The Ramsey Show - App - Which Older Cars Are Worth the Money? (Hour 3)

Episode Date: July 12, 2018

The show about you

🎵 Live from the headquarters of Ramsey Solutions, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of BMW as the status symbol of choice. I'm Dave Ramsey, your host. You jump in, and we'll talk about your life and your money. It's a free call, 888-825-5225 jessica is with us in san diego hi jessica how are you i'm doing well dave very excited to speak with you you too how can i help excuse me so my husband and I are following your plan. We're on 3B. And we're looking into, my husband will need a new car eventually in the next, you know, handful of years. We're going to pay cash for the next car.

Good. Excuse me. And just say we have $15,000 to spend on a car. Okay. My husband is teetering on the idea of buying a car that is older with more miles on it, but it's a car he loves and always has loved. But I'm wanting to buy a more newer car with less miles on it, something that will give us more longevity if it's all the same price and i wanted to see your opinion on it doesn't matter the the thing is the the thing you need is the thing that you will reset when you start paying cash for cars most people do

is that you don't end up owning a car as long some people drive a car all the way into the dirt but um you know you when you've got the money you can just change cars i mean you know and so point being that if he buys the car he's talking about and it's a problem well just sell it get you another one more like the one you're talking about it's not it's not like it's going to be a devastating permanent financial decision you can just sell it i mean you drive it six months ago you know what this thing breaks down all the time i don't like it i'm gonna get rid of it you know this high mile thing you'd be still taking a hit on the car you're gonna take a hit on any car everything you drive you take a hit on it's got a motor in it that goes down in value, right?

Yes. So what's he talking about buying? Oh, my gosh, I'm sure he's listening. I'm not going to tell exactly what it is because I don't totally know. It's some sort of Audi A4, S4. Oh, he wants a killer sports car. Okay. It's a sports car.

Yeah. So the car he drives now has about 100,000 miles on it, and the cars he's looking at also have about, you know, 90,000 to 100,000 miles, and I'm thinking, why are we going to spend money to basically trade a car? If you take a cheap car and put 100,000 miles on it, or you take an Audi A4 and put 100,000 miles on it, it's a different event.

Okay. Because that, I mean, you take, I don't know, a Chevy whatever, a Chevy Cvet. Do they still even make those things? You know, you put 100,000 miles on that, you know, what you've got is a basket case, right? But you put 100,000 miles on a mercedes it didn't anything or beamer it's not anything even a cadillac i mean it's nothing right you run those cars run 200,000 miles without any trouble at all as long as you maintain them so the quality of vehicle

if you're buying a high quality high-end vehicle 100,000 miles not a big deal um to put on one and so in terms of it being uh reasonable in ongoing repairs and reasonable on breakdowns and that kind of thing it's not going to become a problem child unless you get a hold of a bad car or something you could do that but i'm you know an audi a4 100 000 miles i wouldn't think anything about that that's not a problem at all for me i think it'd be a great i'd be a lot of car for 1515,000 if you can get that. I didn't know you could, but how old do you get in a car? But, you know, you're saying versus like a one-year-old, you know, whatever, Chevy Malibu or something, you know, whatever.

I don't even do that kind of stuff. And I'm a Chevy guy. I'm not picking on Chevy. Don't get mad at me, people. But I'm saying a less expensive mid-range vehicle you would say buy a newer version of that that has less miles and i and he's saying buy a more expensive vehicle that's older with more miles for the same money that's the comparison and and you know he's going to be okay doing that i wouldn't uh it's different than the probably the

hundred thousand mile cars y'all are driving right now is what I'm saying. Yes. Does that make sense? Yeah, absolutely. Yeah. So I'm kind of saying he just won this argument. Don't tell me that. Darn!

Darn! Drat! Sorry I called you. Hey, thanks for joining us, kiddo. We're glad you're here. All right, Edwin is with us in Kansas City. Hi, Edwin. How are you?

Well, hello, Dave. Long-time listener. Thank you. And I really enjoy your shows, although I don't have the complexity of problems that a lot of the callers call in with with debt and all that. Okay, so what are you going to do to be entertaining? Well, first of all, I'm 75 years old, and I have a wife and two children in the Philippines, and I'm eventually going to be moving there.

Wow. And my daughter, she just turned five years old, and my son, he's seven. Awesome. Okay. So I have no debt. I've got an 821 credit score, but I've had investments with a brokerage firm since 2004, and I woke up yesterday morning and I said, you know, it's time I get rid of this. I'm tired of doing the taxes. I'm tired of the up and down, and I'll just put my money in CDs and into mutual funds. I mean, I'm in CDs and money market account

and don't have to put up with all the stress of being invested in the market. And that's my query is that do you have a recommendation? Do you think I'm making a right choice? Because ironically, for the first time, I was in the green in my stock account and with my stocks. Okay. How much money is in your nest egg? Huh?

How much money is in this nest egg? I don't have the money that a lot of the people that call into you have. I only had $75,000 in my investments. Do you have any money in an emergency fund? I have like $25,000 in food and lease. Okay, that's your emergency fund. And money market account and stuff like that. I got over $100,000.

Okay, good. Well, if you've got $25,000 in your emergency fund, you have $75,000 to invest. No, I would not move your investment money at 75 years old into money markets. I would not do that. I'm a few years behind you. I'm only getting ready to be 57, but I don't have any money invested that way because the money market is going to pay you 1%. Inflation is running 3 or 4.

And so you're going backwards after inflation. Inflation adjusted on your investments. So your investments have to earn over 6% just to cover taxes and inflation, your long-term investments. So you get tackled from behind if you run too slow is the point. So you've got to take enough risk to get at least up over that. Personally, if I were in your shoes, I would do the mutual funds we talk about. And I wouldn't be in single stocks.

I think the single stocks are what are giving you the ulcer. And it's probably why you're not making any money because you're going out overall. Overall, the last three years, I've made really good money on my mutual funds. So I'd look to move the $75,000 of mutual funds and good growth stock type mutual funds that have long track records. That would not give me any ulcer. It would not give me any stress. And yeah, the market's going to come up and down, but it's going to way outperform those CDs or money markets that you're talking about. That's what I would do. Edwin, thank you for calling in. 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 struggled 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. Gabriel is with us in Flint, Michigan. Hi, Gabriel. How are you?

Hey, Dave. Preach it, man. Preach it. I love it. Normal sucks. Fun. That was awesome. How can I help today, sir? Yeah, okay, so I'm in Baby Step 2. We just led our first Financial Peace University class yesterday. We're in small groups here in our house with a couple couples from church. Well, thank you.

Yeah, thank you, man. It's awesome. It went really well. But I had one question of something that came up for me recently. Like I said, Baby Step 2, and so I'm paying off my debt, and we give tithes, and I'm wondering where's the place for,

is there a place for any giving above tithes while you're paying off debt? I had an opportunity to give a little bit of money to a couple that was going to haiti um on missions and i just wanted to do it and afterwards i was like yeah that was good i'm glad i did it and i'm thinking twice you know well shoot is it irresponsible yeah you know where's that line kind of there's a couple of ways to look at this number one generosity is an awesome thing and it's a godly characteristic So you really can't mess up in being generous, you know, unless you're just overly generous to the point your kids can't eat

because you gave it all to somebody else. You know, that would be obviously stupid. But, I mean, by and large, giving is not something you can mess up. That's number one. Number two, anytime I'm talking about giving through the eyes of Scripture and what does Scripture say about giving, I want to be careful that we don't get legalistic. I don't get into a thing where somehow God loves me more if I do it a certain way,

and he loves me less if I don't do it that way. It's not about God's love. He loves you anyway. He's crazy about you. But he does say there's a smart way to do things and a dumb way to do things, right? And I'm pretty clear about that in Scripture. And giving is never associated with your salvation. It's not a salvation issue, whether it's the tithe or an offering like you gave there to a mission situation.

It's never associated with that. So once we've said all of that, that kind of puts a little grace over the whole thing. Okay. Now, having said all of that, here's what the scriptures will tell you when you open them up and study them for as many years as I have on this subject. Okay. The tithe is an off the top thing. It's first fruits. It says in Proverbs. Right. First fruits, obviously, is an agrarian culture, agricultural culture that Proverbs was written in.

But, you know, if you had a, you know, the first fruits to come out of the orchard, the first corn to come out of the row, the first 10% off the top before you do anything else is your tithe. And evangelical Christians teach and believe, by and large, that it should go to the local church because it's a representation of the Old Testament storehouse which feeds the pastors, the Levites, and takes care of the widows and the orphans and the hungry, right? That kind of thing. And your local church ought to be doing both of those things.

It ought to be taking care of the widows and the orphans and paying their pastors uh and so forth or pastor whichever it is and so that kind of thing so but your tithe is is that way it's before you do anything else off the top everything else that is not a tithe is an offering it's extra giving over and above the tithe right right which is what you're calling about and what you're discussing yeah and you cannot find a scriptural example that someone gave an offering except from surplus which seems to indicate that you would get your family's act together take care of your own household first or or you're worse than unbelievers, Scripture says. So take care of your baby step two stuff done, get your emergency fund in done,

because we're taking care of our own family. That's rule one. And we're tithing off the top as we're doing that. But before we give more, we're going to make sure those foundational things are there so we live like no one else so that later we can live and give like no one else. And so Sharon and I, based on that, made the decision when we were going through our process like you are to limit our giving to the tithe until we were debt free and had our emergency fund in place. Now, again, if God tells you to do something different if you if you're talking to lord and he just says do this yeah you go do it don't do it because dave ramsey said

if god's god trump's dave ramsey right and so you go do it but i can't find scripture that indicates that you give uh you know an offering while your family's still in debt and you have an emergency fund. And here's the good news. You're not going to be there very long because you're working a plan. You're working a system, and then you do that. But that's not to say, oh, you did something really wrong. Never do that again. Oh, you know, you didn't hear that from me, okay?

Right, right. Giving is always good. Doesn't mess up. But if you're looking for the scriptural directives, the biblical directives, offerings are from surplus. Awesome. Yeah, thanks a lot, man. I'll come and see you when I have my debt-free screen. Look forward to it, brother.

Thank you for calling in. Open phones at 888-825-5225. There's a lot of misunderstood scriptures on these subjects. A lot of people that have not really studied but instead opened the Bible and used it for their own ends. You hear a lot of people in broke church situations, toxic church situations, telling people to give out of their need. If you're needy, give, and you won't be needy anymore. You can't find that in Scripture. You can't find it.

What about the widow's mite? The widow's mite is an example of the scribes and Pharisees taking advantage of a widow. It's not an example of you giving out of your need. It's about a widow being oppressed. Go read that a little more carefully. But it's always sacrificial giving, sacrificial giving. I've heard that all over the place. But it's usually because, you know, the church is either toxic

or they don't believe they'll ever get their people on solid financial ground. But listen, churches that take, for instance, take Financial Peace University through their whole church, like Momentum, and everybody gets out of debt or is moving in that direction, everybody builds their emergency fund or is moving in that direction, then giving naturally occurs. Their budgets increase dramatically because people aren't broke anymore. But if your people are only giving out of their need, the church is going to starve and people are going to starve the whole time. So our goal is to heal their financials,

and the natural byproduct is their generosity increases, and the natural byproduct of that product is, in other words, the church budget increases and the positive things that the church can do in the community, fixing a single mom's car and paying somebody's light bill and helping somebody that's sick and helping somebody that's homeless and helping somebody that's on drugs. And the things you can do with that money to serve the community are amazing. But right now, all that money is going to visa payments, student loan payments, car loan payments. See, one of our goals around here is get so many people out of debt, on a budget, and wealthy

that the generosity factor goes up so high that Financial Peace University graduates, Dave Ramsey people that follow me, that follow what the Bible says about money, in other words, that they outgive the government. What if you and I, enough of us, gave so much to our churches and to our communities that the government's giving became irrelevant. Put the government out of business. You know what would happen? We would demand they lower our taxes.

A lot of people don't give because they feel like they give through their taxes. That's a pretty inefficient methodology, you have to agree, because the government pretty much sucks at managing the money you give them. If the government was a charity, you would never give to them, because they're inefficient in taking care of the poor, in taking care of the hurting. The government is not a charity. Giving to the government is not generosity.

It's theft. Anytime someone forces you against your will and takes your money, that's called theft. But what if you and I change this? What if you and I, enough of us out here, decided we're going to give so much because we get ourselves in such a strong financial position that we literally can make the government irrelevant in some of these spaces? Now that would be a cause for revival. This is the Dave Ramsey Show. Are high health care costs getting you down? Are you confused trying to navigate your options? Do you wish you could find an affordable, biblical solution to your health care costs?

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That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org Calling from Bakersfield, California, Mitch and Casey are with us. Hey, guys, how are you? Hi, Dave. Doing well, thanks. How are you? Better than I deserve.

I see on my screen you're debt-free. Congratulations. Thank you very much. How much have you paid off? We paid off $81,000. Way to go. How long did that take? About 18 months.

Good for you. And your range of income during that time? We started off making $125,000 together and then ended up making $147,000 last year. Excellent. What do you guys do for a living? I'm a physical therapist. And I am an English teacher. Cool.

What caused your income to go up $20,000? Working a lot of overtime and getting some raises here and there. There you go. Good. Focus. Good. Good. Yeah.

So what kind of debt was this $81,000? A little bit of everything. We had financed a mattress for my daughter. We had credit cards, a personal loan that I had done to consolidate other credit card debt. We had auto loan, and then we had student loans. You were normal. Yeah. Way too normal.

How old are you two? I'm 36. And I'm 35. All right. So tell me the story. What happened 18 months ago that put you guys on this get-out-of-debt binge? Well, in general, I was the one who managed our finances, and we were coming up on a month where my wife wasn't going to get paid

because she only gets paid 11 months out of the year. And so that was always a stressful time for us anyways. And then I opened an envelope that said that we had about $3,000 of property taxes due in about seven days that I didn't know about. And so stress level really got high at that point in time. I guess. Yeah. So we started to try to figure out what we were going to do, and I had been listening to your program for about a month and heard that you guys were offering some deal about getting the

total money makeover book and some package, and so I came home and talked to Casey, and I said, we can buy this package for $40, and maybe we can read his book and stuff, and we kind of debated about it, didn't know if we wanted to spend that much money and stuff. But we ended up doing it, and I got the book, and I read it in one day and told her she needed to read it. And she read it and was on board, and there we went. So once you guys got the need was big enough that once you got a way out, both of you jumped

right on it. Absolutely. Yeah, very cool. Well, congratulations, guys. Thank you. Well done. out both of you jumped right on it absolutely yeah very cool well congratulations guys thank you well done 81,018 months is legit i mean that's kicking butt i mean well done so how's it feel feels amazing yeah it's such a an amazing thing to not have to worry about all the i used to have a big spreadsheet of all the bills that i have to pay every single month and it's so relieved to know that that i don't have to worry about i don't even know what happened to that spreadsheet anymore i don't even need to look at

it so it's gone burned it gone yeah i love it forever yeah so how long have you guys been married uh we're at nine nine years so far so coming up on our 10-year anniversary next year. So have you ever been debt-free during that nine years? Oh, no. Not at all. Not even close the way you said that. No, it wasn't even a thought in our mind. So this is a whole new way of looking at things.

Oh, absolutely, a whole new experience for us. So what do you tell people the key to getting out of debt is? Because you had an impressive run here. For me, it was first initially figuring out what motivates you. I mean, obviously, we kind of had like a financial crisis that hit us. But then after that, kind of figuring out what was going to keep motivating me through that process. Because, I mean, 18 months is fairly short in the big scheme of things, but it takes a while.

Yeah, it's real. I had to figure out like what was going to keep motivating me day in and day out and stuff. So I listen to your radio program a lot and just kind of setting goals for us. And we have a five-year-old daughter and thinking about her future and all that stuff was kind of just a daily motivation for me to keep working hard. That's perfect. Well done. What about you, Casey? I would say for me it's the budget.

I was a big spender, and I didn't know where our money went every month. We seemed to be making a good amount of money, and we would end up paycheck to paycheck. And then when we actually sat down and started doing our budget, I realized how much I spent at Target and other places. And so the budget was huge for me and it was really key in making sure that I was staying focused and that I was on the same page at all times with my husband. Okay. So did you have any blowups or problems or bumps in the road as you went along that 18 months? I mean, there were months where we struggled and just kind of life got in the way and we didn't stick to the budget all that well and we'd have to get caught up the next month.

But I don't think there was anything huge that got in our way. We continued to seem to make progress each and every month. Even if we didn't do everything perfect, as long as we were focused on the end goal, we made it work. What was the hardest part for you guys? Actually, sitting down and talking about money. We'd never done this before. I've heard a lot of people on your program, when they've gone through this talk about how it changes their marriage and stuff, and it definitely did for us. But it was a whole new topic for us to discuss and learn how to communicate with one another. And it was

difficult at first, but we transitioned into where we started getting our stride and figuring it out, and it really helped us in our communication for all other areas of our marriage as well. Yeah. Casey, he said he was doing the bills, and you said you were spending before at Target and stuff, right? So did this change and give you a voice? Yeah, absolutely. And I really felt like I was part of the team after we started this. I didn't feel like I was, you know,

on my own and going out and spending and doing whatever I wanted. I felt like, okay, now we're a team, we're a unit, we're attacking this together. And I felt that way ever since we've been doing this. Yeah. So I think that's so important. It changes the dignity of, of, you know, what, the way you're living. Cause when we first got married, we had accounts, and I just thought I was going to just pay the bills and take care of things, and that caused her a lot of stress and anxiety and stuff. So it really, doing it this way, it works so much better. Well done, you guys. Very, very proud of you.

Excellent job. Thank you. Got a copy of Chris Hogan's retire-inspired book for you. That's the next chapter in your story, and that's we want you to be millionaires in the next few years. Call in on the Millionaire Theme Hour. Be outrageously generous as you go along, okay? We would love to.

All right. Mitch and Casey Bakersfield, $81,000 paid off in 18 months, making $125,000 to $147,000. Count it down. Let's hear a debt-free scream. Okay. My daughter, McKenna, is going to $147. Count it down. Let's hear a debt-free scream. Okay, my daughter McKenna is going to count us down. Here we go. Go ahead.

Three, two, one. We're debt-free! That's how you do it right there. Well done, you guys. Congratulations. Very well done. Our question of the day is from Blinds.com. They have 100% satisfaction guarantee.

That means even if you goof up, you mismeasure, you pick the wrong color, they'll remake your window blinds for free. With Blinds.com, you get free samples, free shipping, and with the new promos they run every month, you'll save even more. Check out the promo code, the magic word, Ramsey. Blinds.com. Ken is in South Dakota. I'm getting ready to start college.

I want cash flow my way through it. My only debt's car payment. Should I pay the minimum payments to pay cash through school or try to get the car paid off first? Well, it's a catch-22 because if you don't pay the car off, you've got the payments draining down the money that you could have used for school. And if you do pay the car off, you've got that money that is draining down the money that you had to use for school.

So it has to do with how much you owe on the car and how much school is and how much money you've got and that kind of thing. If you owe a small amount on your car and you can just knock it out and be done with it, that would be preferable. If you owe a large amount on your car, you may want to think about selling it and getting something less expensive. If you can knock it out without doing damage to your go-through school debt-free plan, then I would knock it out. If you can't knock it out like that real fast, it might be too big a debt. And it may be you want to move out of the car in order to make sure you get through school debt-free by driving a cheaper vehicle.

This is the Dave Ramsey Show. Can you believe this real estate market? Home shopping has become so competitive. There's a ton of new buyers in the market, and bidding wars are the new normal. Folks are under a lot of pressure to offer more money to get into that house. Don't do that. Get certified instead. The Churchill Mortgage Certified Home Buyer Program is a game changer. You can quickly position yourself as a more reliable buyer and you get an upper hand during the negotiations. You can close two to three weeks faster than your competition.

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Barbara Bush said, you don't luck into things as much as you'd like to think you do. You build step by step, whether it's friendships or opportunities. Barbara Bush's wisdom is renowned, of course, and I completely agree with her. What is interesting is that, you know, we've all heard the butterfly effect, right? The butterfly flaps its wings and it moves molecules of air into motion. And so many days or months or years later on the other side of the world, that has built up and becomes a hurricane, right? But what's interesting is our life actually does work that way. Sometimes things happen to us that feel like they were coincidence or chance. And really, they are the result of unintended consequences of you push something.

And it took a while for the dominoes to go around through the design and come back and hit you positively or negatively. But we do really reap what we sow. How you treat people, how you interact with people, you know, whether you try to screw people around, whether you just tell them the truth, you know, all of that, whether you're kind, whether you're generous, whether you're selfish, these things, you know, whether you work hard, whether you steal from your employer and then can't figure out why you can't get a promotion. Isn't that amazing?

By the way, if you come in late and you don't work while you're at work, did you know you're stealing? But then wonder why you can't get ahead. Isn't that weird? That's weird. People wonder. You ever hear people, oh, I can't get ahead, and, you know, I can't do anything, whine, and walk around with their lips stuck out.

And then they, you know, well, yeah, you can't get ahead because, you know, hey, you ought to maybe try, like, having a little energy, smiling, working while you're at work, and actually adding more value than you cost. And guess what? People will notice you. And if your employer doesn't notice you and appreciate you, someone else will and steal you. I will never forget the first time I saw this happen.

I wrote this in one of the books years ago. I don't remember which one. But my mom and dad, I was probably 13 years old or 12 years old or something like that. I might have been 15, somewhere around in there, in my teens. We went to what we thought was a nice steakhouse, and it was a pretty nice steakhouse. And we had a lady that waited our table. And it was not, this is not a cheap place.

This was a decent, for us at least growing up, it was a high-end place. It had a white tablecloth, so shut up, you know. And the lady weighing the table was over the top i mean she was not bothering us but she the service level and her smile and just her presence was just amazing my dad owned a real estate company and you know what he did he talked her into coming and getting a real estate license he hired this lady from the steakhouse and she became a-dollar seller back in the 70s. Because, you know, they weren't paying her what she was worth.

Because you can't make what she was worth waiting tables. She was worth a lot more than that because of what she brought to the table. But literally and figuratively and symbolically and metaphorically and everything else there okay but i mean you see what i'm saying when you add more value in a place even then you are is is necessary to quote do the job unquote if if they can't or won't pay you there someone will steal you and give you that opportunity. You don't luck into things as much as you'd like to think you do. You build step by step, whether it's friendships or opportunities. Barbara Bush.

David is in Lake of the Ozarks. Hi, David. How are you? I feel blessed today. How are you? Better than I deserve, sir. How can I help? I need to tell you one thing so you don't yell at me first.

I'm not going to yell at you. Not first. It's always third when I yell. Well, okay. I'll preface this. We're entering into our eighth year since my wife has been diagnosed with Alzheimer's. Oh, my goodness. I'm sorry.

Thank you. I have a whole life policy on her. And, of course, being diagnosed at the age of 57, we hadn't got long-term care yet. So in the process of going broke, we had to, in order to be able to get aid for nursing home costs, we borrowed money on the cash value of the policy. And, of course, that helped us pay off our debt, but now that we're debt-free except for our house and that policy, do I treat that as a debt, or is that an investment, or how do we look at that? I know it's not a good investment, but I'm glad it's in place. Sure, sure, absolutely.

And you wouldn't cancel a policy where you've got a diagnosis like this because she can't get more insurance. How's she doing? She knows me most days. About how in February of last year I ended up putting her in a nursing home, and that was because my health was deteriorating, trying to work and schedule help. Sure.

And anyway. Yeah. How old is she now? 63. 63. Okay. Oh, I'm so sorry. What is the face amount on the policy?

Face amount is $100,000. The loan? The loan is $100,000. The loan? The loan is $13,000. Okay. And I did find that if you quit paying premiums, they take it out of the cash value. You don't have to pay commissions on that. Sorry, life insurance salesman. Until the cash value is used up, and then either the policy will self-destruct or you'll start paying again.

So I've been making enough. I've been making payments on the loan to make sure that the cash value stays up enough for that to happen. But I didn't know if I needed to just pay that off or just continue what I was doing. I've got a new investment pro I'm working with on retirement. No, I would not pay the debt off. Okay. I would not pay it off. And I believe in these conditions I'd probably leave the policy in place. Right.

And so, man, what a hard set of choices. But, yeah, it doesn't make sense to – here's the thing. If you pay the debt off, when when she passes you get a hundred thousand dollars and they keep the cash value okay if you don't pay the debt off and she passes you're going to get if it's 13 000 outstanding on the cash value you'd get 87 000 so that they keep the cash value okay so you know all you're doing is giving them money so that they give it back to you later correct and that's different than a quote normal debt in this regard the aggravating thing is is you're having to pay payments and interest on money that was yours but that's just the deal

you're in so and you can't do anything about it because you can't get out of the policy so you don't want to get out of the policy at this stage of the game. If I thought she had a 20-year life expectancy, I probably would just cancel the whole thing. But it doesn't sound that way to me with what you're describing. Am I wrong? No, you're absolutely right okay and it's hard to talk about that kind of stuff in that kind of cold language i apologize but no that's fine but um you guys have been facing this a long time so it's early onset obviously

and um so but you've got everything cleaned up now except this, right? That's correct. All we have is the house, and I'm still working. I've got a new investor pro. My other one quit okay um and well i've actually interviewed two and good in person one over the phone and good well you're on track then to begin keeping that part of the thing together so well if we can help you any further david you call us and we're certainly not going to yell at your brother i'm sorry you're facing all this that puts this hour of the dave ramsey

show in 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 Kelly Daniel, Associate Producer and Phone Screener for the Dave Ramsey Show. Did you know that in 2017, Dave Ramsey Show listeners paid off $50 million of debt? That's pretty impressive. And it could be you this year. Keep listening for more inspiration. 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. You'll have to be patient. It can be a long process and it costs money, but it works. They're so confident in their exit service that if they don't get you out, you get a 100% refund. Call 844-999-EXIT it's free to talk 844-999-EXIT timeshare exit team dot com