The Ramsey Show - App - Where Should I Keep My Will? (Hour 2)

Episode Date: August 14, 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 Ramsey, I'm Chris Hogan, and I'm excited to be here with you, America. We're here to talk about your money, your career, whatever questions that are on your mind, just give us a call. The number to call is 888-825-5225. Again, that's 888-825-5225. Or if you want to get social, send it to us. It's at Ramsey Show. You can connect with us on all the social media mediums from there.

So we're here for your calls. We're waiting on you. Kelly's ready and willing and able to line them up, and we've got a ton. So I'm going to jump on the phone. I've got Mary Ann calling in from Miami. Mary Ann, how can I help you? Hi. Yes. I have a question that has two parts. Okay. I have two properties that I'm selling, and between the two, I'm going to get between $400 to $450. I would like to know where can I invest that money. And if you believe that it's possible to do the 4% rule with that type of money. Okay.

So, Marianne, tell me a little bit about these properties. Are they rental properties or is one your home? One is my home, one is rented. Okay, and once you sell these, where are you planning to live? I'll find something else. Okay, now, so why are you selling them? I don't like dealing with tenants, and I just need to do something else. Okay.

All right. Uh, so, you know, walking through this as you are, you know, looking forward and trying to sell these homes, uh, I'm going to advise you on a couple of things before we get to the investing side. Uh, number one, I want you to make sure you're dealing with a reputable real estate agent. You need a professional that not only knows your area, but they know how to get things done. Number one, I want you to make sure you're dealing with a reputable real estate agent. You need a professional that not only knows your area, but they know how to get things done. And so talking with them, I would strongly encourage one of our real estate ELPs.

You can find them by going to ChrisHogan360.com and clicking on the Dream Team button. Have them come out, look at their properties, and give you an idea of the comps in the area. And again, people say comps. They're talking about comparable homes like yours. But once you get these things on the market and you're looking to sell them, I really want to encourage you to have an idea of where you're going to live. If both of these sell quickly, you could be homeless. Now, that's a good thing based on the dollar amount that you have coming in. But what's the next step? I think before you even start to try to put based on the dollar amount that you have coming in. But what's

the next step? I think before you even start to try to put these on the market, we need to think this through. Like, where are you going to go live? I know you said you're tired of dealing with tenants and all that, but what's the plan for you? If both of these sell within 30 days, what are you doing? I think that's important to think about. And it's okay to rent as you collect your breath and get yourself situated. But if you're starting to important to think about, and it's okay to rent as you collect your breath and get yourself situated. But as you're starting to look and think about investing, I would say you sell both of these homes. I think I'd park that money in a money market account right now so you can breathe, right? Because it's going to take some work to get them sold.

But once you have it sold, I want you to be clear about the direction you're going to take with that money. You know, what are you going to use for your next living situation? How much are you going to invest? Right? I mean, and really start to think through. Too often times, as I talk to people that have gotten an inheritance or come into a large sum of money, this money comes through their hands very fast, right? Because they weren't mentally prepared for it.

They were excited for it and they expected it, you know, from the sale of a home. But once it hits your hands, you got to begin to have a plan and know what it is you're doing. So, Marianne, that's what I want to encourage you to do. Get connected with a real estate ELP. Find out how long it's going to take for homes like yours to sell, and then park that money and let it sit there. It's okay to let that money sit while you collect your breath and you get a game plan. All right, we're going to continue on the phones. Next up, I've got Dave in Cleveland, Ohio.

Dave, how are you? I am focused but not finished. How are you? Oh, I know. You listen to The Chris Hogan Show, don't you? I do, Big Pop. Oh, you listen and you've read the book. I like you already.

Yeah, big fan of the podcast, The New Hogan Show, and I look forward to reading the Everyday Millionaire's book. Well, buddy, thank you so much. I appreciate that. And actually, I'm going to gift you the preorder, and we're going to get your information and get that sent to you. So I appreciate your support. Thank you, sir. Yes, sir.

How can I help you today? Yeah, so I'm 34. I have a family of four with two young kids. I have a will and a living revocable trust. Good. I have copies of my will and my trust with our financial advisor. But I'm curious, and I want to get your input, how many other copies should I provide to family and to whom?

Should it just be the executor? And in addition to that, what account listings and other important documents should I provide somebody? And where should I store these? Should I have them in a fireproof box in the home? What do you recommend? Wow. Dave, you have thought this through. How old are your kids? Four and almost two. Four and two. So you are a person, you are dotting I's and crossing T's, and I like this. You're thinking. Let's go to the fact of, all right, to the people to have copies.

I would definitely, I'm a big fan of hard drives and thumb drives. So for your executor, I think they need to have a hard drive of the main documents, the life insurance policies, the things of that nature that they need to get their hands on. I think the other details of account information and all that, you could keep that on a hard drive and put it in a safe deposit box at a bank. I don't think giving someone a copy of that for them to have in their home, if they were to have a home fire or something like that, it gets rid of the need of security, right?

It just puts you at more risk. So I would keep hard copies as well as thumb drives in a safe, excuse me, security box at the bank. And again, don't let them sell you one the size of a big screen TV. You just need something to hold some documents. But I think once you do that, that is safety enough. Inside the home, if you want to keep a copy around, you can. Most of the time as you're reviewing those documents, I try to review them once a year just to see what we need to tweak or increase. And so I think it's good for you to keep a copy online as well as have a paper copy. But I think the safest place, my friend, is at the bank in a safe deposit box. That's a great question. You also

bring up a point of making sure we're communicating with the executor. Now, this is a person that would be in charge of things if something were to happen to you. But I think it's also important to not only have an executor, but a backup, as they call it, a contingency person. Again, being aware of this stuff. We work so hard, right, to be able to provide for our families. We need to make sure that we're working hard to protect ourselves. And while I'm on this kick, right, I want everybody out there needs to make sure that they have a will. It's so important. If you don't have a will, then the state gets to make decisions for you.

And I'm telling you, you don't want to do that. All right. And I've traveled to almost all the cities in America, all but four, and I've hit potholes in all of them. Right. That means that the roads aren't being taken care of very well, right? And I know we've got a lot of roads in America, but here's my point behind this. If they can't take care of a road, what makes you think they're going to take care of your

babies or your grandbabies? So we have to make sure we have a plan, and having a will is part of that plan. Step two is to make sure you have term life insurance. We tell people, get 10 to 12 times your income amount. So that means if you make $50,000 a year, you're looking at $500,000 to $600,000 in term life insurance. And don't tell me you got it through your job. Okay, don't tell me that. Because if you lose or leave that job,

you've left and lost that life insurance. Get it outside of your job. That way it's portable. It's following you. And you can call Zander. Zander Insurance is a company we've worked with for many, many years. So listen, America, protect yourself.

Get a will, get term life insurance, and I'm telling you, you'll be well on your way. This is The Dave Ramsey Show. Let me tell you a story about two families that are very much alike in a lot of ways. Both families have two working parents and a couple of young kids. Each has debt and a struggle to make ends meet, but they're starting to make headway with their budgets and smarter decisions with money. They have dreams and plans, and the only real difference is that one family has the right amount of term life insurance and the other doesn't. Big difference.

If one of the parents die, and that does happen. Their well-being would be destroyed. Paying for the mortgage, utilities, food, and other bills would be impossible, let alone saving for education or retirement. That's why every day I talk relentlessly about getting term life insurance. Just go to ZanderInsurance.com or call 800-356-4282 and see how inexpensive it really is. Be the family that takes those deliberate steps to be different and responsible. It really does make you the hero of your story, and it puts you on course for better things ahead.

Hello, America. You are listening to The Dave Ramsey Show. I am Chris Hogan filling in for Dave. So excited to be here with you. But we need to hear from you. So if you've got a question about money or life, give us a call. The number to call is 888-825-5225. Again, that's 888-825-5225.

And real quick, because we really love to hear from you and value your input, so there's a survey that I want you to take. It helps us to know about what's important to you so we can deliver relevant content and information that you need. Last week, we launched a brand new survey, and we'd love your feedback. You can go to DaveRamsey.com slash survey. Now, get this. It'll only take you a few minutes, but there's a $100 Amazon gift card that's up for grabs. So it gives you an opportunity. So here's what you can do.

If you're not near a computer, you can text the word survey to 33789. Again, that's survey, the word. Text the word survey to 33789 or visit DaveRamsey.com slash survey. Again, if you want to take it on your phone, just text the word survey to 33789 or visit DaveRamsey.com slash survey. I've got a few people out in the lobby right now. It looks like that's what they're doing. I don't think I'm eligible for the Amazon gift card, so that's okay. I'll make James buy me one.

But anyway, we're here for you and we're going to the phones. Next up, I've got Rebecca in Hattiesburg, Mississippi. Rebecca, how are you? I'm great, Mr. Hogan. How are you? Oh, I'm good, honey. I'm not Mr. Hogan. That's my daddy. I'm just Chris. How can I help you? Well, I just need a little guidance on life. I've made a lot of bad choices in life and a lot of mistakes in financing. Yes, ma'am. I'm a single mom lot of bad choices in life and a lot of mistakes in financing. Yes, ma'am. I'm a single mom of two beautiful little boys, and my income is about $26,000 gross, which does not leave a lot of wiggle room.

No, ma'am. Right now, I'm currently, I just moved into a new house that's cheaper in rent. It's only $500 a month, thankfully. My question is, I've actually just started listening to the Dave Ramsey show. I've been trying to listen to all these finance things or whatever and get my life in order. And then I stumbled upon Dave Ramsey. I'm like, I'm not sure all these people are telling me right. So my question is, I'm reading, and I want to buy a home. And I'm not talking about a $100,000 home.

I'm talking about a $15,000 mobile home. Something I could pay off in three to four years and with my income and hopefully pick up another job, start saving and change our lives. My kids are still pretty young. One is five and one is nine. So I just feel like by really I am just throwing money in the wind. I'm making somebody else rich and I'm constantly never getting ahead. My car is paid for. It's an older, beat-up little car, but it is paid for,

and it will continue to ride the road as long as it will get me around. Yes, ma'am. I've always been a big budgeter. I never try to live within my means. So as far as when it comes to debt, I don't have debt. I just have the normal. You're like, bill your water, bill your phone bill, you know, the roof of your head, you know, the normal stuff. But still at my budget, it's very hard sometimes to just make that, you know, meet with that. So this is my question.

I've been on a quest to build my credit. And then, of course, I started living a day of rancor. it's like no no you don't have to worry about credit but in order to be able to get something better i really need credit i've never had credit because i've never taken really taken out any debt taken out any credit cards or anything like that so i started doing the self-lender thing because it just seemed not so um it just seemed a little bit better because I put the money in, I get it out in a year, you know, so I'm just not throwing the money away.

Right. So is that a good idea? Like, I do have two secure credit cards, and now I wish that I wouldn't have, like, credit scares me so bad. Literally, I got one, and I activated it, and I went to Wendy's. I got a full-for-four meal, and I took it to my sister-in-law. I was like, here, hide this. I don't want it.

Okay. Because it just scares me because I never want to get to the point to where I'm just so overloaded, you know, that I can't handle it. Well, Rebecca, here's the deal, okay? You are a spunky little thing. I'll tell you, I like this. Because how long have you been a single mom? I've been a single mom for nine years. You've been doing this on your own a long time?

Yes, sir. Okay. And I'm sure you love them kids with your whole heart, don't you? Absolutely. Okay. And now, I want you to take a deep breath, okay? Because you're running fast, and I like it. But I want us to channel this energy in a couple of areas, because here's the thing.

What you can do is what you're willing to do. And I think you want better for your kids, but the most important thing is that they've got a mama that loves them, that's taking care of them and so you know mindset wise we got to talk about a couple things i like that you're renting that's good now this paid for a car what kind of car is it um it's just an o5 chevy malibu okay don't you bad mouth that paid off car okay hey you better go out there and apologize and give it a hug okay because that car is getting you from A to B and I don't blame you. I'm with you. I'm not going backwards.

I'm not doing any more car payments cause I did the math and you said something that struck me cause it was the same thought I had. I got tired of making other people rich. I wanted to build my own wealth and I think that mindset is the very mindset that's going to get you toward a home. It's going to get you to better for these kids, but we have to slow down. Okay? And I'm going to tell you something right now.

Building your credit, I'm going to be honest with you. I'm a former banker. I'm going to tell you what your Fricoscore measures. You ready for this? How much debt you have, how well you've paid your debt, how long you have the debt open, the likelihood that they're going to give you more debt, and the type of debt that you have. Okay? Now, Rebecca, I am not a rocket scientist.

I'm from Kentucky. But did you hear a theme in the things I described of the FICO score? You better believe it, honey. So that means it's not a measure of how well you're doing. It's a measure of how well you're doing with debt. And that's the wrong scorecard. And so those secured credit cards that you have, get them, shut them down because you know they're going to start calling. They're going to mail you offers that seem too good to be true.

And you and I know if it is, then it's not real. But slow down. I want you to walk and be clear. You can get a home, but I want you to slow down and really begin to have it in your time frame. Renting is not a sin. Renting is not a bad thing. It allows you to save up to buy a home the right way. I've talked to too many people, Rebecca, that bought a home too soon. And what they thought would be a blessing has ended up being a curse because it's stressing them out. So you just breathe, honey, one day at a time and begin to think about what are homes going for? What are the areas that you want to buy in and be in for the school district for your kids? And really think long term.

These aren't quick jumps, okay? These are things that you want to do with focus. And I'm going to send you Financial Peace University. I'm going to send you Retire Inspired, Total Money Makeover, anything else I can get my hands on. Because I'm a product of a single mom. And my mom had the same kind of spunk and fight that you have in you. That's why your kids are going to think different and they're going to believe that they can do things because they got a mom in their corner. And I'm proud of you.

You've been doing this for nine years on your own and you're not done yet. You've got more things to do. And I want to encourage you along the way. We are here for people just like you. America, if you've got a question and you want to call us, we want to hear from you. Call us at 888-825-5225. Again, that's 888-825-5225. I tell you, when I talk to people like that, it really does take me back to my childhood.

Really understand, and I don't think parents understand the impact they can have on young people. When they see mom and dad working together, or they see their dad or their mom in single parent situations, they want to hear from you. You know, young people, yeah, we can be stubborn at times. And I said we like I'm young. We all know I'm old, but I'm thinking back in old days. But grandparents out there, I tell you, the impact you have on these young lives, it's amazing to be able to talk to them about what you've seen and what you've overcome. It's encouraging.

You know, I've lost all my grandparents now. All of them have passed on. But I tell you something, the wisdom that they gave to me and this little old country boy to pour into me to get me to think bigger. Right. And to think just just bigger and to see the world for what it is and understand that I've got opportunities. And I just, I want more of that. We need more grandparents plugged in in America to their grandkids. And we need grandkids that are listening. Why? Because I'm telling you, I've not met many people old that are fools. They've lived through some stuff. They've got some experience, got some stuff to share. I think

we need to listen. 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. 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 HotspotShield.com slash Dave. You can be secure in seconds. Download Hotspot Shield today. Hello, America.

You are listening to The Dave Ramsey Show. I am Chris Hogan filling in for Dave. And we've had a blast so far. Talking to all types of people all across the country with different marriage situations, different money situations. Well, we're here for you.

So if you've got a question about money or life, we want to hear from you. Call us 888-825-5225. Again, that's 888-825-5225. Now, I've got to tell you, I had a recent project that I'm very excited about.

Uh, had an opportunity to really dig in and I wanted to know the truth. I don't know about you. You know, you can hear some rumors and you can hear people's opinions and all this stuff, but I really wanted to know. So guess what we did? We did the largest study that's ever been done on millionaires. We surveyed and talked to over 10,000 of them. Okay. I didn't say 10. I didn't say a thousand. I said 10,000 because we wanted to get to the truth.

We wanted to know what's going on. And so we dug in, we got the stories, we've got the stats, we've got information about the reality. Is the American dream still alive and well in America today? Well, I got to tell you, after reading these stories and getting to hear from these millionaires and digging into this research, I'm here to tell you, yes, it is. It's a great opportunity. Here's the book. Those that are watching on YouTube, I'm holding a copy. It's Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too. This is an incredible opportunity.

The book is in pre-sale, so you can buy it now for $20. Now, here's the deal. For $20, you're going to get $50 in bonus items. We're going to give you a copy of the e-book, a copy of the audio book. You're going to get also two bonus lessons, one for me talking about how to retire inspired, and then Dave is going to teach on wealth. So over $50 in bonus items available to you for 20 bucks. So you pay now and the books are going to come in January. January 7th is release date, and we're going to ship the book to you. Now, the audio book and e-book and all that stuff you're going to get prior to January, but this is a great opportunity. And also want to let you know, you can also get

plugged in. Like I want people to be informed, but I also want them to be engaged. And so this is where we also have Financial Peace University. Now, this is Dave's number one best-selling course. This program is phenomenal. I mean, it's the thing that changed the way that Rachel deals with money, I deal with money, Christy Wright. I mean, all of us, we've plugged into this. And so we've got a great opportunity for you to be able to get Financial Peace University, to be able to start your process as well for $119. All right? So I just told you about the pre-sale of the book for $20. You can get as well for $119. All right. So I just told you about the pre-sale of the book for 20.

You can get financial peace for one 19. Well, listen to this, or you can bundle it. You can put them both together. You can get my book, everyday millionaires, the pre-order as well as financial peace university, both for $129.

Now you're going to get both items plus all the $50 in free bonus items as well. So, this is a great opportunity for people to really start to see and understand, but also take the steps. See, that's the thing. I think everybody wants to put off improvement. We like to talk about it, but I think when the rubber meets the road, we've got to start doing some stuff. Why? You work hard for your money. I want to show you how to make your money work hard for you. So, it's all a matter of making some stuff. Why? You work hard for your money. I want to show you how to make your money

work hard for you. So it's all a matter of making some decisions. And I think when we think about it, we can see we've got more opportunity. Okay. Now, also, I want to dig in and we're going to take a phone call here in a moment. But I want to remind you, if you've got a question, call us. The number to call is 888-825-5225. All right. On the phone, I've got JVN. How are you? I'm doing great, sir. How are you? I am focused and not finished, my friend. How can I help you? Okay. Well, I turned 18 a week ago, and I'm going to college. Well, I'm going to college completely debt-free. All right. Yes, sir. Actually, I have over the amount of scholarships that I need,

so every semester I get about $3,000 back from the college. That's fantastic. What are you doing with that money? I was going to ask you that. Okay. So you've been going to school for a year now? No, sir. I'm an incoming freshman.

Incoming freshman. So you're going to get school for a year now? No, sir. I'm an incoming freshman. Incoming freshman. So you're going to get about $3,000. Are you going to be working while going to school or just going to school full time? I'm going to work while I'm going to school as well. Okay. That's good. Because, see, here's what I'd do. That extra scholarship money, I would definitely put that in your bank.

But now, Jay, I've got to be honest with you, all right? Because if I could go back and talk to an 18-year-old Hogan, here's what I would have done. I would have put that money in a savings account, not my checking account, okay? A savings account, and I would not have allowed myself to be able to use or get to that money with my debit card, okay? Now, here's what I mean by that. The access we have to money oftentimes can trip us up because you can go to atms remember they don't close down you can go at one in the morning two in the morning not that you should be out that late because you're in school okay don't be doing that stuff uh but you get my point

it's available so you got to know you that's what i'd say and i'd say sitting on that while you're working it would always give you some cushion like do you do you have a car? No, sir, I do not. Okay, so that might be something that you're, while you're working and going to school, that you start to save up for. So it's a great opportunity for you to be able to have that money sitting there for you. But again, you're building toward it.

So that extra $3,000 could be the beginning of a car fund for you. And again, congratulations on getting scholarships. Congratulations on sitting down to fill out the paperwork. I know all that paperwork of the FAFSA, the financial aid form, and all the stuff to fill out. It takes a lot of work. Even applying for scholarships is a job. But guess what? You're going to school without debt.

And that's definitely something that is not only worth your time, but it's something you're going to look back on and be very excited that you did, JVN. So I'm very proud of you. So be smart, be intelligent, stay away from debt. Listen to me. There are credit card companies on the college campus, and they're going to offer you a free pizza. They're going to give you a t-shirt and even one of them little squeezy things, right? Just all you got to do is sign up. All you got to do is give them your name. Don't do it because it's like they get their fangs in you and then they got you for the next 15 to 16 years. I'm telling you, I've seen the stories, so don't do it. Signing up for credit cards doesn't make you an adult. It makes you unaware. So I want you to

be aware, defend against it and do things the right way. Go low and slow, just like crockpots. Food always tastes better. And I promise you, you're going to feel better later. All right. I got a social media question. Somebody asked me, this is from Greg. Greg says, when does it make sense to refinance to a 15 year mortgage? Now, I listen. A few weeks ago, I was in here on the show, and I took a phone call. And a gentleman was talking, and he had a question. And we were talking, and he was talking to me about, Chris, you know, we pay extra, right? But he said something. He said, we pay extra most of the time.

All right, so I told him. He's already said they were paying extra on it. And I said, well, take a look at refinancing and then you can look to see if you can lower your rate and all this. Well, you would have thought that I told him to go see Visa and sign up for some credit cards because I got emails and people saying, Chris, you told him wrong. The man shouldn't. He's paying extra on it. He didn't need to refinance. Now, I'm sorry. I've got confused. I used to own a mortgage company, so I know how to listen. I know this stuff. So let me let me clarify for the people that were confused.

There's a difference between paying extra at times versus paying consistently. And this gentleman in his situation, they were paying, he said, consistently, right? But then he said a word. If you go back and listen to it, he said, most of the time. Now, my trained ear hears that. Most of the time means it happens three times a year. For somebody that's trying to get focused and attack debt, then this, the best way for them, is to put themselves in a scenario where they're having to pay it off sooner,

meaning doing a seven or ten-year loan. Now, for somebody that's paying consistently, that means month in and month out an extra four to $500. I never would encourage them to incur the refinance costs of that because they're doing it consistently. So at the end of the day, I want people to be aware of what they're doing and how, for example, if you're going to refinance, you need to improve your rate by 1%. And we need to do the math on the closing costs on when you would recoup from that. What's the position you're going to? But also, again, having been in the industry, I'm aware that there's this thing called PMI,

private mortgage insurance, which doesn't cover the borrow, it covers the bank. And if you're not at 80% loan to value, that's something you have on your loan. It's an extra $200 three hundred dollars a month. So do the math, know what you're doing, and then make some wise decisions. This is The Dave Ramsey Show. Hello, America. hello america you are listening to the dave ramsey show i am chris hogan filling in for dave and we've had a blast we're walking through we've had all kinds of phenomenal questions but people wanting to know how do i take more control of my money i want to tell you something if you want to do better if you want to start to boss your money around instead of wondering where it went, and you want to get focused and really take control, I'm here to tell you something.

Every dollar is a tool that will help you. Listen, Kelsey from Kentucky says she felt like she got a $500 raise. I mean, think about that. With a $500 raise, that puts you halfway through baby step number one. It's a great opportunity. So it's easy to create your first budget in every dollar. You just add your income, your expenses, and start with the essentials or what I call the four walls, right? That's your housing, that's your transportation, that's your food, right? And your clothing. And listen, you do that all the way down to zero. So don't wait. Make your budget today and take control of your money. Create a free

EveryDollar budget right now at EveryDollar.com. Again, imagine that. I don't know anybody that would tell me they don't want to raise, right, $200 to $300 to $400 to $500. I mean, that's all something we could use and be able to channel us right in a new direction. So it's a great opportunity for us to take back control and to know exactly where we are, but also, more importantly, where we're going. All right, I got another social question here. It says, let's see here. She goes, I do balloon decorations as a small business, and I want to get more followers on Facebook and Instagram. I've heard that doing a giveaway could help, but I don't really know if this is the best thing. What would you suggest?

Well, Audrey, I would say this. I think you've got a great opportunity to really be able to engage people. And so if you are on social media, you could look at trying to figure out how to what can you provide them? And again, that could be from content. It could be from pictures. I'm sure you being in the balloon decorating business, you've got incredible pictures that could inspire people. But also taking a look at Pinterest.

I think that's a great opportunity for you to plug in and to help people visually see what it is you do and how you help them to do it. So I want you to think out of the box. You might have some small things you can give away, but I don't think you need to try to give away something each and every day, but it could be something that you do once a month. So again, thinking outside of the box

will help you kind of stir up the results and see what can happen. And I think that's always a positive. Okay, all right. Listen, America, we're here for you. We want to take your calls. If you've got a question, call us at 888-825-5225. Again, that's 888-825-5225.

Going back to the phone from Palm Springs. How are you? Good. How are you, Chris? Oh, I'm focused and not finished. How can I help you today? I had a question about a 457B. Okay.

I've been at this job for the past four years. I started my 457B three years ago. I started with $25 a paycheck, and then the next year I bumped it up to $100, and I'm currently at $150 a paycheck. Wow. I'm very confused if I should bump it up. Do I leave it where it's at? Okay.

And then my other question is that the first year term is coming up, so we're able to make changes. So they're coming into our job, and I want to see what should I be asking them. Okay. This is good, Alejandra. This is one of those opportunities. I love talking to people like you. What is your income on this job, your annual income?

About $50,000 a year. Okay. All right. So $50,000 a year. And tell me this. Do you have any debt? I have $1,500 left, and that should be paid off this month. All right, what's that on?

A car. Oh, a car. So you're about to pay off a car. Yes. Are you excited? Yeah, that's been the only debt I've had and it's already going to go away. That is fantastic. What's the payment on that thing?

On the car? Uh-huh. It was $209 a month. Okay, $209 a month. Listen to me. You're about to, after you write this $1,500 check, you're about to give yourself a $210 raise. Have you thought about that? That payment's not leaving you anymore. You don't have to pay them people anymore this money's going to stay with you and see that's the mindset behind this of keeping your money so you can put it to work stop giving it away on these car payments so i'm excited that you're paying off this car uh after you send that check in it's going to take them about three four weeks before you get the title in the mail uh so you know you're going to get in the mail, you open it up,

and there's this little certificate-looking thing. That means you own that car. It means it's yours now. And I want you to put that thing in a safe deposit box and save it. I'm serious. This is a big deal. I mean, I remember getting my first car title in the mail after I did it the right way, after years of stupid, and it was like, oh, wow, I actually own this car now. This is a good thing. But in as far as you're investing,

we tell people, again, you attack that debt. I want you to move to the next baby step, baby step three and build up three to six months of expenses. Now, this is a cushion. OK, this means if you get sick or something happens, you got money set aside to be able to handle it. And then from there, you start to invest. So with the investing, I think this open enrollment period, because that's what you have right now, I think this is really important. I want you to go to ChrisHogan360.com. I want you to click on the Dream Team button,

and I want you to find a SmartVestor Pro. Because, see, you're going to be able to see a list of the pros and pick the one and interview the ones you want. But once you put select one, you can start to have a phone conversation for, they can look at what you're investing in and be able to kind of guide you through. You can find people that are in your area that you can go sit down with and really walk through and look at this. So then when the open enrollment period comes and people come into your office, you're going

to sign up for what you've already walked through with a professional. You see, there's a difference between a person that's there to guide you versus people that are there just to sign you up. And so I want to make sure you're getting the right information and get the right help that you need for your financial future. So thank you so much for calling in. I'm very excited for you. I'm going to send you a copy of my book, Retire Inspired, because it's going to dig into investing and really be able to guide you. So, again, thank you so much for your call. All right, next up, I've got Alex in Raleigh, North Carolina.

Alex, how are you? I'm doing great, Chris. How are you doing today? I'm doing good, my friend. How can I help? Yeah, well, I had a question. My wife and I, we wanted to start this new journey of becoming debt-free as we have $70,000 worth of debt. And the only thing about it, like I'm so ready to start.

I'm so aggressive. I just want to tackle it. But we just had a newborn, and I'm just afraid that, you know, working a lot more is going to sacrifice my time with my family. And just want to see if you guys have any advice on how can I manage that. Okay, so is this your first kid? No, this is my second one. So we have a two-year-old and then we have a newborn.

Okay, two-year-old and newborn. And tell me this. I mean, it's a game changer when you become a daddy, isn't it? Right. It really does. I mean, I tell you, it gets you more focused and more intense, so I get it. Tell me about this $70,000 in debt. What do you owe on?

Okay, so we have about $35,000 worth of tuition, school loans. Okay. We have $9,000 towards a car that we still owe. Okay. And we have $10,000 on a personal loan against my 401K, which I know that's a big no-no. And then we have $10,000 in credit card debt. Okay. All right. So, all right.

So, looking at this, what's your household income combined? We make $47,000. Okay. All right. What line of work are you in? I work in public service. I'm a planner for the town of Nightdale. Okay.

All right. And both of you work outside of the home? My wife, she stays at home with our children. That's what we wanted to do. No, no. I get that. And so looking at this, you know, my eyes started twitching when you told me about that 401K loan. Really?

You know, I did. My little eye twitched. My hair grew a half inch. Okay. You know I'm bald. But those things, you know, that one obviously concerns me because, you know, if you lose or leave that job, that thing's due and payable within a certain time frame. Okay. So looking at this, you know, we teach people the debt snowball approach, smallest to biggest.

And so I just want you to list them out, get you and your wife on the same page, and let's attack these things. But again, new baby. You guys got to collect your breath and really start to make decisions about what you're able to do and also what you're willing to do. So again, you can be excited and you can be focused, but we need you both on board. Remember, this is a team effort. Listen, America, I want to thank you. I want to thank James Giles, the producer, Kelly Daniel, my associate producer, as well as all of you that have called in. It's been a pleasure to talk with you.

Remember, this is your opportunity to grow. This is The Dave Ramsey Show. Hey, it's Kelly, Dave's phone screener. We finished 2017 with a bang as the fourth most downloaded podcast of the year. Thanks to all of you for listening and helping us spread the word.