The Ramsey Show - App - When You Use Credit Cards, You Spend More (Hour 3)

Episode Date: August 13, 2019

Debt, Home-Buying, Debt-Free Scream, Dave Rant   Tools to get you started: Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE   Check out other podcasts in the Ramsey Network: http://bit.ly/2JgzaQR 

Music Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice.

I'm Dave Ramsey, your host. Thank you for joining us. Open phones at 888-825-5225. That's 888-825-5225. You jump in. We'll talk about your life and your money. Travis starts off this particular hour in Nebraska. Hi, Travis. Welcome to the Dave Ramsey Show. How we doing, Dave? Better than I deserve. What's up?

Just calling to talk about life for a minute. So I am totally out of debt. I don't have any debt. I make about $115,000 a year. I've been, first of the year I started out and I seemed stupid in the mirror and I started putting 50% back. So I'm fully funded Roth IRA, putting another $1,000 a month into mutual funds. I'm getting married in less than a year and she has $30,000 in school loan debt and $3,000 in a car loan. Is it, and I'm 100% 100 disabled to the va should i just go ahead and

pay off her student loans and is it wise being 100 disabled and working to do a va loan for a house okay i would not pay off her student loans until you're married but i would have 33 000 sitting in a bank account so when you return home from the honeymoon, you write a check and it's done. And that's my plan. I told her I wasn't touching it until we were married because she could run away. Right. No, I would not use a – well, if you're 100% disabled, the VA loan is an okay loan at that point.

It's not a good loan. It's expensive. But they waive a bunch of the fees if you're disabled. And so what you would do is just get with Churchill Mortgage and run the numbers out, or whoever your mortgage company is, and run the numbers out on a conventional mortgage in comparison to a VA loan with your disability. So the VA loan can be fine with a disability because it waives a bunch of the fees. But I would do a hand-to-hand comparison between the two and make that decision that way. Good questions.

All right, Selena is with us in Idaho. Hi, Selena. Welcome to the Dave Ramsey Show. Hello. Thank you. I'm trying to figure out, or my husband and I are trying to figure out if it's smart for us to move forward with refinancing our house right now. We currently have a 30-year fixed rate mortgage with a five and a quarter interest rate.

And I'm looking at moving it to a 15-year fixed rate mortgage with a 5.25 interest rate. And I'm looking at moving it to a 15-year fixed rate 3.25. And by moving it, we would lower the terms and then be able to drop the PMI. And I ran through and did all the calculations based on what I think you would say, and I just don't know if my numbers are right, so I'm going to call and ask. Okay. What's your loan balance? $295. Okay. And so you're saving 2%, so it's going to be about $6,000 a year, plus your savings

on the PMI, and how much is that going to save you? I have, I think we're paying $210 a month in PMI. Wow. So another $2,400. So like $8,500 a year savings. And how much is the closing cost on the refinance? The closing cost is going to be about $2,500, and then with the escrow funding, all the fees together would put the overall loan at $300.

You should do this refinance by Friday. Okay. I mean, you're going to break even in just a matter of a couple months. That's what I thought, and I did the calculations with those savings on an annual rent interest and then the life of the loan, and it looked ridiculous. So I just didn't know if I was doing the math wrong or if it was too good to be true. Cool. Now, the closing costs sound unbelievably low.

$2,500 on a $300,000 loan does not sound right. So I would double-check that and make sure you've got that whole picture. But let me just tell you, even if your closing costs are three times that you know seven eight thousand dollars you're going to break even in one year so this you definitely need to refinance this loan but i would double check i think you've probably got an incomplete picture on the closing costs i'd be a little shocked that they're 2500 but i'd check it out hey good question thank you for joining us open phones at 888-825-5225. You jump in. We'll talk about your life and your money. Nathan is next in Connecticut. Hi, Nathan,

how are you? Hi, Dave. How are you doing? Better than I deserve. What's up? So I have a question for you. I am a financial rep in Connecticut, as you said. I have about a year and a half left in college, but the job that I'm doing is 100% commission, and I'm debating if I should continue this job, which I do like a lot, go back to school, or join the Army because I'm still young. Okay. Where did join the Army come into the equation? I've always wanted to serve for the country. I think it would be a great opportunity and way to serve for a greater purpose.

And on top of that, my oldest brother served, and it was really rewarding for him and his family. But I'm just not really sure which way to go. I'm getting pulled in a lot of different directions on, you know, what door to go down next. Okay. Well, you just need to decide which itch you want to scratch because, you know, military service is a wonderful thing. And I appreciate your willingness to do that. And, you know, I would not do that if you weren't going to engage into it for a while.

I mean, if you don't say, okay, I'm'm gonna spend the next 10 years in the military um right you know otherwise it's just a a sidebar that's not necessary in your situation so you need to decide what it is you want to do with your life and if the military service is the first chapter in your life that's fine if it's the first three pages no i wouldn't do that so um okay then as far as you're in school or you're thinking about going back to school what was the story on that i'm thinking about going back to school um but the job that i'm in is very physically emotionally demanding takes a lot of hours so i don't know if i would be able to do both and at the same time the job that'm in and the job that I aspire to do doesn't really require a degree. I'm licensed to do all of the needs that I do currently.

But the problem is, is I'm not getting any salary or any pay and any type of financial service job takes a couple of years to begin to build that wealth, and it's a matter of staying afloat or surviving without going into mounds of debt. Yep. Oh, well, no, I wouldn't be going into mounds of debt. That last part ended that. I'm not doing that. I'm going to have a career that I can eat out of while I'm growing the career.

And if you're not making enough to eat out of, then you need to change careers or change direction with this particular career yeah it sounds like somebody's selling you a bunch of hype and you've worked straight commission for a whole lot of hours and almost no money um you you got to see this turn very very quickly i'm not borrowing money to get to work. That's not a plan. So either one of the other directions is fine, but you've got to pay for it as you go. This is the Dave Ramsey Show. We've been voted one of the best places to work in Nashville 11 times. You want to know how we do it?

Well, our team has been using LinkedIn jobs for years to find the best people from all over the country to come and help us change lives. Think about it. LinkedIn has more than 600 million active members. I'm talking about people who come to LinkedIn to make connections, grow their careers, and discover new job opportunities. In fact, 90% of LinkedIn users are open to new opportunities, but not actively scanning job boards. This means LinkedIn Jobs gives you access to an entirely different demographic. Don't wait. One hire can change the direction of your company.

Post a job today at LinkedIn.com slash Ramsey and get $50 off your first job post. That's linkedin.com slash Ramsey. Terms and conditions apply. Americans owe almost a trillion dollars in credit card debt. 78% of you that use credit cards do not pay it off every month. That means only 22% do. When you use a credit card to purchase something, on average, studies have shown several pieces of research that you spend more money. The average is 12% to 20% more that you spend. Now, depending on the item, the size of the item, the process that you're using, you may or may not spend more than that or less than that. An example is that the average person using a credit card at a vending machine spends 178% more, meaning they get a Coke and a candy bar and a bag of chips, or they were just going to get a Coke. When you use a credit card, it reduces the emotional friction,

and that's why everyone wants you to use plastic. Yes, you do spend more when you use a credit card. It's just a matter of how much more. The larger the item, the less the percentage, but it doesn't have to be much percentage for you to spend more. And those of you that are collecting airline miles, all the studies tell us, the reason they offer the airline miles, all the studies tell us that you are the worst. There's tons of research. And the hilarious thing is, is that you are massively in denial. That you really do believe you're beating them at their game. Which is humorous, really.

I mean, it's like you thinking you're going to come out playing throw the ball at the carnival. A semi-rigged game. Put the ring over the hoop. Put the hoop over the pylon at the carnival. A semi-rigged game. You're not going to come out in these games. They know the behaviors. It's not a conspiracy theory.

They're just world-class marketers and spend a bazillion dollars studying your behaviors. You spend more when you get airline miles because you're so freaking excited about your free trip to europe that's not free because you're so stupid you believe all that stuff well i don't agree with dave ramsey on airline miles it's just because you don't know the background and the data on this. 90% of airline miles are never redeemed. And of those that are redeemed, you have a substandard experience with the airline, which having a substandard experience with a substandard industry pretty much means it sucks.

I mean, think about airline service other than Southwest as an oxymoron, isn't it? I mean, Delta is Greek for we're not really taking you there. We just said we were. It's a substandard experience to start with, and then you get the opportunity to fly through three extra connections to use your free miles that was brought to you by overspending on your credit card and somehow you and your little brain have figured out that that makes sense this is stupid it's stupid even when you're on a cash basis with a debit card like I use.

I don't own a credit card. I haven't in decades. But even if you use a cash basis like a debit card, you do not feel the pain. Back in the day when the dinosaurs roamed the earth and we put gasoline in our car we used to have to leave the car walk into the store and hand the person in the store money with president's faces on it when gas prices went up we squalled and threw a fit they They go from $2 or $3 to $5. We had a fit. People were acting like the entire world was in meltdown

because when they paid for their gas with president's faces, they knew that gas prices had gone up. Here's what's interesting. When gas prices go up now, you and me, we pay at the pump, don't we? I pay with a debit card. Some of you pay with a credit card. And when gas prices go up, you don't think much about it because it's kind of like monopoly money.

It's a digit. You're not even pulling the receipt off the thing i know because when i pull up there your stupid receipt still hanging there so you have no idea what your last tank of gas cost you can't tell me the reason you can't tell me is it created no pain for you inside your brain pain is associated with memory if you create a pain around something you will have a memory of it when you know when you buy something that you saved up for and you pay cash for it you can tell me to the penny what you paid for it because it registers in your psyche the research shows the more money you make, the more credit card debt you have.

Because the sloppier you get and the more you buy into these stupid rationalizations where you are not experiencing any emotional friction. MIT did a study that showed that the pain centers of the brain are activated when you release cash that is yours to purchase something when you spend cash it activates the pain centers of the brain when you buy the exact same item with the exact same amount of money with a credit card nothing happens in the brain no pain center activate activation no brain. No pain center activation. No brain, but no pain center activation. Which means you're simply not registering the spending. There's no emotional friction.

There's no intellectual friction. Nothing is acknowledged. And you spend more. You really do. And to argue with that is ludicrous because that means you have pride about your level of discipline which is absolute horse crap i teach discipline for a living it's what i do i have taught this for 30 years and i can fall in this trap of spending more because i'm using plastic i mean we're on a disney cruise and your room key buys everything took the grandbabies on the disney cruise right and before i know it we're just buying

mickey this and Mickey that. And I get the bill at the end of the cruise, and I'm going, well, we got Mickey Moused. Unbelievable, man. There was no acknowledgment that this money was leaving by Papa Dave or by the precious overspending grandbabies. I'll do it again. It's wonderful. I can afford it.

But when you're broke and you rationalize you have no net worth your net worth is four dollars and you have no income or limited income you have a lot of debt you're misbehaving with money and then you come off as prideful and arrogant about how you can handle your credit cards because you pay them off every month when 78% don't, and even those that do overspend, especially those of you with airline miles. It's the biggest scam in freaking history. It's the credit.

It's the cigarette of the financial world. It used to be cool, and people are going to acknowledge that it kills you. They're going to quit doing it. If we have a proven plan to teach you how to get out of debt, go to DaveRamsey.com slash FPU. Learn about Financial Peace University. Start your journey to being debt-free. No more credit cards. No more debt. It's time to change what you're doing isn't working this is the dave ramsey show so This is big news, guys. You need to stop and listen. The Fed decided not to raise interest rates.

That means you've got a small window of time before rates rise again. Here's the deal. Most people are paying too much interest on their largest expense, their home. So you're freaking crazy if you don't take 10 minutes to call Churchill Mortgage right now and see if they can save you money before rates rise again. A mortgage through Churchill could save you thousands, or better yet, reduce the time until you're debt-free. Can you imagine how it would feel to no longer have that payment looming over your head every month?

Just go to ChurchillMortgage.com or call 888-LOAN-200. Their team of experts will give you more clarity about your options and more peace knowing you're saving significant money in the long run. Call 888-LOAN-200. That's 888-562-6200 or churchillmortgage.com. Thanks for joining us, America. This is the Dave Ramsey Show. Open phones at 888-825-5225.

You jump in. We will talk about your life and your money. Steve and Carrie from Hartford, Connecticut are on the line. I see on my screen you guys are debt-free. Congratulations. Yes, thank you, Dave. Thank you. Way to go guys how

much have you paid off we've paid out 45 000 in 15 months good for you well done well done and your household range of income during that 15 months uh it started at 71 and it went up to 115 nice jump yeah what happened during that 15 months that makes it go up 30 percent? I switched jobs. Through doing your program, I kind of took a leap of faith and needed to pay off debt quick, and it really took off from there. Wow. So great job. What do you do for a living? I'm a funeral director. Okay. Wow. Very cool. So $45,000, what kind of debt was this? It was about $23,000 credit cards, $15,000 on a minivan, and about $7,000 on medical. So you're just kind of normal?

Yeah. Unfortunately. So what happened? What shook you guys up? What lit the fuse on this well i i had taken your course once before we got married we took it when he got married so i should have had a master's degree in dave ramsey but uh i i we just i didn't follow the principles uh i didn't see the long-term vision and uh we started having kids and that changes a whole lot of things. And so we really

buckled down and I just remember looking and saying, okay, we're starting to make some pretty good money. How, where is it all going? It's all just gone. And it just racked up and up and up. And, you know, we had several kids, we had several miscarriages, but we got, you know, charged from the hospital still for them. And it added in medical bills, and enough was enough. I took a leap of faith, got a new job, and we lived on half of what I made. Okay, so how long have you been married? Going on eight years. All right, but out of that eight years, you were just still diddy-bopping along.

What happened 15 months ago? What was the precise thing that occurred where you went okay game on i would say it was uh well you know we had a hard time getting pregnant for a couple years and then we had uh so we have a four-year-old a two-year-old and a one-year-old and in between and we're pregnant with another one too due in december wonderful um yeah but uh yeah between the kids, you know, the diapers were coming in, the wipes, the milk, I mean, everything, the medical bills, it was just, it was between kids. And I said, if we're going to keep having kids, we want to have a large family. We've got to do something.

We can't, you know, we're going to need an extra bedroom for all the debts that we have. Yeah. So, Carrie, he comes in and sits down and goes, this has got to change. What did you all do then? Well, we sat down and doing a budget made a huge difference. I'm a stay-at-home mom. So while I wasn't contributing to the income, I tried more on the spending side to keep our spending to a minimum,

use hand-me-downs, because we have nieces and nephews, so we got hand-me-downs, which was a huge help. And just for our side, especially our groceries, just learning how to kind of cook a little bit cheaper and just be smart with what we have. You are a professional home economist. Yes, ma'am. Or yes, sir. And you can save some money doing that.

That's pretty serious. So that changed the outgo side of the equation. Steve jumps over, takes the new gig, starts making more money. You guys get on a written budget. And then how did you connect to us? Well, I've taken... You've taken the class back in the past. That's right.

My brother-in-law is one of the master coaches, and he was a huge, huge help to us. He's debt-free, and he's 45, house paid off, making good money. And I just said, I want to be like that. And I'm on my way a lot younger than him. So we're in good shape there. But, yeah, we've had a lot of cheerleaders in our family just really pushing us along and helping us any way they can. Very cool. How does it feel to not have any payments?

First time in eight years. Awesome. Yeah, it's unbelievable to be able to do things for the kids that we never could before. So it's really been incredible to not have anybody calling or mailing me anything other than normal bills. It's pretty unbelievable. It's a weird feeling when you first do it. Yeah, worth all the sacrifice then. Oh, yeah.

Oh, yeah. It's hard to start spending money now, too, but we're working on it. Yeah. Well, well done. I'm proud of you guys. Excellent, excellent job. Way to go. And your next chapter is to be Everyday Millionaires.

We've got a copy of Chris Hogan's book for you to help you do that, Everyday Millionaires, number one bestselling book, How Ordinary People Built Extraordinary Wealth, How You Can Too. You can follow right in the footsteps of that brother-in-law. This is perfect. Yeah, absolutely. Appreciate it. Good job.

All right. It's Steve and Kerry from Hartford, Connecticut. $45,000 paid off in 15 months, making $71,000 up to $115,000. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free! Yeah! Woo-hoo-hoo!

This is how it's done. I love it. Very well done. Great job, you guys. Nicole is in Arizona. Hi, Nicole. Welcome to the Dave Ramsey Show. Hi, Dave.

I appreciate you taking the call. Sure, what's up? So, first, just wanted to say really thank you. My husband and I are on track to be debt-free next year, in about a year. The reason I'm calling, though, is I really am trying to get my family on board. My parents, they've got a lot of debt. I don't have all the numbers. They recently just moved to Georgia.

They have a $325,000 house that they just bought. They have two car payments, credit cards. How old are they? My dad just turned 50, and my mom is 46. And how old are you? I'm 25. And what makes you think they want your opinion? I'm mostly, that's the thing. I don't know that they, I don't think they want my opinion. I don't either. I am just so concerned with all the debt that they have racked up. And I'm just trying to, you know, I bought them the Total Money Makeover book.

My mom is on board. My brother is reading it right now. He's got a little bit of debt. And then I also have a 14-year-old brother who I'm trying to keep out of debt. You know, he's got nothing. He wants to go to college, though, and I'm trying to keep him

so that he doesn't end up where we did. I'm just really, like I said, I'm really concerned with how much money, how much debt that they've racked up. And I'm just looking for tips if there's anything I can do. I was thinking, you know, funding them to go to Financial Peace University, would that help? I don't know. If you Financial Peace University, would that help? I don't know. If you paid for it, would they go? I think my mom would definitely go. I would not send her without him.

Is definitely the more stubborn one. Yeah, you'll cause a divorce because she'll come home all enthusiastic about doing this, and then when he won't, you're going to cause some major problems. So I don't recommend couples go to financial peace university without the other one okay only if you can get your dad to go the problem is um that when you're 25 years old it's hard for your parents to listen to you it's called the powdered butt syndrome once someone's powdered your butt they don't really want your opinion about sex and money. Okay.

And it's just very hard. You don't have standing with them. Now, do you know anyone that they deeply respect that as a peer or even an authority figure that you could talk to to talk to them like their pastor or their brother or their parents or whoever, someone that they respect that they would listen to more likely than they would listen to you. Yeah, I have a couple of people that come to mind. Yeah, let's talk to them and say, hey, I'm worried about mom and dad. I don't think they'll listen to me. Would you consider talking to them and see if you can speak into their life? Because it's very unusual for someone in their 50s to take financial advice from their child in their 20s.

It's just an unusual relationship that would do that. So it's kind of an uphill battle for you. This is the Dave Ramsey Show. our scripture today is psalm 103 17 but the steadfast uh but the steadfast love of the day, Psalm 103, 17, but the steadfast love of the Lord is from everlasting to everlasting on those who fear him, and his righteousness to children's children. Billy Graham said, the greatest legacy one can pass on to one's children and grandchildren is not money or other material things accumulated in one's life, but rather a legacy of character and faith. I completely agree.

If you have to choose, choose that one. I would say do both, though. Leave them a legacy of character and faith and a couple million dollars. Why not? A good man leaves an inheritance to his children's children. Our question of the day comes from Blinds.com. Their 100% satisfaction guarantee means that even if you mismeasure or you pick the wrong color, they'll remake your blinds for free.

You get free samples free shipping and with the new promos they run every month you'll save even more always use the magic word the promo code ramsey love it shanda is in tennessee i am new to the baby steps and i'm on baby step one my question is what do you do with a family member who's always short on their bills whenever this family member short on her bills she will call and ask me for money i can no longer be her bailout plan i'm working on bailing my own family out how do i stop this she makes me feel like if i can't help her and her three kids they will be on the streets uh gently kindly say i'm not able to do this anymore.

I would if I could, but I can't. I've got to take care of getting my family straightened around, and I'm learning new discipline with money. I'd love to cheer you on in doing the same thing. As a matter of fact, I'll give you a copy of this book, Total Money Makeover, that I've been reading, but I can't give you any more money. I can be your cheerleader, but I can't give you any more. Well, I'm going to be in the street if you don't help me. Oh, I know. I know it feels that way, and I'm really sorry that you feel that way, but I think you're going to work it out. I've

got faith in you. I don't think you're going to be in the street. I don't think you're going to be homeless because of my $50. So I'm sorry. And I love you and I'll help you any way I can, except giving you money. I'll cheer you on a cookie, a meal. I, you know, I I'm, I'll be praying for you. I really believe in you. As a matter of fact, I think I believe in you more than you do, but I can't give you money anymore. So that's just because I've got to have the discipline to get my life straightened out. And I'm so sorry. And I know you understand. I would if I could, but I just can't.

And it just sounds like that. Very gentle, but very, very firm. And listen, here's the thing. You cannot control their reaction. They're going to react the way they're going to react. You are not responsible for someone else's feelings, for someone else's statements, for someone else's perceptions. You can't cause that. You made me mad is not an accurate statement.

You did something and I got mad about it is an accurate statement. When that happened, it triggered anger in me is an accurate statement. But no one makes you mad. That somehow implies that I have control over your anger. I don't.

Only you do. David is with us in Louisiana. Hi, David. Welcome to the Dave Ramsey Show. Hey, thank you for taking my call. I appreciate all you do, and I often spread your name around when I travel. Well, I appreciate that. How can I help?

This year, I started my own LLC to start being my own boss and control my own direction, and I just wanted some general guidance to make sure that maybe if I'm missing something I need to know or something you can tell, lessons learned by others, but I can give you a general overview if you need. What kind of business are you in? I'm personally doing consulting business. I do quality, health, safety, environmental policies, procedures, organizational development. I was fortunate that through a downturn in the organization I was with earlier this year that I was able to secure a primary customer with the federal government, a great program in Louisiana. And they have a multitude of customers that I work for.

I don't make an enormous amount of money, but it's some freedom, some flexibility, some good organizations I'm working with, and then I want to grow additional customers beyond that point. Great. So how much money have you made? How long have you been doing this, and how much money have you made? I got set up in June and really kind of kicked it into gear in the late part of June. So we're looking at July, August. So let's say, I don't know, let's say right around 10 right now.

Okay, so $5,000 a month and fairly limited expenses, I assume. Correct, yes, yes. Okay, very good. Good for you. Well done. Proud of you. Okay. I mean, so if you can make $60,000 a year, that's not a bad starting gig for sure.

Now, first thing you want to do from a financial standpoint is make sure that you treat this business as a separate entity. You formed an LLC, so that gives you a head start on that. And you obviously need a separate checking account. And with an LLC, you'll have a separate tax ID. And only all money that comes to you from the business goes into that account. It goes nowhere else into that account, and nothing comes out of that account except business expenses or when you pay yourself a paycheck, either one.

That's where I'm at. I'm there. Okay, and so that gives you, you know, your checkbook statement, your checking statement really is effectively your P&L because you're running what's called a cash basis accounting system at that point. Your income minus your outgo equals your profit. It's very easy to do. It's very dialed in. And so when you take money out of that account to bring it home and put it in your personal account, you should set aside a fourth of it for taxes. Once a quarter, you're supposed to file quarterly estimates on the profits of your business and your estimated taxes due.

And so it's a simple little one-page form with the IRS. And if you haven't been doing that because you haven't been open a quarter yet. I set up for the filing of February based on I didn't know. That's fine. I do want to do the quarterly. Yeah. But one question that came up, whether it should be an S-Corp. Right now I'm on the sole proprietor.

So the question comes up if I should be S-Corp or C-Corp. And then with the fourth out, I'm actually putting, I was putting for the few paychecks I've received at 28%, but now I'm told I may have another 15% for Social Security, so I'm going to... No, that's not what it is. Your taxes on $60,000 won't, I mean, you may be in 28% tax bracket, but that does not mean the entire $60,000 is taxed at 28%. It's going to end up being more like $10,000 by the time everything's said and done.

And, yes, you do have both sides of self-employment tax, both sides of your payroll tax is what it amounts to. So it's 15.3% of that, plus about another 10. So $25,000 is going to be okay for you. Now, did you already form an LLC? Yes, sir. I formed that early part of June. Okay. You don't need anything else.

That's more than enough. You do not need a corporation. You do not need a sub-S, and you for sure don't need a sub-C. I guess it came down to changing its classification. I wouldn't. Okay, okay. I would just leave it as an LLC. You're fine for that.

You don't even need to do that. You could have done that as a sole proprietor, but I just run it as an LLC. That's just fine. You've already gone to the trouble to do that paperwork. Just leave it there. I would not change its classification. It's very easy to run it. Again, you just run it as a separate entity.

You file your quarterly estimates on this and again it's it's still a one-page form uh you can get with one of the uh one of our tax elps in your area and they can walk you through exactly how to do that and you're right on track hold on i'm going to send you a copy of our book of how i grew this business from a card table in my living room, like you're starting right now, to where we are today. It's the playbook of our Super Bowl handbook. It's called Entree Leadership.

Number one best-selling book. So hold on. Kelly will pick up, and we'll send you a copy of it. Hope you continue your success. That puts us out of the Dave 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.

Hey, it's Blake Thompson, Senior Executive Producer for the show. You know, you can listen or watch anywhere with the Dave Ramsey Show app on your smartphone. Catch the full show or watch the highlights and check out Dave's upcoming guests. Head to the App Store and download it today.