The Ramsey Show - App - When You Need Hope and a Plan for Your Future (Hour 3)

Episode Date: July 18, 2018

The show about you

Live from the headquarters of Ramsey Solutions, this is the Dave Ramsey Show. It's where America is hanging out to have a conversation about your life and your money. Sitting in for Dave Ramsey, I am Ken Coleman. I get to host the Ken Coleman Show on Sirius XM, leading into the Dave Ramsey Show. And I'm thrilled to be joined in studio by one of my good pals. He's the best-selling author of Retire Inspired and host of The Chris Hogan Show. Chris Hogan, good to have you, bud. Thank you, man.

It's good for us to be together. We haven't hung out in a while. We haven't. So we've got to come to Dave's studio and do it. Yeah, I know it. You're moving and shaking. But we get a chance to hang out with America, too. We do.

It's a lot of fun. 888-825-5225. Chris and I are here for you. You've got a call about money. You've got a call about career. Chris and I are here for you. You've got a call about money. You've got a call about career, life. We are here for you. We want to help you live your best life, and that's why the Dave Ramsey Show exists. Before we get into the phone calls, Chris Hogan, you're working hard on your next big thing.

I have been. I don't know what I can say, so i'm not going to say anything more but i am excited the team is excited when are we going to hear more i'm very excited when we get to tell people we we are going to get to tell people more about it here in coming weeks like right around the corner it's right around the corner okay um and uh it's one of those things where we've worked on it uh there's a study associated with it um it's big as well as the next book uh so big man big voice big survey big project my voice is petite okay it's petite exactly but no we're going to be talking about but hey hold on before you shift gears you can't ask about me and me not get a chance to reciprocate oh well the ken coleman

show is rolling we're having fun uh we lead into dave ramsey on sirius xm. And we're having a lot of fun helping people discover what it is they were created to do. A lot of people are searching, Chris, and a lot of people are stuck. And that's why we exist. It's a caller after caller. It's just helping people get the clarity they need so they can confidently step forward. And we are having a blast. That is fantastic. Thank you for asking.

Yes. Well, I talked to someone. I bumped into someone at a speaking gig that had called into your show okay and you guided him and as far as what he was wanting to do moving forward right he had this obligation to make money for the family but his heart wanted to go in another direction he said you helped him begin to have a game plan to how to move in that direction so i want to take hats off to you well thank Well, that's why we're both here today. Right. Big thanks to Dave Ramsey. We love being a part of his show.

He's been so good to us, and we love his mission, and we want to be a part of it. So we're here for you this hour. You've got a career question. You're stuck. You're searching. You've got a retirement question. You've got a money question, a budgeting question. It is open season.

Free call, 888-825-5225. It's 888-825-5225. It's 888-825-5225. We'll start off with Dennis in Phoenix, Arizona. Dennis, how can we help? Thank you for taking my call. I'm trying to find out some information on how to handle this.

My wife passed away about two years ago, and she had some money left in a pension fund which I'm working on right now trying to get and as a result I'm wondering if I've got a automobile loan which I really don't need the vehicle but I still have the loan that I need to pay off and unfortunately upside down on it, whereas the value is about half of what I owe on it. And I've heard before a suggestion of getting rid of the vehicle, but I don't know whether

that would be good or whether I should just pay it off and then use it as I can and then get rid of it when it's lived out its life. Right. Dennis, I'm so sorry to hear about your wife. What happened, my friend? She passed away about two years ago. They termed it as severe diabetes, but basically her heart stopped. I'm so sorry to hear that.

And we had no insurance. Oh, my. I'm sorry. Do you all have any children no okay all right um i'm by myself in the house and with two vehicles one paid for and one not okay well i for you looking at this with this your wife's pension obviously you want to gather up the paperwork and get the details on it uh to understand what your options are uh obviously you want to gather up the paperwork and get the details on it to understand what your options are. Obviously, you were listed as the beneficiary on there.

But walking through the paperwork, you'll understand, you know, all of those details and what to do about it. But as you get this money, Dennis, I would say let this money sit in a bank account. You want to put it in a money market account, and I want you to go slow with it. It's just the same thing I would say for someone that was getting a life insurance policy. This money came at a cost. You had to lose some money to be able to get this money. So we don't want to let this just slip through our fingers. We want to be very intentional. And so park that money in a money market account. As you're saying, do the homework on this vehicle. Call and find out the payoff. If you're upside down, and that phrase, Ken, means you owe on it more than what it's worth,

then you start to identify where you are, what can you do to how to attack it, but then you want to drive this car. You don't want to shift and go get another car payment. And this is tough. You know, this is one, Ken, he's got a major life change. And now when you're looking to make decisions, you don't want to do it fast. You want to have a plan. That's right.

Well, there's just so much going on in his life, lost. His whole world's been turned upside down. And I love the path to clarity there. Really good stuff there. Great advice. And we're rooting for you. Dennis, you're going to come out of this thing, and you'll overcome the pain.

And it's tough stuff, but you're going to get there. All right, let's go to Diana, who's on the line in Kansas City. How can we help, Diana? Thank you for taking my call. I am a, probably you might call me an abnormal 75-year-old. I'm still working full-time 72 hours a week as a caregiver. I'm $31,000 in debt, credit cards, car. Money management just has not been a good thing for me, and I just need help.

I'm overwhelmed. Diana, I totally get that. I mean, especially when you look and you understand not all of us are trained on how to deal with money. You mentioned you've got thirty one thousand dollars in debt walking through the process of really understanding what steps you can take and what you should do. But I want you to hear me before I even start to dive in on the tactical side. I know you can do this. I know. You tell me you're 75, you're working 72 hours a week, you're a hard worker. Now what we want to do is plug in with a plan that's actually going to work. And so Financial Peace University is a course that will definitely help you.

It's a nine-week course that will help you learn to budget, attack debt, and walk through it. And Ken and I are going to give that to you as a gift today. I'm good at giving away Dave's stuff. That's right. You really are. I am good. And Diane, I want you to plug into that.

Promise me you'll go. Promise me you'll walk through this. But understand, where you are right now doesn't have to be where you end up unless you stop. That's exactly right. And you know what? This is inspiring, Chris. Diana calls me and goes, you know, I'm 72. She's killing it.

She's working like crazy. If she continues to have that health and ability that she can actually get out of that. And that's the hope, Diana, that we want you to have. What we've given you today is Dave's plan. If you watch that and you work your way through it and do exactly what Dave says to do, how he says to do it, you're going to be there before you know it. Oh, yeah. And it really was. And Ken, people are surprised, you know, because ultimately what they needed was a plan and they needed some hope. And that's exactly what Financial Peace University will do. That's right. Millions of people have gone through it.

By the way, if you're like Diana and you need hope, go to DaveRamsey.com, look for a class, get FPU, and take it. It will help. Coming up, more of your calls about your life, your career, your money. This is The Dave Ramsey Show. Yo. Do you wish you could find an affordable, biblical solution to your health care costs? Based on New Testament principles, Christian Health Care Ministries, or CHM, helps Christian families, churches, and ministries join together as the body of Christ to share their major health care costs. Christian Health Care Ministries is the original health cost-sharing ministry. A Better Business Bureau-accredited organization,

CHM members share to pay each other's medical bills. It's not insurance. It's Christians financially and spiritually supporting each other. It's what Christian Healthcare Ministries has done for over 35 years, and our members have shared over $2.5 billion in medical bills. To learn more, visit chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. Welcome back, America. This is the Dave Ramsey Show, where America is hanging out to talk about life and money. I'm Ken Coleman, joined by Chris Hogan. We are Ramsey Personalities.

Thrilled to be here with you. It is a free call, 888-825-5225. We're taking your calls about career, money, whatever you need help with. We are here for you. If you're going, well, who are these two guys? Well, Chris is the host of The Chris Hogan Show, number one best-selling author of Retire Inspired. I host The Ken Coleman Show on SiriusXM, leading into the Dave Ramsey Show daily.

So we're thrilled to be with you. 888-825-5225. Getting to your calls momentarily. But I've got to tell you about a brand new survey. We want to hear from you, the listeners of The Dave Ramsey Show. So each year we send out a survey to find out how you listen to this show or how you watch the show. And then what do you love to hear and see the most on The Dave Ramsey Show? So here's what we want you to do.

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While you were talking. I was wondering why you had your phone in. Yeah, well, I'm pretty sure we're not eligible. I don't think we are. But I tell you what, the exciting thing about doing that survey, it gives us an opportunity to understand where America's consuming the show and what tweaks and how to just continue to make it better. That's right.

And that's what I love about Ramsey Solutions. Dave says it's your show, America. And you know what? It is. Yes. Absolutely. It really is. 888-825-5225 is the number to jump in on the conversation.

Let's go to Adam, who's on the line in Miami. Adam, how can we help? Hi, Mr. Coleman. Hi, Mr. Hogan. It's a pleasure to get to talk to you both. Good to talk to you both good to talk to you and by the way don't you can say mr hogan to chris but not to me don't say mr coleman just i'm just my mother taught me to be respectful wait you are you are how can we help

i'm in college and i also have a part-time job and i'm blessed to have be able to, my parents are able to pay for college. And so I have a lot of the money from my part-time job and I'm stashing it away. I was just wondering how best to go about that. I have a little bit over 20% going to a Roth IRA. Okay. And I have a little bit also going to mutual funds. Okay. And then the rest I'm kind of stashing.

I'm just wondering how best to use that money. Okay. Well, I tell you what, Adam, I'm impressed. How old are you? I'm 20. You're 20 years old, calling in to America's number one show on money. You've got money, you're investing, you're doing Roth IRAs, you're intentional, you're in school working part-time. Listen, I'm going to encourage you to keep doing what you're doing. I think allowing that money in the Roth IRA to just sit, you can do up to $5,500 a year. Don't touch that money.

Don't use it for vacation. It's not a wedding fund. It's not a vacation fund. Allow that to grow. And, buddy, listen, you get that first full-time job, and after the initial waiting period of six to nine months or a year before you can enroll in the 401K, you go right into that, investing 15% of your income. Buddy, you're going to call me back in a few years, and you're going to talk to me when you're a millionaire because that's the path you're on. No question. This is amazing.

Ballpark, if he keeps doing that, not holding you to anything, but I want young people maybe listening or parents of 20-year-olds to go, okay, just a rough ballpark. He keeps doing what he's doing. If he keeps doing what he's doing right now at age 20, by the time he is, I'm going to say 37 to 38, he could have a net worth of 1.5. That's what I was wondering. Right. I mean, is he head of the game or what?

Way ahead. Unbelievable. I mean, Ken, think about us at that age. I mean, what were you doing at, never mind. I was going to ask you at age 25. I felt like that was a setup. That was a good setup. And the same for me. And so what's happening is people are listening.

People are starting to identify and understand there's options. So good job, Adam. Keep up the work. Seriously, man, what a hero he is. All right, let's go to Nick, who's on the line in Corpus Christi. Nick, how can we help? Hey, guys, thanks for taking my call. Sure.

I'm in Baby Step 2, and I owe $18,500 on a pickup truck I bought for my ex. The Kelly Blue Book says that if I were to private sell it, I could get about $21,000 for it. The problem I'm at is that I don't really like the truck. So do I pay off the truck and then sell it when I've got the money to buy my next vehicle? Or should I get rid of it now before I've paid off the money on it? Okay. And Nick, you said this truck was your ex's? Yeah, it was a vehicle I bought for my ex and now I have it. Okay. But do you have other vehicles as well?

I'm an over-the-road truck driver, so that's the only vehicle I own. That's the only vehicle you have. Okay. And what is it about the truck you don't like outside of its association with your ex? It's just not very comfortable. I've had a couple of different trucks and vehicles in the past, and I enjoy driving more than this one. Okay. All right.

So if you looked up the Blue Book value and it's worth $21 and you owe around $18,500, we know the difference, right? The real cost of something is what someone's willing to pay for it. So I would put that thing – I would try to sell it. Put a sign in it. You're an over-the-road truck driver. Put a sign somewhere. Put it somewhere where it's safer in a neighbor's yard or something like that. See if you can get this thing moved i think you could be able to

sell this thing for 19 you know or maybe 20 and just see what happens if you don't get the price you like then you got to keep driving it but if it's right now you're at that crux spot where it still has some value and some worth so i would try to get this thing sold and then find something you like and something that's comfortable for you yeah Yeah. Yeah. That's good. And he gets rid of a, it's a truck associated with some pain. It is. Get rid of debt at the same time. It's a good move, Ken. Yeah.

Two reasons. Two big reasons why I would do that. It really is. And again, if you can't get what you want, then you're going to have to put some cash with it and understand if you're willing to write a check to go along to get this thing out of your life. That's right. All right.

Let's go to Terry, who's on the line in Houston. Terry, how can we help? Hi, guys. Thanks for all you do for us. So I'm about eight years out from retirement. I'm freaked out about actually stopping my 401K contributions to focus on the debt snowball. Should I just reduce it, or do I do a hard stop on that? Okay.

Terry, you say you're eight years out from retiring. Right. But you're investing, but you also have debt. What debt do you have? Well, I have 21K in debt. 10 is credit cards, and 11 is a stupid student loan. Okay. All right.

So 10 and 11. And so looking at it, so you're investing while having debt as well. Right. Okay. How old are you, debt as well. Right. Okay. How old are you, hon? 57. 57 years old. How much do you have saved up for retirement?

115. Okay, 115,000. And what's your household income? 80. 80, okay. And so are these, do you rent or own your home? Own. Own.

I have 86,000 left. Okay. All right, 8686,000. And so this is all you owe on, the $10,000 credit card, $11,000 student loan, and $86,000 on the mortgage, correct? Yes, sir. Okay. Looking at this, what I'm going to strongly advise that you do is to get focused and to start attacking the credit card as well as the student loan. We're going to use the debt snowball approach on this.

Smallest to biggest. Looking at this also, we have what's called gazelle intense. This is where you get focused so much so that you would stop investing to be able to redirect that money to attack debt. Now, you walking through this and with the dollar amount you have saved for retirement, I'm still going to advise that you go gazelle intense because what it's going to do is help free you up and help you fast forward. This is something you can clean up within a year. Everything but the house, the $10,000 credit card, $11,000 student loan, you can knock

that out in a year. And then you take what you were paying on the credit card and the student loan, and now you start to catch up and fast forward with investing. So Terry, you can do this. I promise. I've seen people do it, and you're still going to have time to be able to save up for your financial future. We just don't want to go backwards anymore. You know, Chris, you hear fear in her voice. And when we shine the light of truth on fear, that kind of goes away. Fear is a feeling, not a fact. And you just gave her some facts. She can get there. And when we shine the light of truth on fear, that kind of goes away. Fear is a feeling, not a fact. And you just gave her some facts. She can get there. And those of you that are

listening in today, you don't think you can get there. You can. That gazelle intensity puts your mind on the goal and takes your eye off the fear. It's important. It really is. Folks, coming up, more of your calls about your life and your money. This is the Dave Ramsey Show. Guys, let's talk about that timeshare pitch that you fell for. They promised you exclusive access to travel anywhere you want. Tropical beaches, mountain getaways, or whatever. Oh, my gosh. They claimed it was the affordable way to travel, and then they convinced you it was a good investment.

But here's the deal. Search any auction site for your exact timeshare and see what it's selling for. It's listed for a dollar with no bids. That's not a good investment. Now, I know I'm just adding salt to a very old wound, but look, if you tried calling the resort and they won't take it back, if you tried selling it and no one will buy it, call Timeshare Exit Team. Timeshare Exit Team will get you out.

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Welcome back, America. This is the Dave Ramsey Show. I'm Ken Coleman, sitting in for Dave this hour, and thrilled to be joined by my good pal Chris Hogan, as we take your calls about money, life, career. We're here for you. 888-825-5225, 888-825-5225. Chris, we got a question on Twitter from Donald that came my way on career. Very interesting question. I have a highly specialized and in-demand skill set in my field

should i feel obligated to go get a higher paying job when i am happy where i work and happy with the people i work with well this is an easy one donald you don't you don't need to feel obligated to go anywhere i people call on my show every day wanting to get in to a place where you're at, a place where they love their work and they love the people they work with. So you're in the right place doing the right thing. And so, no, don't feel any pressure at all. Because here's what I know, Chris. There are many people who get tempted by that.

They're in that proverbial sweet spot that I talk about, which is the intersection of i using what i do best to do what i love most and then you know anytime somebody's there you know that they are really rocking people know that they can see it the temptation to move into a different place and they take that and it's not the same thing so do you think he's looking at it just purely from the monetary standpoint i think yeah i think he's looking at it just purely from the monetary standpoint? I think, yeah. I think there's no question he's got some real opportunities. Let me ask you this.

For the people that have rolled through, right, and are chasing down money, what's the potential issue with that? Well, the issue is you go after the money because it feels really good. So the first thing you have to understand, when there's more money offered, we go, oh, I'm more valuable. You know this. We attach. Also, you feel great about yourself. So you take that because it's more money from a value standpoint, and then let's just be honest, zero's in the bank account. I can do more with more money. But then you get into it, and you realize, this isn't right for me. I don't have the same passion for this. This work brings a lot of pressure that I don't actually want because there's no zeal in it. And so you look back and you end up and you go, well, I'm making more money, but I feel stuck because I'm dreading going in.

This is not a job that I'm fulfilling. And that's where people realize it's not all about money. It's about that feeling of significance that comes from doing work that we love deeply. Well, I agree. And him talking about him enjoying it. But here's the other thing, Ken. The other factor. He enjoys the people that he works with.

Yeah. And so in that, I say you've got a great scenario right now. If you're wanting to make extra money, look for ways to do that on the side and another thing that you enjoy. But don't give up your sweet spot, as ken coleman would say yeah i just chase down money yeah i mean hey if it's more money go make it on the side but don't change that role because you're in a great place i agree triple eight eight two five five two two five is the number to jump in let's go to john who's on the line in chattanooga john how can we help hey how's it going fellas good how can we help so Hey, how's it going, fellas? Good. How can we help?

So I got a two-part question. I've got two loans, one for 10 for a camper, one for 15. The 10 is at a 10%, and the 15 is at a 2.7. Which one should I focus on first, trying to pay off? Okay. Is that all you owe, John? On those two, yes. Do you owe on anything else?

You got a credit card, car, anything else? No, sir. Okay. So looking at this, I know we're tempted to always try to attack the biggest debt first, but I'm going to tell you something, my friend. Facts have shown, and millions of families have shown, the way to go about it is to attack the smallest one first and then make minimum payments on the next one. And that means throw everything but the kitchen sink at that small one, the $10,000 one, that's all extra money you have make minimum payments on the 15. And once you knock that 10 out, now you take everything you were paying there

and move it to the 15. And so that's the reality of it. And people get caught up in the interest rate, the size of the loan. Listen, don't do the math. If we were doing math, you wouldn't be in debt to begin with, right? Because if you have debt, you're paying penalties called interest. So get intentional. Getting out of debt's about momentum, moving forward. So, John, that's what I do. Throw everything at that $10,000, make minimum payments on the $15,000 until you knock it out. What's the psychology, Chris, behind that? Where I think we all tend to do that until we hear a Dave Ramsey come along or a Chris Hogan come along and say, Hey, you actually need to build momentum.

But there's something about, Oh, we got the biggest giant chasing me, so I got to kill the biggest giant. I think it's that mindset of they understand they want it gone. It's the biggest one. So in their head, that's the thing that's making the most noise. Yeah, more emotion. It is, because that's the mountain, right? For a lot of people out there, student loan debt. Owing $40,000 on that, and you've got the credit card.

But don't do that. Build up momentum by attacking the smallest one first, and now you start to get confident, and you can run faster. 888-825-5225 is the number to join us here on the Dave Ramsey Show. Up momentum by attacking the smallest one first, and now you start to get confident and you can run faster. 888-825-5225 is the number to join us here on the Dave Ramsey Show. Let's go to Alan, who's on the line in St. Joseph, Missouri. Alan, how can we help? Hey, guys. How's it going today?

Great. How are you, sir? Oh, I'm doing great. I guess I got a question. I'm getting a new job where I'm going to be allowed to invest in the PSP. And I know that I'm going to do 15%. Now, I transitioned out of the military, so I haven't been working for about a year and a half. We cut back all our investing and all that stuff. So I'm just wondering if I should do more than 15 to catch up for the last year and a half. Okay.

And looking at this, how much do you have saved for retirement already? No, it's around, I'd say, 280. Okay. All right, 280. I've got the military pension. Yes, sir. And what's your age? I'm 50, and my wife, she's right behind me.

Okay. I'm 48. All right. And does she have anything saved for retirement as well? Well, it's all included. It's all me. Okay. About 48. All right. And does she have anything saved for retirement as well? Well, it's all included. It's all included. Okay. All right.

And so I would say the 15% is the direction to go to stay on that course. Now, what you could do is take a look at, you know, do you own your home already or are you still paying off? Well, we've got about $40,000 left on it. Okay. So doing the 15%, keeping that in the TSP, which is just the Thrift Savings Plan, that's the 401K version for military people or federal employees, going down that path, doing the 15%, and then send the extra money toward attacking the house?

Because now you start to look at this, you realize you've got your money growing in your TSP, you're going to have your home paid off, so that becomes an asset. You're going to be fine. And so that's the direction I'd go. Don't sweat that year and a half that you didn't do what you needed to do. You're back on it. You sound focused.

And at 48 and 50 years young, you've got time to stay this path. And think about it, Ken. Then you don't have debt. When you own your home free and clear, you don't have to stay this path. And think about it, Ken, then you don't have debt. When you own your home free and clear, you don't have payments that are having to leave you. And I'm trying to get America to understand when you pay off that home, it becomes an asset. It becomes something that you could sell and take the money and use that as part of your retirement dream. Or you can stay in it and just pay property taxes and insurance and not have to send that back payment to the bank anymore. Yeah.

It's like run the numbers, folks. You hear Chris talk about this. I'm just thinking, you know, you take, just take a general number, take your number and you go, all right, what I've been paying in mortgage. I take that number and I just add that up times 12. Let's go to 24 and just for fun. That's right. 36. And then take that number.

You talk about your property taxes. Take that number. Look how quickly you pay that off. Very quickly. You just got that in the bank well before it's due. And then people realize, wait a second. I mean, we're not doing addition anymore. It's multiplication.

That's right. And that's a huge difference. I like that line. Not just addition, but multiplication. And it starts to change people's mindsets. Because ultimately, I want people doing what they want to do, what they're called to do. I don't want people waking up to work another 12 to 14-hour shift

on a job they don't love. Yeah, so true. Quick question from Jane on Facebook. She says, we have a 30-year house mortgage that has about $79,000 left on it. We're 11 years in. Should we cash out our 401k of $40,000 to help pay it off quicker, or do we just keep budgeting and throwing extra money at the principal? Well, Jane, I love the fact that you all are focused and intentional on trying to attack and pay off this house. But I don't want you to steal

from your future to try to clean up your now. And I would leave the money in the 401k because here's the problem. Ken, people don't understand. When you pull money out of a 401k, you could lose up to 50% of it in tax penalties and fees. Leave that alone, budget, make extra money, throw it at the debt, pay off that house. Similar situation to what we just talked about. Once you do that, you're making up plenty of money. Yeah, you want to multiply. You don't want to do subtraction.

I like that math much, much better. Coming up, more of your calls, America, about your life, your career, your money. Chris Hogan, Ken Coleman, sitting in for Dave Ramsey. This is 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. 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 every search you're doing online. It doesn't matter if you're on your cell or your laptop. They can see you visiting websites, streaming or downloading, uploading photos, files, and more.

I'm not telling you this to scare you, but I want you to be aware and take action. You need to download an app called 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 right now. Just search Hotspot Shield on iTunes or Google Play or go to hotspotshield.com. You can be secure in seconds. Download Hotspot Shield by Anchor Free today. This is the Dave Ramsey Show, where America hangs out to talk about your life and your money.

I'm Ken Coleman, sitting in for Dave Ramsey this hour, joined by Chris Hogan as we take your calls. 888-825-5225 is the number to jump in on the conversation. And let's go to Louie, who's on the line in Buffalo. Louie, how can we help? Hey well right now i'm currently in ohio i'm a truck driver right now oh okay or well i am i've been that's my career uh yeah i'm a 27 year old single person uh still with my father but to be fair i'm only home for like four days a month. So we kind of share vehicles, and my vehicle is currently on its last leg. We can probably make some repairs and make it last another year.

But my dad wants me to upgrade to a newer vehicle, and he wants me to take out a car loan. And how do I convince him not to do that? Or, you know, convince him to not do that well louis i mean looking at this i think it's a matter of doing some math i think you know ultimately what your dad is looking for is he wants you to be able to have something that's reliable but you know we're talking about as you said you're only home four nights a week uh a month i'm sorry even less and let me ask a clarifying question here you guys share the current car correct oh we got two trucks and one of them's just a beater for a snowplow truck right so my point is you share one car yeah pretty much and who is 97 chevy who owns that one Technically, it's in his name because he gets cheaper insurance, but I paid for it. Okay.

Yeah, Louie, I'm with you. I mean, I'm not taking out a car loan because I don't know how to do math, right, especially on a depreciating asset. So I would just say, hey, stand your ground. Be focused. Don't do that. Talk about what's it going to cost you to repair that existing vehicle. Do the math on that, and there's no sense throwing money out the window.

You want to stay focused. You're right on this one. You can walk through it with him. You may not convince him, but you don't need to. We're talking about your money and your life, so be focused. And again, the reason I ask those questions, Chris, is because he wants you to buy it. Right. You're paying for the other one, which is in his name.

This is a boundary issue, number one. Number two, you just need to respectfully and politely say, Dad, appreciate the suggestion. I'm not going to do that. Here's why I'm not going to do that. If Dad wants to get a car, he can get a car. That's right. You're 27 years old. You're a grown he can get a car that's right now 27 years old you're a grown man well but and he's also living at home well and so choice that i know

but i'm just saying this is one of those where you know um well he's on the road he's on the road what 26 days out of the month i understand but he may need to just contribute if dad brings that up yeah right that you're living in his home, then maybe you start contributing to the household dollar amount or doing something. But again, this is something I think that dad, I'm going to take the other route. Dad wants him to have something reliable that's going to work. Or maybe dad wants something for himself that's more reliable and going to work. This is what I'm thinking. Either way, you need to save up, pay cash, and don't take out a loan.

That's right. Stand strong. You don't have to do loan. That's right. Stand strong. You don't have to do it. 888-825-5225 is the number. Let's go to Jim, who's in Lexington, Kentucky. Jim, how can we help? Hi. Good afternoon, gentlemen.

It's a pleasure talking to you. Chris, I really enjoy listening to you when you're on with Dave. I hope one of these days I can get a copy of your book there, because right now our local library don't have it. And so hopefully one of these days I can get a copy of your book there because right now our local library don't have it and so hopefully one of these days I can get one. I turned 60 this month and I'm a widower. My wife, she passed away a couple of years ago my life, and financially I'm not what you say very well said. And I'm really scared right now. I do have an opportunity if I want to take an early retirement, but Social Security is 62, and my health is still good right now,

and I've been thinking kind of about that down the road. I do have a small pension plan from an old job that I could take advantage of, but it doesn't really have a whole lot in it, to be honest with you, and if I take it out early, it'd even be less. Yes, sir. Jim, let be honest with you, and if I take it out early, it'd even be less. Yes, sir. Jim, let me ask you this, my friend. You mentioned being scared. Yeah, because it's just me.

Okay. All right. And we have a son, and we just, well, I'm a grandfather. My wife was able to spend about 18 months with our grandson before she passed away. So anyway, I'm just worried about myself right now, and I don't know what I should do. I work in fast food, so I don't have, what you say, a great job. There are things I'd like to do, but I just don't have the opportunity to do the things that I really want to do. Yes, sir.

But there may be a point I may need to take that money out from that old job, a pension plan. I don't know what I should do if I leave it or try to get by with what I'm doing down. Okay. Well, Jim, I would say this, my friend, and hearing you talk, and Ken, you dive in on this, but you've had a whole lot of change in your life. Being married a long time and losing your wife, that's a hard blow. And, you know, right now you're reprioritizing things and looking at it and trying to figure out, hey, what's my process? What are the ingredients I'm working with, and what am I building toward?

And I want you to grab up that pension statement, the 401ks, all the stuff you have. And I want you to go get connected with a smart investor pro, somebody that can look at what you're investing in and understand how to tweak and what would happen if you were to touch that pension and run through the numbers. Right now, your mind is focusing on all the things that maybe you didn't do and looking at regrets. I maybe you didn't do and looking at regrets. I want you to fast forward and look at what are things you can do?

What are things that you can do? And anytime that stuff, those negative feelings start to pop in your head, I want you to replace it with actions and thoughts of just giving it the college try. Taking one step forward one day at a time, Jim. And I'm going to send you a copy of my book. Kelly will get your address, and we'll make sure you get a copy of that, my friend. And I know you can do this. It's a matter of taking it one step at a time and getting some people around you.

You may need to get connected to a financial coach. You can do that by going to DaveRamsey.com and clicking on Financial Coach. Someone to sit with you like a personal trainer and look at your situation and guide you you know today's the day today's the day he was looking for a day where he'd get your book to be inspired and he's getting the book but today's another day jim i i just want to i want to say something here and i think there's a lot of people out there chris that are in jim's position and the reality is is that that where Jim is at is he feels completely lost. He just feels like I've made all these bad decisions. My wife is gone. I'm 60 years old, and I think there needs to be a completely different perspective. And one way that I would do that is beyond the meeting, Jim, that you need to have that Chris told you. That's some very,

very, very smart homework on your part. But you need to set two goals. I want you to set a financial goal with that SmartVestor Pro. Let's just set a tangible, feasible, realistic financial goal. Number two, I want you to set a different job or career goal, meaning at 60, you are not, sir, done. You are not on the shelf. You are not in the library of life. You are still an active person who has something to give. And I think you need a different environment than the fast food environment, one that pays

better, one that you feel better about yourself. And I think what's going to happen is when you take those two goals and you achieve both of those goals, because you can and you will. I'm believing that. That when you do that, Jim, what's going to happen is that feeling of being lost and the fear of I can't take care of myself and I've got nothing to control. All that's going to go away. And you're going to see better job situation, better financial and retirement situation. And I would just tell you to look to the future. At 60, you've still got a ways to go lord

willing and that's the mindset no that's a great point and I can imagine Jim being the qualiter quality and caliber of man that he is he's got good friends that's right reach out and let them know that you're looking and watch what can shake through lulus in the next three to six months because you put feelers out it's a great point. There's fear and pride that become roadblocks to saying, I need help. I feel lost. Listen,

people are hurting for you. Chris and I are hurting for you. We understand what loss you've gone through, but it is not over for you. You've got a new season coming your way. But I would look at

this future, Chris, not as anything other than new chapters in his story, in his book of life. I agree. He's had some rough chapters lately. He has. And he's taken some bugs. But he even had the presence of mind to call in to get some guidance.

I'm proud of you, Jim. Jim, we're rooting for you. Read that book, Retire Inspired. It will help you. I want to thank our producer, Zach Bennett, our associate producer, Kelly Daniel, Chris Hogan, and You America. This is The Dave Ramsey Show. Hey, guys. This is James Childs, producer of The Dave Ramsey Show.

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