The Ramsey Show - App - Your Dream Truck Might Be the Next DeLorean (Hour 1)

Episode Date: August 2, 2022

Dave Ramsey & Ken Coleman discuss: Whether or not to sell a house, What to do with a large profit, Buying a new (electric) truck.   Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6

Live from the headquarters of Ramsey Solutions, it's the 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. Ken Coleman, Ramsey personality, number one best-selling author and host of The Ken Coleman Show, is my co-host today. As we help people build wealth, do work that they love, and create actual amazing relationships. Thank you for joining us, America. We're so glad you're with us. Tell a friend that we're here and spread the word for us. Open phones at 888-825-5225.

The number again, 888-825-5225. Mike is in Boise. Hey, Mike, welcome to the Ramsey Show. Hey, Dave, thanks for having me on. I really appreciate it. My pleasure, sir. How can we help? Well, I've got a quick question regarding a second home, and I'm wondering if I am sacrificing too much to hang on to that home from a financial standpoint. Okay. What's the sacrifice? Well, so from a money standpoint, net income, we bring in approximately $5,000 a month, $5,000 to $5,300 a month. That's take-home pay? That is take-home pay. Okay. Because of the second home, it requires, I need about $6,200 a month when I take into account all the expenses that the second home causes. So I'm able to, I do a little side hustle and I can work overtime at work.

But in order to afford that $6,200 a month, I have to work some overtime or do my side hustle to make that extra money. And I'm just wondering at what point I'm working too much to hang on to the second home rather than just sell it and enjoy some other things right now. What's the trajectory of your main income? Is it going to go up substantially in the next couple years or is this a temporary thing or is it going to be a gradual increase? Well, I would say my main income won't substantially increase. However, in about four years, I will retire, which will give me access to all of my retirement accounts. At that point in time, I could simply pay off the second retire, which will give me access to all of my retirement accounts. At that point in time, I could simply pay off the second home, which would have about $100,000 remaining at that point. So at that point in four years, it becomes easy again. I'm just kind of wondering between now

and that four-year mark. How much is in your retirement accounts? Well, first of the year, I was just over a million, so it's probably around $800,000 at this point. I haven't looked recently. How old are you? I am currently 50. I'll retire at 54. I'm a firefighter. And you have access to this type of account without penalty? That's my understanding, yes. It's a 401k as well as a 457, and I believe because of my occupation, there's a law that allows me to access it early. I think that's true. So what is the house?

What's it worth worth the second home um i would say roughly 800 000 wow it's in a pretty desirable kind of vacation area so it's like a mountain house or what mountain house yes the home you're worth living is worth what um probably close to that maybe a little less seven to seven fifty i would guess so you're a sixty thousand dollar a year or well that's take-home pay an eighty thousand dollar a year multi-millionaire i guess yeah no and from a net worth standpoint yeah that's how you measure network that's how you measure millionaires net worth yeah that yeah yeah i feel pretty fortunate i just so how much do you i mean it at the start of this call i was getting ready to say dump this thing but it starts to sound like a really nice place to be, and you've got the money.

It's just you can't get to it right now. Right. And so are you willing to pay the price of four years of overtime to hang on to it? It's a values judgment on your part. There's not a dumb box we check in this. You sell it, you're dumb. You don't sell it, you're dumb. Neither one of those is true.

Okay? You're not dumb. You've done a great job. I feel like I'm hearing either some physical tiredness or maybe emotional tiredness. Is that true? I think maybe some emotional. I can continue to work. I'm not afraid to work. I think just emotionally sometimes. And I think it stems from the point that we don't use it very much and so i just wonder why am i continuing to pay this much are you going to use it at retirement well i sure hope so uh i hope we'll use it more than we do now but it's unknown you know it's just unknown well at the point you're not using the thing then it changes the entire conversation so um you know it it sounds like it might be a dream from the past not a dream for the future

i think i would agree with that i think we always wanted to have one when our kids were young and now they're um college age um and i just yeah we always wanted one when they were young and we didn't have it that at that point and now we have it yeah i hear it i hear that all over you sell it yeah okay all right it's not bringing you joy it's that whatever that woman is that says does this thing bring you joy thing right and yeah it's not bringing you joy right and so yeah dump the thing it's not it's the past it's a rear it's a memory now here's the thing. It's the past. It's a memory. Now, here's the thing. Nothing is forever when it comes to this kind of stuff.

This particular property will be gone, but you're going to be sitting on several million dollars when you retire. And that will buy you a week in a mountain house anytime you want to go. Yeah. Okay, so like we rented like a 15,000 15,000 square footer on the slopes at crested butte and took all of our family and way too many of their friends and everything else up there is a beautiful home and i didn't have to own the thing i just bought it for the week you know it was great it was an expensive week but uh it's a lot less than 800,000 bucks i can tell you that

and you know so you can go to the mountains to a mountain house anytime you want, dude. Yeah. Just not this one. And if you really, really miss it, you can go buy a $400,000 or $500,000 one after retirement and not blink. Yep. Yep. Agreed.

I'm done. I'm done. Get rid of that thing, man. Yeah. No question. It's going to set a woman's name. Marie Kondo. Help me with this. Kondo? that thing, man. No question. It's going to set a woman free. What is that woman's name? Marie Kondo? Help me with this.

Kondo? Marie Kondo. Marie Kondo, yeah. Does this give you joy? Yeah. It's hilarious. I love that. Yeah.

Because she's like an alternative, a sweet version of the minimalist or something. Yeah. Oh, is that the like get everything ordered in your house to give you peace or something? Yeah, just get rid of the crap. It's an organizer. Yeah. You can tell i'm completely not her market but yeah i think stacy mentioned that once and i may have seen it in passing walking through the living room the concept is right though i like what she says i like that's correct concept is does this give you joy and at it at the point here is it's a trade-off it's it's a lot of work to pay and he's almost got it paid off it's

aggravating it's within reach but even then you nailed it though you got you got to maintain the stupid thing yeah and this is good he's he's gonna be great financially now he's gonna have this work being done right now yeah on my lake house yeah even if it's all paid off you got the more crap you own the more repairman you have to know but But I like my lake house, so I'm fine with a little bit of painting being done down there today. But you just, you know, yeah, does this thing. There's always a tradeoff. And, yeah, get rid of it. Get rid of it.

It ceased to be fun some time ago. This is The Ramsey Show. show. Ken Coleman, Ramsey personality, number one best-selling author, is my co-host today. Open phones at 888-825-5225. Well, we know with talk of inflation and actual inflation, and when you go to the gas pump you have a minor freaking heart attack, we know with the recession having hit, not of one but it is a recession it's kind of a wimpy little it's like a baby recession a little tiny baby misty recession but it's here and so uh we know with all that it can be scary uh and with that oh now you can get real scared

and i'm out of control with my money yeah now you can get real scared and how am i going to retire and how am i going to get rid of these student loans okay you don't have to live like this you have to get to the point where you say enough is enough and decide to make some big changes because uh you can't keep doing the same things you've always done and expect different results that's the definition of insanity that means it's time to time to try financial peace university uh you're going to learn the proven step-by-step plan to actually win with money and when you follow the plan you'll not only get out of debt bill wealth but become outrageously generous learn to work with your spouse on the money and man the whole subject starts to be a smile instead of a frown. So if you're ready to say I've had enough,

then I go to RamseySolutions.com slash enough, and we'll get you into Financial Peace University. Almost 10 million people have done this. RamseySolutions.com slash enough. Time to get with it. Tyler is with us. Tyler's in Tallahassee, Florida. Hi, Tyler. Welcome to the ramsey show

hey thanks for taking my call sure what's up hey so i'm a uh a farmer and i'm a young guy i'm only 27 um and i also work full-time for a uh in like a maintenance position and And I've grown my business, and it's been kind of like a side hustle in a way, and it's never really made money. And then this year we made around $100,000. Wow. Profit? For our blueberry season. Yeah, we grow blueberries.

And so we had a really good year, and I'm kind of torn. Now I've worked for five years or six years now on building this business up and it's, it's always been a dream to make, make it work. And it's made it, I've made it work. And now I'm like, what do I do next? And so I've got some questions about, um, what do I do with this money? Um, I have some debt. Um, I have a truck payment, and we actually owe a little bit on our farm. Both of those combined are up, I think it's $45,000, almost to the dot, $45,100. So do I pay that off? Yes.

Well, another thing is I have, so blueberries are very, they're kind of a specialty crop, and you have to be careful with them because frost in florida north florida frost can really damage them and so i've been i've been squeaking by i don't have the frost protection that i need which is going to cost like 70 000 now because you know the price of everything has gone through the roof and it's 90 pvc pipe and you know that's just going through the roof with with prices so do i spend the money on that or do i get out of debt i mean how many acres have you gotten how many acres have you gotten blueberries um it's six acres right now um but i want to expand and that's that's the other side of the question i've made money and i'm to the point now where i can't grow anymore until i do this full time

i've either got to you know or get off the pot and i don't know what to do there because i either work full time i'm working full time right now you know seven to five and then i i go and to do my farm and how predictable is this crop annually uh it's pretty predictable with frost protection i mean the so what what is why is this the first time in five years you've made this money well i've started the business so when you start it you you've your plants are really tiny and then they have to grow for three years and it just takes money and and so we we started with a dream me and my wife and we we had carrots and land. Now we've got the land, and it took us a couple years to get the well and everything, get the money together.

And then, you know, five years comes along. This is just our first profitable year. It's your first real crop. Yes, sir. I understand that. What do you make in your day job? About $41,000. Is that gross? Yeah, that's gross all right i would work one more year and i would pay off all the debts today and i would put in 50 of the uh frost protection three acres yeah well i thought about that but the problem is you have to put a large well in

and so the the water is you basically are irrigating the whole six acres you're making it rain out there a quarter of an inch of rain per hour and so i it's either all or nothing i can't do half of it no it's not no it's not the well is not the whole i mean you put the well in and put some of the pipe in but you don't have the money to do the whole thing and you don't need to do this or you're you do not you do not need to borrow money to do frost protection and effectively when you've got borrowed money on the land and borrowed money on the truck and how much is your truck worth um it's uh in today's market who knows it's a 2019 f-150 how many miles now that that's like a sixty thousand dollar truck right i would say like 45 now i don't know i haven't looked in a while sell it okay and do the frost protection. What do I haul my tractor with? Well, get an old truck.

Tractors don't care how new the truck is. The only person that cares is the redneck behind the wheel. Well, this is mainly our only truck. I'm not going to argue with you. You make $41,000 a year. You're driving a truck that's too stinking expensive. Yeah. It's crazy. It's nuts. And you need to get rid of the truck and get your frost

protection in go make you some money and then get you a nice truck later but get you a work truck right now like real farmers use not pretend ones yeah nobody that's a very good point the tractor doesn't care and you're you know your family doesn't care there's no value of that listen i he's dodged the bullet you've dodged the bullet to this point on the frost i understand it but paying off i am not going to tell you to use this money yes to put in the frost protection and keep the debt yeah and drive that truck i'm not going to tell you to do that it's not what i would do if i were in your shoes you've worked too hard to get to this point and the crop is at risk because of the truck you drive not because you're unwilling not because of debt so get rid of the stupid truck now you got the money ta-da just like that it all worked out yeah except for that except for that ego part yeah on the truck but yeah i mean it's

just yeah and then i want to address he's he asked the question hey i also want to by the way i drive a nice truck and i don't mind you having a nice truck but the night you know the truck is way down the list of things that i care about in this conversation i care about this crop this business i care about growing to getting the frost protection on it so we can stabilize the predictability of the crop coming in the business model is firmed up considerably when you do that now next time you make a whole bunch of money you can quit work move up in truck and buy acreage that's exactly right with next year's crop that's right so that's when you make the move tyler full time you've got all the other stuff paid for no debt and now you can pay yourself more than what

you're actually making in your day job it's a math it's a math equation you don't have the money to pay your bills if you quit and use this money for frost protection and debt reduction that's correct so you've got to work one more year at least and when the crop comes in next time set that money a set a year's worth of living expenses aside yeah and then use the rest to expand the business i just just wouldn't be in a hurry. And I agree, you can do it in a year, but even two years, just stock that money up. Only 27, 26. Yeah. Yep. That's what I would do.

It's an interesting call, man. Thank you. Thanks for sharing all that with us. I'm happy for all your success, too, by the way. I love blueberries, Dave. High in antioxidants, just in case you were keeping score. You're not. You like the blueberries?

You and my health food wife will have to discuss this stuff. Sharon knows about blueberries. I don't know about it unless it's bad for you. And I have consumed it recently. So there you go. And I have the physique to prove it. So shut up. I'm not saying anything.

I know you're not. Isn't it time to go to commercial? You're way too smart for that. Turn the commercial up. Turn the bump music up. This is the Ramsey Show. We'll see you next time. Ken Coleman, number one best-selling author, Ramsey personality, and host of The Ken Coleman Show, is my co-host today. In the lobby of Ramsey Solutions, on of the Ken Coleman show is my co-host today in the lobby

of Ramsey solutions on the debt-free stage Jason and Nicole are with us hey guys how are you good how are you good to see you guys good to see you where do y'all live St. Petersburg Florida oh nice welcome to Nashville and here to do a debt-free scream how much did you pay off we paid off two hundred and forty five thousand dollars yay and how long did that take off? We paid off $245,000. Yay. And how long did that take? Just over two and a half years. Whoa, you're getting it. And your range of income during that time? We made between $225,000 to $275,000. Nice. What do y'all do for a living? Well, I'm an account executive for a large home health care company. Real estate agent and property management. Ah, good time to be in that world. Yeah, good.

So $245,000 was what kind of debt? That was our house. You paid off your house. That's right. Looking at weirdos. Sure are. I love it. Good for you. Well done, guys.

Thank you. So what in the world started this journey two and a half years ago? And get after it, man. You knocked it out fast. Yeah, well, we were kind of inching along being dave ish for about the past five years uh we we already had our house on a 15-year mortgage we had no credit card debt we had the cars paid for we just had that mortgage left and uh kind of looked at each other and said why don't we just knock this thing out and uh we certainly

have the income to do it. And so we sit down and made a plan and got the family involved. And that's what set it off about two and a half years ago. Yeah. You're making bank, so why not knock it out? Exactly. You look down and you go, ah, that's doable. Right. So how much did that change the payments? What was that new sacrifice and new commitment? Oh, every ounce of money we had left, we threw at the mortgage so eight or ten thousand bucks a month exactly yeah every bonus i got every spring i would go to the bank and gladly pay my entire bonus on the mortgage for the past couple years and we made a big deal out of it actually we got the kids involved with our debt-free jar so two and a half years ago we put 245 skittles in the jar counted them out by one, and everybody made a little note of what their

dream vacation would be once we got the debt-free jar empty. So there's some little pieces of paper floating around in here that everybody made their dream vacation on and every paycheck. Have we read the dream vacations? We have, yeah. So what were the kids' vacation dreams? You have to tell us. They're not on

mic. You tell us. Tyler wanted to go to Ford Wilderness camping. Wanted to go mic. You tell us. Tyler wanted to go to Ford Wilderness Camping. Wanted to go camping at Disney. Yeah. And Sophia wanted to go to Legoland. Legoland. That's good. I like both of those.

Good choices. What about you two? I wanted to go to Europe. What part? Greece, Italy. Yeah. Nice trip. That's still on the list.

Maybe next summer. Okay. Mine was to drive across country and make a stop here to do our debt-free scream. Wow. See? Wow. See, now there you go. I mean, now we know. Yeah, there it is.

Yeah. We didn't drive. We ended up flying up here, but yeah. That's all right. Good job, man. Very cool. Very cool. Well, I'll choose Greece and Italy.

I was going to say. Yeah. Next summer. Yeah. Good news is you don't have to make a choice. You can do them all. That's correct. That's it. So there we go. Good. And so we empty the Skittles make a choice. You can do them all. That's correct.

So there we go. Good. And so we empty the Skittles and here we are. That's right. I love it. Very good, guys. Very good. I got to know who ate the last Skittle.

Oh. That would be Sophia. Way to go, Sophia. Very nice. What color was it? Do we remember? I believe it was yellow. Okay.

I think there's a picture of her. She confirmed that it was yellow. They actually helped make the last payment. They each pitched in $10 to make the last payment. Nice. We were sure. I mean, regular land is on the table here, so we've got to knock this thing out. Got to have some skin in the game. We don't want to make $20 short.

That's right. Yeah, it's good. Good for y'all. Well done. What do you tell people the key to getting out of debt is? Stay with it. It's hard sometimes because you see other people going on vacations and buying nice cars, and you still drive that minivan

that is bent up and old and full of cereals. Just keep on looking forward. You'll get in there at some point. Not trying to keep up with the Joneses. I have a 15-year-old truck. She's got the minivan. And so we could obviously have bought better vehicles along the way, but getting out of debt was way more important than the car we drive or the clothes we wear. So just living within our means. Well, and if you drive like no one else later, you can drive like no one else. Exactly. I mean, when you get back from Greece, you can go get a better car.

You're used to putting eight, 10 grand, $10,000 a month on stuff. You can save up money pretty quick now. That's right. Good, good. I love this. Yeah, it's really great. So I'm curious to know when you guys were, you said you were day-vish, but you guys were doing fantastic.

Then you say, okay, we're taking on the house. And that kind of switch to serious commitment, how long did it take? Or was it just, I mean, did you catch the momentum at some point? Or was it really hard at first when you start to make that extreme sacrifice? I think it was hard at first, but we sort of set up some systems to ensure that it would happen. Like I like to call it forced budgeting with auto direct deposit and free online checking accounts. We had a couple of different accounts. We had our mortgage account.

We had our discretionary spending account. We had our bills account, and I knew exactly how much was going into each account every month automatically. It keeps you from accidentally bleeding over. Exactly. And so that extra mortgage payment would go in every month. It would automatically sweep out. And then again, when I got my bonus every spring, I would just go and pay that off. Yeah, when you can put smart on autopilot, that's a good thing.

Yeah. Yeah, because a lot of us put dumb on autopilot. That's right. But if you can put smart on autopilot. That's a good thing. Yeah. Yeah. Because a lot of us put dumb on autopilot. That's right. But if you can put smart on autopilot, that's a big deal. Way to go, guys. Way to go. How's it feel to be completely free? Feels fantastic.

Yeah. I mean, you can see another car real easy, right? Yeah. Yeah. She's already been throwing some hints around. Ah, good. Yeah, I heard them. I heard the hints.

I hope you're picking up on them. Yeah, that's the key. It's going're picking up on them. That's the key. It's going to be a used one. It's not going to be new. We'll pay cash for it. It'll be used. So what's the house worth? Just over a million.

Whoa. Yep. So you are Baby Steps Millionaire. That's right. Not even counting the retirement, which I hadn't even asked about yet. How much is in there? A couple of hundred, about 300. Okay.

Wow. Way to go, y'all. How old are y'all? We're in our mid 40s i'm a little bit older than she is yeah and you're baby steps millionaires with a paid four million dollar house fantastic i love it yeah that's it that's how you do it right there man yeah i like it i like it i like it all right we've got a copy of Baby Steps Millionaires, the book for you, since you are living it. And also, we're going to give you a one-year membership to Financial Peace University.

And, of course, you can give that away to somebody that's trying to get started, or you can go through it. It's got the new videos in it with Dr. John Deloney and Rachel Cruz and George Campbell and me. It's the best videos we've ever done, so it's a great version of it. And a copy of Total total money makeover as well a lot of people get started with that and you can hand that out to somebody that's inspired by your situation all right let's bring uh sophia and tyler up and what are their ages sophia is 10 tyler's eight all right very cool very cool good looking family beautiful beautiful well done all right jason and nicole sophia and tyler they are without skittles 245 000 paid off house and everything making them baby steps millionaires two and a half years it took them making two and a quarter to 275

count it down let's hear a debt-free scream. Three, two, one. We're debt-free. I love it. Woo-hoo. Man. You know, it is interesting to me that when you just, something happens that causes you to look over there and go, wait a minute, we can do that. You know, it was kind of sitting there before. But they go, with our income and this debt, we can do that.

It's just the realization that it's possible makes you go well then we should i agree yeah because they'd already been very smart been very financially sound and then they go okay and this is what makes this family very special is because it took a lot of sacrifice so they're they're they're moving along making really good income and then to all of a sudden go you know what we're going to climb this final mountain we really want to pay this house off we want to you know we want to receive the benefits of what that's going to do for us to make us baby steps millionaires to put us on a path to truly building crazy wealth and then go it's going to be really hard and he said it was hard at first yeah and and yet he said you know what we're going to automate it the automated discipline i love that that was a wonderful set. Yeah. You know where you can travel to if you don't have any payments?

Anywhere you want. That's right. That's what you can do right there. Anywhere you want. You know what you can drive if you don't have any payments? Almost anything you want. That's true. Oh, my gosh.

Wow. I really hope they take a big pack of Skittles to Greece with them. I think that's important. I don't. You don't? You don't like the Skittles? I think Skittles are fine, but I I don't. You don't? You don't like the Skittles? I think Skittles are fine, but I don't know. I don't think it's necessary in grease.

I'm just saying. I'm just talking about a theme. That's all. I know. Just a silly theme. It's over. The Skittles are gone. They're gone.

It's done. This is the Ramsey Show. Thank you. Ken Coleman, Ramsey personality, number one best-selling author, and host of The Ken Coleman Show show is my co-host today open phones at 888-825-5225 you know what i didn't say in that last segment and i should have but i realized even more when we walked out to meet that couple at the break that just did their debt-free scream um they completely changed their family tree not just because of the numbers but those two kids are dialed in they are involved emotionally intellectually they know what's going on and he had two extra total money makeover books that

he purchased one that we were to assign to the little young man and one to the young lady and he's going to give them to them later to remind them again yes so not only is the lesson taught but it's going to be reinforced later as they head into adulthood and um i pity the young man that wants to date little sophia later who a car payment. I agree. Be like trying to take one of my daughters out in high school, right? Yeah, I love that. You have a car payment? What? Right, right.

What kind of loser are you? Keep on stepping, pal. You know, it is a credit to the intentionality of those parents. Yeah. Intentional. They'll never forget this moment, those kids won't. They're old enough to remember this. It is truly a changed family tree truly john is with us john's in reno nevada hey john how are you doing well how are you better than i deserve what's up

so i know you say never buy a new car um i'm in a bit of a unique situation no i say never buy a new car till you have a million dollar net worth so i've been wanting to get a truck of a unique situation. No, I say never buy a new car until you have a million dollar net worth. So I've been wanting to get a truck for a while. I have a pre-order reservation for a Rivian truck, which is this electric truck coming on the market. Yeah. Because I put a reservation in a while ago. My reservation price is like $78,000. Current price is down $100,000. I'm wondering if I should be considering buying this truck below 20% below MSRP or if I should get something used like a Tacoma or a Ranger for about half the price. I'll be paying cash for either. I want to get your thoughts.

What's your net worth? About $500,000 to $600,000. You should buy a used car. All right. You know why because new cars go down in value particularly brand new the next delorean which this rivian may be i don't think it's the next ford Chevy it might be the next Tesla which would be a good thing for you but it could be the next DeLorean you know what a DeLorean is right oh yeah the car and back to the future greatest car in movie history Dave yeah it's also not made anymore

that's true it's it's now a prop yeah and so you know I don't know what's going to happen these trucks I have no idea I'm not an expert on that uh but you're you know, I don't know what's going to happen to these trucks. I have no idea. I'm not an expert on that. But, you know, not only are you buying a brand-new truck, but you're also buying an electric truck, which is a cutting-edge thing, and you're going to buy a brand that is a brand-new brand that's in its infancy. And we have no freaking idea what the value of this thing is going to be five years from today. And so you can't afford to take a hit that's 50 grand when you only have a half you're going to lose 10 of your net worth screwing around with an electric truck maybe maybe not but maybe um normally cars go in half in four years. Normal cars do from MSRP.

And so if this thing maintains a normal pattern, not worse than normal, I'm predicting, I think you've got a high probability of worse than normal. But if it maintains a normal pattern, then, you know, I just don't. Yeah. So, no, I wouldn't do it. But you're going to do it. You already knew what we were going to say before you called. And so you're going to do it.

But I wouldn't. And there's my reasoning. Yeah. Well, he called you and asked you. You gave him a formula. And you got the chuckle. I have a picture of his head going back. It was a chuckle.

Like, ha, ha, ha, ha, ha. Yeah. Because he's going he's going hey but there's a reason why you have that formula there's a reason why the percentage that you apply to that that's what i want people to get if you if you it's i mean i it's a math thing right you know when you lose your butt on stuff and you only have one but it's it's a problem you know that's one way looking you know when you when you lose 50 grand and you only have one but it's it's a problem you know that's one way looking you know when you when you lose 50 grand and you only have 500 000 to your name yeah that's a lot of money it's depreciating you're losing you got too many things going the wrong way while you're trying to

build wealth yeah and that's straight up consumption is what it is and there's nothing wrong with consumption there's nothing wrong with having a toy And if you want to spend your money on that truck, that's fine. I mean, a buddy of mine just bought one of those things, and I hadn't gotten a ride in it yet. But, you know, and I'm not going to get one. It's not my taste, but that doesn't have anything to do with it. But the point is, my buddy, the guy that bought it, he's worth about $15 million. If the battery catches fire like a tesla and just burns the thing

to the ground it ain't gonna kill him as long as he's not in it i mean it's not gonna bother him financially he could take whatever 100 000 bucks out in the backyard and burn it and it doesn't he's got 10 million it's but but when you only got a half a million and you're you know you got a probability a high probability of losing at least $50,000, then that's why I tell people not to buy new cars because they go down in value like a rock. That's where Chevy got that, like a rock. Open phones at 888-825-5225. George is with us, George in Orlando. Hi, George.

How are you? Hey, Dave and Ken. Nice to talk to you guys. True pleasure. Our pleasure as well sir how can we help okay so i got a question i bought a home a few years back me and my my current wife were dating i bought the home uh under my name now that we're married should i or can i I do like a claim deed to add her name to the house or how can I do that? What would you guys recommend? If you want to, in most states you can do what's called a quit claim deed, deeding her an undivided marital interest. It usually is very inexpensive, less than $100

to prepare and less than a hundred dollars to record it at the courthouse if you want to go through that it depends on florida law and i don't know florida law well enough to tell you on this but a a good real estate agent or a an attorney real estate attorney that you have that's a friend of yours just answer a question for you in tennessee in our state uh when you are married and it's the principal residence whether your wife is on the deed or not she owns half of it oh okay if i got ready to say if my house is deeded in my name and i got ready to sell it and i'm married she has to sign off she has half interest owner by law without even having her name on the deed in our state.

And it's that way in a lot of states. In other words, she got nothing to worry about if that's the way it is in Florida. You don't have to go through all this. But if you wanted to do it as a symbolic thing almost, it shouldn't be that expensive. Just get with a title company or a real estate attorney and ask them how inexpensively they could do a quit claim deed. And it's just for an undivided marital interest. It's very simple. And it just basically puts up in the public eye, the public recording at the courthouse that you are, uh, that you're an owner or that

she's an owner at that point. You're, you're including her there. But, um, so Ken, the rule with what's happening in real estate is, um um what's at the courthouse is all that matters if it's not recorded at the courthouse it didn't happen wow it's uh if you have a deed that was never recorded and it's in the drawer at home you don't have a deed you don't have title of the property you're not the owner of the property the recording at the courthouse is what gives you ownership in every state. Now, in this case, marital ownership may be there by law, and that would be kind of an exception to that. But just keep in mind, if your name is not recorded at the courthouse as the owner of the property, unless you have a marital interest by law, then you are not the owner of the property and i'm shocked at

how many people think they own something in real estate that have not bothered to go ahead and is the courthouse is that a function of when they did the closing their closing uh legal team or whatever no usually it's some inner family garbage something's passed around like my you know my daddy sold me this but i never never went down and recorded the deed. Well, you don't own it, bud. You know, that's typically where that crap comes up. Oh, okay. But if there's a closing attorney title company involved, they're pretty judicious about getting it all done properly at the courthouse.

So, there you go. That puts this hour of the Ramsey Show in the books. Our thanks to Austin, Ben, Zach, Andrew, and the ramsey show in the books our thanks to austin ben zach andrew and james and kelly in the booth ken coleman my co-host we'll be back with you before you know it dave here you can find all of our shows with the Ramsey Network app on your smartphone. It's the only place to listen to the entire back catalog of episodes. Download the Ramsey Network app in your favorite app store today.