Live from the headquarters of Ramsey Solutions, broadcasting from the car rental studios at the Dave Ramsey Show, where debt is dumb, cash is king and a paid off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. My co-host this day on the Dave Ramsey Show is Ramsey personality number one, bestselling author and nationally syndicated radio host Ken Coleman. Welcome back, Ken.

Always good to be with you, Dave. I'm warmed up to hours of the Ken Coleman show in the books. I'm stretched and ready to go. OK, let's go straight to Austin in Kuwait. Austin, how are you?

I'm fantastic, Davis, great to finally talk to you, too, sir. Everything's great here, man. So what are you doing in Kuwait? Military. Yes, active duty Marine Corps. I got two more years. Thank you for your service, sir. How can we help today? Thank you, sir. OK, so first I'd like to start off and say that I really appreciate you because I found your show about three years ago and I'm five k away from the lady at the desk because you.

Cool. So my question, so I got two more years of active duty, and I'm I'm really interested in doing what you do. So my question is what kind of degree or what what kind of job or wants I got to do similar things to what you do on a radio or speak or coaching.

What part of what I do, you know, like coaching people to get financially successful. OK, cool.

Well, it certainly does not require a certification or degree. What you'd have to have is more knowledge than the person you're coaching. It's pretty much true. Absolutely.

And so that's get ahead of that. And so there's not a lot of curriculum out there for helping people that are struggling with money. There's a lot of curriculum for helping people that are wealthy and, you know, investment advice. And you can go and get your CFP, your certified financial planning designation. We have a thing where we train coaches to, you know, to do it as a ministry, to coach and there is a ministry in their church and help families or individuals that are struggling or some of them go on and actually make that a career and are a part of our network that we refer people to.

And so you could you could investigate that part of it can as fast steps after the military, what should he do? Well, I think you have to first identify, like Dave said, which side you want to go to. You want to be more of a financial coach, whether that's an entrepreneurial venture, you know, that's a one client at a time. You've got to build it. And as Dave said, our financial coach, massive training program will not only teach you how to be a great coach, but will help you grow your business.

So that's one option. The other options do you want to get into obviously investing. So helping people like our smart VESTER pros, once you determine which of those two things you want to do is it is a combination of both, or is it just one of those things? That's what you have to get clear on, then it's all about getting qualified. And so, as Dave said, one is going to require more qualifications in the form of some type of education.

Doesn't mean a four year school, but what does it take to actually get there? What's going to get you the ticket to the dance? And so you're focusing on that now as you're getting out of debt. You're also looking at what is the path that I want to take. And from that standpoint, once you get really clear on that, then you start to walk that out now so that as you get out of the military now, you're not trying to get caught up and get qualified.

You're taking those steps as you can while still in the military. And I would tell you, Dave, the vice I give anybody like this is clarify and verify. So let's talk to some financial coaches, you know, get online, find people who are doing it successfully, not the person, you know, like you say, the shop teacher without any fingers don't want to talk to him about building anything. Right. But the idea here is, is we want to talk to successful people who are winning and ask them, what do you love most about your day?

Is there a part of your day you don't like? How did you get there? How did you build the business? Which way did you go? These things are super important. And as you're clarifying, it's like doing a college research paper on somebody that your heart will begin to verify if that's the work you actually want to do. And that's how you get real clarity.

You know, the the way that I ended up starting this often is not necessarily the path you would want to take, but you might take a page out of that book. I started just coaching families at my church and I had gone broke and I had learned these principles from scripture and I was applying them in my own life. And the pastor said, hey, can you help this guy who in foreclosure? Yep. I used to buy foreclosures when I was one so I can help him.

And so I sat down with them, helped them get their home saved and, you know, negotiate with the mortgage company. And it was all volunteer. There was no money involved and there's no certification involved of any kind, actually, no training involved. I just stepped in to start doing it from my life experiences. I was able to do that. Then that evolved from there to where someone started paying me to do that over time. So you could, while you're in this last two years, work with the chaplaincy.

A lot of the chaplains teach Financial Peace University and Ramsey plus now. And you could work with a chaplain, so you get a financial piece class going and just coach those guys and gals in the class. That's absolutely one. And you could and you could do the you know, the financial coach master training online and watch it's online. So you can do that the first steps of that. And, you know, you could that way you could kind of get your foot in the water while you're still a Marine.

Yeah, you're trying it out. I guess you're always a Marine while you're still active duty Marine.

But but the and, you know, then you can say, wow, I don't think I really want to do this before you actually ran out of your contract with the military. There's a lot of ways you could serve the men and women right around you on a voluntary basis.

Right now, I wouldn't be a paid gig, but but again, it's you work with your local well, your chaplaincy there. I'm sure they're probably already. Teaching financial peace, we teach it to hundreds of thousands of military worldwide every year. So, again, thank you for your service. And if we can help you, sir, any time you let us know, open phones at eight eight two five five two two five. Will is in New Hampshire.

Hey, well, welcome to the Dave Ramsey Show.

Thank you for taking my call. How are you? Better than I deserve.

What's up among baby steps to and I found you last year. I was like half a million dollars worth of debt and I'm glad I found you before my daughter is going to college. I advised her that she was going into community college because we have no money. Well, her dreams went down when I said that to her. Basically, my question is she's working two jobs right now, the summer saving money for the community college that is already paid through a scholarship for two years.

Everything she has to transfer to a university to finish what she wants to do. She'll have about five thousand dollars saved working on me and her. And I had a fight the other day because I don't have a paycheck. I want to let her keep 50 bucks. And she said it's not fair. I don't know if I've been too strong on her. Out of her paycheck, because she doesn't pay cash, she doesn't pay electricity, impatience, the the car, I cover everything.

So that way when she works, she gives me her paycheck and I give her 50 bucks.

And it all goes into her savings for her education. Yes, sir.

OK, well, what would happen is if she doesn't have any dignity because she's not participated in the decision, I think what you're doing is correct.

How you're doing it is wrong. And that means that you need to sell her the dream that you have for her. And when she when she adopts the dream that you have for her, which is a good dream, you're doing it well, then she will voluntarily want to do that. Because if you want to go to school and you want to finish, this is how we're going to do it. I'm going to help you. This is the Dave Ramsey Show.

You wouldn't trade your education for anything, but what about your student loan debt? Well, that's got to go and splash financial can help splash financial helps you save money on your student loans, period. They give you access to the best network of lenders and the technology to quickly get the best refinance offers that suit your needs. Take advantage of historically low rates with splashy financials, low rate guarantee you can't go wrong. Sign up today at financial dotcom slash Ramsey.

Ken Coleman Ramsey personality is my co-host today here on the air, open phones at eight eight two five five two two five police in Buffalo, New York. Hi Elise, how are you? Hey, did you not hear me?

Absolutely. What's up? Yeah. So I first of all, huge fan of both. You can love the AMC network and I guess you guys can help us with, like, a minor disagreement my husband and I are having. So we're both twenty five and we're on up to right now and we live in New York and we're just wondering, do we need to get a well right now or should we wait a year and get one once we're done with baby step two, we have one at that and it's our car and both of our names are on it.

So we're just wondering, do we. Yeah, Noodle.

Well, in our situation, yes, you need oil. Everyone needs oil.

Well, that's an adult because otherwise you get tangled up trying to get his name off the car if he dies. And if you have a will in states that you walked right through probate and it doesn't take two years to sell the stinking car because they're getting the title straightened out, the will does that. The oil gives the court clear instructions on that. And if you let's say that you didn't have an asset, which is what you're talking about, other than the car, but maybe his mother thought you did and she decided she wanted to be one of the heirs and there's no will.

Now, you're in an argument with his mother about an asset that doesn't even exist, but she is under the illusion that it does. And this is all this kind of crap is cleared up when there's a will. OK. Thank you. It's worth the you know, go to you know, you don't need an expensive, detailed state plan, but it's worth going to momma bear legal Forbes.com spent one hundred bucks. And, you know, you guys have a very clear thing then.

And the other thing that has, if both of you die, what happens? To your point, to your stuff, and so what, you get an inexpensive way to do a well and especially in your situation, is what's called a mirror image, will that says this is what happens if he does. This is what happens if she dies. And the exact same thing happens if we both die in both wills. And so it will sound like like you leave everything to him if you die, he leaves everything to you if he dies and if we both die, it all goes to mama or whoever.

What a brother, whatever, it's going to be, OK? And you just it's a very clear thing. It's just a cleanliness thing.

And it it it's not probably going to change your life if somebody passes away, but it will lower the hassle factor by a thousand percent. And that's what you run into. And Ken, we've run into some really particularly egregious will situations. Hers is not lately. A lady called the other day and on the air here. And after seven years of marriage, her husband had not changed his will and did not change the beneficiary on his life insurance. And so her husband died.

And they've got two kids and all the money went to his dad. Oh, now the good news was his dad being grandpa says I'm going to give it all back to you. But they're trying to figure out how to do that without the tax problems of that creates. Right. And so it's just one of these subjects that nobody wants to talk about and everybody has to talk about. Sarah is with us. Sarah's in Oklahoma City. Hi, Sarah.

Welcome to The Dave Ramsey Show.

Hi there. Thank you so much for taking my call. Sure. What's up? Well, I'm a little nervous that I look like and I feel like we are currently free rental property. And we have known about almost all the other two were paid for and a lot of our house just before for which is out like I borrowed against one of the rental. Anyone else?

Your phone's broken up. I will put you on hold until Kelly can get you straightened out. Lambdas is with us in London, in the U.K..

Hi, how are you? Very good, thank you. I hope you are as well. We are. How can we help? So my question is, like you, I'm alleged to have handing over the money to the government and in the UK we have something called Annisa, which works a bit like a Roth in the US, except it's not related to your pension. So what I was thinking of doing was before I start throwing money at my mortgage to use up my twenty thousand pound allowance that I can put into that every year so that over the course of my life I will use up more of that allowance and have less money to the government and thereby have more money for myself.

I'd like your opinion, man, that. I'm confused as to how this works. You pay twenty thousand pounds to who? So essentially, it's essentially a tax wrapper, so you put it into a specific account that has certain tax protections under the U.K. law, which means that just like a rock, it grows tax free. So you use that if you paid into an account operating effectively, you can feel your you've paid your tax on your income.

And then once once it grows in that whatever you have in there is tax free for the rest of your life.

OK, wonderful. OK, so it's very similar then. All right. And so what that sounds like it would do is fall in what we call here in our baby steps, the baby step for and that's put 15 percent of your income away into that.

Anything above that I would throw at your home and get your home paid off before I matched that out of a maximum of 20000 pounds. But there's 20000 pounds, more than 15 percent of your household income.

Well, I'm already no, but I'm already doing that in the other pension, which is the official pension thing, which has other additional protections, which is a bit more like your 401k. So that has some protections in terms of if you go bankrupt and things like that, then I would get the house paid off.

If you've got control of that, the pension and you're putting 15 percent on that, I would not do the first one you ask about until you get the house paid off, OK, even if that means paying more taxes over the course of my life.

Correct, but you're going to pay off your home fairly quickly. It's not the whole course of your life, I mean, how long is it going to take you to pay off the house if you lean into it? Well, I live in a one bedroom flat in London that costs four hundred thousand pounds. So it will take a few years.

How long? Five, 10. At Pentecost, where everything I said, I'd say, yeah, OK, it's not really the course of your life, then it's just 10 years and then you would load up the other stuff. And so, you know, the point being that we need to put what regardless of the system, we're using a substantial amount once we're debt free, except for the home, a substantial amount into retirement, but not so much that we can't get the home paid off fairly quickly.

Because if you can own that flat in London, free and clear, that's a nice asset. Or at least in years past it has been. And we can tell by the cost of it that it has been London being one of the more expensive cities in the world to live in. London and Tokyo used to be Manhattan when it was there. And but I mean, these are unusually expensive real estate on a worldwide scale. So that's what you're facing.

But, yeah, I see what you're doing and that's what I would stick with and that's how I would push.

We get questions like this a lot. Dave, what's the psychology there where you think this is a very bright man here and obviously he's doing really well, the psychology of, well, should I pay the flat off or I want to try to reduce my tax burden. And I understand it. I hate taxes with a passion. I mean, deeply, deeply hate government control and taxes. But there's a psychological thing there. We kind of tend to focus on the thing that seems to be the irritant, not the better overall strategy.

And he's not alone. What's going on there in our minds?

Well, in the U.S., obviously, if you load up your 401k with a traditional, you're limiting your lowering the tax bill in a Roth. You're not lowering your tax bill because after tax dollars going in grows tax free, which would recommend the Roth anyway. But back to your question. You know, I want to take the tax advantage and I want to be an investor more than I want my home paid off. Right. And so what that means is with most people, not necessarily with amateurs, I don't know, but with most people, that means they've come to accept that a mortgage is always going to be there.

Hmm.

They might as well invest. But if you had this idea, I'll get rid of that thing while I put some away. We'll get rid of it.

And then when it's gone, that's when I can go big. Right. And that's the that's how different it is. A it is a psychological thing. It's a shift in the way you're viewing really. Well, we just assume, well, the mortgages are going to be there. So I'm going to focus on other stuff. I really need to invest in that case. That's good. Yeah. Ken Goldman, Ramsey personality, my co-host today. We want to talk about careers and jobs here and we'll answer your questions about your life in any way ramshaw.

This is the Dave Ramsey Show, my co-host today, Ken Coleman Ramsey, personality host of The Ken Coleman Show, number one, best selling author of the book, The Proximity Principle. We're talking life, careers, money, all those things today here on the air, on the debt free stage right here in Ramsey Solutions. Tucker is with us. Right, Dukkha. How are you? Hey, Dave. How's it going? Better than I deserve.

Matt, good to have you. Where do you live?

I live in a small town, Cedar Bluffs, Nebraska.

OK, that's a bit of a haul to Nashville. 12 hours, sir. I was going to say you really can't get there from here except that way. Get in the truck and do it. Yes, sir. All right. Good to have you.

So how much doubt have you paid off? Oh, uh, forty thousand three. Sixteen.

All right. How long did this take you? 11 months. Oh, you got it. And your range of income during that time, 75 to 80.

What do you do for a living? I'm a railroader. OK, cool.

What kind of debt was the 40000?

I'll need a list for that. To cell phones, credit cards. I a family loan IRS. I love my toys. So I had a camper, a truck, a jet ski and a motorcycle. You had a lot of stuff. Yeah. Yeah, I was. I was pretty.

I played dumb for quite a while.

Did you pay it all off or do you sell some of it? I paid it. I kind of did it for about phony. I paid it all off. But then I sold. I got so intense at the end that I wanted to get rid of the last one. The biggest one was the motorcycle. So I actually sold the jet ski to complete the motorcycle. Yeah. You know, because even though I wanted all my toys, I thought I'm just going to originally when I started this, I just wanted to pay them all off so I can have all these toys.

And once I started getting closer to the end of it, I got so intense that I was like, I just I'll get rid of the I'll get rid of the jet ski, you know, to pay off the motorcycle.

Very cool. Good for you. So what. What the jet ski show for thirty seven hundred. OK, so four thousand of the 40, that's the way it went roughly. And then the rest of it you just cash float. Yes.

And add some home repairs in there with it. So yeah I did gutters and some roof repair and although it's been great. Wow. Well good for you man.

Good for you. So what happened to you 11 months ago? Lit you up, man, because you were by everything, put it on credit, enjoy the moment and all of a sudden you're a different guy.

I was driving a truck in through the Portland, Oregon area and I was driving a big boom truck and came on the radio. And I remember the radio station. But you came on and I'd heard about you before, but I hadn't really, you know, bought into it or whatever. And there was a guy came on there. He's like, I'm 30 years old and I got this and I got that and these credit cards and I'm getting one up on them.

And, you know, I'm just open on Discover. And you came on there and you started putting licks on this boy like and I'm driving in the truck and I'm like, man, I like this guy. Yeah. Tell him tell him how it is. And I go, wait a minute, that's me. He's yelling at me right now. And so I said, I want more of this guy. I want more of this guy. So I ended up buying you were talking about your book, so I ended up picking up Total Money Makeover, read it in two to three days.

And I just it was like lightning bolt just hit me, boom. I got to change. Wow. And I got sick of putting out eighteen, twenty dollars, you know, a month in payments. And I just said, you know what, I'm done with it. So I went through and signed up for FPU and wow. It's just been I mean my whole life just turned upside down and you went for it. Here I am today. You don't do stuff halfway.

No. Wow. Well done, man. I'm proud of you. Thank you. Pretty stinking. Incredible you. I mean, what we're describing here is not just a mathematical change.

You changed. Oh, big, big time. Big time. Yeah. What it's a I'm I've actually I paid off that motorcycle, but I just sold that motorcycle also and I thought I was going to keep it forever as my dream bike. But my goals have changed so drastically that this didn't it started out as getting out of debt. But now I'm looking at the future big time and I really, really want to set my future up not only for myself, but change my family tree.

So I just sold my motorcycle so I could catch up on kids college IRA and, you know, so everything's been changed for me. It's been a total, total makeover for me. How's it feel? It's unreal.

Like I want to cry right now because it's just I do listening to you go in front of man, very impressive.

Not being able to make, you know, being worried about not being able to make payments and getting furloughed and all that to now where I don't have anything. Yeah. And it's just like we came down here and I pay cash for the whole trip. Yeah. And it's just been awesome. You know, it's it's I can't I can't describe it.

The guy I'm looking at has Coleman has has a richness of soul. Yeah. A depth, you know. Yeah.

You've gone from you've gone from you know, this deep to being really to having some serious depth. You're an impressive guy. Thank you. Yeah. I want you to stay there for a moment.

Tell people who may be listening in for the first time, just like. You were yeah, you went from desperation to your dream and David are looking at a guy who's got big dreams because you can see them now, you can get there. What would you say to people who are in that desperation moment right now?

You can do it. That's it. I mean, there's no you know, you're going to have to you're going to have doubts. You're going to have, you know, these things that come in your life. People are going to tell you you can't you're going to these companies marketing to you. They're going to be trying to sell you every single thing. And you just say, no, I don't know more. I'm changing. And that's what I did.

And now I can see a vision. I, I kept my life surrounded with Ramsey solutions. I watched Rachel, I watched a Chris, I watched David Watkin. And I basically, you know, I got up in the morning with Google and she my assistant would tell me, you know, every morning I get up like, good morning, Tucker. It's, you know, zero six. Here's the latest episode of The Dave Ramsey Show. You know, stop being 30 and spending all your money, dummy.

And so so, like, I completely changed my life. And you can do it. Definitely. You can all do it.

It's just you got to have that deep down want you got to want to, you know, I mean, you're it's a different guy that is going to keep a bike for life and then sells it because he wants to make sure his kids college is fun. Yeah. You got bigger meet. So neat. So you how many kids you have. Just one. OK, well who. Marley Malia's. Oh, Marley came with you. She did awesome.

Awesome shows. Marley go to the debt free scream with you. Yeah. OK, well let's get her in the shot. How old is Marley again.

She's four. She's four years old. Well, I'll tell you what, she's got an impressive daddy.

Look at the good. Life is good.

Well done. Very, very, very well done. Has she been practicing? We practice a little bit. OK, she gets nervous, though. Oh, it's OK. It's OK. We're all rooting for her. Yeah, that's right. I don't even think we need to root for. I think she's got him. He's ready. She's got it made. Way to go. Tucker, you're an impressive young man. I'm honored to meet you, sir.

Very, very well done. We've got a copy of Chris Hogan's book for you every day, Millionaires'. That's the next story in our next chapter in your story. You're heading that way. You've made the made the change, guys like you and doing stuff like this.

This is so impressive. It's why I come down here every day. Thank you. Thanks to an honor to be with you today. Has it changed my life? You changed your life. We had the pleasure of walking with you. You're a hero and you're definitely Marley's hero.

All right, Tucker and Cedar Bluffs.

Forty thousand dollars paid off in eleven months, Mike. Seventy five to make an eighty counted down.

Let's hear a debt free scream. We go three to one. We're dead.

So good. I love it. Here you go, man. There you go.

So what's interesting is you've got a young guy there working on the railroad making 80 grand, and he has a higher probability of becoming a millionaire and retiring with wealth and being able to live his life with his whole family tree changed than some Doube was 16 degrees. Who can't keep from leasing cars and piling up crap in their house and going on vacations they can't afford and continually buying things are spending money on things. With money, they don't have to impress people, they don't even really like this guy.

Got it. God, that's so impressive.

Yeah, what a fantastic example Tucker is for all of us that when we want to change, when we've said I've had enough, we can make the change, we can endure the hardship, we can set a new course and we can reach that vision. It is in your control.

The Rachel is a baby. When we hit bottom, when I made the same decisions he made, man. This is the day, Ramzi. Ken Coleman Ramsey personality is my co-host this hour as we talk about your life and your money this day, the phone number eight eight two five five two two five. We're also taking calls about your careers. You want to talk? Taylor is I'm sorry. Andrea is with us in Denver. Hi, Andrea.

How are you?

Hi, Dave. How are you and Ken? Good. How can we help? Well, first off, please don't yell at me. My husband and I are we got ourselves into a really big mess and we're paying for it in a really big way. And the worst part about it is that we knew better. We were maybe five, four, five, four, five and six. And we decided that we wanted to buy a house on some property that needed a lot of fixing up.

So we bought it and we had about thirty five thousand dollars in saving to work on the house while we were waiting for our old property to sell. So that was a mistake. No one got into it. Our house defied all the odds. I feel like in the in the area that we're in a really good neighborhood, a really good house. We have some really weird things happen. And a day before we were supposed to close on this house, the deal fell through.

So now. Colorado, that really, really cold, we couldn't live there the way that it was, so we moved back into our old house and we're just on a crossroads because now we have two mortgages on the house that we were fixing up. We got it down to the studs and ran out of money because I didn't want to spend our emergency fund. And then we had a kind of emergency that bring that down to about three thousand dollars.

And that's where we're sitting at right now. So we have a ton of friends and family that are speaking into our lives about what we should do, but we feel like we've lost our center. We just wondered, what would Dave Ramsey do in our situation?

Well, you've had a hard year. Yeah, it's it's been really rough. I'm sorry, you know, we put ourselves in in that situation again. I felt like we knew better.

No consolation is still sucks. OK, so your current residence is worth that you're living in is worth what? Three offer that we had was three forty five, we put it on the market for about three fifty and what are you on it? One hundred and seventy seven, OK. All right. And the Money Pit, how how much owed on it? We bought it for 350, we owe to 80 on it.

OK, and how much is the budget to finish the repairs? We believe that it was probably about 50, 50 or 60, OK? And that is what they got going on and the issues.

What was the issue with that is we would have enough to do that with the sale of this house. But we also borrowed from his grandmother to do the down payment on the farm, which is 70 your after we pay her and we sell this house, if we were to continue to go that route, we would have enough to finish the house.

OK, and what is that house worth after you spend fifty thousand dollars on it with my real estate agent and we've had a few other people, contractors, and that sneak into it in that location is amazing. It's on 13 acres.

What is that house worth when you spend fifty 50000 dollars on it? We think it would be worth between 450 and 500, OK, so you get to do what you want to do, which is what you've done so far. You ask what I would do. I would sell your home. I would move into a rental. I would complete the renovation. And then I would sell that piece of crap. And then I would pay your grandmother back and go buy you another house.

OK. This house is not a dream. The second one, it's a nightmare. Parts of why you sold yourself on it and let yourself down this path where you got the crap beat out of you are still in your brain. It's a great location. I don't care if it's a great location. The house sucks, the whole story sucks. And as long as you live in that house 20 years from now, all you're going to remember is this horrible story.

You're never going to enjoy that house. Fix it and sell it with the money you get from your house while you're renting and then go buy something else and get Grandma paid off. And then you get to have a never again moment and you know what a never again moment is, don't you? Do you? Never again about doing stupid crap like this, right? Yes, that's what I had when I went bankrupt, I had a never again moment, never again in my borrowing up to my eyeballs because I was doing what your what you did.

But I did it with zeros on the end because I was stupid and I had a Ph.D. in the unbe. So you're just a little bit you just tiny dumb compared to how dumb I was.

But you got to learn your lesson and you got to cut the emotional garbage loose from this thing because there's no way I'm living in that house, not after it's destroyed your family.

I mean, this thing has owned you emotionally for 20 for 12 months, however long, ever since you owned it, it's owned you.

The flip side to this, Andre, if you hear what Dave saying, is there is a way out of this and you feel as though the way you're reacting, I understand you're discouraged, but Dave just gave you a very clear way to get out of this, you know, to work.

And I agree with you, Dave, but here's what they've got to focus on. A new desired future. It's no longer that place. It's wait a second. There's other great spots out in their area in Denver, Colorado. Are you kidding me? We also figured out you already. She also has figured out I'm not a rehabber. That's right. That's what I need to do. And they were already in four or five and six. You need to buy a house that you move into.

That's right. And not even a closet needs painting. No more renovations for you.

They can trace this and start on a new canvas. It's going to hurt.

Yeah, they're actually probably going to end up netting a profit when all the smoke clears the way I saw the numbers.

Yes, they come out of this relatively financially unscathed, you know, other than just the emotional, embarrassed and ashamed.

That's right. But that's, you know, and some scars from that. There's more. Let me just beg you, having done what I do for thirty years and having owned realist, I've owned thousands of pieces of real estate, over two thousand pieces of my life. Do not fix this house and move in it.

You will hate it. It will never feel right because of what it has done to you and always be this reminder of the dumb thing that I did.

Every time you walk through that hallway, every time you just don't do it, it's please you do whatever you want to do. But I mean, I try to get rid of things that remind me of my stupidity. And I want things around that remind me of the time I was smart. It's true and both.

That's right. And they don't have to, you know, live this the rest of their life. They can go. Right. We did this. Thankfully, we got out of it. And now let's go find another thing. Let's rebuild and let's find another great vision and let's go after that. And that's the key. They've got to sever the emotional tie to the deal. And here's the thing. It's a house. There's houses everywhere.

That's right. There is no unicorn property.

There's just not I mean, there's not a property says there's never been one that can never be. I mean, there's about ten properties in every city that might qualify for that. Other than that, most of it you can probably replicate. I'm sure it's just a house on every corner. You can figure this out. So I would cut all of it loose, start fresh, calling it an adventure call in a day. The good news is you're not losing a half million dollars and having to start over on your wealth building.

You're actually probably going to come out with a net net net profit after grandma, after the renovations, after the recoup of the thirty five you spent out of your savings and the sale of both properties, all of it back in a pile.

I think if I if I heard the numbers right, you're going to come out OK. So it's just an emotional process and not this hour.

Kind of had a theme of like forgive yourself that she's worked.

She thought I was going to yell at her. You know, who's yelling at her? Her. Oh, I'm not I don't yell at you. Yeah. You know, you've been yelling at yourself a lot louder than I have, but don't. Don't try to halfway go through this. You must be a mistake. Clean slate. Rip the Band-Aid off. Get a fresh start. Thanks to James Childs, our producer, Kelly Daniel, our social pressure entrepreneur.

I am Dave Ramsey, are host of. I have a friend or family member that needs a daily dose of Ramsay advice in their life. Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under ten minutes. Check out the Ramsey Call of the Day podcast, wherever you listen to. Hey, if you've got questions about retirement investing or becoming an everyday millionaire, go bigger and broader with my man Chris Hogan on the Chris Hogan Show.

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Hey, it's James, producer of The Dave Ramsey Show. This episode is over, but check the episode notes for links to products and services you've heard about during this episode. Thanks for listening.