The Ramsey Show - App - You're Limited By Your Own Mindset! (Hour 2)

Episode Date: February 2, 2023

Dave Ramsey & Jade Warshaw answer your questions and discuss:   How to make good long term decisions for your finances and career, from the blog: How to Change Your Money Mindset How your mindset is your greatest limiting factor, How to navigate life after losing a spouse, from the blog: Life Insurance Payout: How Does It Work? Where is the best place to save money while saving for a house? from the blog: Saving for a Down Payment Guide Why travel trailers lose so much money, What to do with company stocks when you have debt. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET 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 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Live from the headquarters of Ramsey Solutions, broadcasting for the POTS Moving and Storage Studios, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Jade Walsh, our Ramsey personality, is my co-host today. Open phones at 888-825-5225. You jump in, we'll talk about your life and your money. Jerixa is with us in Boston.

Hey, Jerixa, what's up? Yes, hi. Thank you for taking my call. Our pleasure. How can we help? So I was watching your show for a while and I was starting to save and trying to get out of debt and doing all that stuff

and obviously I do have a finance car so I was thinking about it but not willing to but then I had an insurance problem and they realized or I realized

that I had points on my license a lot so my insurance went up to $600 a month plus my car now up to $600 a month, plus my car note up to like $450. Your insurance went up to $600 a month? Yes.

Why? I have five points on my license that I didn't realize until I updated my license on my insurance. Okay. Okay. Wow. So now the penalty is 35 months for it. So I have that, and then I have my car payment, which I know was kind of stupid.

It's $450. So my idea was to get rid of the car because my kids' schools are distance where I can walk them. And then get an, the only issue is I work in my car. I do Uber, but I just feel like it's not worth it anymore. So it would make more sense for me to get a real job or something else, I guess. And I won't have a car though, but I have the T station across from my house, like right there. I think you have a great plan. I think that have a car, though, but I have the T Station across from my house, like right there. I think you have a great plan.

I think that's a great plan. I guess my question is how to go about it. I don't know if it's taking advantage, but I do live in Section 8 8 housing and I have a lot of like government assistance so I know the goal will be to move up and away so I do have a few options and I get that without with my question do I lower my rent and take two part-times and then start career searching and you know figure out what I want to do for 27. How old are you? And then I have two kids. I'm a single mom of two kids, and I'm 27. Hmm. Okay.

You got your hands full, kiddo. Yeah. All right, listen. Let's back up. Whoa, whoa, whoa. Stop, stop, stop. Let's back up. Okay?

You're asking really, really good questions after you got this really stern wake-up call from your insurance company uh and you're it's kind of shook you and you're you're really relooking everything and that's very wise that's very smart so the one of the things i learned many many years ago i read a piece of research that said that rich people, when they're making decisions, think about how it's going to affect them 20 years from today. Poor people think about how it's going to affect them Friday. And I've been both, by the way. I've been the thank God it's Friday oh god it's Monday barely

barely hanging on by my fingernails where you are right now and so what I learned to do is I said if I want to be rich people rich people don't make decisions because that way because they're rich they're rich because they make decisions that way and so what we want to do is increase the planning window and so when I run into someone in your case, and you're a very inspiring young woman, I think you're going to really be somebody someday. I want to ask myself 10 years from today, where do I want to be and which of these decisions take me there? Because if you're not careful, you make short-term decisions which keep you in a short-term situation if you make long-term decisions let me tell you what almost always happens they're almost always painful now and awesome later short-term decisions are almost always awesome right now

but painful later because i'm stuck does that make sense to you yes so what's the best career path for you that makes you have an amazing life 20 years from today and what are the steps along that ladder that are there and what's the first step of that? Even if it's a painful step or something you don't want to do right now and it feels icky right now, but by summer, we'll start to see the light a little bit, and then by the next summer, really start to see the light a little bit, and so on. And so an example of that is Uber is a valid good side hustle.

It's not a real good long-term career play. Agreed? Yes, I finally agree with that. So, I mean, even if your car insurance hadn't gone up, you don't want to be, if you're 27 now, you don't want to be a 57-year-old Uber driver in flying cars or whatever, right? But, I mean, that's not a good long-term play so what is our long-term play what do we want to be and what are the steps to get there what must be true about you and your life that's not true about you and your life today to get you there and when sharon and i went broke

and lost everything and we had a little baby and a toddler and we were so scared we couldn't breathe and the electricity got cut off and the water got cut off because I didn't pay the bill because I didn't have any money. I had to stop and think, A, I've got to get those turned back on, but B, what do I do so that I'm never here again? And I started asking myself those questions, and that's how a lot of the principles on this show were born. So we've got three issues on the table today

we need to make decisions about with a long-term mindset. Career, housing, and transportation. Yeah. Okay. Long-term, riding the subway or the bus is not going to make you wealthy. That's right.

Short-term, it might enable you to save up and pay cash for a $2,000 car, and your insurance up and pay cash for a $2,000 car, and your insurance won't be much on a $2,000 car. Okay? So maybe we do that for a little while. Long term, living in subsidized housing obviously is not going to make you wealthy. But short term, it might give you the footing to take some steps towards getting out. Right?

Yes. So we start setting some dates and stuff in front of us of where we're going to go from there. Yeah. You know, Jerixa, the situation that you're in, I relate to in some ways, and there's something about kind of feeling rock bottom, right? You feel like you're at the bottom,

but now the way to go is up, right? You know, necessity truly is the mother of invention and sit down like dave said and really start looking through okay what can i do i want to give you uh ken coleman's uh paycheck to purpose and start thinking through all right what can i do with myself career-wise what will that look like with child care and really start putting this i don't want it floating around in your mind. I want you writing these things down on paper and creating a clear plan for what you're going to do next. Before I let you go, let me, right quick, I'm going to jump in on you, Jade. I'm going to give you so much stuff, it's going to be unbelievable because I think you're awesome and I want you to

go do everything we tell you to do. I'm going to put you in Financial Peace University. We're going to sign you up for Ken Coleman's career assessment. We're going to send you his book on Paycheck to Purpose that Jade was talking about. We're going to send you his book on Paycheck to Purpose that Jade was talking about. We're going to send you my book, Total Money Makeover. I want you to work six extra jobs. I want you to stay in that place right now and get you a $2,000 car. By one year from today, I want you out of there, and I want you in a decent full-time job taking you towards your career,

your short-term steps to get to your long-term goals. Hold on, we'll pick up. We're going to give you $1,000 worth of stuff right there, kiddo, but do everything we said. And call us back and let us know how it goes. thank you for joining us america. I'm Dave Ramsey, your host. So, 27-year-old single mom with two kids. 52% of single moms in America live below the poverty level, and she's probably right close. And the reason I just dumped all that stuff on her is it's my best shot to help her. And so, the interesting thing is that over 30 years of doing this, I have met, I'm not exaggerating when I say thousands of people who have taken basic financial principles like we're talking about, looking long term, saving money. Because when you you look short term you take out a big car

payment because the car smells nice right when you i mean she's living in subsidized housing as a 400 car payment see that's 450 that's what keeps you there yeah and so uh but but the opposite of that is what we started describing and what she had already come to in her own wisdom uh but but the story for you in america is that you can go from there to millionaire your bad break can become your big break and it is about applying the principles and thinking long term and um it's like a buddy of mine who grew up in a really rough neighborhood, he said, it's easier to get out of the hood than it is to get the hood out of you. That real talk. You know, and it's easier to get out of the old neighborhood,

whatever your old neighborhood is. Because how many times have any of you out there listening to me have heard or even said these words uh people like us yes dave dot dot dot the first time i ever ran into it and i thought it was so humorous because i was i'm of course a southern redneck hillbilly right yeah yep and uh about as white as white can be, right? And so I thought redneck people like me were the only ones that did stupid butt stuff with car payments. So I, you know, start to get a little bit of traction, and people are inviting me to speak.

And I end up in New York City speaking to this group of people there. There was about 1,000 people in the audience, and it was pretty much the United Nations. Yeah. I mean, there's every color, every stripe, every background, every accent except mine in the audience, right? And so I was pretty entertaining to them with my hillbilly accent, right? But when I got off the stage and started signing,

I was cracking up because this lady comes up to me and she goes, but you don't understand. I'm Puerto Rican. And I'm like, I'm goes but you don't understand i'm puerto rican and i'm like i'm sorry i don't know what that means i mean i know what puerto rican but i don't know what you're talking about she goes all puerto ricans have to have a big car payment no we have to have a nice car and i'm like darling that's not a puerto rican disease that's a human disease and it's like i mean people like us i'm probably getting ready to get myself canceled but i hear it all the time jade this system is set up for people like us to feel i hear it all the time

and it does you know i gotta tell you that is not an african-american thing that's not a puerto rican thing that is not even a redneck white guy thing i I mean, it's because I heard that, you know, the little man can't get ahead. People like us, the corporations. I got a relative. The corporations. The corporations. I'm like, what are you even talking about? Look, look, look.

Yes, there are things. There are obstacles to overcome for anybody. For anybody. There's sexism. There's racism. There's ageism. There's all these things but you're more limited by your own mindset than you are limited by anything systemic because it's like what you

said i can get out of the hood but i didn't get the hood out of me or you know those are the things that's a mindset but the thing i was thinking about with her is she can do this she can i the problem is i believe she can do it maybe more than she does right now. And that's the thing. Because she's not got anybody around her going, you can do this. That's right. She's not hanging out with people that are doing it. She doesn't have a community around her going, lifting her arms up, saying, you got this,

you got this, you got this. So we tried in just a moment there to be her community and love her and dump a bunch of things on her. But guys, you can do this. She is going to have to be very intentional about changing her own mind. And because we poured it into her, but she's got to keep filling her mind with,

I can do this. I can overcome this. I can earn money. I can get out. It's for me. It is for me. Financial peace is for me too. Not just the people on TV, not just the Joneses, not just the folks over there. Financial peace is for me. Financial peace is for me, too. Not just the people on TV.

Not just the Joneses. Not just the folks over there. Financial peace is for you. Being debt-free is for you. Not just those folks over there. So I hope she believes that. There are idiots that will hold you back for some stereotypical reason. Again, racism is real uh sexism is real uh regionalism yeah i i have people

that wouldn't put me on the radio because they thought with a southern accent i must be broadcasting from a double wide not wearing shoes but that doesn't mean that that's true it just means that's an ignorant person a hundred percent of racists are ignorant people a hundred percent of sexist or ignorant people and you know that's ridiculous uh and so you can't let ignorant people make your decisions for you and set up your the the boundaries by which you run your life and so it just you know the first thing i did was when I was a kid, I got indoctrinated. My parents got in the real estate business with the positive thinking movement. And then I kind of got, that's just overdone.

And it is overdone. Yeah. Sometimes. But I mean, you can't positive think your way into anything. But you can't negative think your way into anything. Right. Right. You can't positive think your way into everything.

But you can't negative think your way into anything. right you can't a positive think your way into everything but you can't negative think your way into anything that's good dave and you can't you got to have new information continuing to do the same thing over and over again expecting a different result and blaming it on someone else is part of what you're doing yeah is the definition of insanity so this that's why we get so angry around here and passionate about victim thinking she didn't have victim she did not no she i mean she called here scratching and clawing trying to figure out a way yeah but some people look at her situation go well the problem is not her the problem is systemic problems in the economy and the whole back of a lady like that yeah they're there they're there

but you've heard me say it dave she can do it you can't blame your way to a better life those are all things that you can blame that'll tweet but at the end of the day you can build your way to a better life you can believe your way you can behave your way you cannot blame your way and i love that she called here because she's tired she wants to do something different and she can so the reason i'm going off on the soapbox is for all of you that are listening, you actually can help people. And you don't help them by giving them a government program. You help them by showing them the way out and putting your arm around them and walking with them on their way out. Yep. And so those of you that are using our materials in halfway houses where people are working their way out of prison.

Those of you that are using our materials in domestic violence housing that are letting those ladies get a new life after they decided, after they got in a situation where they're no longer a punching bag. Those of you that are using our materials in subsidized housing situations or in lower income, whatever you want to call it situations uh homeless shelters a lot of them we we send them stuff all the time those of you that are doing that it works thank you you are the answer to these peoples to folks in that situation the the reason i'm not broke anymore is because people love me enough to put their arm around me and show me a different way. I didn't figure it all out in my own head.

I know that's right. I'm here because y'all came alongside me. Without even knowing you. Without even knowing me. It's the material. Like he said, if you are putting this message out there, you have no idea the domino effect that you're creating. So there's a power to hope that supersedes ignorant people that are an ism.

If you're an ism, you're an ignorant person and you're in the way. And so if you're engaging in an ism, that's your problem. Yeah. And there's the power that supersedes that is hope. That's not some kind of false panacea, positive thinking way. The truth is when you believe that you can go do stuff, so you go do it, that's when you get there.

But when you believe you can't do it, then you don't go do it. And so when someone says, well, it's a systemic, I want to smack them because you're a hope stealer. When you do that, you're a hope stealer.

When you allow someone to blame something on someone else, instead of going after the dad blame solution, it by the throat yes yours oh god she's inspiring to me i love it she's gonna be awesome hey we need to follow up with her i already got her email dave i'm already on it you're on it all right you step ahead of me this is the ramsey show ДИНАМИЧНАЯ МУЗЫКА Open phones this hour as we talk about your life and your money. This is The Ramsey Show. Thank you for joining us. I'm Dave Ramsey. Jade Warshaw, Ramsey personality, is my co-host today.

Justin's with us in San Antonio. Hi, Justin. Welcome to the show. Hey, Dave. Thanks for taking my call. Sure. What's up? Well, so my question is, well, first of all, I'll start off.

At the beginning of December, my wife passed away. Oh, my. Two young children, a one-year-old and a six-year-old. What happened? Oh, she had cancer. I'm so sorry. She was diagnosed when my son was six weeks old oh my gosh and uh she's been fighting it ever since and so a couple of years huh

uh it was just over a year she was admitted on uh you know on thanksgiving and on thanksgiving to the day she was back in. How old was she, Justin? 31. 31? Yes, sir. And what was her name? Caitlin. I'm so sorry. Wow. Yeah, it's been obviously not what we expected, but we're here.

One day at a time. Yes, sir. So, uh, my question is, I mean, we've been following the Dave Ramsey plan for, I mean, I've been listening to you for 15 years. We were married for eight. Um, and, uh, so we're debt-free. We, we don't have any debt other than our home. And so I have a plan with, you know, life insurance money and things like that have been coming in. There isn't enough there, plus what we already had saved and stuff like that to pay off the house. And that's it. We own everything, just this house.

The only thing we have debt on. So obviously my plan was to do that. It was a house that we built. It was her dream house. So kind of points me in that direction to use the money for that. We have other money as well, but just specifically that money. I just wanted to know some advice or if I should, in your opinion, if I should just wait or if you need any more information to judge that. Well, it wasn't my wife.

I never met her, and I still can't breathe just talking to you, so I can't imagine what you're going through. What we suggest folks do, if possible, in the loss of a loved one, is to wait six months before you make any major financial decisions and let some of the biggest and early waves of grief clear so that your mind is thinking clearer nothing you have said indicates that you're unclear nothing you've said sounds weird you sound like you're processing this whole thing properly and you've you know you've been fighting it with her for a year so it wasn't like it was a a shock or something so you've had a a period of time to work through some of the emotions

at least partially okay uh but there's no harm no foul in parking the money in a cd for six months and just crying right and then you'll um you'll always hurt from this, but as time goes along, you'll think clearer and clearer and clearer and clearer. Sharon and I have been married 40 years. If she died the 1st of December, I would not be thinking clearly right now, I can just tell you. And my brain would be in a total fog. And so I love the idea of doing nothing,

and I think that's a possibility for you. It's not horrible to pay off the mortgage, but it's also not horrible to just wait a few months and just breathe. Given that it was your dream home with her, she was involved in the building of it, and it might be painful to live there. You might discover that a year from now. I don't know. Did she pass away at the hospital or at home? At the hospital. Okay.

So that makes keeping the home a better idea. It might be harder were she there, right? Right. I mean, it's mainly she, you know, everything was too designed for our children. Yeah. Well, you see her fingerprints every time you turn a corner, though. Oh, I mean, you know, we were picture people. We have pictures everywhere.

Well, you don't have those. I hope you have those forever. But I'm just saying I don't want the house to be a cause of pain, and you kept it only because you paid it off. You follow me? I don't think that's going to be the case i don't hear anything here that indicates that but a little bit of time will be clearer on that if you can wait four or five six months and park that money in a cd and do do as little

decision making as you can and just give yourself some room to cry um you'll make a better decision six months from now than you will make now. You might make exactly the same decision, and that'll be okay, but it'll be made from a clearer mind. That's my only suggestion. Yes, sir. I agree. I agree wholeheartedly. I think that taking the time and just settling is the way to go.

And like Dave said, you're probably going to end up making the same choice, but at least you'll know it was from a place of clarity and not just from that place of, because I think sometimes when things like this happen, you're just, I got to do something. I got to do something, you know? Right.

I'm sorry, Justin. Absolutely. Amen. Yeah, I appreciate it. Well, we're honored to be part of your family Yeah. I'm sorry, Justin. Absolutely. Amen. Yeah, I appreciate it. Well, we're honored to be part of your family and that you call us in the worst moment of your life and that we get to be there with you and walk with you. That's powerful. And if you need anything else, we're still here.

You call back six months from now if you want to talk about it again. We'll talk about it. I'll probably remember that call. Alicia's with me in Boise, Idaho. to the ramsey show alicia what's up hey dave thanks for taking my call sure how can i help hey i've got a question um i am currently on baby steps four and seven um i am looking to potentially my goal is four and seven your house is paid for yes sir negative but it's not my forever home and i plan on selling it okay there's no such thing as four and seven that's why i was

asking so you're just on baby step four and six she has a mortgage well yeah okay okay yes all right i'm just trying to understand what's going on all right okay i'm back with you now well i got you're writing a whole new script for these baby steps i was trying to catch up okay so four is completed we'll check mark that but um five and six well okay six i have still i have a mortgage that i am paying on correct correct um i currently have my goal is to build my forever home. There's no such thing. In a year. Well, there isn't. No. I've lived in four forever homes. Life changes and you're going to move again.

But you want to move up in-house and get you a cool house. I'm okay with that part. Okay. Yes. Yes, I do. And I want to build it. Good. And I want to at least have 50% of that cost saved up. Good.

Cool. I have $125,000 sitting in a bank right now. Way to go. What I would like to know is where can I stick that to generate its own, not income, but like build off of it? So it's sitting there making at least a little bit more than what's sitting in my regular bank account. How long before you break ground on the house? As of right now, my projection is next year, depending upon the market and how all the material and cost is going

to be. But right now I'm projecting 2024 and I'm projecting to try to get to 200k. Good for you. You're awesome. That's so cool. And how much equity is in your current home? I've got about 80 in equity, 80,000. So when you sell it, you'll have another 80. So it'll be 280 in. What's the house going to cost you're going to build?

My builder says roughly around 400 to 425. Awesome. So you're going to have a mortgage under 200 grand, 152 grand, and you're going to pay that off in just a couple of years. You're a rock star. Way to go. So the only thing I do with money on the short term is put it in something like an index fund, like an S&P 500 index fund. That's whatever the stock market does. In one year, you could lose 5%. You could gain 10%. It's probably not worth it. I would just shop around and try to get a little bit more with a money market or some kind of CD for one year. HYSA?

You're not going to. I would rather it be safe for you, the way your mind works after talking to you, than I would you try to make more on it. And so if you make 2% instead of 1%, that's okay. But you're not going to make 10% without taking risk I don't want you to take. This is The Ramsey Show. jade walsh all ramsey personality is my co-host. Let's face it, taxes are confusing. We hate them. And if you buy into some of the tax service ads out there, you'll believe you'll never get a grasp on taxes,

and you shouldn't even try, and so let us take care of you. Or they'll suck you into offers that won't help you win with money. And here's a good tax tip for you today. A tax refund is not a bonus. It's a re-fund. It's your money that you paid in too much to the government, and then drunk Uncle Steve, sometimes known as Uncle Sam, sends it back to you with no interest.

So if you get a big tax refund, it's nothing to cheer about. It means you calculated your withholding wrong. That's all it means. You loaned them money interest-free all year, and then they sent it back to you. Santa Claus, I know him personally, does not live in D.C. Not there, baby. There's your tax tip. All right.

So if you hadn't already filed and you're ready to work with a service you can trust got complicated taxes get a ramsey trusted tax pro on your side they'll walk you through it if you got a complicated return if you got a basic return use the ramsey smart tax software it's really cheap really easy to do boom and we're not going to try to sell you a credit card like turbo tax you didn't disguise that very well, Dave. I didn't. I thought I was coughing there, but yeah, they're owned by Intuit. And they sell you a credit card and try to get you a loan on your refund so that you're happy you got a refund. So now you got a loan with them.

Instead of just doing your stinking taxes, all this crap around doing your taxes, SmartTax, Ramsey SmartTax, just does the taxes. They don't do nothing else. It's kind of boring. So ramseysolutions.com slash tax. Check out our Ramsey Trusted Tax Pros and the Ramsey Smart Tax software, depending on whether you've got a complicated or a simple return. We can help you either way and no hidden gotchas. We have no other agenda.

We just want you to do this. And no more refunds. Jeez, people, come on. ramseys solutions.com slash tax get her done chad's with us in san antonio hey chad welcome to the ramsey show hey dave thanks for taking my call sure man what's up um so i'm a fairly new listener and and recently I just took a traveling job, and we moved from Arizona, and we travel throughout the country. Who's we? Oh, me and my wife.

Okay. She works remote, so she's able to work anywhere that I go. That sounds like an adventure. Cool. It's great. So, um, rather than staying in hotel rooms or Airbnbs or short term rentals, um, we decided to purchase, we sold our home and purchased a, uh, a travel trailer. So, um, we have a note on that of approximately $70,000. And, um, my question for you is, do we let the bank float that and continue to make payments or is paying something like that off, um, a priority? We don't,

we don't have any kids. Um, no, actually we, I mean, how much money do you have other debt? No, actually. How much money do you have? I've got about $90,000 saved, but we're trying to have kids this year. It doesn't cost $90,000 to have a kid. Either sell the trailer or pay it off today. Okay. If you're not willing to pay it off, you need to sell it. You want to know why? You want to know why? You want to know why? Okay. If you're not willing to pay it off, you need to sell it. Okay. You want to know why?

You want to know why? You want to know why? I want to know why. This stupid thing's going down in value like a rock. What'd you pay for it? $130. And you bought it new? Yes, sir.

You know what it's going to be worth in five years, don't you? About what I owe on it yeah no in five years it's worth 30 lower you lost a hundred thousand dollars over five years that's what this did so if you're going to keep it, you've got to pay it off. Was it a smart option to do this other than to stay in Airbnbs? I just felt like that was throwing money out the window. I don't think it would have cost you $100,000. Because you're paying payments plus losing $100,000. Right. No, it was not a smart move. But're there now i'm not i mean you know so

here's the thing you're getting ready to have kids sometimes you're probably going to sell it and settle down the sooner you sell it and settle down uh the less financial damage you've got so were i doing this over if you really were bent on what you're doing i probably would have bought the thirty thousand dollar used one and towed it around and let it turn into ten fifteen thousand dollars and that would have been much more palatable you bought a freaking bentley to took behind your truck 130 grand our our lifestyle we've been we've been camping and traveling and doing off-road sports, so it kind of made sense. You're not even listening. Well, I am. You lost $100,000, Chad.

You overbought. You completely stepped in it, and it's all over your shoe, and shaking your shoe at me is not going to get it off. No. It's still there. Oh, my gosh. So at me is not going to get it off. No. It's still there. Oh, my gosh. So these trailers, it's just like with a car. They're losing 60% of their value within the first.

Boats and trailers go down faster than cars. Oh, it's painful. And RVs are the worst. They're the worst of the worst. So whatever you put into a boat, a camper, or an RV, you need to be able to set that amount of money in the middle of the floor and set fire to it and it'd be okay because that's basically what you're doing now i have a couple boats and the same situation but i can afford to set fire to

that much money and it not affect my life uh chad can't afford to lose a hundred thousand dollars so chad if i were in your shoes if you're going to keep it and i don't think you're going to get rid of it based on talking to you for two minutes you're probably going to keep it because you're really sold out on this whole idea uh i i would pay it off at a minimum at least then you've admitted what you've done and you feel it okay and you don't have the payments anymore so now we take the payments and you start rebuilding your money so that you can buy a home and settle when you have kids because you're um and the sooner you do that the less this is going to go down in value because i'm talking five years out that 130 is going to be worth 30. oh that's painful and uh so i mean that that's where we are

and and but if you if you sell it now you probably could sell it for what you owe on it. Yeah. But you're probably going to run this plan for a little while longer. I doubt one phone call to Dave Ramsey is going to change all this. So that's the plan. But, yeah, that's what I would do if I were in your shoes. The good news is you have the money in the account and you can pay it off. Oof.

Ouch. Ouch, ouch, ouch, ouch, ouch, ouch, ouch, ouch, ouch, ouch, ouch, ouch. Annie's in Phoenix. Hey, Annie, what's up? you have the money in the account and you can pay it off. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch.

Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. Ouch. And they've been giving us stocks for the last five years that I've been working there. I've never really done anything with it. They just announced they're not going to give us stocks anymore. So I'm like, okay, I should do something with it. I'm wondering if I should just sell them and then pay off my car and then just like from there snowball into my credit card debt. Or if I should just ignore it and leave it and let it grow. I'm not sure how that works, to be honest. And sell my car to pay off my credit card debt.

I liked your first idea. If I had a bunch of company stock, I'd probably liquidate it in order to pay off debt, only because it's single stocks. It's not your long-term play for investing. And I don't know what company you work for. I don't know how stable they are, but if something were to happen, you know, with the company, the value of the stocks could easily go down. So that's what I would do. Yeah. Sell it.

And if you got enough to pay off your car and your credit cards, great. If not pay off your smallest debt to your largest debt, and then take any money that's freed up in any money you can squeeze out of your budget and finish off the rest of the debts. You want to have a goal, Annie, of being debt-free as fast as you can because your most powerful wealth-building tool is your income. And the faster you're not giving it to someone else for buying stupid stuff with money you don't have to impress people you don't really like, the faster you're going to become wealthy and that's the process so yes definitely liquidate that today um and it's just it's a bonus money you got a bonus at work you got a bonus at work what are you gonna do with it i'm gonna use it to get out of debt that's what

i'm doing good question annie thank you for the call that puts this hour of the ramsey show in the books the books. 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.