The Ramsey Show - App - Why You Don't Need Life Insurance for Your Whole Life (Hour 3)

Episode Date: July 9, 2019

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🎵 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. Thank you for joining us, America. We're glad you're here. Open phones at 888-825-5225. That's 888-825-5225. Megan is with us in Houston.

Hi, Megan. How are you? Hi, Dave. I Hi, Megan. How are you? Hi, Dave. I'm doing wonderful. How are you? Better than I deserve. What's up? Well, a little bit of a story here.

I am married. My husband and I have two children and one on the way. And for a while now, I have been wanting to go back to college and finish my degree. But we have been really pushing to pay off as much debt as we can and have pretty much everything except for our mortgage paid off by the beginning of 2022. And so we're just trying to do that as me going back is a really hard decision and what we should do. And why are you going back to college? Well, I never got a degree. I got married really, really young and went straight into the workforce.

Are you working now? I actually own my own business right now, but I don't make as much as I would like to. I make a good amount. I make relatively close to what I made when I left working in corporate America, but it's just not where I want to be and what I see for myself long term. Okay, so let me try this again. Why are you going to college? Well, I want to get a degree in mathematics.

Why? Because my background is huge in payroll, accounting, bookkeeping. It's something that I... What are you going to do with a degree in mathematics? Well, I kind of have two options. One, I would love to do teaching if possible. You know, I'd like to go and try to do the teaching certification post-graduation.

However, if that doesn't work, having the background in payroll for several years, that would be another option, another route, having used the mathematics degree. Working in cable?

No, no, in payroll. Pay misunderstood you okay all right you don't need a mathematics degree to work in payroll you need to be able to do mathematics right yes and and that's been a struggle okay let me let me stop then here's the thing i think part of what i'm hearing not the whole thing. I think part of what I'm hearing, not the whole thing, but I think part of what I'm hearing is that you just have a personal desire to have a degree. Yes, that is part of it. Because you're not telling me that it is going to further your career. Well, it will help me make a lot more than what I have been making before I left and started my own business. Right.

That isn't what you told me. You said you wanted to go into teaching and get a teaching certificate. Right. Well, because at the time when I, you know, I have a lot of different routes that I've taken, but ultimately my goal is to be able to make more than what I'm making now or what I was making before. What do you make now? Well, now working for myself, I make about $23,000 a year. And what did you make when you were in corporate America?

$22,000. Okay. And so if you were a teacher teaching mathematics in Texas, you'd probably make a lot more than either one of those figures, right? Right. Okay. So your ultimate goal would be to be a math teacher. That would be my goal, yes, absolutely.

But, you know, having a degree and, I mean, if I can't get that or whatever. A degree is not a magic ticket to success. Right. Right. Having a degree does not make you be able to do payroll. Right. Knowing how to do mathematics helps you be able to do payroll. But getting a degree in mathematics does not open doors to payroll clerking.

Mm-hmm. That's just mythology you probably already have enough experience to get your foot in that door now if you want to go back and do payroll so the thing is i i so um you know and how many hours a week are you working now so right now i work about 30 hours a week um I have clients everywhere, so they're based off of a monthly payroll. Yeah. Okay. All right.

Well, I think if I were in your all shoes, what I would do is keep – you've got three babies, one on the way, and I don't think you're going to be up for working 70 or 80 hours a week. Mm-hmm. And so I don't think you need to go get this degree today. Let's get you on out of debt. And if you could go get a degree in 6 or 8 or 10 months, and it caused your income to triple, and it's what you'd always wanted to do, but none of that is really what you said.

It doesn't cause your income to triple, and it isn't what you've always wanted to do but none of that is really what you said um it doesn't cause your income to triple and it isn't what you've always wanted to do it's just this nagging feeling that somehow you're an incomplete person without a college degree you're not you're just fine without a college degree and getting a college degree that you don't have a specific use for is a freaking waste of money so you need to and it's a luxury and you need to have money to spend on that luxury that just because it makes you feel good or you need to get a college degree that is directly tied to a specific goal that is going to cause your income to go up considerably as a result of having spent the money and the time to get the college degree.

And otherwise, you're just going to wander off into a mess. So, no, you've got to have a very specific, very clear thing is exactly what you want to do. Hold on. I'm going to send you a copy of Ken Coleman's book, The Proximity Principle, and I want you to jump on his site, The Ken Coleman Show, start listening to his podcast, and let's get this narrowed down a little bit more. I think you're a few years from deciding what exactly you want the college degree for,

why it's worth it, and during that time you'll get yourself clear of debt and will be able to save up and pay cash to do your college. But I don't think it's there today. I don't think it's there today. Thanks for the call. Open phones at 888-825-5225. The 15-year fixed rate mortgage is down almost an entire percentage point from this time last year.

It's about 3.25 right now. That's the average. A lot of real estate agents out there would use that number as bait to get you to buy a house you can't afford. But good agents will put your long-term best interest above them trying to make a buck. We endorse agents, real estate agents, all over the country, high-octane performers that follow our financial principles, and they want to see you win long-term. Now, three and a quarter is a great interest rate,

but don't use that as an excuse to buy a house you can't afford or aren't ready to buy. Go to DaveRamsey.com slash agents, and you can find one of these great agents that we recommend. 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? Based on New Testament principles, Christian Health Care Ministries, or CHM, helps Christian families, churches, and ministries join together as the body of Christ

to share their major health care costs. Christian Health Care Ministries is the original health cost-sharing ministry, a Better Business Bureau-accredited organization CHM members share to pay each other's medical bills. It's not insurance. Thank you. $5 billion in medical bills. To learn more, visit chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. Thank you for joining us, America. We're glad you're here. JJ is with us in Fort Collins, Colorado. Hi, JJ. Welcome to The Dave Ramsey Show. us, America. We're glad you're here. JJ is with us in Fort Collins, Colorado.

Hi, JJ. Welcome to the Dave Ramsey Show. Hi, Dave. I'm a 70-year-old single woman. I own three homes. They're all paid for. Wow. And what I'm looking at is to do some repairs on them.

We recently had a bad hailstorm, and I've got about $4,500 worth of deductibles. And I'm on Social Security. I make $9.69 a month. We recently had a bad hailstorm, and I've got about $4,500 worth of deductibles. And I'm on Social Security. I make $9.69 a month. I have $50,000 in the IRA, and I'll have to start taking that out at 70 and a half. And I'm wondering, I also have a $150,000 line of credit. And I'm wondering if I should take the IRA and cash it out and pay for the remodels or the repairs, or should I take out the line of credit for $50,000 and then use the IRA as I'm required to take it out to pay off the line of credit? Well, congratulations.

You have three paid-for properties, and you're 100% debt-free, right? Yes, and I've got% debt-free, right? Yes, and I've got $16,000 in my emergency fund. Good for you. And I've helped other people. Right now there's two people living in the two houses rent-free. All they do is pay for the expenses in the house so that they can get out of debt. Wow.

That's very kind of you. Do you have a nest egg that you haven't mentioned, a retirement fund of some kind, other than the IRA? No, that's it. Okay. And so what are you living on income-wise? I'm living on the $969 I get from my ex-husband's Social Security. I haven't filed for mine yet.

Okay. And why have you not filed for yours? Well, because I was working and I really didn't need an added income. My accountant suggested that I take his income because the regulations were going to expire on ex-spouses and stuff. And she said it would benefit me to do it now. I was like four years ago. Yeah, great. Okay, so you just now quit working. Well, I had an accident and hurt myself,

so I haven't been able to do anything for the last six months. I'm an in-home caregiver, and so I've had to stop to take care of myself. Right, okay. But because you have zero debt, you're living on $1,000 a month. Right. Wow, that's tight. Okay. But because you have zero debt, you're living on $1,000 a month. Right. Wow. That's tight. Okay.

The last thing you need is debt. So, no, I'm not going to use a lot of credit. Okay. And you don't need to cash out the whole IRA, but you've got to cash out enough to meet your deductibles so that you can get these repairs done. Right. And I really think you have an incredibly generous heart and kind heart, and I appreciate that. I also don't think you're financially strong enough to be giving free rent on these two properties.

It's not mean or greedy of you to start charging some rent for these properties. You're going to need the money. Yeah, I realize that. Yeah, $1,000 a month is not going to cut it. Yeah. So you're going to have to, you know, you can do it as gradually as you would like, but it is not unkind and it's not greedy and it's not mean for you to charge reasonable rent on these properties. You've worked very, very hard for a lot of years to own them paid for.

And it would probably add a substantial amount to your income. It would. Yeah. So, again, you don't have to kick these people out today or something like that. But if you are my older sister, you are i'm 58 um that's what i would tell my sister and uh and it's just you know you're if you were a multi-millionaire and you wanted to let people live in your house rent free for a little while that'd be fine but you're not uh you don't have that kind of margin uh you you need the income off of these things to have a reasonable life.

And there's no benefit in you being in poverty because your generosity was excessive. I love your generous heart, though. You're a sweet lady. Thanks for calling in, Ms. Sarah. We appreciate getting to talk to you. Tim is with us in New Mexico. Hey, Tim, welcome to the Dave Ramave ramsey show oh an honor to speak with you dave you too sir what's up uh question wondering whether to cancel we've got my wife

and i both have uh life insurance uh just term insurance and looking at when do we cancel that when do you get rid of it um House is paid for, you know, basically we're debt free. Okay. And how much nest egg have you got? About 1.9 in a 401k. Okay. So kids are grown and gone? One is grown and gone, one in college, but that's more than fully funded. Yeah, okay. So if you die today, your wife has $2 million, a paid-for house.

I think she could make it. I think so, too. She was worried the market was going to go down. What if the market goes down? Well, if it goes in half, she's still a millionaire. Still a millionaire. It's not going to go in half. So, no, I think you did it.

Touchdown, baby. Congratulations, everyday millionaire. How much of this 1.9 is there because you inherited it? Zero. Ah, okay. Well, you're an everyday millionaire, aren't you? Yes, I am. You're one of the people we talk about all the time.

Chris Hogan's book and everything. So, congratulations. Do I supplement then the goal with not doing long-term care insurance because I'm still fully funded myself that direction too? You easily could self-insure through long-term care insurance. The average nursing home stay is less than three years. Okay. And it's $50 000 bucks a year so it's 150 000 risk out of 1.9 million so yeah you can self you can self-insure through that if you want to as

well um that's the beauty of being in the cash position that you guys are in how old are y'all uh 51 okay and all of this money in 401k? Uh, yes. Yeah. As of June, there's probably about 50 to 75,000 in cash, but most of it's all 401k and stock. Okay. But is there anything you could get to before 59 and a half if something happened to you? Oh, yeah.

Yeah. There's the 75,000 in cash um basically okay yeah i might i might start doing some bridge investing we call it some i'd like for you to have a couple hundred thousand in non-retirement investments now okay you don't have to move something and get penalized but in terms of how you're focusing your future investments, let's slow down what you've got in 401Ks and build some outside 401K investments so that if something happened to you at 57, 75,000 bucks is going to leave her in a pinch. She's going to end up cashing some of that out early. Oh, that's correct. Yeah, that's what I'm talking about.

So that's why I'd like to have a couple hundred thousand. But you don't have to do that before you drop the insurance. You're still okay. You've done just a wonderful job. Touchdown. Congratulations, man. That is awesome. Yeah.

So when your whole life life insurance ripoff agent says you need life insurance your whole life, you can tell him about Tim. Tim's 51 years old, and he doesn't need life insurance anymore. So if you're 31, and I tell you to buy a 15 to 20-year level term, 10 to 12 times your income from Zander Insurance. And during the following 20 years, you raise your kids and they leave home. During the following 20 years, from 31 to 51, you get your home paid off because we tell you to never take out more than a 15-year mortgage.

And I suspect Tim's home has been paid for for a while. And during the following 20 years, you invest steadily into your 401k, and you have a million or $2 million in your 401k and good growth stock mutual funds. Let's revisit where you are at 51. If you're Tim, you have $1.9 million in mutual funds in your 401k. He didn't inherit a dime. He just did what we have been talking about for 30 years here. The kids are grown and gone, and the house is paid for. He just did what we have been talking about for 30 years here. The kids are grown and gone and the house is paid for.

If he dies, mama's okay with that life insurance. That's why you don't buy life insurance for your whole life. Because you get out of debt and you build your investments and you do away with the need for insurance by getting out of debt and building your investments. Basic financial planning rules. So stay away from life insurance agents that tell you you need insurance your whole life. You don't if you're smart like Tim. Way to go, Tim. Our question of the day comes from Blinds.com, the number one online retailer of custom window coverings.

You get free samples with these guys, free shipping, and with the new promos they run every month, you save even more. Be sure and use the promo code RAMSY to get the best possible deal. It's a wonderful company. We're glad to have been partners with blinds.com for a lot of years today's questions from phil in new york dave my parents are 59 and 60 with no retirement saved they have some credit card debt still have a mortgage of around 70 000 after paying off the debt how can i set them up on some sort of retirement plan? Really would love your help in guiding them. Well, believe it or not, I would still work the baby steps exactly, and that is that I'd

get the credit card debt paid off, I'd get their emergency fund of three to six months of expenses built, and then I would do baby steps four, five, and six at the same time. Baby step four is 15% of your income going into retirement and good growth stock mutual funds and beyond that kids college is baby step five if that applies here and i doubt it does based on their ages and then we move on to paying off the 70 000 mortgage as soon as it is paid off then we will increase the amount that they're saving for retirement from 15% up to everything that can possibly stand. And then that would be a great plan. And so working the baby steps.

But you're just, you know, your fuse is a little shorter here when you're dealing with a 60-year-old. So you're going to have to get with it. And the urgency that you feel, based on the no retirement in all caps, is a good urgency. They need to feel that urgency, too. So cut up the stinking credit cards, get on a beans and rice budget, work like maniacs, and run through these steps as fast as you can run through them. The good news is that it doesn't sound like they've got a ton of debt, even their mortgage is small. And so depending on their income,

you might find that they could be debt-free house and everything in a couple of years and then just really, really, really pile on hard and knock out this other stuff. So knock out the retirement savings. Sarah is with us in Portland, Oregon. Hi, Sarah. Welcome to the Dave Ramsey Show. Hi, how are you? Better than I deserve.

What's up? So I actually purchased my first condo back in October. And when we figured out, when we bought it, that it's actually on something considered leased land, but it's through a private company. And so here in 10 years, it's actually coming up where we could purchase the land rather than continuing lease payments. But the problem is that it's only available for six months. And if we don't purchase it in that six months, then we actually get to continue living there until 2064.

And then they actually take you out of your condo. So I'm curious if I need to invest the money into buying the land or if I should just not pay for it and sell it before that time frame comes up. This is a condominium association on leased land? Yes. It's a very weird situation because only leased land is only through, like, the state or, like, when the government owns the land. But it's actually, it's super strange. So they're actually one-level condominiums.

So they kind of look more like townhomes than they do condos. But are they fee-simple? I mean, you can buy the land, but the one next to you doesn't have to? Exactly. So it's not really a condo. It's got to be a fee-simple. It is. Okay. So you have to be a fee simple. It is. Okay, so you have actual dirt that you would own under you.

Technically, yes, but it wouldn't be. Technically, when you own the land, it becomes a townhome, but in this situation, it wouldn't. You would just be buying up the land and own the condo fee simple. Yeah, but what I'm saying is that if you've got the ability to do that now, it must not be a condominium. A condominium, the land is undivided. Right, so that's where it's difficult because it is on lease land and it is condos,

but when 2029 comes up, we only have a six-month window to purchase that land of what it's worth, which is why the condo is so much cheaper when you purchase it the first time. Yeah, because you're screwed, yeah. Right, and if we don't purchase it in that six-month window, then technically I don't think we can sell the property after that because nobody's going to buy a condo knowing that 2064 is going to be the first time. Well, you don't own anything. Yeah, you don't own anything.

Right, so they actually check us out of the condos when we purchase the actual building. What did you pay for this mess? It's about 1,200 square feet, and I paid $160,000. Good Lord. Yeah. Knowing the Portland market, though, it's extremely cheap for where it's at.

Well, it ought to be. So you got a $160,000 mortgage in this mess? Mm-hmm. Who carried the paper? Somebody that put the deal together? Because I can't imagine Fannie Mae carried this paper, did they? They did. This is weird.

Yeah, I got it through FHA. Oh, it's an FHA deal. Okay, so were you like a first-time homebuyer? I bought it when I was 19, actually. So I'm 20 now, but that was only a couple months ago. So you were obviously a first-time homebuyer. I'm guessing this is a first-time homebuyer program. My God, what a mess.

Can you sell it now? Well, that's the thing. So I can sell it now, and I'm not going to get penalized for selling for that two-year period. But if I do sell it now, I don't have enough down to put on another property. I don't care. This thing's a mess. This is a mess. yeah it's pretty it's insane because here's the problem let's say that this that you play this perfectly but your seven closest neighbors don't you now live in a blighted area right so that's also the issue is that if the people who own the land they could probably

just turn them all into um a blighted area yeah it's going to turn into a rental mess yeah and if we technically based on the equation if we were to purchase today even though we're not allowed to but just we have a ballpark figure it's about forty thousand dollars to purchase land under it yeah but if let's just say you had $40,000 in the bank today and you were just sitting, humming along, waiting on this to happen, and then 2029 gets here, so you write the check and you own the land, but nobody else in the neighborhood does because most people aren't going to because they're not going to have their crap together,

then you're going to have the only home that is actually owned fee simple in the middle of a dadgum blighted mess. Yeah. I'm out of there. I'd sell that thing. I'd get out of there and go get you a traditional property. Okay. There's no upside to this because you cannot control the variables around you.

It would be like you bought a condo and everyone else in the condo association got foreclosed on. Oh, gotcha. That's what you're setting up for okay long term and so your 160 is going to turn into zero as you said nobody's going to want it if you don't buy the land and then if you do buy the land that's where you are so now i'm out of there as quickly as you can get that sold i would get that sold i would rather you be a renter a thousand times than be in this mess so hey thanks for the call that's a bad situation it's a bad situation that's someone trying to get people into houses that can't afford houses and some government think tank put this together and it's not going to work well i'm afraid i'm old and i've done a bunch of real

estate deals and i've seen a bunch of that crap unravel poorly and almost none of it comes out like it was planned good luck with that i hope you can get out of it while you still can we appreciate it open phones at 888-825-5225 you jump. We'll talk about your life and your money. It's what we're here for. I'm all about you owning real estate, but don't get so desperate to own real estate that you get yourself in a pinch. Your housing needs to be a financial blessing, not a curse, not because you bought something you couldn't afford,

because you bought something while you were still in debt and didn't have your emergency fund, because you buy into a badly structured deal like that where you're getting a mess calm down calm down that's simple that's what i would do this is the dave ramsey show This is The Dave Ramsey Show. I'm I'm I'm I'm I'm

I'm Our scripture of the day, 2 Corinthians 1, 3-4. Praise be to God and Father of our Lord Jesus Christ, the Father of compassion and the God of all comfort, who comforts us in all our troubles so that we can comfort those in any trouble with the comfort we ourselves receive from God. Robert Shuler said, tough times don't last, tough people do. Andrea is with us in Grand Junction. Hi, Andrea.

How are you? Hi, Dave. How are you doing? Better than I deserve. What's up? I just wondered if you could walk me through how I would know if it's beneficial to refinance our mortgage. If the interest that you would save as a result will repay the closing costs within a couple of years. So let's look at it.

What is your current interest rate? $4.25. Okay. And you can probably get, let's say, $3.25. Let's say you could save 1%. Okay. So what is your loan amount? $164,000.

Okay. So 1% is $1,640. Does that sound right? Yep. Okay, and so what are your closing costs? I'm not sure. I haven't actually talked to anybody. I just know there's a lot of talk about refinancing.

Let's pretend there's $3,200 just for fun. Okay. And if you save $1, dollars a year in interest as a result of refinancing but your closing cost was three thousand two hundred dollars it would take you two years to break even does that make sense yes thirty two hundred divided by sixteen hundred is two you follow me yep okay and so um two years, you're making $1,600 a year. Until then, you're in the hole. So if you're going to stay in the home three years, it's probably not worth messing with.

If you're going to stay in the home seven years, it's going to be very beneficial. If you're going to stay in the home 18 months, you're going to lose money from having refinanced. Using the example we came up with, okay? Your closing costs might be a little more. They might be a little less, but they're probably fairly close to that on a $160,000 loan. It's not that huge a loan. So you probably have somewhere around a two-year break-even period.

How long are you going to stay in the house? Right now we don't have any plans to move. We like the area that we live in, and we have a lot of family here, and we have a pretty steady job. Okay, so you think it's probably a five- to a ten-year plan anyway. Right. Yeah, so you're going to make some money having refinanced if my closing cost estimate is fairly close okay and you put on a 15-year fixed okay okay and no need to pay

any points it doesn't help anything don't okay yes thank you so much yeah go zero points but what we did there is called a break-even analysis. How long does it take you to break even on your closing costs, and are you going to stay in the property longer than that date? And I think you will. I think you'll make money. I think it does make sense to refinance in this situation. Hard to believe, folks, we're in a world where we're talking about refinancing a 4.25% mortgage,

and it actually makes sense. That's a weird world. But these rates have ticked back down. They were up for a little while, and they've climbed back. They've climbed. They've dropped down, slipped back down. They're not way down, but, I mean, they were at 4.25 just 20 minutes ago, it feels like, and they've come back down in the threes again and um i got a daily quote sheet from churchill mortgage and so if

you're you know looking to refinance those numbers i'm giving you are real um and oh the 3200 is not real i made that number up i don't have any idea what a refinance cost will be i have an idea but it's uh i don't know exactly. But the interest rates, that's where they're hovering, is down in the low threes right now on a 15-year fixed-rate mortgage on a Fannie Mae. Now, we don't recommend FHA. We don't recommend VA. Much more expensive, but a traditional, conventional 15-year fixed rate.

Check Churchill Mortgage. They can help you with it, folks. Michael's with us in Allentown, Pennsylvania. Hey, Michael. Welcome to the Dave Ramsey Show. Hey, Dave. How are you? Better than I deserve. How can I help? Where would you say that an HSA

fits into the baby steps? It doesn't. You need health insurance before you even think about Baby Steps, and I wouldn't put money into the savings portion of the HSA until you are on up into well deep into Baby Steps 567 right in there because you just build your emergency fund up to cover your deductible, and you need to be putting money into retirement more than you need to be putting money into a health savings account.

But it's a great plan for getting health insurance. I personally have an HSA. I love them. I've had one since George Bush passed the original HSA legislation decades ago, it feels like. I've had it forever. And so it's a good plan, but you don't want money in an hsa savings portion and not have your emergency fund because you can't use your hsa to fix your transmission you can't use it to pay your mortgage if you lose your job you can only use it for health insurance

deductibles our health insurance health needs medical bills is all they can be used for so it's a good thing to use to get a lower premium but cover the deductible the higher deductible with your emergency fund first and then later use the savings portion to pull things together hey thanks for the call phone number here is 888-825-5225 bill is in rochester new york hi. Welcome to the Dave Ramsey Show. Hey, Dave. Thank you for taking my call. Sure. What's up? So I'm a doc. I'm 30 years old. I've got quite a lot of debt. I'm about $375,000 in debt. My household income is about $290,000 with my wife and I. And currently I also work or sort of consult for a nonprofit. I've been in the public service loan forgiveness program for five years.

So I have until about 2025, which at that point it will be close to $500 or so, my loan. So I'm just wondering if you had some advice for whether I should just keep going on this path or try to pay it off as fast as possible. Right now, when I did my calculations out with my income over the next, you know, up to 2025, it looks like I'd probably pay around $200 or so in monthly payments if I just aggressively paid it off, which obviously wouldn't cover it.

So I just wanted to get your thoughts on that. Okay. Let's start with this understanding. The average household income in America is $58,000 a year. You make $300,000 a year, right? Yes. Okay. So why could you not pay $150,000 a year and be debt-free in two years? I don't know if it would be.

It would probably take me about three years, I suppose. Stop, stop, stop, stop stop stop stop 300 000 minus 150 000 equals 150 000 right but after tax right so i understand i understand taxes so you're living on 75 or 80 000 after taxes why pay your student loans off bill as fast as you can like two years two years do it right now what is your house worth oh we rent i don't know i don't own a house. How much is your rent? $2,000. What is your car payment? $600. Good God.

Dude, you make a lot of money and you are really, really broke. You have got to turn this around. So what I would do if I woke up in your shoes is I would put my family on beans and rice. You're not a doctor. You're not a doctor. You're a broke doctor. You make a pile of money and you have none. Agreed? You need to change this.

You make a pile of money and you have none. None. You're broke. You're trying to figure out a way for the government to bail out a guy that makes 300K. Roll up your sleeves, get on beans and rice, and do this. Two years, man. Change your life. You can do it. Don't wait on them to figure out some way to fix your life.

Your life's going to suck if the government fixes it. 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.

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