retirement in growth stock mutual funds outside of retirement. Remember, there's no limit there. So you've got an incredible opportunity to really plug in and be able to save on your own.

So I hope this helps you, Rebecca. But stay focused and understand, you know, if you want a good financial future, we've got to walk through the process and really, really stay focused. All right, Anthony, I want to give you a social question here. OK. And here it is. It says, my husband and I are in the military, and we don't plan to buy a home for the next three years while we're stationed at our next base. We have $20,000 that we want to save, that we have saved, but we don't know the best place to put it.

We currently just have it in a regular savings account. This is from Julie from Instagram. What advice would you give her on where to park this money? Well, if I was talking to Julie right now, Hogan, I would ask her, well, what is the $20,000? Is this all you have? Is this your three to six months for your fully funded emergency fund? If it is, I'm perfectly fine with you keeping it into a savings account or a money market account. That way you can have it liquid because we want it liquid now if you have your three to six months um in your investments and you do know down the road that you want to save for a home and you need 20 10 to 20 down depending on the institution you

go with to get to a 15 year fixed rate i'm going to say that's fine as well keep it into your savings account because that's for spending but if you have everything accomplished i'm going to say that's fine as well keeping that into your savings account because that's for spending but if you have everything accomplished i'm going to refer them over to you because now we can start investing this so they can start gaining compound interest and working towards their future yeah i'm with you if this is is there for a home down payment i'm still going to go like you're saying the money market account it's going to give me a better rate of return than a regular savings account and you said something there that's important for America to know, keeping it liquid, right? Because what you don't want to do is to tie that money up where you can't get to it, like certificates of depreciation, those CDs, those banks push. Don't do it. Do a money market

account. Keep it liquid. This is the Dave Ramsey Show. Hello, America. You are listening to the dave ramsey show i'm chris hogan filling in for dave and i've got mr anthony o'neill in here with me and we are having a blast if you've got a question about money i want you to call us that number to call is 888-825-5225 again that's 888-825-5225. Again, that's 888-825-5225. And I also want to tell you, got a new book that's coming out. It's called Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too. Those watching on the YouTube channel, you can see me holding a copy of the book. Here it is. But I also want to tell you something.

Do it on our study because we studied over 10,000 millionaires, okay? We didn't just grab 5 to 10. Didn't even grab 2 to 3,000. We did 10,000. Guess what we found out? Millionaires live on less than they make, they avoid debt, they're disciplined, responsible, and they invest. Does that sound familiar?

To me, it sounds an awful lot about like Dave Ramsey's number one program, Financial Peace University. Now, I need you to hear me. If you're somebody out there working paycheck to paycheck, or you're feeling frustrated and don't feel like you're making progress with money like you need to, or maybe you're having money battles in your relationship and you're ready to get on the same page, or maybe you're doing okay and you just want to do better. Financial peace is for you. It's a great opportunity to gain knowledge, to be able to see it,

but to also get the motivation. You're going to hear from one of the guru, my mentor, Dave Ramsey, but you're also going to hear from Rachel Cruz and myself. We're guiding people, teaching them on this. And so here's what I'm going to do for you today. I'm going to offer you Financial Peace University today for 20% off. That's right. I'm slashing prices today, right? You can get it for $119. You're going to get information that can help you change your family tree. And here's the other thing. You've heard me talking about my new book that's coming out.

So we're going to offer you Financial Peace University, $119, or we're going to do this. All right. I'm going to bundle some stuff together. You can have an opportunity to get Dave Ramsey's number one program, Financial Peace University, and my new book, Everyday Millionaires, for just the one price of $129. Now, in this, remember, with the book, you're going to get $50 in free bonus items. That is, you're getting the audio book, you're going to get the e-book, and you're getting the two video lessons, one from me and one from Dave. So $129 will give you this bundle that's going to help you understand how to get on a budget, how to attack debt, and more importantly, how to begin your journey to become an everyday millionaire. It's a great opportunity.

You can get this all by going to ChrisHogan360.com or to DaveRamsey.com, and you need to do it today. Great opportunity. All right, America, we're going back to the phones. We've got Tina on the line from Iowa. Tina, how are you? Good. How are you?

Oh, I'm focused and not finished. How can Anthony and I help you? Okay. Well, I'm to the point of baby steps four, five, and six. Good. Yes. And I didn't know when I'm looking at mutual funds or IRAs, I don't really know what the difference is and which one do you choose to go with.

Okay. You know, like, I'm self-employed, and so I really don't know what to do after this. Okay. Fantastic. What kind of business are you in? I do dog grooming and boarding. Fantastic. How long have you been doing that?

About five years. About five years. That's just one fun job. The other job is I'm a secretary at my church in the morning. Okay, wow. So you are busy. So now you have hit the point of baby step four, five, and six. And for those listening out there, that means she's ready to invest 15% of her household income. She's ready to start to save for college and pay off the house. Now,

do you have children? Yes, I have four, but one is married. And so three are at home, three boys. Okay. How old? Three boys. Did you survive that? I'm single too. Ah, single mom. Boy, I tell you, you got a special place in my heart. I grew up in a single-family home. How old are your boys? One is 17, then 14, and then the younger one just turned 11, and he is autistic. Ah. And so are they eating up everything? Yes. Yes, they are.

Okay, good. I'm not the only one. No. Tina, with this, have you ever worked with an investment professional before? No, I have not. Why not? Because I don't know anything about investing. I used to be in the military, so I was kind of looking over USAA investment plans and kind of looking at, but then I was saying, okay, which do I go with? The mutual funds or the IRAs or what's the difference? Is there a tax credit or something? It's like one and not the other.

Okay. Well, how long did you serve in the military? Oh, just four years. Okay. Don't say just. Thank you for your service. What branch were you in? I was in the Air Force.

In the Air Force. Fantastic. Well, looking at this, I mean, we know, Tina, the goal of investing is to grow your money. And so we need time and compound interest. So we need to be able to get this money moving forward. So mutual funds give you an opportunity to invest in the stock market without buying single stocks. OK. And so it gives you an opportunity to diversify properly with some aggressive funds, with international growth funds. So there are all kinds of funds in there that will allow you, kind of based on your risk tolerance.

We advise people to do 25% into each of the four funds for standard diversification. But here's the deal. I know I'm throwing language at you and you're thinking, Chris is speaking Japanese to me, right? All this stuff. But here's the deal. We've got investment professionals that can help you. And here's what I want you to do. I want you to go to my website, ChrisHogan360.com. Click on the Dream Team button up there. From there,

you're going to be able to get connected with a SmartVestor Pro. And we have them out in Iowa that you can sit down with and show them what you have from your military retirement, your TSP, and also look at what you're trying your military retirement, your TSP, and also look at what you're trying to accomplish. Really unpacking those goals. It's important, Anthony, for us to stay motivated and to know. And listen, she's a single mom with three boys, one of them being special needs. So I know she's motivated.

Absolutely. And I want to echo this. And thank you for saying that, Hogan, because Tina, I have a smart fester bro. I'm a smart vester bro. And they handle my investing. And I'm a money guy. So I want to encourage you to please, please make sure

that you do that and stay motivated. You know, I want to salute you as being a single mother. You sound so like encouraging yourself. Like you sound excited, man. And your future is so bright.

So thank you so much for calling in. And congratulations on being debt-free having a nice savings account and being an amazing mother yeah she's a fantastic role model uh for those boys and i know she's motivated and i want to get you a copy tina of my book retire inspired it will start to break down and talk to you about investing uh begin to identify and define some of those terms but i tell it because I'm talking through stories.

I'm talking with you. I'm kind of coaching people right where they are. So again, if you're out there, America, and you're wanting to know what do I need to do for my retirement or how do I turn and begin to make sense of this, all of this stuff, all these terms. Listen, all you have to do is get a copy of Retire Inspired. You can get that by going to ChrisHogan360 three 60.com. And you can begin to make sense of this. Uh, you can also go to my website. I've got blog posts and things on there to allow you to be able to understand things on

a different level. And speaking of which you, my friend are active on YouTube. Oh, I'm so active. Uh, Hogan, this is, that's my spot, YouTube and youtube and instagram you know we're talking to millennials high school students and especially college students about how to get a solid foundation going into your future and we're hitting about 500 000 views we just started about two years ago and um man youtube is booming so if you want to follow me there if you're a millennial or a high school student right now or if you're a teacher or parent i suggest that you get your kids to follow me and that's at anthony o'neill on youtube and at anthony o'neill on instagram and also check out my website anthonyoneill.com because we have some great vlogs and blogs that are posted on there and we have a lot of great stuff coming i can't leak too much all right but

we have a lot of great stuff coming. A new book coming out next year for 8th graders through 12th graders. So I won't say too much. I won't say too much. No, no. But tell me this. Tell America. If they go and they're going to your YouTube page, Anthony O'Neill, what kind of videos are you doing? And these are not boring videos.

But we're talking about everything around finances, around relationships, around career, around entrepreneurship. Literally, we're trying to cover every aspect and even a little bit of spiritual because I'm spiritual by heart, you know, but I really want to make sure that they can get a little bit of their life. So what you're teaching on from retirement, I may not go into as deep as you go into it, but I have them start thinking about it now at the age of 17, at the age of 22 years old on relationships. How do we build healthy relationships? How do I find the right mentor for my life? How do I build the right friends around me? So again, everything's at anthonyo.com. I would love for you to follow me and let me know if I'm doing better than Chris Hogan on the Dave Ramsey show. Hey, listen, America, thank you so much for taking the time to join us.

We've had a blast talking to you. I want to thank James Childs, the producer and associate producer, Kelly Daniel, and especially you, America. Thank you for tuning in. This is the Dave Ramsey Show. Here's a tip. To keep from missing Dave's classic facial expressions to some of those calls, make sure you watch him live. Just visit Dave Ramsey.com slash show each day from two to 5 p.m. Eastern.