Live from the headquarters of Ramsey Solutions, broadcasting from the Dellacqua Little Studio. This is the Dave Ramsey Show, where America hangs out to have a conversation about your life and your money. Our Chris Hogan and hosting along with me this hour is Anthony O'Neal. And I can tell you we are very excited to take your calls to talk about what's on your mind. Now, I want to let you know right out of the gate, the number to dial is triple eight, eight to five, five to five.

Again, that's 888 255 225. You can also find us on social media. You can find Anthony. He's all over the place at Anthony O'Neal. You can find me at Krischan 360, but you can also find at Ramsey Show on social media if you're not following us on the air. I want you to be sure to do that. We're on all the platforms out there. I'm talking about the Instagram and Twitter bulls and Facebook's and all the things.

Anthony, you are all over the place on Instagram.

Mandyam, Instagram and YouTube are my two favorite platforms. I don't do Twitter Bowsman.

I'm a young guy that she's OK. Don't start the hate stuff right after, OK? We're not going to get along. But I know you are pushing a lot of stuff out. You have definitely been hitting a topic in the mouth here in this last year and a half about debt free degree and really helping people to understand that higher education is a good thing. But there's a right way to go about it.

There is, man. You know, here's the key thing. How grammatical you Dave, you're not Dave. But, you know, the key message that I really want to see young people get today is that you can be successful without having that fake rich, without having a bunch of debt. You can be successful by going to college 100 per cent debt free. You can be successful without going to college. You know, you have to honestly sit back and analyze, OK, what's the best route for me and my life in my walk?

And once you identify that, then my process of really helping not just young people, but really like that young person, 20s and 30s, really helping them identify what is that and how do we go after that process?

All right. So if you are a 20 or 30 year old that has a question about going to college, how to do that debt free, definitely want to call in and they can give you some guidance there. But we're excited to talk with you. We are pumped up, rolled up and ready to take your call. So we're going to get to the phones. I've got a guy on the line, Chris, calling from Detroit, Michigan. Chris, how can I help you?

Well, first, I just want to say I have to speak with you. Well, thank you, but no problem. So the issue I'm having is kind of a two part issue. So my wife is pregnant with twins and she's due in January. Oh, we currently have. Yes. And we probably have a two year old daughter. OK, so I'm trying to start the baby step. We have six thousand dollars in credit card debt. Thirty three thousand dollars on a car that I just got here in December and twenty two thousand in a student loan debt.

What kind of car to get her in December? Chris? Equinox Brandnew are used for retreat, and so we had the negative equity making stupid choices to protect.

What's the payment on that thing?

Basically with the negative rollover, I say around six fifty.

OK, all right. Yes, it's killing me.

And you have how many credit cards as a six thousand one credit card. That's my credit card with the 6000. Just the one.

All right. And you guys, are you married? Yes. OK, you got the wrong pronoun to use it, you say our. Right. Yeah, say it our there you go, there you go. All right. And our car payment. But but but I like the fact that you're saying I'm the person who pretty much ran it up. Yeah, I see. I hear you on that. But I agree with Chris is ours.

OK, so what do you ask me? I know it better be something about this vehicle. Oh, for sure. What is I want her to show in the shop again. The babies are due in January and in Detroit, it's not an easy winner. So, you know, a couple of feet of snow. So she doesn't want to sell it because it's brand new. So it's reliable and she doesn't want to get anything new because all the years work which she had before down, now, she doesn't want that, you know, the twins, you know, kind of figure out.

Yeah, yeah.

Just hold on because you keep going back to them pronouns. I'm about to get riled up, Chris. All right. Now, here's the deal. You got twins coming. You guys need to sit down and look at this situation and understand there's six hundred and fifty dollars a month leaving you guys. OK, this is this is not a helpful thing. Now, her mindset about the reliability factor and all that, this is what people have rationalized to try to foster this feeling of needing payments.

This thing needs to go away today. OK, and now it's a matter of sitting down doing the math, like, for example, when these babies come in January. And by the way, you guys need to take a nap at every chance you can because twins are coming. This is this is a battle you need to get ready. But but is she planning to go back to work or is she planning to stay at home? I go back to work day, so mindset wise, you want to batten down the hatches, which is now you've got to start to get intentional.

Anthony, what's your thoughts, man? Selca.

I mean, need to go going you go any further than that. And here's the thing your wife is saying. And you say you want her to sell the car now you all need to sell the car, like Hogan is saying. But here's a concept that I'm confused by. She doesn't want to buy a used car, but she's driving a used car because she put the miles on the car. And so now it is a used car that can eventually have potentially potential problems.

And so for her, that's the thing that I'm going to be having a conversation my wife on. It's like, go, I get it back. But you know what? We need to knock out all this debt, not just a car. No, we need to get rid of the credit card payments when you get rid of student loans, because I'm guessing you have about twelve hundred dollars a month going out just in payments. And so, Chris, if they get rid of that, that's twelve hundred dollars a month coming back in.

I don't have kids. You do. I'm pretty sure they can use that, especially the twins.

Yeah, without a doubt. Chris, you know her really well. How long have you guys been married?

A year and a half, but she's my first boyfriend at fourteen years old. OK, Army. Oh no. Thirty.

OK, so you've been with her a while. You know her. Yeah. This is now a matter of doing math. And here's here's who it's for. It's for all the kids. Yeah. The ten year old and the babies that are on their way. You guys want your kids to have better than what you had growing up. I've never met a parent or grandparent that doesn't want their kids to have better. You know how that happens. You have to do better.

And when you're normal and car payments are normal, I can relate to the 650. You know, I did that many, many, many years ago. And now it's a matter of sitting down, looking and going, OK, what's needed? We got to know the difference between a want and a need. And right now, what you all need is to be able to get money to be able to attack the credit card. Six thousand and from there go over to the student loan debt, you can remove thirty three thousand dollars of debt just by you all being a little bit more intentional.

Go to Kelley Blue Book dot com. Find out the trade in value on this thing. It's probably going to be a little bit of an uphill battle because you took negative equity, you took stupid and put it what stupid. And now we got stupid ish all over the place. But it can't be fixed. It can be fixed. And what you're going to have to do is get intentional, get serious. This is about these babies that are coming.

I want you to sit down, talk with her about what's necessary, what are we going to do for the sake of these kids. And that's where you start to make grown up decisions because that's what grown folk do. This is the Dave Ramsey Show. At Takeover's, we believe a great pair of cowboy boots won't just make you look taller, they'll give you the confidence boost that'll make you feel taller, too. At Takeover's, we make traditional cowboy boots for men and women that look great and feel great so you can walk into a big meeting or out on the town with comfort and confidence.

And because we sell directly to you with no middleman to mark things up, you're going to get great quality at a great value. Find your PEMRA to Covas Dotcom, slash Ramsey and walk taller. Hello, everyone. You are listening to the Dave Ramsey Show, I'm Chris Hoggett and hosting along with me this hour is Anthony O'Neal and I got some questions in via social media on the last call. We were talking to Chris. He and his wife were expecting twins and he used the phrase negative equity.

And what negative equity means, especially in dealing in vehicles, is where you come in and you owe more on a vehicle than what it's worth. And the dealership being your best friend, being your buddy, tell you that it's not a problem. They'll take that negative equity and roll it into the new loan and tada, now you get this vehicle.

The issue is, is now when you get ready to sell, when you get ready to try to do anything with it, you've got that negative negative equity issue to deal with on the back yet. So let's do this. Let's avoid car loans to begin with. Right. First and foremost. And if you do have a loan, I'm not condemning you. What I want you to do is get frustrated and irritated at that loan, pay that thing off and get your money back.

You ever thought about that? You give yourself a raise when you get out of debt. So that's what I want you to do. I want you to get intentional and battle that. But don't go get a car loan. Number two, don't roll equity negative equity over into that loan and make a bigger issue. OK, I just had to clarify that I'm sitting here with Anthony O'Neal and Anthony, you have been running and gunning. We all have been sitting still more than we ever have.

Yes. We haven't been to an airport since 82, I don't believe. But you're used to traveling and speaking just like I am. And so we're sitting still. But you've got something going on coming up here soon, man.

Yeah, I'm really excited, man. I've actually just partnered with Teachable, which is a online platform where they teach young people how to make young people, just all people how to start a business. And so they're having their what now summit to where they're teaching young people and not just young people in the 20s, 30s and 40s how to really run an online business and what to do with their finances that they're making right now. So some of the top speakers will be myself, Gary V, Lisa Nichols and Nicole Walters.

And so I just wanted to just let the world know, you know, like, hey, we're getting back out there to speak. I would love to see our Dave Ramsey crew out there and for, like, the next one day or two days are offering. Seventy nine dollars for the whole conference.

Man Oh, wow. Three day conference.

So they can go to teachable dotcom for Anthony and you'll get that price for like nine bucks. And I'm telling you right now between Gary V and Nicole, it's going to be a very entertaining but educational day. I'm not going to be as entertaining as Gary V, but I will bring some substance to the table.

Very cool. Well, again, you could check that out. And we are here for you. So we want to hear from you eight, 205 to 205. We're going to go to the phone line. We're going to go to Sioux Falls, South Dakota. Kate, how are you?

I'm doing good, Chris. News Murray is doing.

Oh, well, we're doing very, very well. What's your question for Anthony? Yeah, it is a little bit more directed towards me. Sorry, Chris. It has to do with my higher education. I currently have a degree in nursing. I work in the E.R. nurse and I'm currently in grad school for my master's in nursing education. I want to be a professor. And so I my question is, in regards to the NFL loan, if this new faculty loan program, the school that I go through, I have the opportunity to apply for it.

They pay for my tuition for everything. So they pay for books and everything until my graduation day after my graduation date. If I secure a full time faculty position at any school of nursing within nine months of graduation, each year that I'm employed as a full time faculty member, they forget about 20 percent of the loan and then they do that for four years. And on the fourth year they forget 25 percent of a total of 85 percent. And so my question, Anthony, is if my husband and I so far we've been cash flowing now graduate school for the last two years and we just found out about the program.

But if we continue to put money away into a savings account or a money market account, in the event that I can't secure a full time job, is taking the nurse faculty loan and something that you might advise to potentially get like thirty thousand dollars of my school paid for, or is that something that you might advise against?

You know, I'm never going to tell someone to get into debt, speak as be clear there. And so I want to I want to live with that. But there have been several instances that we've been receiving emails and questions about this to where they are guaranteeing forgiveness. And so anytime you can get some form of assistance from your your employer, I'm all for that. And so what I like the fact that if you do go that route, that you're still saving all the money in Teeside if.

It was me I'm actually just going to say, if I could pay for it cash, I'm just gonna go ahead and pay for it because I just don't trust a a what if situation. OK, that's my thing. So if it was me, I'ma pay for it up front and just just go from there. I would even ask a program like, hey, if I pay for it up front and don't take out the loan, can you all pay me back?

That could be an option. I mean, I don't know if that's an option, but if I keep all the receipts, don't I pay for school instead of paying back the bank? Can you pay me and my husband back? So that's something you should look into.

OK, so I mean, I'm rooting for you, but whatever route you go, I mean, just make sure if you do go that route, which I'm not a huge fan of it, but I get it, then. Yes, I want you to put that money in a money market account, let it sit there. So that way if something doesn't happen, you can immediately pay it off with no ifs, ands or buts about it.

Yeah, those forgiveness programs, these things I tell you can be a lot of hocus pocus. Yeah, I think I've seen 96 percent of them end up falling through in some way. Well, Italy also has an article on his website, Top five student loan myths.

Yeah, you can go to Anthony O'Neal Dotcom and read this recent article that will walk through. And student loan forgiveness is one of those that you'll have an opportunity to read on. But do me a favor. I know a lot of you out there. You say, Chris, you know, I've either paid off our student loans or I'm in the midst of it. Do me a favor. Talk to young people about this. Let's help them avoid it like the plague to begin with.

Yes. That way they have an opportunity to really look and understand their options. We've got too many young people walking into financial aid offices, signing documents they don't understand for payments we know they can't afford. And what we can do is put an end to that by having an open and honest conversations and sharing information like what's on Anthony's website. So, again, that's Anthony O'Neal Dotcom. It would be a great way to help people become empowered. All right.

Next up, we've got Shawn in Phoenix, Arizona. Shawn, what can Anthony that I do for you?

Yes, thank you, I appreciate you letting me be on the show, sure, my grip on your mind. Last year, I made a big financial mistake. Oh, my. I was trying to show faith in a daughter of a 24 year old daughter and she needed a car. And so I cosigned a car for her and she did not make the payments. She is now actually in rehab. We have not realized the extent of the troubles she was in, but she is now in court, ordered rehab and she has been making her payments.

Yeah, the the car got repossessed last spring. OK. OK. It had a twenty thousand dollar loan on it. The bank sold the car for eighty five hundred dollars, which less than eleven thousand five hundred dollars balance roughly. My daughter obviously is not going to pay it right. And I'm a teacher with 11 children, and besides the medical bills that we are making payments on, the only debt we have is our mortgage. But there's no way we can pay eleven thousand five hundred dollars.

Right. The bank, of course, is coming after me because I'm a cosigner and legally I owe the money. And they have offered a settlement of 60 percent, which comes to just over 7000 dollars.

Did they put that in writing, John? Well, yeah, well, they they haven't given me a lot in writing, but they've offered it over the phone. I would not make a payment in writing. OK, but 7000 is still way out of our budget. They would want it in no less than how much was it?

How much.

I'm sorry to hear about your daughter health issues, but how much was the payment on this vehicle?

The payment was three hundred and my daughter was supposed to be making the payments. I wasn't supposed. No, I understand.

All right, listen, we're about to go to break. I want you to hang tight because we're going to talk about this because we got some parents out there that have fallen for this. And once it's done, the milk is spilled. Now, what do you have to do? We're going to walk you through the process on right after the break. This is The Dave Ramsey Show. Hello, everyone. You are listening to the Dave Ramsey Show.

Before we went to break, we were talking with Shawn and Shawn had called in and let us know that he had cosigned for his daughter on a vehicle. His daughter had some some health issues and he was now responsible in dealing with this. The bank repossessed the vehicle, sold it, and now they're trying to come after you for the eleven thousand five hundred dollars difference. But, Shawn, you mentioned that they offered you some type of settlement for around 6000, is that correct?

Well, a 60 percent settlement comes out of just over 7000 dollars, OK, just over 7000. So you have you.

Go ahead. Sorry, what I did, I called him this morning just to see if I could negotiate that. And I just said I just I asked, you know, could could we offer you a thousand dollars? And the people said, no, we don't negotiate. Mm hmm. So my question for you guys is, am I better off making minimum payments? Much better, because if I make minimum payments, they're going to hold the debt clear up until the full 11500 is paid off, or do I not do anything and let it go to collections and then deal with the collection agent?

OK, so let me ask you this. What I've heard is that they will deal. John, what is your household income?

About 70000 dollars. OK. All right, and so you guys, you said, what other debts do you have? Are mortgage OK, and so you qualified for this, so you told them you should be able to pay this. Well, and, you know, I'm a I'm a teacher, and we get we've also got 11 kids. OK, so there's a you have 11 kids and you there are other there are there are medical bills in the we're making payments on, OK, that are and for that matter, this daughter's medical bills.

She's been in the hospital quite a bit the past couple of months. And so we don't know all those are going to be.

I understand how many of the 11 kids are living with you all. Right now, there's three of them, three of OK, they're all adults, but they're they're still living at home, OK?

Yeah, I don't I want to hear your thoughts. Here's the deal. You know, No. One this is a lesson, John, about cosigning, because when you co-sign, what you're saying is that you're guaranteeing that the loan is going to be paid. Your daughter did not qualify for this loan on her own. The only way she got it was because you were on this loan. So first and foremost, you're going to need to go in and talk to the bank and communicate with them in talking about what they're willing to do if they will put that 7000 dollar.

I mean, no one, let's face it, it would have been better off for you all to sell this vehicle yourself as opposed to letting it get repossessed, because you could have sold it for a lot more. Right? They gave it away for about 8500. Now they're coming after you. I would go in I would detail your situation to the bank about the other medical situations and all that's going on in the health issues with your daughter. Get them to put that dollar amount in writing and you got to start making payments on this thing, you know, for you to say, well, I'll just wait and let it go to collections.

Well, now you've got the potential of adding some other legal issues on top of it.

Well, technically right now, Hogan, he's already in collections. And this is what I recommend, especially with me. My very first job was in the collection field, and I did it for three years. Right now, the Senate that they will not negotiate. Here's what I want you to do. So don't make any payments yet. I want you to get up at least three or four thousand dollars. Most collection agencies by this own cents on the dollar, the best time to negotiate with collection agencies.

It's the last week of the month. And you go then go to them and say, you know what? I'll give you 35 cents on the dollar. That's about 300 dollars at eleven thousand dollars. And you wait to the last three business days, they will budge. They will bite. At the end of the day, you signed you you told them, hey, I will help pay this if my daughter cannot. So legally, you have to do it immorally.

You have to do it. This is not a convenient way. You can't push it on your daughter. And I'm sorry that you made this decision, but how you get out of this right now is get up a bunch, get get at least three to four thousand dollars and tell them, hey, that's the best thing I can do as a cosigner. Offered to offer that to them the very last week of this last week of this month. And I guarantee you that help them out, OK?

Yeah, I too have been in collections and have done that. The reality is, is right now it sounds like to me it's still with the original bank. So it hasn't gone to a collection status yet and as far as you're behind, but they haven't sold it off, I still think. And again, you're right. And as far as coming to settle that thing, they're going to take money because the greedy. Right? So having some money, getting it saved up is going to be a big thing.

But I think you if you can't pay, you can at least pay attention. And what I mean by that is having communication with them to help them to understand that, hey, here's the deal. I've got health issues and I'm going to take care of my kids health long before I worry about this thing. And so the reality of, you know, as you age, you start to weigh them. This doesn't even become a factor when you're trying to keep your kids healthy and doing well.

But communicate, talk with them, lay it out. And I'm with Anthony. You get up some dollar amount and go in as long as you don't pay them until they tell you they're willing to accept this payment as payment in full. Yes, right. Which means they're not coming back to see you. They're going to write you a letter that says that, and then you can hand over the three to four grand or whatever it is if people won't put the settlement offer in.

Right. I'm telling you, it's not real. Yeah. All right. So the moral of this. Don't co-sign. Yeah, OK. Don't co-sign. People will try to guilt you. They will try to family members will try to make you feel bad.

Listen, I won't co-sign for myself. Just process it, OK?

Bottom line is you're guaranteeing it and what you end up doing. A lot of people, they don't think that, hey, if they can't pay that, I'm going to have to. Yeah, that's exactly what happens. And Anthony, what gets me more riled up than situations like this is to think of the grandparents out there that end up cosigning for junior or jet and and they don't make a payment and now they have to deal with their Social Security or whatever, and they're stuck with their payment.

You know, Hogan, I had that come up about a few months ago. A grandmother makes maybe about 900 hours from a Social Security check, but she has a 800 credit score co-sign on her grandson's BMW, a twelve hundred dollar payment, brand new. And he couldn't make the payments and they call it her. And the bank realized that there's no way in the world that she can do it.

No, no.

So this is just is predatory lending because there's no way on earth her making nine hundred a month. She should have been a casino. No. One hundred dollars payment.

But you know what they did? You know, the banks are doing I mean, not the banks. You know, the car dealers are doing lying on her income because her credit score was so strong, they don't have to prove her income. Oh.

So it was like these delicious men are just just misusing people.

And just anyways, that's why we just don't do. Dead. Yeah, and here's the deal. Let's talk about this. If you're running behind on your payments, typically by the time you get three to four payments behind, they they are talking repossession. Yes. I want you to contact them. I want you to outright try to sell the car, the vehicle. You're going to do a better job of selling it. You're going to get more money than they are because once the bank or the car dealership repossesses that they're going to take it to an auction, the auction is going to sell it to the highest bidder, and then the bank is going to turn around and come to you for the difference.

And this is what Sean is dealing with. So, again, if you can't pay, pay attention to it, try to work it out. You're going to advocate for you much better than than than the bank will. And so you have to have that mindset. This is stressful. And we've got people right now in a position throughout this covid situation, Anthony, that are having to make some choices about what they can afford to pay.

Yeah, you know, and here's the thing. We already know what you need to be paying right now. You need to be focused on four walls. So KMO. All right, America, listen to me. Clearly, you're going to focus on your house. You're going to focus on your transportation and your transportation is meishi, gas and cars running. Make sure you got food. Make sure you got your lights on your utilities. So those are the four main things that you need to be focusing on right now.

And then if you have those four walls covered during this season, then let's start looking at paying your bills. But right now, make sure that you and your family are safe. But let's say, for example, you do have your job, you do have the income coming in. And let's say you do have some student loans. That's your only debt out there right now. What student loans are being pushed off to December?

Go ahead and pay those.

OK, so have your priorities followed a process? Follow the system and I promise you you will be OK. And we're right here. We're going to walk you through this process.

This is the Dave Ramsey Show. Hello, everyone. You are listening to the Nate Ramsey Show. I'm Chris Hogan and hosting along with me this hour is Anthony O'Neal, and we are excited to take your calls. Kelly is standing by, ready for you to call her. So dialed the phone. Tripoli, 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 go to Tuscaloosa, Alabama.

Caleb, how can we help you and your niece? So it's my call. I actually have a question that is geared towards Chris. All right. Me and my wife are on babysit three and we started looking into the phone. I want to hang out since that our jobs offer and they offer a restaurant and a traditional for one day, but they don't really match value proposition. OK, so when we get to babysit or should we invest in the options that our company gives us and they don't have an answer, so we go out and just do our own thing.

OK, great question. Caleb, buddy, I'm just curious, how much debt did you all pay off?

We paid off fifty seven thousand dollars. Wow.

Wow. What was that.

What kind of loan was debts were that low interest rates and credit cards to two cars is the biggest, believe it or not, was jewelry. Me and my wife that were made for a little over a year. We we took a vacation over to Mexico and I ended up financing jewelry in Mexico. Oh.

What did what did you get her? I got her a fourteen tear. It was a 14 karat gold ring, which I believe everyone shared diamonds in the engagement ring, ring, ring. And I got our matching earrings, said, oh, you got her a vehicle. Yeah. So watch your ears or something. Wow. Wow.

Hey, he said never again. Hey buddy, I understand that feeling, but I always like to know because you sound really motivated. How old are you, Caleb?

I'm thirty thirty years old. I like this. Well, listen, my friend, you when you said something, they're talking about the company's investment plan, you said they got the standard for one and they got the wrath. I immediately got the goose bumps. OK, because you said Roth. Roth is my best friend. And so I love it because you're dealing with after tax dollars when you do the Roth 401k. So that means the government isn't going to touch it anymore.

It's all going to grow tax free. So, look, I would go the Roth 401k option without a shadow of a doubt. OK, and you should stick with the company, even though they don't have a match. Yeah. Oh, without a doubt, because here's the deal. You've got that opportunity again to get yourself to 15 percent. And so that's fine. Now, you said they do some Profit-Sharing. So mentally, as you look at this, you could start to think profit sharing is a little bit of the match.

You've just got revenue coming to you right now. OK, so you doing the 15 percent, my friend, is going to put you on a path to becoming an everyday millionaire. Be very intentional. Caleb, let me tell you this. Like you said, never again about buying that jewelry. It's not wrong with buying stuff for your spouse or significant other. You just want to do it with cash and within reason, no reason to, you know, put a whole vehicle on on a on a hand.

But don't touch that money. The money you're putting aside in that 401k, it's not an emergency fund. It's not a home down payment. It's for your dreams. And if I could go back and grab a younger Hodgin, I would shake him and make sure he knew that. So that's why I'm so passionate about making sure that, you know. All right, let's keep on the phones. We got Troy on the line. Troy, how can we help you?

Hey, how are you guys today focused? I'm not finished. My friend had a great day, so my mother passed away about two weeks ago, man and I'm sitting here at about three hundred thousand dollars. Yeah. And it's it's invested in non-qualified annuities and an IRA. And I'm just wondering if that would be wise to cash it out and pay the taxes to pay off my house or should I spread it out over time to limit the tax liability.

Dr. Troy, I'm so sorry to hear about the loss of your mom. How many brothers and sisters do you do you have.

I've got I've got a brother. OK. OK. And so the 300000 is what you stand to inherit. Yes. OK. And how much do you owe on your home?

About one hundred and sixty five thousand. OK.

And do you owe on anything else.

No, we're debt free other than the house. That is fantastic. So when you talk about cashing out, are you talking about cashing it all out or cashing out enough to pay off the home?

Hi, just the house, OK? And that's that, and then obviously that would have to figure out what to do with the other part of that, but yeah, just the cash enough cash out enough to pay off the house.

Yeah, I absolutely think that's a great idea because, again, you start to think about it, an inheritance is something that was intentionally left to you. Right. And I can think of no better way to honor your mother and your mother's memory by you owning your home outright and being able to make that statement. You know, that that's something that she was able to do for you. People don't leave an inheritance by accident. That's a very intentional act.

And again, prayers go out to you and your family. But also, I'm going to tell you to do this. Troy, I want you to go to Dave Ramsey Dotcom, and I want you to get connected with the smart Vesterbro. And the reason why is, as you're looking at this and as far as what you're inheriting, I want you to be able to understand the time frame of what you could leave versus what does need to be cashed out or cleared out or transferred within a year of the passing of the individual that left it to you.

Just so you're looking at all the nuances, if you ended up cashing it all out, you could pay off the home, but then you could also take the remaining dollar amount and start to invest it. Or you think of something, some improvements you were thinking of doing around the home. But there are some options there.

I mean, absolutely, Dave. I mean, not Dave. And I said, Dave, the third time today, I'm so sorry, man. But, you know, I agree with you there, Hogan, that what he's doing, I would cash it out, honor his mother, pay off the house, and then definitely go to Smart Vesterbro Dotcom and see exactly how can you best invest the rest of this money to grow so that we could build something for your kids down the road one day.

Yeah, and I typically will tell people if you come into a large sum of money, the best thing to do is to park that money over into a money market account. Let it sit for a little bit because we can get so excited, so just jittery that you can end up making a lot of smaller mistakes, frittering away that money. And you don't want to do that. The gentleman I talk about in my first book, Retire, inspired he he inherited a home free and clear.

Wow. The next thing he did, he started getting into day trading and so he went and he got a loan for one hundred fifty thousand dollars and took this free and clear home. He was he was 35 years old, free and clear home, had one hundred and fifty thousand dollar mortgage on it and had lost all of that trying to day trade. And I just remember the look on his face because it wasn't about the money lost. Yeah, it was the blessing he squandered.

Hulk Hogan, I've never heard you talk on day trading. What is your philosophy on day trading?

It is stupid because what you're trying to do is time the market. So what you're doing is, is you're buying single stocks and you're looking at it and you're watching the ticker and you're trying to make moves based on what the market is doing. And I'm going to tell you at least a headache and heartache. Instead, it's what we talk about. Invest for the long haul, OK? You want to invest in growth, stock, mutual funds, not single stocks.

Yes. Stay away from those things. You want to stay in growth stock mutual funds and allow it to grow over time? Yeah. Day trading is a no no. Cool. I give you a oh. Oh yeah.

I need some Pepto just and I've just been talking about that with the millennials who follow me because that's very big in that millennial space right now. Day trading. And again man I just made six hundred dollars today. OK, ok. Yeah. How much did you make, you know the rest of the week. Well I lost about 3000.

Yeah. It's day trading is a lot like fishing. People talk about, you know, what didn't happen or they exaggerate what did happen.

Right. You know, I called a eighty pound bass. That's a lie. OK, I've never seen one. But I mean, so it's that mindset of being intentional. But if you're out there and you're serious about investing or you're serious about moving forward, go over to my website. Chris Hogan, 360. Dotcom, I've got a free investing guide that'll really start to break down what all of these terms are in the investing world. I think us helping young people and not so young people understanding this more will help them kind of get more comfortable with the concept.

And it allows people to just say, you know what, this is what we're doing and why. All right, listen, I want to thank all the callers for taking the time to call in. We appreciate you sharing with us. I want to thank James Charles, producer, associate producer Kelley Daniel. And I want to thank all of you all for listening. And I definitely want to thank you, Anthony, for hanging out with me this hour.

Thanks for the opportunity. Absolutely. This has been the Dave Ramsey Show.

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 dot com. Hey, if you've got questions about retirement investing and 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.