From the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is the Dave Ramsey Show, where America hangs out to have a conversation about your life and your money. I'm Chris Hogan and hosting with me this hour is Dr. John Boloney. And we are very excited to be able to spend this time with you. But here's the deal. We need you to pick up the phone, give us a call. Eight eight eight eight two five five two two five.

Again, that's triple eight 8255, two to five. Or you can feel free to look us up on social media at Ramsey Show. Or you can find John at John Villone or find me at Chris Hogan 360. Either way, we want to hear from you. All right, John, are you ready for a show? Let's do it. What what do you got going on these days?

I got a new book coming out, Chris. It's called Redefining Anxiety. And we are talking to folks who have been lied to for years that when you are struggling, when you are stressed and you feel anxious, it's because something's wrong with you that you're broken and it has nothing to do with the choices you're making.

It has nothing to do with the environment that you found yourself in or that you've created for yourself. And it's a quick read, Chris. It's 80 pages. There is action packed. It is quick. Finish it in an evening and you can sit down and talk to your friends and family about the changes you can make in your life right now and over the long term.

Oh, so it's it's going to push us. It's going to be uncomfortable to get some stuff to go to in a good way. That's right.

Well, I can't wait. I'm excited for it. You know, in this day and age right now, with all we've dealt with, with covid and all the unrest and frustration and irritation around the upcoming election, all the things the bottom line is at some point we've got to begin to gain some clarity and know what it is we're doing and more importantly, why it matters. That's right. We really do.

And so it's let's I think I'm looking forward to it. I can't wait for the release date on that book is when I think it's November six and November 7th.

It's coming up.

Your quick conference. There will be information on John's website. Go to dot, John Delaney, dot com. You'll be able to check it out and know what's going on. And you did you just alluded to Smar conference. This is an event that's coming up. We're actually having it next week. And right now there is a limited number of opportunities, 50 seats left for people that want to come and be here live to be able to see the event, plus have an opportunity to do a VIP reception with Dave and all the Ramsey personalities here at Ramsey headquarters.

We're going to have heavy wardrobe's we'll have a bar there and meet and greets photo ops. We're going to have all kinds of fun. But what you need to do is go to Dave Ramsey dot com slash events to be able to get your ticket again. That's Dave Ramsey, dot com slash events. All right. We're excited to get to the phones again. Call us. We'd love to be able to hear from you. Let's get to the phones.

We've got Allissa on the line. How are you?

Hi. I'm doing well. How are you guys? Oh, we're focused. They're not finished. Young lady, what's on your mind?

Awesome. So thank you so much for having me on the show. I've been reading your book everyday. Millionaire. Yes, ma'am. I took a few last year and it's just like so been so helpful and so appreciative to Dave Ramsey and you guys on the Ramsey Solutions team. So I'm twenty three. I graduated with my MBA bachelor's degree in January, so I did it get free. I didn't take out one to one great, great school. Oh my gosh.

I'm so happy to be like at this spot we can start working on the other things and learning this so young is. I'm so grateful.

Hey, Alyssa, hold on a second.

Alyssa, who taught you to avoid the student loan debt? So I you know, my mom, like, really, honestly, I just have been very frugal all my life. Yeah. And I kind of ended up going to a community college and I was saving up to go to it. So, no, it just kind of happened.

Hey, Chris, I got to tell you something. Hey, Melissa, here's one of my favorite things that just happened. I got a comment on this. You just asked Alyssa, who taught you this? And as she was running through her head how to respond, you could hear it, which is it's just stupid to do it the other way. Right. And let's say you don't have to apologize for having something that most don't, which is just common sense and actually a drive to take care of yourself in both the short term and the long term.

So, you know, you don't have if you don't have something off top of your head, you don't even have to come up with it. You can just say it's just I'm not an idiot. And that's a great answer, Naturalizer. Good for you. Just common sense. Good for you. Yeah.

Thanks, guys. So anyways, I've been on I didn't have babies up to. I'd be disappointed if you know baby step three. I got three months saved and I started tackling, getting trying to get to why I had moved into a new place to it. Right. And so I started getting to six months and then I finally got to six months living expenses saved. I've been saving for retirement since I was like 18. However, I didn't know until a few that compound interest is the thing.

Yeah, I only have like five thousand. It's not much, but that's my main question is retirement savings. I just finished the third baby steps when I got disabled, so I was saving 10 percent retirement. It's not going into anything right now that's building interest and that's what I want to change. I just finished. I got disabled. So I've been now using my emergency fund. I just been living on very little because I'm like I just used the emergency, but I'm not touching it right now.

I feel like I've been doing OK on like the fifty percent income or whatever the state's giving me. And I'm like doing a job here and there, like small little things. Anyways, I'm just trying to figure out, like I, I've been trying to like talk to smart investors. I've been reading your book every day, millionaires. I've been I know I'm going to start reading retire inspired. Like I just I'm stuck. I feel stuck. And I don't like I talk to investment people or smart investors and I just don't know, like to be honest, I don't know who, who, who to trust me.

OK, so and so it's one of those things people say start Elysa.

It sounds like it's not necessarily that you're stuck. It sounds like you're fearful.

You know, you were you were reading and you know, the importance of investing because it's the group money, because inflation is going to hover between one and two percent. So the cost of living is going up. So our dollar is shrinking if we're not investing it. And so, you know. Right right now, income wise, I'm sorry to hear about you being disabled or is there a prognosis of when you're going to be able to get back to work?

Yeah, so I'll be back by December. Thirty first, basically. You ready to go?

OK, and so you have no job. Yeah, well, you have to do. Yes, ma'am.

You've been having some conversations with investment people, but I think what it is is now understanding that, hey, I need this money to grow.

It's I also understand like I don't understand investing in stocks is stifling for me. Sometimes they talk and I don't really know what they're talking about. And you say not to do something that you don't understand that.

No, you're absolutely right. And I appreciate that you're bringing this up because a lot of people have this fear. A lot of people have this concern. They're like, I don't really understand that. And unfortunately, if they don't ask or they don't raise their hand, they don't give themself an opportunity to be able to see. Now, here's what I might do if I'm in your shoes. You said you've reached out to a smart Vesterbro. I would reach out again.

I'd make a list of your questions and go, You know what? I've got a lot of questions and I'm going to require some time. Are you willing to sit down and talk to me? Are you going to be a teacher and somebody with the heart of a teacher, not a salesperson, and just be upfront and honest, but also we got to grow this money. You're reading my books. You know the value of it. And you, young lady, have some drive.

We just got to get over the hump and have good conversations so you can learn so you can grow. Go to my website, XO. Good 360 dot com. I've got a free investing guide that'll help you. This is that Abrahamsson Show. You know, what angers me is folks are going through some really hard times, identity thieves are using every opportunity to prey on us. The scams are endless. You need to be prepared. Zanders I.D. theft protection is the only plan I have ever recommended.

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Welcome back to The Dave Ramsey Show. I'm Chris Hogan and hosting along with me this hour is Dr. John Maloney, and we have been taking your calls. Thank you so much for opening up, reaching out to talk to us. That number to call is triple eight eight two five five two two five again, eight eight eight eight to five five two two five. Kelly is standing by, ready to take your call and to talk to you about the questions you have on your mind.

All right, John, it's time for the blonds Dotcom. Find out for yourself why Blondes Dotcom is the number one online retailer of custom window covering. You get free samples, free shipping, and with the new promos they run every month, you'll save even more. Use promo code Ramsey to get the best deal. Rules and restrictions apply. All right.

Today's question comes from David in Maryland. David asks, I've heard you discuss drawing retirement funds at a rate less than the money is earning. Can you discuss the practical logistics of drawing retirement funds? Should funds be taken from retirement early, monthly, annually?

Do you recommend calculating a historical average and sticking with that percentage draw, or should one just adjust the percentage draw during down years?

Thank you.

Oh, David. OK, so a lot of question is a question, but essentially he's talking about asset accumulation, right? Accumulation is where you're building up the 401k and building up the IRAs and you're very intentional with putting that money away. The accumulation is where you begin to pool funds from that. Now, there's been a historical debates on people of talking about you should only pull out between four or some people say eight percent again as you begin to look at it.

The key thing is if you've worked the baby steps, you put yourself in a position that you don't have a whole lot of must choose with money. The best case scenario, you've got to baby step number seven and you've paid off the house. So now you've got basic living expenses and some travel stuff to pay for. But typically I tend to talk and use as an example the four percent rule of exactly what you're drawing off from your assets. Again, depends on how much people have you got.

56 percent of Americans have 10000 or less save for retirement. So that's a problem. So asset accumulation is essentially what you want to talk about with your investment professional. You can set it up to where you're drawing off monthly. You can set it up to where you're doing it annually. It's all a matter of what works for you. If you're somebody that's not a saver and you tend to spend if money is around, then you definitely want to set it up to where it's coming off monthly.

It'll protect you from you. But the mindset around it is we still need the money to grow. So this relationship with your investment professional is a vital, ongoing relationship. This is not a one and done or two and done. This is ongoing in the conversations. Do you change how much you're pulling off and down years? Yeah, it's important to make that adjustment because you're not having the rate of growth. So this, again, you've got to keep your hand on the pulse, just like a doctor would in a doctor's office to be able to find out what's going on.

That's how you want to look at your investments as well. Thank you so much, David, for that. That question. Again, you can go to Dave Ramsey dot com to get connected with the smart Vesterbro and begin to walk through these things. These are great questions to ask and it's good for us to all be on the same page.

So here's me being vulnerable in Chris. And I hadn't I've never thought about this since this moment. I've got this destination of retirement and this destination of retirement dollar amount. Yeah. It never occurred to me how I was actually going to get my hands on it and it was going to come in pieces and would it fluctuate and things like that, which it absolutely will.

Right.

And I can't believe I've never had these thoughts, but I'm going to need to watch that money and that monthly income or that annual draw the same way as I check my paycheck when it gets deposited just to make sure all drams didn't short me a little bit. Right. But I mean, I look every month. Right. Right. Just to make sure I don't have to be on top of that. And there's going to be years that if the market goes down, then I'm going to have to, you know, make my wife adjust my lifestyle and adjust the money.

And I'm going to have to have some conversations with her and myself about what's what do we want to do this on a big lump sum. Do you want it biannually one every month, like a paycheck?

Well, and the reality of it is to John, you're absolutely right. That ongoing conversation is imperative. And if you're married, you want to have that conversation with your spouse. Right. Because they they everybody needs to be on the same page about where this money is, but also what's going on. So, you know, I advise people is you're having this conversation again before you go into retirement. I talk about it in retirement. My book, Retire, inspired the game plan.

You need to have two to three years out from retirement. And so it's one of those where, yeah, you're going to continue to look at that statement, continue to make some adjustments in lifestyle and just be aware. And so it's an ongoing thing. And I wish I could get people to wake up and see more people to see that your 401k isn't money that's just taken money from you. Your 401k becomes the buck. That you're going to pay yourself with later?

That's right. So the money you put away now, it's important that we're putting money in there because that would compound growth. It's going to grow and later it'll be able to provide you a stream of income each month.

So we had a caller earlier, 23 year old who's just trying to figure out investing.

It just seems like a lot. Right. I want to talk to you. The 40 year old to the 50 to 60 year olds out there. There are things that you won't know.

I almost spent that one calendar year working next to Dave, about eight inches from Dave. And it never occurred to me, how is that money going to get out of the bucket and actually get into my house till just now? And so to everyone listening, if you don't know logistical questions, I'm fortunate. I sit next to Chris Hogan in the office. I sit next to Chris here. I can ask him, find somebody, find a smart Vesterbro that you can ask those questions, humble yourself, be vulnerable if you think you are.

They know that by now. Look at your wife. Look at your husband. Say, I don't know. Do let's take questions. Let's go figure it out. Don't ignore it.

Don't ignore it. Now, that's a great point. And I'm going to tell you this. This this is a two way street of knowledge. John, you and I've had some conversations about some of the things I've been wrestling with and walking through and learning that life's not meant to be done alone. You're making sure you're tapping into your feelings, seeing them for what they are, but then allowing yourself to be able to grow. Yes. And so it's pretty much stuff they don't.

Everybody's got stuff you don't know.

And so what I want to encourage you to do is let's make this year, the year that we put pride to the side and we begin to honestly reach out and ask for some guidance almost still that make it a sticker, put pride to the side.

So don't take my stuff. You are a sticker guy. I am. I'm accountable. You're a quote unquote me. But no, seriously, don't let pride get in the way of your progress. And I've said that on my show and I said it because I've lived this has ever, you know, setting down your pride, going, I'm hurtin here, or this is not going well, or I need some people in my life that have some wisdom I don't have or have clarity of mind that I don't have right now.

And having those people around you can really guide you. We've all heard it and thought, you know, they can hold you up when you don't have the strength. They can also help guide you and help talk through some stuff. But it's amazing what our pride can do.

You're not dumb if you don't know. I'm going to say you're dumb if you know that you don't know and then you just keep your mouth shut.

That's when you're making the mistake where you're failing to ask for help.

That's right. You know, and so, again, I just think this year, this is a year of refocusing and all the things. Let's begin to have this mindset of, hey, I'm going to reach out. I'm going to ask some people to help me when I know I'm not able to help myself right now. All right, listen, we're going to I'm going to look at this question here. Someone said, ask me, Chris from Facebook says, I'm 14 years old.

I mow lawns trying to save for a car. Should I set my price about the same or a little over the competition? Wow. I love this. This young man is focused on making making business happen. Here's what I do. You're trying to save your car. You're 14 years old. You're a few years out. I would find out what the competition is charging. Right. And what are they doing? Are they just cutting the grass where you've got an opportunity to maybe come in a little bit above, but you're going to trim, you're going to do some other stuff.

So I would have packages. Chris, you're a young entrepreneur. You've got your baseline mowing package, you got your mowing and you're trimming service. And then we got maybe the mowing, trimming and raking opportunity to be able to help people with their lawns. And you could price it accordingly, thereby giving people options and choices to make.

Hey, Chris from Facebook when I was fourteen, undercut the neighborhood, maybe twenty five. I got you for twenty and all I had was my mower. Right, man, we got it done. It comes back to quality of work, do excellent work and they, they will come and they will keep you employed.

My man. Chris, I want you to keep us posted. I want to know how much you're planning to have by your time. You're sixteen. And I want to know what kind of car you're going to get, buddy, because that work ethic that you have is not an accident. You will have enough money to get that car. This is the Dave Ramsey Show. You know, I don't sit back and just trust that politicians have my best interest in mind, which is why if I had student loans, I would not be waiting around for the government to save me right now, splash financial as some of the lowest rates they've ever had.

If you have private student loans, get your rates down. Now, no one's going to fix this for you. Take control of your own money. Go to splash financial dotcom slash Ramsey. That's how they will know you're one of our listeners. Splash financial dot com slash Ramsey.

Welcome back to the Dave Ramsey Show.

I'm Chris Hogan and hosting along with me this hour is Dr. John Boloney. We are very excited to take your call and talk to you about what's on your mind. Just pick up the phone and dial eight two five five two two five again, that's eight eight eight eight two five five two two five. We'd love to talk to you. All right. We're going to get back to the phones. We got Antoine on the line.

How are you, sir? I'm doing well, thank you for taking my call, Chris and John. Yes, yeah, we're excited to talk to you, buddy. What's on your mind today? So I have around six thousand dollars in US savings bonds, and I've already seen your advice about like it's a bad investment and you should be better off putting it into a mutual fund to get a higher rate of returns. But given that I'm in baby step three, I'm wondering if it would be better to use that money to fund up to my six months expenses, or should I just take that proceeds and put in put it in a retirement account?

Great question. Where did they come from, Antoine? They came from my father. He had a he had a ritual where basically every Christmas he would get me a five hundred dollar savings bond. I have between nineteen ninety four and like two thousand seven. How is your father?

Is he still with you? Unfortunately not. Yeah.

Well here's the reason I ask is oftentimes, you know, as we're talking about this, you and I both know that if you were walking down the street and you found six thousand dollars, what would you do with that money? Well, now that I'm on the. That's right, I will follow. That's exact. You sure would. And so that's how I me Chris practically look at the savings bonds. However, for you, you've got some emotional connection to him and from your dad.

And you knew you knew him. You know, he loved you and you loved him. And so you've got an emotional connection. And so I'm going to look at these in that way and say, absolutely, I want you to keep stepping, baby, you know, keep following the baby steps, walk on that path, definitely connecting with a smart Vesterbro to figure out. All right, what is there what's the worth right now? What's kind of the strike price based on when they bought and when they mature and all of those things?

But I mean, Antwaan again, I'm going to look at that and I'm going to try to find a way that I can take every dime and put it into the step that you are on then your own baby step number three. So any extra money coming in? That's my mindset.

OK, thank you. Yes, sir. Appreciate your time.

Hey, Antoine, just curious, how much debt did you pay off? So I paid 10000. OK, how long did it take? It it took me a little bit over a year ago. So I didn't start the baby step program until a year ago. OK, well, I had a few thousand not paid off before then, but between in a year's time, I basically paid off on a 7000. OK, that's that's good.

You know, that mindset of sacrifice is important. And for those of you that are new out there, you hear us talking about the baby steps. What are they? They are the roadmap. That's the process by which it's going to get you from where you are to exactly where it is you want to be and as far as your financial situation. And so it is a plan. It's going to walk you through the process of helping you get focused, helping you understand, hey, what do I need to do?

Because people say I'm sick and tired of being sick and tired. I'm sick and tired of being afraid. I'm sick and tired of not having enough money. And so you begin to say, what can I do? Well, I can tell you what you can do. You get plugged into Ramsey plus where you're going to have an opportunity to get our life changing curriculum and financial peace university. You're going to have an opportunity to be able to plug in and use more tools than you can imagine with the baby steps tracker that every dollar app.

But you're also going to have the community. And that means being connected with people, like minded people that are driving toward a goal. And the beauty of it is you also get access to a financial coach. So it's like a personal trainer only for your money and you get a chance to ask those questions. So get over to Ramsey. Plus, you can go to Dave Ramsey Dotcom and find out more. It's a free trial, people. OK, quit binge watching all them things on on the Netflix and the Amazon and all the other stuff.

Let's get plugged in the information that can help us change our lives.

I heard they're doing a where are they now with Tiger King. You and I don't need in my head any more Tiger King, my man. No, I'm good. I never want still recovering.

I didn't watch you were your head is is is better than mine. Yeah. No, not doing it as I got things to do. There you go. I'm not going to do it now. I read your mind stuff. It's going to help it grow.

That's right. I mean I some other stuff that maybe didn't help it grow. I didn't you know, I mean, I mean it's OK to be entertained. But what I'm saying is, is read some books, let's get some information that's flowing that we can help ourselves and be able to help other people. And you've got a great opportunity to be able to do that. All right, listen, if you are out there and you want to say, boy, I want to try to save some money on my insurance, like I'm truly you've seen these commercials with little lizards and toads and emus and all this stuff out there.

Listen, the bottom line is.

Yeah, I know it's real. Is that the first time I ever said that word in your life, Chris?

No, I've used it a few other times, like. And canoe and canoe. You know, the canoe is no Gary Canoe. Anyway, I digress. Listen, if you're out there, you want to drive for less. Bottom line is you've got an opportunity to be able to save on your insurance by helping you pay a lower premium. Some car insurance company has already started giving credits for about fifteen percent of your premium. Now, obviously, if you're confident that you've got the lowest coverage, that's fine.

But if you're not, don't settle for a skimpy seventy dollars savings. You might be able to save a whole lot more by shopping around fees. So, again, if you want to see if you can save more, connect with an indorse local provider or an LP, these are the people that we trust to help you. And it's something you can do from your couch and it's free to have the agent be able to shop around rates for you.

So most people hit here me with this talk about savings. Most people who work with an LP save around 700 bucks. And after the coronavirus, you and I both know that every penny counts. So never again should you put your insurance on autopilot and overpay. You'll have to have someone to shop for you right now, which is going to save you time and save you money. So text the word auto a Yuto to three three seven, eight nine to get started again.

Text the word auto to three three seven, eight, nine, and you can have an opportunity to be able to make some real savings. Seven hundred dollars is nothing to sneeze at.

John, I would love to send me some seventy seven hundred dollars, but hold on. The Lizard says that if you buy, if you buy a product that is designed to protect you and your family and the main spokesperson is a cartoon animal.

Think about yourself, you know, think about yourself, you know what, you're right that that little lizard does not give me the side of protection.

I laugh every time, right? A high five. I love a great commercial. I used to eat Burger King after that big face commercial because it make me laugh out loud.

And I'd say in honor of the people you hired to do your marketing and support your product AMADI younger not to support your product. And so I love me a good commercial, but man, make the phone call to talk to a live person who's going to say to you, seven hundred dollars.

Yeah, it's important. It really is. And we can all chuckle. You know, I've laughed at some of these commercials that I know were just ridiculous and absurd.

The commercial made that guy cracks me up man. Is that really what that is, is that it is an ostrich and emu.

It's not an ostrich, man. There's a difference between the two. I will Google it and the bird, I guess. But here's the deal. If you're out there, we want to talk to you. We know you've got questions we're walking through with answers. And I just want to let you know that at the Ramsey network, we actually have all of us Ramsey personality type shows. John has the Dr. John Talent Show episodes every Monday, Wednesday and Friday.

It's on YouTube. And anywhere that you listen to the podcast, Apple, Google, Play, all the things when your show come out. My show is on the other shows on the YouTube Apple podcast, Google and Sirius XM. So if they get over on the YouTube, they can look at it, look, see, they got the clips. And for some reason, I don't know how my team catches me making these faces. I guess I'm expressive from time to time, but it is quite comical.

But you can check us out like get plugged in on these shows. John, I've listened in on your show and you've had some doozies body people walking through some real relationship situations, but you walk them through with clarity and you're giving them action steps to take. And I tell you this, buddy, I congratulate you because what you hear on the line with you is care and concern. And it's one of those things where I hear people getting a verbal hug, walk it through with you and being able to know that, hey, where I am right now that have to be right up unless I stop.

This is the Dave Ramsey Show. Welcome back to The Dave Ramsey Show. Boy, they just had a bit graphic about the smart conference that's going to be going on next week. You've got a great opportunity to get plugged in and to be able to come here and be a part of the live stream art studio audience. All you have to do is register by going to Dave Ramsey dot com slash events. You're going to be a lot of VIP things going on.

You get a chance to meet Dave, all the personalities, take some photos and see the smart conference live. So go to debrief dot com slash events. All right. We'll get back to the phones because that's what we do. But if you're out there and you've got a question, Alison, especially on the topic of money or relationships, especially relationships, this is a tough time, a year where people are digging in and they're going. Listen, I got this situation with my brother.

I've got this situation, or maybe you're stressed out about the holidays and you go, we're not going this year. And we haven't told the outlaws, I mean, the in-laws or we're staying put, whatever it is. If you got that question, pick up the phone. Baloney sent here and I need to put him to work. OK, I really do. I need him to get to work giving out some advice. So the number to call is eight to five.

Five to five. Again, that's 888 255 225. He will help you. All right. We'll get back to the phones we got Jamie is on the line. Jamie, how can I help you?

Hi, guys. I think this is a question for you, Chris. Yes, ma'am. Oh, don't apologize. Chris is the word to his good. Okay, so my husband and I reached baby steps seven early earlier this year when we paid up our house and our retirement account for retirement accounts total just under three hundred thousand at this point. OK, I did an IQ on your website. Kretschmann says that we all need to save about 72000 more to hit our IQ of about two million in ten years.

And so our next goal is to build a house and some land, but I'm estimating will need to save at least another couple hundred thousand dollars to make that happen debt free. And so my question is, can we pull back the reins on our retirement contributions? The website does say we need to save about one hundred and eight dollars a month to reach our I.Q. So we would contribute that each month. But then everything over that can we throw towards building the house?

And then a second question to that would be, if we do save up money and want to do it quickly as possible, is stockpiling cash the best way to go or should we be putting this money in non retirement mutual funds?

Good question.

Jamie, tell me this, as you are just estimating how much you're going to need for the land and building of this dream house, you know, living in Colorado, probably within a modest house, but I would say it's six to seven hundred thousand. OK.

And how much is the home you have now? It is worth about 420.

OK, and why are you looking to move? Is the house too small? What's the deal?

We just we've always wanted to build on our own land. And we also own a business where we really could use a workshop. And so we want to we want to have a stage where we can put a workshop of there as well.

But my wallet just switched. You just told me six to 700. That's to build the house on the land.

So how much is the workshop that would be worth it? My husband, we've got people.

OK. All right. So you're looking at this. So how much land are you thinking about? You know, Chris, I don't know, it's very, very early estimations on this point, and you you know, you guys and you said you're self-employed.

Yes. OK, what line of work are you in?

We provide data collection to engineering firms.

OK, so how's business been throughout this covid situation?

Well, we've had our best year yet this year. Yeah.

And so household income is how much. This year, we're expected about one hundred and eighty thousand. OK, and what's your ages? I'm 32 and my husband's 38. That's fantastic for you guys are rocking and look and listen to this. I don't know. I'm going to tell you to go sit down with the smart Vesterbro so you can run the numbers and really dig in and see it initially hearing that you want to stop retirement. I mean, the other side of it, I go, why stop?

Like, you've got an opportunity to earn that extra dollar amount you guys are looking for. You're self-employed, so you've got to through two to three hundred thousand dollar gap between your value of your home and this dream home. So I you know, I'm here's my thing, to be honest with you, Jamie. I've never had anybody call me and say Hoglan. I've got too much money, Hogan. I have I've got a million's now or million plus.

I don't need it. I don't want it. So I've never had that. So my mindset would be, what do you do? How do you stay focused on this and continue to invest? But what are you doing if you're completely debt free and now you're investing 15 percent and you're making one hundred and eighty, where's the rest of the money going? You guys could easily save up the 200000 in a matter of just a couple of years. And so imagine this.

If you tune up your business to ramp it up a little bit, you begin to try to have those projections aim a little bit higher and you tone down what you're spending and tune up the savings. You're able to do this with cash and not having to steal anything from the future. So you've got options. You, as you said, your husband, it's early, 39 at 32 years old. I'm impressed with you, but I would say keep investing, find a way to cash flow this thing and earn your right to that dream home.

What do you say, Chris? We don't touch the retirement. We sell our house for 420000 bucks. We take that money and then we take out a mortgage for the we put basically we're putting down 60 percent or 70 percent on this dream house. You're making a decision to take a step back. Oh, yeah. But it's still house debt. What how would you coach somebody?

Well, I would ask him about what's the drive? What's why right now. Yeah, why right now you just paid off your home. So you've got a great opportunity to never, ever go backwards right now. If someone said, well, that's best case scenario in my mind, OK, we paid off that house. You go, I'm not doing a mortgage again. But if someone said, hey, we do put this down and it's 70 percent and I'm going to go and I'm going to do a ten year mortgage, a six year mortgage or whatever, that I wouldn't have a problem with that.

OK, it's just a matter of where people where they are this thing with this age and how they are, I think they're goal oriented. They could continue to do this without having to go back into debt anymore.

You're exactly right. Yeah, but if someone if someone was impatient, you know, then I'm going. What's driving this? That's right. What are you doing? Because you guys, you're young, so you you all have one your own baby step number seven. And so you want to be careful of looking at this. As soon as she said shop, I started thinking, oh, you know, because then it's going to be need another shot and then the business thing need new tools.

So it's like, OK, is this on to the next thing or is this on to the next needed thing? Gotcha. And so but yeah, if someone wanted to take had I've had someone do a five year mortgage, you know, they were paying like ten grand a month, but they were like, this thing is out of my life in a year. Gosh. You know, they committed to it. So it's it's decision time. But, you know, again, it's a matter of shift in mindset.

All right, let's get back to the phones. We got Twila on the line. Twila, how are you?

I'm doing good, how are you? I'm doing good, I'm working here with the ladies, so I need your prayer. We're happy. How can we help you? That's good.

I'm a first time caller and I'm kind of nervous. So don't give me a minute to try to get this man. Just take a breath.

I am a newlywed and we're dealing with a surprise medical billing pretty high. My husband went to the emergency room in January. We got married in April and then we got a statement in June for forty five hundred dollars.

What did he have done? Nothing. What about. He went with his heart racing and he had been having that trouble quite often, so he just wanted to get it checked out while that's happening. OK, so they did use them. You know, they did use a machine gun. Yeah, they did an echocardiogram, major. Right. With the major part of the bill is the emergency room. That's right. Over three thousand dollars for walking into the emergency room.

That's right. Yep. Unbelievable.

So I called them to talk them down or say this is we can't afford this. Right. What did they say? Our insurance claims, the insurance covered none of it. Yeah. So they said it stands the way it is. Yeah. And here's here's the deal.

Here's here's what they'll do. Twala They'll end up selling that off to a collection company that would that will work with you. So I want you to stay on top of it, write letters, keep copies of the letters to the collection, to the collection agency, keep a file. You keep calling. Somebody is going to work with you. And until then, you send them what you can afford and not a penny more. Listen, I want to thank all your listeners for tuning in.

I want to thank Kelly, Daniel Sochua producer, Ben Hill, producer. And thank you, John, for hanging. Thanks, Chris. This has been the Dave Ramsey Show.

This is James Childs, producer of The Dave Ramsey Show. Once again, you made The Dave Ramsey Show, one of the top four most popular podcasts last year to get your daily dose of motivation and inspiration from the Ramsey network subscribe or follow today wherever you listen to podcast. 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. I am excited to be able to talk to you all week in and week out.

We're going to focus on your calls and it's going to focus on building wealth investing and how to become an everyday millionaire. Subscribe to the Chris Hogan Show wherever you listen to podcast.

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.