The Ramsey Show - App - You Don't Get to Not Participate in the Law of Gravity! (Hour 1)

Episode Date: August 15, 2019

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Music Music Live from the headquarters of Ramsey Solutions Broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. Thank you for joining us, America. It's a free call, and some say the call is worth what you pay for it. Now, the phone number, 888-825-5225 is the number, 888-825-5225.

All right, we're going to start this hour off with Jessica in Florida. Hi, Jessica. Welcome to the Dave Ramsey Show. Hi, Dave. I hope you're Ramsey Show. Hi, Dave. I hope you're doing well. I am better than I deserve. How can I help? My husband and I found out about you recently, and we're working our way through the baby steps and trying to plan everything out,

and we would like your opinion on baby step two. So we currently have about $45,000 in debt besides our home, and that's about $30,000 on a car and $15,000 on different loans and credit cards. And we have a second piece of property that we currently have renters living in and make about $700 a month from that property. So we're trying to determine whether it would be better to sell the property and put that towards our $50,000 or $45,000 in debt, or whether we should continue to make the additional income since it's making an income right now. So what's your household income?

It's about $145,000 growth. Okay. So how quick are you going to pay off $45 if you keep the rental? If we were to keep the rental, we think we could pay it off within six months. Okay. Do you not like the rental? We do like the rental, but we are ready to get weird and want to pay off the house that we currently have. It was before we found you

and we bought it for 300 with a 5.25 interest rate okay and we have mortgage insurance on it gotcha so it's about 300 owed on it is that what you're saying yeah 289 okay and um what's it worth today the property we have no the one that you owe $289 on the rental. What's it worth? Oh, no. The one we owe $289 on is our current home. Oh, I see. The rental we owe nothing on, we have it free and clear, and it's only worth about $55. Okay.

All right. So really what we're gaining by selling the rental is six months. Correct. Because you said you could pay off the debt in six months, right? Yes. Okay. Again, I think the question is, would you buy the rental again? The way you described it, the words you were using,

the way you set the sentence structure up at the beginning of this conversation made me think you kind of like having that $700. You kind of like that rental. And if that's the case, if you think that's a good property to own 5, 10 years going forward, I'm probably keeping it because it's not really changing your life to sell it. It's six months. Right, it's just being six months six months sooner if it changed something by six years well i'm dumping the stupid thing right but six months whoopee i mean you know that's you don't even keep you know you don't make a decision on a shirt like that so um you know i i no i would keep the rental and I'd work my way through this unless you just don't like the rental anyway.

But the way I heard you structure the question, I think you do like it. And by the way, I love real estate. So I'm with you on keeping it again. It doesn't move the needle enough. What moves the needle is your newfound commitment to freaking pay attention to your money and not misbehave anymore. That's worth hundreds and millions, hundreds of thousands and millions of dollars to you. This rental is not an issue. So the good news is you're willing to put it on the table.

You're willing to hold it with an open hand if that's what causes success. And if you keep being willing to do what causes success, you're going to continue to have newfound success in the whole area of money. I would keep it. Lisa's in Ohio. Hi, Lisa. Welcome to the Dave Ramsey Show. Hi, Dave. How are you? Better than I deserve. What's up? Hi. So I learned about you back in February. I have $100,000 in student loans. So I want to start my snowball, but I really need a new car. So back in February when I learned about you, since then I've saved up $7,000 of cash and my $1,000 emergency fund to buy a new car. But the problem is I just don't know, like, how to go about buying a used car.

My dad is a mechanic and has always helped me with that stuff, but he doesn't agree with me. And I know, like, I'm an adult, but I don't know much about cars. Why does he not agree with you? I don't understand. He doesn't think that I should buy a used car. He thinks I should buy a new car because he doesn't think that they can be reliable, but there's no way that I can buy a new car.

You know what a new car is after you've owned it a year? A used car. Yeah. And it's reliable. Isn't that amazing? So, yeah, his theory sucks. Yeah. And it's reliable. Isn't that amazing? So, yeah, his theory sucks. Okay. All right.

So you have $7,000. What's wrong with the car you have? It's nothing. I mean, well, it's on its last one. It keeps breaking down, like, almost every month, and it's just costing a lot of money. It's got, like, almost 250,000 miles, so I pretty much run it. So it's like a $1,000 hoopty. Right, right.

Okay. And what do you make a year? I make between $50,000 and $60,000 with overtime. Okay, cool. All right, and what are you thinking of spending on your new your your next car purchase that's not new um well my goal was eight thousand dollars i don't know why i picked that but it just sounded like a good number but i have the seven and i keep like hearing people just buying like a two or three thousand dollar car and i'm like oh i could pocket the rest of my money or put it you know towards my student loans so yeah i would put i would if i were in

your shoes i would be in the five to six thousand range okay which is like way better than what you're driving yes it's a whole nother world and if you're careful when you buy five or six thousand you buy the right type of car um you can get a lot of reliability and a lot of life out of a five or six thousand dollar car okay so okay talk it through with your dad and say dad um you know i need your help i know you're a mechanic give me your advice given that i'm willing to buy a five thousand dollar car what would you do if you're buying a five thousand well i wouldn't do that so you're a mechanic. Give me your advice, given that I'm willing to buy a $5,000 car. What would you do if you were buying a $5,000? Well, I wouldn't do that. So you're not going to help me at all, Dad?

Come on. Tell me what you would do. Okay? So I would pick a car that there's a bunch of them on the road, and they have a good reputation. It's a boring car. Okay? Yeah, I was thinking like a Toyota Corolla. Exactly.

Something like that, yeah. An old Camry, an old Honda Accord, you know, an old, you know, American made is fine too. And take it to a mechanic and tell them you're willing to spend $50 with them to go over it for you if your dad is unwilling to do that, and to tell you what's right and what's wrong about it. You want something that is ugly with low miles. All we care about is not the sex appeal of a $5,000 car because there's no such thing. We want reliability. This is the Dave Ramsey Show.

One question I get asked all the time is, do I need life insurance? Listen, the whole point of life insurance is to replace your income for someone who counts on you. So if you have a spouse or you have kids, yes, you need term life insurance. It's the only way to protect them until you're out of debt and have built up your wealth. You're only digging a deeper hole if you waste money on cash value plans since it robs you of the ability to make real progress. And that's why I send you to Zander Insurance, and I have for 20 years. That's where I get all my insurance, and they only offer the plans I recommend. It is not expensive. It's not complicated, and Zander will be there as your guide every step of the way.

Visit Zander.com or call 800-356-4282. You need to get this taken care of. I can give you the advice, and I can tell you where to go, but it's really up to you to take that important step to get your family protected. That's zander.com or 800-356-4282. Thank you for joining us, America. Patrick is with us in Pennsylvania. Hi, Patrick. Welcome to the Dave Ramsey Show. Hey, Dave. How are you? Better than I deserve. What's up?

All right. Well, tomorrow I'm moving into an out-of-state university. It wasn't my first choice, but the cost of attendance is a little bit more than I would really like it to be. And I really did it just so my mom would be happy because my siblings also at that university. And I didn't really... Hello? Hello? Yeah.

Oh, hey, Dave. Hey, I'm listening. Your mom wants to be... You want your mom happy, so you chose your college. I got you. What? All right. Well, so I just recently became a fan of yours. I read your book in like three days and all.

And then I'm looking at this loan. I just borrowed $20,000. I'm like, man, I don't really know. I'm going to pay this back. So I'm just wondering if you think it would be smart for me to transfer out of the out-of-state school and just go to a community college for two years. If you can't pay for the school that you're going to without loans, you should do something different. All right. And that's what it sounds like you're telling me. Yeah.

I was just kind of brought up and even my school counselors they were just they taught that student loans were like just a way of life and then i i found you and then you made it seem a lot more easy like i don't have to live like that but um what do you what do you want to what are you wanting to study pat Patrick? I'm going for general engineering, and my path to graduation is also five years. So I don't want to have to borrow $20,000 for five years because I think that's ridiculous. So I'm just wondering if you think I should just go to that community college, and even after that, what's my plan? Yeah, I think you're going to be working a lot because it sounds like you have zero money for college.

Am I understanding you right? For the most part, yeah. Whenever I first started listening to you, I actually put $3,000 in a mutual fund. And I wasn't going to dig that up because you say five years is like, you know, that's kind of risky. So you have $3,000 to go to college with, and you're wanting to get an engineering degree, and so what you're going to be doing is working all the off hours and all the summers like a maniac in order to pay for the cheapest possible school you can go to and get your engineering degree.

Because the more expensive school you go to, the more you have to work or you're going to go into debt, which I'm not going to recommend. So I'm sorry that your mom's not going to be happy, but if her happiness is based on where you go to school, she's probably not going to be happy anyway because she's probably got other issues. She's shallow. All right. I mean, I think, you know, if she wants to pay for you to go to school there

and that makes her happy, fine, then she can be happy. I'll help her be happy. But if the only way she's happy is you go a hundred thousand dollars in debt to get an engineering degree this is not very good mothering she's not doing a good job um she's just uh she's you know but again most people like you said believe that the only way to go to school debt-free, or the only way to go school is with a student loan debt. So you're breaking the chain of that, and you have discovered accurately at a very young age the number one variable that allows you to go to school debt-free,

and that is choice of school. Choosing a school that you can pay for instead of just going somewhere your siblings went there and mom it would it would please my mother if i went there and so i sign up for twenty thousand dollars in debt before you have even moved in bless your heart so yeah i would pay off the debt and i would move and go to community college and um i would work my tail end off and work my way through a school I can pay for. That would be my plan. And you can do it. You don't have much family emotional support here, and I'm sorry for that,

but you already had arrived at the proper conclusion before you called me. Thanks for calling in. You know, here's the thing, folks, on Patrick's discussion. His mom's not a bad lady. She's just normal. Financially, though, normal sucks. You don't want to be normal.

Normal's mediocre. Normal's average. Normal's typical. Why would you want to be normal? Wealth is not normal. Excellence is not normal. So here's the thing. Your financial counselor, your school counselor who's still paying their student loan debt, tells you they think it's a good idea to get a student loan debt.

This is perpetuating the stupidity in America. And you folks listening to me right now are paying for this. Because we the people, the United States of America, have guaranteed these loans. Thus banks make $100,000 loans to 18-year-olds to keep their mothers happy. That's about known as asinine right there america that's ridiculous congress you ought to be smacked silly for doing this and for not stopping this plague on america and if you're a school counselor and you advise someone like patrick was advised you ought to be

smacked silly someone ought to give you a wake-up call and quit leading these young people into this disaster he's going to be a hundred thousand dollars in student loan debt and we hope he graduates you know how many people graduate to start a four-year school? Fifty-four percent nationally. That means half of them don't, and 100% of the ones that took out a student loan and don't graduate still have the student loan. This is stupid. And we've got to quit normalizing this. It's not radical. I'm not some kind of character on the street corner preaching off an apple crate.

This is just dumb, y'all. I mean, human beings with good walking around sense, if you can walk and chew gum, you ought to be able to do the critical thinking and look at this and say, this is dumb. And Patrick, bless his heart, how much courage does it take when you're 18 years old to pay back a loan that you just took 10 minutes ago and quit the school that makes your mom happy? That takes tremendous courage on his part.

I hope he follows through because he's going against a culture of fools. When it comes to this subject, America, you are a culture of fools. Mom is a fool. The guidance counselor is a fool. The out-of-state university is a fool. The Congress that guaranteed the loan is a fool. And the fact that I voted for the congressman that has left that stuff in place makes me a fool. It's a culture of fools, and there's nothing that comes from foolishness except pain.

This has got to stop, y'all. It's got to stop. So I'm so excited about Anthony's new book, Debt-Free Degree. As I told him, it comes out October the 7th, and it outlines exactly what to do beginning in the 7th grade so that your kid can go to college debt-free. Now, if you've got student loans, well, that just makes you normal. Get rid of them. That would make you weird. Pay them off. That would make you weird, And that's what we want you to do. We're going to show you how.

We're going to work with you. But debt-free degree, it's all about getting scholarships. It's all about starting to plan when you're in middle school where you're going to go to school, what you're going to study, and that you're going to actually get knowledge in a field of study that leads you to a career that you actually freaking can get a job in and make a living. And you get a return on investment on that education. And you don't get a degree in left-handed puppetry or a PhD in German polka history

and then think the culture owes you something. Straight up stupid, you guys. Patrick, I'm impressed with you young man i hope i hope you can find it within yourself to stand up to all these people in your life i don't know if you'll be able to but i sure hope you can i'm on your team though this is the dave ramsey show Our question of the day is from Blinds.com. They have a 100% satisfaction guarantee. It means even if you mismeasure, you pick the wrong color, you mess up, they will remake your window blind for free.

You get free samples, free shipping, and with the new promos they run every month, you'll save even more. The promo code is RAMSEsey if you want the best deal barbie is in indiana we'd like to know your thoughts on taking money from the equity in your home to pay off the debt snowball is it a good idea or not not i wouldn't borrow on your home to pay off your debt snowball i'd work your debt snowball the exception would be is that if you are stuck in something horrible um like a huge irs debt i would rather have a home equity loan than an irs debt the uh exception would be if you're stuck in something horrible

and there's no possible way you can even make the minimum payments. That's not a debt snowball question. That's a survival question. Then I would transfer the debt. But you're not getting out of debt when you do this. You're just moving the debt onto your home. Now your home's further destabilized. Is it greater risk? All because of that steak dinner you put on a credit card eight years ago

and you're still paying on it. Now you want to move that onto your house. That's financing a depreciating asset right there. No, I would not do that. Again, the exception would be extremes where it's the only way to avoid a foreclosure, a bankruptcy, a repossession, you know, something like that. And we can do this. But it's not a good way to get out of debt.

It's a stopgap if you're in a horribly desperate situation. Victoria is in Hawaii. Hi, Victoria. Welcome to the Dave Ramsey Show. Hi, Dave. How are you? Better than I deserve. What's up?

So I'm 19 and my husband's 20, and we're wondering if we should use our savings to pay off our debt. So right now we have 14,000 savings, which is a little over halfway to our six months of saving for Baby Step 3, but we have about 8,200 left on a car and then 3,400 in our credit card, but that one is on an interest-free promotion for 24 months. So we were just wondering which is better to go. Well, Baby Step 3, you can't be on unless you've done Baby Steps 1 and 2 because 3 comes after 1 and 2. Right. So you're not on Baby Step 3.

You're on your plan. Our plan would be to write checks today and be debt free which would put you on baby step three okay so that would put us back down to like two thousand dollars in our savings and that's the best route yeah well if it took you down to one thousand it would still be the best route because that would be baby steps one and two. And then what would you do? You take all those payments you don't have and your newfound budget on every dollar, and you're going to work like a crazy person to finish baby step three because it comes after two. Okay. Does that make sense to you?

Right. Yeah, we were just wondering because we would be debt-free if we continued on our path in April. So we were just wondering because we would be debt free if we continued on our path in april so we were just wondering if we wanted well that means you'll have in april your fully funded emergency fund correct that's why we were just curious yeah that's what i mean is is the money you would have used to be debt free now we're using it in the proper order of things to maybe step three to build your emergency fund. So your emergency fund will be done before April. And then you'll move on to four, five, and six.

This is your shortest path to wealth. Okay? Okay, perfect. Thank you so much. Thank you, Victoria. Appreciate you joining us. I never thought that my career would be teaching people to do things in order. But I spend almost all my calls going, three is after two, and you're not different.

And that's, you know, I don't mind doing it. I don't mind helping you. She's a new listener. I don't mind helping her, and that's what I'm here for. I love doing it, but it is kind of humorous if you think about it. All right, Cole is with us in Kentucky. Hi, Cole. How are you?

Good. How are you? Better than I deserve. What's up? So I'm 19, and I have a student account, ESA, in my name with about $30,000 to $35,000 in it. And I'm not going to be going to college. Why? I don't know.

Because I have a lawn care business, and that's what I plan on doing. For the rest of your life? Yes. Eventually. So you're a 60-year-old lawn care guy. Yeah, eventually have, like, crews and stuff and, like, go out and do it and be kind of a part of retirement and managing it. Mm-hmm.

Okay. part of a retirement managing it okay uh well if you take the money out of this esa for anything other than college uh you're going to be taxed at your tax rate plus a penalty of 10 percent yes okay so they're going to take 30 of this this money, 40% of this money. And I have about $10,000 to $11,000 left on one of my mowers I have, too, and we've paid off like $15,000 already this year. Good. Okay. And I have a house with a mortgage of about $100,000. Okay.

Are you married? Yes. You $100,000. Okay. Are you married? Yes. You have children? No. Okay. Is your wife going to go to school? No, she's not. She works for a family business and is a wedding photographer.

Okay. Because the ESA is transferable to a family member. No, I wouldn't cash it in in i don't like the penalties i don't like making this final decision at 19 that it's an absolute decision it might change by the time you're 23 might not i get that i'm okay with that i'm not there's no i'm not saying your decision's a bad one i just think it could change. And if it doesn't change and your wife doesn't go to school and you don't go to school, you could actually use it for your kid's school or you can cash it out later. But I wouldn't cash it out now. I wouldn't cash it out before you're 25 years old. Okay. I would let

it sit and let your life evolve and let's see if things come out exactly like you've got them planned right now. I'd let this evolve a little bit. So, hey, good question. Thanks for joining us. Open phones at 888-825-5225. Liliana is with us in Massachusetts. Hi, Liliana.

How are you? Hi, I'm very good. How are you? Hi, I'm doing good. How are you? Better than I deserve. What's up? I have a question. I have about $183,000 in my TSP account. Great.

Good job. And I'm 42. So right now, the way I have it split up is 10% goes to the TSP and 7% goes to the Roth IRA. A few years ago, they gave us that option. So right now, I have... I'm sorry. You have a Roth IRA outside the TSP or you're talking about the Roth TSP?

The Roth TSP. Okay. All right. I would put 100% in the Roth TSP? The Roth TSP. Okay. All right. I would put 100% in the Roth TSP. I would put 80% of your contribution in the C plan, 10% in the S, and 10% in the I. But 100% Roth. Now, I would not convert what is non-Roth to Roth yet unless your home is paid off and you're completely debt-free and you've got some money.

Okay, so the way I have it currently is 70% in the C and 30% in the S. I don't have anything in the I. Okay, well, that's okay. That's not too bad. That's two of the better funds the s is just not performed that well the c is head and shoulders above anything else in the plan correct yeah do you suggest i change the contributions or yeah i mean what i suggest is 80 10 10 and the i is underperformed the s even but at least you've got a little more

diversification because the c is basically an s&p 500 it's basically an index fund is what it is and so it's done about what the stock market's done and the stock market's done better than international category and the stock market has done better than the small company category but i still like the diversification i would do 80 10 10 future going forward contributions 100 roth that's what i would do it's what i've suggested for many years and it really works out pretty well you've done a great job though you got 183 000 i'm proud of you this is the dave ramsey show Thank you. Heather is in Oklahoma. Hi, Heather. Welcome to the Dave Ramsey Show.

Hi, Dave. Thank you for taking my call. Sure. What's up? My husband and I started with Gazelle Intensity on January 1st of 2018. We're currently in baby step, what I'll call 4B-ish. We are still contributing to our 401k, but at 10%. And our desire is to build a house and cash.

Our combined gross salary is about $250,000. And we have about $30,000 in our emergency fund. Way to go. You're killing it. Good job. It feels like a really tall, steep mountain that we're climbing, but we're really trying to. You realize you've already climbed more mountains than most people. Well, thank you.

Way to go. I mean, incredible. Debt-free. You have your emergency fund. You're investing. And now you're just making a great income and thinking about building a nice house. Good for you. For cash.

For cash. That is our goal. Cool. So the goal of the home is about $600,000 to $700,000. We currently have two CDs that have expired to the tune of $266,000. We don't know what our next steps are. Building the home in two years, approximately two to three years. Do we reinvest in another CD at such low interest rates? Do we put this in the money market? Or do we go more conservative with like a John Hancock fund that is in stocks and bonds

that, according to our investor pro, has been on average returning about 6.8%? Well, that would be the average. The question is, what's it going to do in a down market um if the more if the market dropped to one year ten percent um i mean we're talking about thirty thousand bucks you'd lose right and so do we just stay conservative and keep it in the money market make it um two percent buy more cds what's the right um you you can do some of both um or you could do neither i would not drop a hundred percent of it in there okay um because you you can afford to take the risk it would just be more than anything it'd be emotionally painful okay so if you turn 300,000

and in there and you lose 30 grand because the market turns down on you about the time you're ready to build, then you're going to be asking yourself, do I wait until the market comes back up to build? That's not a discussion you want to have with yourself. Or do you just lose the $30,000 and go, well, we took a shot at it because we might have made $30,000. You know, if you made $10,000, you'd make $30,000. If you kind of split it in half and said okay you know i'm gonna put 100 in the market and 200 in cds or something like that then you got a little bit of it at risk but not all of it you're not going to lose it all it's just a question of are

you going to take an ouchie or are you going to have an increase the point is, you're going to build this house 95% because of you, only 5% because of this investment. Yes, thank you. That is our desire and our passion right now. Now, mathematically, that's the case. It is. The money that you're going to build this house with is 95% going to come from you or 98% from you, regardless of the answer to this question.

Okay. And so the point is that you're the secret sauce in this equation with your fabulous income, your discipline, and your debt-free status and the desire to stay debt-free or get debt-free with a home build. So you're rocking it. You know, the little bit of money made or not made in the market is not because it's such a short term. Now, if we're talking about 30 years and you stay in a CD or 30 years and you stay in a mutual fund, now we're talking about the growth is bigger than you are.

Right. See, and then you would have a different discussion and we go, no, mutual funds, hands down. We're going that way. But when we've got such a short period of time, the actual dollars that we could gain or the actual dollars that we could lose probably don't change the outcome. It just feels like I'm wiser or not wise. I'm either conservative or risky or whatever.

So I would not put it all in there. I might put half of it in there or I might put none of it in there. But I wouldn't put it all in there because i do not know what is going to happen and no one does in the coming 24 months in the stock market i have a very good feeling that in the coming 24 years i'm going to make millions of dollars having invested in the stock market. But in the 24 months, who the flip knows? Trump could burp, or North Korea could, or, you know, who knows? If somebody just decides to get cross-eyed and it's in the news, and all of a sudden the thing goes tanking.

You know, some economist who couldn't get a job as a weather forecaster, both of which are wrong all the time and keep their jobs, comes out and says there's a recession, and so the market plummets. What? Okay, seriously. The indicators. What indicators? Come on, guys.

You know, self-fulfilling prophecy, liberal news media. Come on, really. You've got to think this stuff through. So anyway, you're going to be fine either way. I don't know what 24 months is going to bring. And so if you're real risk averse, I'd just park it on a CD. If you're a bit of a player, maximum of half into a mutual fund. Law is with us.

Law is in Florida. Hi, Law. How are you? Hey, Dave. I'm doing great. How are you doing? Better than I deserve. What's up?

All right. So my girlfriend and I are looking to buy our first home, both first-time homebuyers. And we're looking at two properties. One of them is $430,000 with no HOA fees, and the other one is $360,000 with HOA fees. And we're wondering, with the closing costs and the HOA fees, what would be the better investment? C, none of the above. You should never buy real estate with someone you are not married to under any circumstances.

I mean, marriage is the next step. No, marriage is the first step. We're very strong. No, marriage is the next step. No, marriage is the first step. No, marriage is the first step. You should never buy a property with someone you're not married to. You're talking to an old guy who has counseled tens of thousands of people through some of the most bizarre and perverted stories you've ever heard in your life. She was driving to work one morning and got hit head-on. And now I own a house with her mother.

That happened. And she ran off with a cheerleader from the professional sports team. She decided that she liked women more than men. She's gone. Now I own a house with her and her girlfriend. You don't want this story. You don't be this guy. Get married before you buy a house, period,

or one of you buy the house, and if you want a roommate, that's your decision. But please do not do this, sir, in this order. You are going to create a problem in your life that you didn't need to. Don't act like you're married when you're not married. It creates all kinds of problems, legally, financially, relationally, morally, of problems legally financially relationally morally financially legally relationally morally please please please don't do this you called and asked my opinion and that's a dangerous thing to do sir because i will give it to you open phones at 888-825-5225 you in. We'll talk about your life and your money. It is a free call.

We're glad to talk to you. And, guys, here's the thing. Money decisions, when you are doing them together or not together, married or not married, changes the dynamic of the relationship. It is like the law of gravity. You don't get to choose to not participate in the law of gravity. All snowflakes end up in a pile because of the law of gravity. They're unique, but they're uniquely all in a pile because of the law of gravity. They are subject to the law of gravity.

There are laws in finance and in personal finance and in relationships. Anytime you borrow money from someone, you change the relationship with that person. The old joke is, if I loan my brother-in-law $100 and he never speaks to me again, was it worth it? It changes the relationship. When you borrow money from your daddy for a car, Thanksgiving dinner tastes different until you get your daddy paid off because he just became your master. The borrower is slave to the lender and you're not the exception, folk. No one is. I'm trying to protect you. I don't want you to get hurt. I want you to live your

life the best possible way you can and I'm going to give you. I don't want you to get hurt. I want you to live your life the best possible way you can. And I'm going to give you the advice the best I can to cause that to happen for you. This is The Dave Ramsey Show. Hey guys, it's Blake Thompson, Senior Executive Producer for The Dave Ramsey Show. This hour's over, but you can find more great content on our YouTube channel. Catch the most watched Dave Ramsey, death-free screams, and the very popular Everyday Millionaire segment. Go to The Dave Ramsey Show YouTube channel and click subscribe.