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Live from the headquarters of Ramsey Solutions broadcasting the car rental studios at the Dave Ramsey Show, but that is dumb.

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Cash is king and a paid off home mortgage has taken the place of the BMW as the status symbol of choice. My co-host on the air today, Chris Hogan Ramsey, personality number one, best selling author.

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We are here to help you with your life and your money. Open phones at eight eight two five five two two five. Christopher is with us in Texas. Hi, Christopher.

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How are you? Blessed, heavily favorite. Thank you, Mr. Ramsey, Mr. Hogan. It is an honor to speak with you. Sure. Let's talk about my life really quick. Have a OK with my wife and I were with come to conclusion that we're we're in a position. We're trying to we're have to go IVF treatment to have a child. We've been trying for many years and many miscarriages. So I'm kind of in a position where I'm the best person because Mr.

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Ramsey. So I'm trying to see where I'm at. Wow, so that's a tough time for you, I'm sorry. So have you gone through the different pricing models and learned all the different things yet? Yes, sir. Leave all the stages is going to be adding up to about 80000 dollars. No, it's for you to have a child. Oh, it's not. There's there's procedures. She has to go prior to that.

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No, it's not 80000 dollars. Ballpark? No, not even close now, OK. OK, good. Not even close. So that's what I meant. You got to go shopping, right? OK, because there's a spectrum from all the way from 80000 to probably one round for eight grand. OK, good deal. And so, you know, it caused 80000 for most people would be prohibitive.

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So what would your household income take home is 95000 total?

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OK, and you have any money? We have about twenty thousand dollars saved and about 10000 are for good. OK. All right. What are the debt you have, Christopher? We have a home mortgage for 330000. We have a credit card bill for twenty thousand, not a loan for 20000 in student loan debt for 30. Hmm. How old are you? I just turned 30. OK. All right, well, here's what I would do if I woke up in your shoes, and that's the only way I know how to answer questions.

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OK, perfect.

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You're going to have to find some different pricing models than 80000 dollars, because that's not within your range. OK, you have 20000, but you have 20 and 30 and 40 of that, right?

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And so, yes, sir, what was it, 20000 on credit card, 20000 on the car loan, the 30000 in student loan, OK. But yes, sir.

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And so you're 50 grand from being out of debt if we use your 20 towards debt.

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If we ignored that and said, OK, we've got 20000. What kind of IVF program can we get in for that? And you can do a lot for that.

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But you're going to it sounds like you're going to be using a different doctor than the one you shopped with initially. OK, OK, it sounds kind of crass to say I'm going to shop around on something like this, but it's just like an adoption. You need to learn what the different methodologies are. Otherwise you'll pay 3x what is required for you to do an adoption.

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OK, and so you just you know, you need to learn what the different methodologies are, and it's a very important thing that you're asking. When someone asked me how do we save up for an adoption or how do we save up for IVF, it's just because the most glorious thing in my life, other than my Walkman, Jesus has been having kids.

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Yes. And so I empathize and sympathize with you. You know, you not anything you call me about that I could tell you that would be more important. Yeah. That you could spend money on. So I'm right there with you, but I don't want you a I'm not going to you to go into debt to do it. No. To I'm not going to shop and get a best price.

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Let's allocate that money to that and then let's lean in really, really hard with your budget and start cleaning up this other debt with your income.

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Yeah, because, Christopher, once if you guys were to have a baby, does your wife want to be at home with the baby or is she going to work home for sure for a couple of months and then go back to work?

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Go back to work, OK. All right. Well, like Dave said, shop around. But I know, you know, you're at that point, if you've dealt with miscarriages, which are gut wrenching, right. You're willing to do whatever to try to solve it. And I'm going to tell you something. Having a baby is a blessing. But the pain of those other miscarriages, those that still real and you guys may need to go talk to a counselor, a therapist about it, but don't go blindly into the night trying to do whatever just to fix it, because I've unfortunately talked to friends that have gone through rounds of IVF that did not work.

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And so you need to prepare your mind as well as your heart and you guys working together and you pay cash because you don't have to pay payments on something to work that.

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That's right. Doubles the regret in the grief. And you don't you just don't wanna do that.

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So it's a highly emotional thing and the only way to work through it is and keep from making a mistake because it's highly emotional.

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It used to take lots of time, learn lots of talk to five different doctors, five different payment methodologies. And there are ones where if you pay a certain amount, they'll keep going until you until you get a pregnancy. There are others that are just every time you try once it's so much.

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And so it's like group, you know, bulk discounts and that kind of thing.

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It's all in there. And I've I've seen, I don't know, 25 different plans over the years or people brought in to me as a financial coach said, how can we do this? And that's why I actually do know the pricing. It's not from personal experience, it's just from watching all of this. So we're right there with you. We want you to take your existing income while you're doing all this stuff like that 10k that you got cash and set that aside for this and for emergencies or whatever.

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And then let's just tear into this or take K or whatever and leave a thousand and then start working your baby steps.

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Pretend like that other money when they're working your way through these credit cards and work your way through that, you might want shell that stupid car.

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And you know what's funny? You mentioned that a couple that I coached did a payment plan through the doctor and it didn't work to the tune of almost 20 grand. And this was years ago. And she broke down crying, saying every time that payment came in, you know, it was a reminder of what didn't happen. And so I'm with you do not finance this in any way. Yeah. Sell what you have to take on a second job if you have to.

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But just pay cash. Yeah. Yeah. You just don't want it. You don't want to have that. You know, I remember right there with you though. Good, good luck with this. I hope it all works out. Open phones at eight eight two five five two two five.

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You know, anything that's highly emotional. And so much of so many of the big events in our lives when we talk about personal finance are highly emotional. A business buying a home, having kids, adoption, IVF. Even in the, you know, the conclusion of life where you're buying a funeral, you can when you're in a highly emotional state, you can overspend. Yeah. So listen, one of the things a lot of people have a lot of question about is a will as an example, what kind of power of attorney do you need?

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Do you have everything laid out in terms of your final instructions?

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Hey, you want to take a quiz on how to get your estate in order? Text the word quiz to 33 789. It's free and quiz to 33 789.

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During these crazy times, the best advice I can give you is control the controllable. Let's start looking at major expenses like your monthly rent or your house payment.

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Thank you for joining us, America. Matt is with us in Palm Beach. Hi, Matt. Welcome to The Dave Ramsey Show. Thank you, Dave. I'm a relatively new listener. I've been listening to about six months on John Howard's podcast. Cool. Thanks for listening. I appreciate everything you do for us. Thanks. I have a question for you. I'm self-employed and make a very good living. My 401k and. Contributing a ton of money to between myself and my wife.

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I've got a rental property that I own about about forty thousand dollars. I have a home equity line of credit on that. So I'm paying it'll be paid off in a year. Great. My my my mortgage is about two hundred and fifty thousand dollars, and I've got about 10 years left on that. So I was thinking of. Stopping by for one case contributions for the next couple of years pay off my main house, but then my tax implications would be, you know, a ton of money.

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Not really between well, between my IRS, my 401k, we contribute to the last two years. Eighty four thousand dollars a year. You're not doing Roth.

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No, oh, no, I'm doing it for the I'm 54.

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Oh, OK, you probably ought to be doing Roths anyway, but they just the half the tax implications.

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They're not worth what you're losing on the back end because the Roth grows tax free. And this is none of this is growing tax free. It's all going to be taxed on the back end. And it sounds like you got a couple million in there already.

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Do you know about eight hundred thousand. I was. I don't.

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OK, well done. Good job, sir. You're a millionaire. I love it. Yeah. At 54. Good job. Yes.

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So what I would tell you to do is you're not going to be touching this money. Maybe ever, you know, in depth, you're not really going to go into it, and so from age 54 to age 84, that money growing tax free versus the tax deferral?

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Not, not, not not never pay the taxes, but the tax deferral on the 84000 that you're putting in now.

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I think just the forget the House for a second, just the discussion of whether you do a Roth or regular because you're not going to be accessing that money anytime soon.

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The tax free growth is math mathematically going to kick the tax deferral on the small amount? They're making sense. OK, let me try it this way, 84000, let's just say 84000 hours, we are going in for 20 years. OK, so that's 100 an hour.

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That's one point six million that you put in. That would have grown, though, over that 20 years to probably close to 10 million. Because usually in your gut, when you've got an account that's 20 years old or older, typically 95 to 97 percent of what is in the account is growth, not what you have put in.

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When you look at your contribution to get to the 800 versus how much of it is growth, you'll see what I'm talking about. OK, yeah, so the fact that that, let's say, out of that 800 is an example, 700 people you didn't put in and you've got to pay taxes on it, if it was a Roth, there be no taxes on seven.

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Well, yeah, I understand that. I just hate coming up with an extra 20 grand in taxes.

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Yeah, well, do it, do that or come up with an extra 200 grand in taxes later. And that's the problem. Yeah, and Matt, let me ask you this, what's your household income right now? It's over 300 grand slam.

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And so, I mean, the aspect of you attacking and paying off the house, you can do both.

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Yeah. You know, you can do both. It's not I mean, that's what that's what I've been trying to do now. Yeah, yeah, yeah. I would do 15 percent of your income going into retirement, which is probably about what you're doing, actually pretty close.

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And then then just knock that house out and I think you're going to knock it out probably in about five years, not 10.

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And you're doing so good you can't really mess this up. All we're trying to do is just maximize it.

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That's right. And so if I were in your shoes, I'm 59.

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What I would do is I know you're not going to touch the vast majority of that money. You're not going to need it. You can live off the income of some of it without ever actually accessing what has become the principal, the original amount you put in, plus the growth.

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And if that is sitting there tax free, it's great for the next generation or it's great for you if you want to access it, you've got enough taxable already at 800. If I woke up in your shoes, sat down with one of our smart Mr. Pros and run the math with them, they'll show you.

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I would go 100 percent.

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Roth Absolutely. And I don't think people understand when you utilize a 401k or four or three B and it's tax deferred, that means you pay taxes on this money later when you pull it out. And so you don't have that on the wrong side. And so people are thinking the tax deferral and we're saying, no, no, choose the nontax option all the way.

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Yeah. Nontax versus tax. That's right. That's right. But what it is, is he's getting it. He's saying and he's correct about this, that when he puts in 84000 in a traditional he's saving twenty thousand dollars on this year's tax. On this year's. Correct. Yeah. And that would be about right. Right.

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OK, but the growth on that is so much more. And that all being tax free, you're getting you know, you're saving twenty today, but you're going to lose 200 years ago.

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There you go. Because you can go tax free. Exactly.

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And so even though I don't want to give the government anything that I don't have to. That's right. They got enough. Right. Because, well, they don't have enough because they're so stupid what they do have. But money either way and the misfit toys up is the show.

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The thing is the yeah.

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If you have a horizon of 10 years or longer before you're going to be accessing the money, Roth versus traditional math almost always works, assuming you're using a good mutual fund with normal growth rates in the market. That's what we're doing.

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Will is with us. Will is a baby and figure out how to arrive in Tallahassee. How are you? Well, good. How are you? It's an honor to be talking to you too, man. What's up? So I just had a question on kind of what's my next steps in kind of my financial plan and building. Well, I'm 19. I'm kind of going into my second year of college. I know around six thousand a year.

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And that's is four because I work on commission, too. That's before commission. And don't I have all my school paid for? I have a Roth IRA. I don't know if I should go into like a low or a low cost index fund or what.

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What should I not to the fact that you can even ask that question makes you a rock star at 19 years old. You're amazing. And did your parents hold you down? And I was asking you beers on tap. Yeah.

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So where it came from, I guess. I don't know. My dad didn't really start getting serious about his finances until he was around 40 and a lot of money when I was younger, like me. But he was also spending a lot of it to kind of I don't want to be put in that position now. What are you what are you studying, sir?

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Right now, a finance major and I plan to get my MBA because I'm a year ahead, so I plan to just go on a combined pathway. So finish my bachelor's and two more years and I've get a masters degree.

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Of course you are. OK, and then you're coming to work for energy solutions, right?

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OK, you take this place now by my place because I'll just have to let him have it, then be gone by, train him up.

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I'll be retired. All right, Chris. No. Well, I love the path you're on, buddy. And the fact that you are using your parents example to be your motivation is outstanding. The fact that you have school paid for, I absolutely love that I would point you in the same path that we would tell others. The growth stock, mutual funds are going to be the way to go. You doing that at age 19, buddy? You are going to be an everyday millionaire on a faster track than many people ever thought could be possible.

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The thing I would tell you is not only do you need to play offense in building wealth, you have to play defense. And what that is is avoiding stupid around every corner because it's out there. But and just learn to save up cash. You can have nice things. Just slow down and be intentional.

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Yeah, well, I think before you do that, I would add one thing. I want you to pull up a big pile of cash in case something goes sideways with one of these scholarships, because the best investment you can make in this discussion is called Will. Yeah. And the return on investment of you finishing your degrees 100 percent debt free because you had a little extra cash pad. You can pull it out of that no load mutual fund if you want to.

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But I want you to get out of school debt free because you're going places you're doing well. Way to go, man. This is the Dave Ramsey Show. Folks, I love telling you about great products, and today I'm talking about American made grippe six Beltz Listen, traditional Beltz never fit, right? And they're uncomfortable, but Grib six belts and straps are interchangeable, which I personally love. And they have a clean, sleek look with no holes, no flap and no bulk.

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This is the Dave Ramsey Show, Chris Hogan Ramsey personality as my co-host this hour and today here on the show, all Midhat Free stage in the lobby of Ramsey Solutions.

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Jeffrey and Caroline are with us.

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Hey, guys. How are you? Hey, we're wonderful. How are you?

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Better than I deserve. Welcome. Good to have you. So where do you guys live?

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In Chattanooga, Tennessee. Actually, Utah. Tennessee, kind of northeast of it, right where it is. Good to have you guys. Welcome. Welcome. And how much dateable you paid off.

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So we've paid off a hundred and thirty thousand dollars and 400, 130, 450.

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Good for you. Oh, and how long did this take? That took us right at 30 months.

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Good. Wow. And your range of income during that time we started about 120 and we finished up around 160. Good for you. Cool. What do you guys do for a living?

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I am a sales engineer and I am a fifth grade teacher. Awesome. Very cool. Good for you guys. So tell us, what kind of stuff did you pay off? Oh, OK. So I got a list here. All right. I was I started off a little bit with I was a credit card junkie. I loved my points and I had 36000 dollars in credit cards.

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So those points paid off.

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Yeah, we we got a couple of free flights out of it. Thirty six thousand dollars in debt. But then we went on trips that we just paid with credit cards.

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Oh of course. Yeah. Wow.

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So then we also had about 66000 dollars in student loans.

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Of course I was me, both of us.

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But we also had 28000 dollars in Sukarno's. Oh, wow. And we can't forget the thousand dollar La-Z-Boy. Of course, that's that's that's all that was needed.

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That was my birthday gift to him for his 30th. Oh, you know.

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Are you going. Very nice. You guys were normal.

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Oh, completely. So how long have you been how long you all been married?

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I'm seven years. We just celebrated. Okay. So two and a half years ago.

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Five years and some change. Another marriage. Something happened. What happened? Well, I'll say it started. I lost a grandmother and I got a very small little inheritance. Maybe it was under 2000 dollars. And I was kind of in control of our finances at that point. And I kind of knew where we were. But Carolyn had no clue where we were. And so she wasn't.

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We were about ready to start having making a family. And basically what happened is Caroline was like, well, why don't we take this little bit of money, add some to it, kind of go do another honeymoon like a baby moon and celebrate, you know, our last big trip without kids. And so in my embarrassment, I was like, yeah, let's do that. But I knew deep down that was not a good answer, that, like I that is not the way to live life.

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And so we went to Jamaica on a an all inclusive resort and had a blast. But it wasn't the same as our honeymoon because I knew deep down we shouldn't be there. And so we got home and I started Googling how to get out of debt, like, how do I do this? And that's when Dave Ramsey pops up like it's everywhere on the on the on the Google machine. So I bought your book Total Money Makeover. Right. And probably under two days, and I was just gung ho on it.

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And so I cleaned up a little bit of the mess myself, my mess, because I was so ashamed of it. And then a few months into it came clean. I came clean to Caroline and it was so much easier at that point. It was just so much. I mean, our our marriage has just been it's blossomed because we now communicate. And it's just it's amazing.

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I read the book in a day and jumped right on board and I'm super competitive. So once I saw how the program worked, I was like, yeah, let's do the gamification works for you.

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You're lucky. Yeah, it was amazing. Yeah, get after it.

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I love that. Well, very cool. OK, so Caroline, before he quote unquote came clean, how much debt did you think you guys had?

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I knew we had my debt from college, so probably about 60 grand. And then I knew he had put a little bit on the credit card, but I did not know it was so astronomical.

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You did know there's a car payment? Yes, I did. And you didn't know you financed the lazy boy. Yes. Guilty as charged. Yeah.

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OK, so you knew. You knew most of it. I did.

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The credit card was the credit card balance was the shocker. Then we had separate accounts. And so I think that was a major problem. Once we kind of got financially on board as a team, things where there was a lot more clarity there.

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Well, that makes, you know, that that that makes trust increase, but also communication and it increases the speed by which you do everything. Absolutely. Very well.

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Jeffrey, tell me this. What did you all what's the biggest thing you sacrificed to get out of debt?

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Oh, man. We are both people. We haven't been to the beach since that baby moon and we've already booked our trip next year, next year saying no to people.

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There's a big one. You know, we with any budget food is. Was eating out at one of the biggest cut back on and so there was a lot of cooking at home and things like that, but I mean, we still lived life, but we kept it. You know, we tried every month. We were trying to throw money during lunch as much as possible at the desk. The budget was crucial.

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Absolutely. And every dollar has changed our life completely. And I'm in sales and I'm strictly commission based. So there's some months that it was. Yeah, we waited. We waited all month and we don't have that much to throw at it. But then in the bigger months it was like, wow, we're really you know, that's a big pile right there. Big picture. Yeah, it makes up for it.

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Well, where to go? You got to go. What do you tell people? The key to getting out of that is a hundred and thirty thousand in 30 months.

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I think just picking a budget, sticking to it and communication, definitely the the communications No.

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One. But I think what really changed my philosophy is when I truly believe that it's not ours, you know, you talk about it all the time. And we actually quick shout out to the from my financial piece class we just wrapped up last night. Yesterday. Oh, yes. But you know, especially that listen, when the analogy of the cup overflowing to the plate and then just knowing and it's not ours, it's not. We're just managing.

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And when you when you give that up, it's it changes everything. Yeah. Once you're there, something has to happen inside of a person that makes this the handling of money. No nobility happens inside of you when it's something bigger than you. Yeah. That you're doing, whether it's your child you're saving for, I'm changing my family tree. I'm going to serve God because I'm going to manage this stuff better. I'm going to be a better steward.

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Those are all things outside of us that raise our nobility. And when you do that, you increase the speed by which you start to win with money because you will sacrifice and do things you wouldn't do just for yourself. Right. And you guys did great. Very proud of you.

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Who are your biggest cheerleaders? Each other? Yeah, for sure. Now, we had some family that was encouraging us for sure. Yeah, definitely. And financial peace clashes that you got in that?

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Yeah, we took once a week. We were on the journey for about a year after we read the books and then just I mean, we weren't slacking or anything, but just to keep in it, we joined the class and went through it. Yeah. For accountability sake. So that was good. And then very good for that.

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And then now you're teaching it. That's right. Yes. Wow. Coordinator. Yeah, very good. Well, congratulations.

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Thank you. We're very, very proud of you guys are heroes. Well done. And you got two babies. But I understand they're going to sit with mom and dad are going to sit with the grandma. They are their names and ages, though.

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And Henry is two and Aubrey was just born.

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She is five weeks old. All right. So that baby moon stuff works.

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OK, good deal. I don't even know what that was about four or five years ago.

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I'll have to Google.

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My generation didn't know this, but. Yeah, but it's good. I've learned about it from my kids. It's important stuff. So good job you guys.

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Well done. Very well done. We've got a copy of Chris's book for you everyday millionaires and that's definitely the next chapter in your story. You guys are on track to kill it, man. Well done. You're making good money, you're in control. You're working together. You have all the attributes of people who become millionaires. Yes, you do. You're right on track. Good job.

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Jeffrey and Caroline in Tennessee, just outside Chattanooga. A hundred and thirty thousand dollars paid off in 30 months, making one twenty to one sixty.

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Count it down.

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Let's hear a debt free scream three to one.

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We're free right now. Look, look, look. This is how it's done, boys and girls. I love it, man. They are cool.

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They are cool. Dave, I'm going to get so young and teaming up, obviously in unity. Yes. They are obviously insane. You can see that. That is just that's one of the big data points of whether you're going to win or not. That's right. This is the Dave Ramsey Show. Thanks for joining us, America. We're glad you're here, open phones, a triple eight eight two five five two two five. Derek is with us in Denver.

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Hi, Derek. Welcome to The Dave Ramsey Show.

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Thanks for taking my call, both of you. Sure. What's up?

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So I apologize. I a little nervous here, so if I talk too fast or whatever, but my dad passed away late December of last year and he was taking care of my mom and the house. And mom is now in assisted living. We got her in position to replace her expenses or forty three to forty five hundred a month. But she gets a pension of about 2000. We are selling or in the process of just about the clothes on the house that they lifted.

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Mom and Dad put the house in a trust that technically my sisters and I owned. But we all agreed to my two sisters and I. The money is for to take care of mom, OK? When all is said and done and after the sale, a long term cap gains the loan repay and some sale expenses, there's going to be about a little over 300000 dollars left. OK, how old is your mom? My question, my mom's going to turn eighty one in October, so she's 80 right now.

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How's your health? Okay, not great but OK, she's she's just feeling she's OK.

[00:31:36]

These are tough times for you and I'm sorry. I'm sorry. So I'm sorry I interrupted you. What's your question. So it's a two part question, one is once we get the check for the house, there's a little over three and it's OK, do we just put it into one account and pay all of mom's expenses out of there? Do we take some of the money, put it into some kind of high interest earning account and the rest in a bank account to pay expenses to distribute the money between all three kids and then say, hey, you got you know, you have to pay this much a month to cover mom's expenses are.

[00:32:11]

Guess that's the first part of my question.

[00:32:13]

Since your sister's in agreement, my opinion would be and I'll show you what Christmas is, but my opinion would be 300000 invested in some good mutual funds. Here's the thing. Your burn rate is about 30 K a year.

[00:32:27]

From what you told me, right, you're about 25 hundred a month in the hole, right? Yes, yeah, that's right, yes, that'll be 30, you said you should 4300 in 2000, right? Correct, Yes, I heard 2500 dollars, and that's 30000 a year, so your burn rate is 30 K, you need 30 Kaiya if 300 produced 10 percent. It would produce enough to support without damaging the 300. Now, it won't necessarily do that every year, some years it might produce more.

[00:33:01]

Some years it might produce less. But even if it averaged 10 percent more, you guys are basically going to end up with close to the 300 to distribute to the three of you when she passes. OK, if you can get the money to invest it and you see what I'm doing, if it makes eight percent, it's going to eat some of the money. If it makes 12 percent, it's going to grow.

[00:33:25]

You follow me, you because you need you need 30 out of this money. And if you can make the 300 produced 30 or more, the whole 300 will still be sitting there. You see, I'm doing the math.

[00:33:36]

Yes, I do.

[00:33:37]

And so that's what I would do with it, is I would sit down with one of the smart VESTER pros and pick out some mutual funds and try to get something that's fairly stable, probably some growth and some growth in income. I probably would stay away from the normal international mix on this, and I might have a little nonaggressive, but I don't know that it'd be a fourth or a third.

[00:33:57]

But sit down and try to get together a portfolio.

[00:34:00]

But high yield. When you say that, that usually means CDs and that's going to High-Yield CDs two percent, which means you're burning 30 grand a year. And after 10 years, 33, 300000 is gone.

[00:34:15]

Yeah, derogate. Yeah, he's dead on. And I'm going to tell you this. Here's the unique thing about your own situation that I'm proud of you, that you and your sisters are in alignment. Yeah. You know, that that's like a rare unicorn type situation. And so rather than to wait on that, I think you take, as they've suggested, put that in a growth stock mutual fund, have this awareness and understanding. You know, you could have the document drawn up.

[00:34:41]

You know what happens in case one of you, whoever the executor is, you want to have the person that's the secondary.

[00:34:48]

But the agreement is, is the primary goal of these funds is to take care of your mother, you know, and whatever's left when she passes, we just distribute it three ways then rather than and you can, you know, like, for instance, say you were managing it or one of your sisters were managing it with the smart Vesterbro.

[00:35:04]

Each one of you can get a statement every month and see what what's happening with the money.

[00:35:10]

You know, you can look at it and you can even do a little review over the phone once a quarter. Right. And say, OK, here's where we are. You know, we needed seventy five hundred dollars for this quarter, three months to 2500 and the mutual fund made 10000. So we're we're we grew a little this month or it made it made six thousand. And, you know, we just ate 1500 of our money, you know, and you just kind of review it so that and if you'll do that incrementally throughout the year, at least once a quarter every six months, then later on, someone doesn't look up and go, hey, stole all the money.

[00:35:40]

That's exactly you know, you don't get that later. Yeah. And you don't do that. But that's what hillbillies do. Maybe that's what people like me do.

[00:35:47]

And it you happen to be married to crazy that that's husband or spouse could cause that rift. So stay alive, take care of your mom. You guys are lots of communication. Yeah. Communication is key as they've said. Get that copy of the statement to everybody. So we all see everybody's on the same page and we can be in alignment. You know what?

[00:36:05]

I would go further. I would even just write it up a little agreement. Job one is take care of mom with this money. Job two is have the money invested. So where it creates enough income to hopefully take care of mom without damaging it.

[00:36:19]

Mom and in job three is to distribute the money equally and have equal amount upon Mom's passing and in the meantime have quarterly updates and everyone sees the account and knows what's going on and can discuss and has input. Boy, that eliminates some drama manager.

[00:36:40]

Because what happens is, is that people when people don't know what's going on, that's when they become crazy.

[00:36:46]

Oh yeah. Or and I'm with Chris though.

[00:36:50]

Congratulation hats off to your family's beautiful people that you can immediately could allow your sisters to go. This is not about you getting money and going off to Vegas or going on a trip. This is about like you like where you could go on a trip right now. But but, you know, it's about taking care of mom, which is as it should be.

[00:37:08]

That's what it's supposed to be. By the way, it was her freaking house, you know. So there you go. Wow.

[00:37:13]

Good job, man. Well done. That's just some ideas. You could go out a lot of different ways, but that's probably how I would do it. And that's kind of what this place is about, how Chris and I would do it today. Chris, how good. My co-host today, Ramsay personality, Chris, another Chris is in Boston.

[00:37:26]

Hey, Chris in Boston. How are you? Well, how are you? Better than I deserve. What's up? So I have a question about investing in my site as well, so I work full time and essentially to do firewood on the side. And if you are in there recently, was that my log splitter basically broke, so my way of earning money on the side died. Question about do I kind of just get it going again and see what I can do?

[00:37:56]

I don't want to take the go and get in or do I try to invest and move up and do one that will help my productivity and be able to make more money on the side. So how much how much money, how much have you made splitting wood?

[00:38:06]

How much money you made? I can go on the side anywhere from eight to a thousand dollars a month, 800000, which would split splutter cost. Probably like four thousand dollars for the one I was looking at or 5000. All right. And so how long did it take you to break even? And my only expenses are fuel and maintenance on it, so it'd be probably six to seven months. Yep, you're on the catch is my baby step number two to work on paying off all my debt?

[00:38:39]

Yeah.

[00:38:39]

You know, and so, you know, what I'm going to do is repair the old one. Yep.

[00:38:48]

Elmer's glue rubber band duct tape. I'm going to repair the old one if there's any way you can broken it. Drawing lines and catching fire, the hydraulic lines busted and it caught fire. Yeah, yeah, it's oil based. Yeah, I would say it caught fire when it hit the what?

[00:39:12]

Burned the lines still alive.

[00:39:15]

And the engine there felt there like a whole lot of.

[00:39:19]

OK, so I'm going to step two then buy used. That's exactly right. Step three, Dave. I think that was one rental. That one's gone. Yeah, yeah, yeah. That one's gone. He's trying to justify buying new equipment. Well, so we're not having it.

[00:39:31]

Yeah, well, I wouldn't I wouldn't spend that kind of money on that kind of a return. If you could make your money back in 30 days on the side of somebody step to fine but not seven months and you haven't done it before, they'll split. Well, it's not fun. It's like real work. This is the diagrams you show.

[00:39:49]

This is James Childs, producer of The Dave Ramsey Show. On your smart speaker, you can add our skill by saying, Alexa, open the Ramsey network skill. From there, you can listen to all our shows. Ask Dave money questions like How do I invest my money or what is the debt snowball? Find out more at Dave Ramsey. Dotcom slash smart speaker. If you're looking for fun and practical ways to save money in your everyday life, you need to check out The Rachel Cruise Show, a podcast from money expert and my daughter, Rachel Cruze.

[00:40:20]

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[00:40:43]

Make sure you do it today.

[00:40:44]

Hear more from the Ramsey network, including the Rachel Cruz Show wherever you listen to podcast.

[00:40:50]

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.