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Live from the headquarters of Ramsey Solutions, broadcasting from it, the car rental studios, that's the Dave Ramsey Show where debt is dumb. Cash is king and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. I am Dave Ramsey, your host, Chris Hogan Ramsey, personality number one, best selling author, is my co-host. Today here on the air, we're answering your questions about life and about money at eight eight two five five two two five.


That's triple eight eight two five five two two five.


Chris is with us in Minneapolis, St. Paul, Minnesota. Hi, Chris. Welcome to The Dave Ramsey Show. Hi, David. Chris. Thank you guys for taking my call. I'm a big fan of both of yours. Thank you. Basically, I am at a crossroads right now and I'm not sure where to go next. I've been in the same career for the last 21 years, which is the radio business, and it's been in decline.


There's been a lot of layoffs, and especially since covid hits, we lost a lot of people and particularly their TV became my duties. And so I've been doing pretty much everything at the radio station kind of on my own, and take a big pay cut with it, with the understanding that I was told it was going to be a new contract for me this summer with a pay raise. But I found out last week that that's not going to happen.


They're basically telling me there is no money and I'm just kind of stuck because I feel like it's time for something different. I just feel like there's a feeling I've gone as far as I can with this and I'm just kind of scared and terrified. I'm not sure exactly what to do from here, because this is all I've really done for work and it's all I've wanted to do. So I guess I'm just not sure how to make the next step and figure out where I go from here.


So if you weren't working for people who broke the word. And you weren't working for people who loaded your plate full of extra work and gave you no extra money or even a thank you for it, and instead were just working in broadcasting, doing what you love and actually made really, really good money. Would you be wanting to change careers then?


So you're done in broadcasting. Yeah, I feel like it's just it's it's time for something different, and I do I feel undervalued. Underappreciated because.


Yeah, but I mean, that's not the industry. That's the company. That's. Yeah, Hogan is sure he didn't feel underappreciated, he feels loved.


Yeah, yeah. And it's one of those things where it's a job where I want to do something, where I can feel that I'm making a difference in somebody's life. And you know what I doing behind the mic, I don't really see any results. And there's no incentive. I've always wanted to do something where I can help people and see the change and and really know that I'm making a difference at the end of the day. And I just don't know exactly what that would be or how I get there, you know?


OK. Sounds like he's on a Ken Coleman choir. Yeah, it really is, Chris, and I'll tell you Will that will get your information. We're going to send your kids book Proximity Principal, because that book is actually the thing that Ken has put together to be able to help you find that path, to be able to identify the people you need to be connected with. Next the next step for you. I want to tell you this. Being frustrated and irritated are the catalyst that's causing you internally to squirm.


But I want you to be clear and identify, is that the industry or is it that job? Now, you've pointed out all the wrong things that people on this job have done, and you've talked about that you want more. So it's not necessarily that the industry it's more of you. Right. And so nothing changes until something changes. That's that's profound.


So I think, you know, you're at the point of leaving something, but you don't know yet what you're going to.


Is that what you're describing? Yeah, and I mean, I, I follow your principles where I'm baby step three, I really do enjoy the financial aspect. And I've talked with somebody about getting a job in that career and she said I could work for her. It would be a pay cut. But I'm just wondering if you could help, if that would be the right move to do well in order to live.


Your dream doesn't always involve a pay cut. Sometimes it involves a pay cut to get moving and then move up. Mm hmm. But I would want a path to make more than I made, not less than I made, because if you're living your dream, you ought to be better at it, more enthused about it, more creative with it.


And so you ought to be worth more. If you're doing something that you're used about, Chris, are you married or are you single? Yeah, I'm married for five years with a three year old daughter. OK, and so you've got that family component. And so I'm telling you this because we have a thing here that when your spirit leaves, your butt needs to go. And I'm telling you this because I want to caution you that that that you make sure you stay engaged and appreciative of that job.


Even if you're working for people that are underappreciated, you need to see it as a way, if you're taking care of your family and building you an onramp to this next thing. So focus and fight to stay engaged and do your job well where you are.


So Ken's process is first three steps in this process are to get clear, then get qualified and then get connected. And he does cover that in the proximity principle and he covers it with several other free downloads off his website of Dave Ramsey Dotcom. I'm referring you over there because he's our resident expert on these items. But the clear thing is what you're looking at, Chris, and I think you've got a vague sense that, you know, what we do here on the air is helping people.


And so that might be fun for you to help people that way. There's a lot of things you can do to help people. This isn't the only one. And the vague sense that what you're doing matters there, you have to have a sense of destiny, a sense of dignity in your why you do what you do. And otherwise you just feel like a rat in a wheel and that's where you are now. So I would spend some time getting clear and it's not wasted time if you stay in this job for six months while you clearly define coffee on the back porch with your Bible open and your wife by your side talking about it, you sitting with your best friend over a cup of coffee somewhere and or whatever and discussing, OK, what is it you see that I'm good at?


What is it about broadcasting that used to light you up?


Do you like you know, is there a performance aspect?


I like performing, so I like being on the stage. I like being on TV, on radio. I enjoy all of that. I cut up. Have a good time. I'm good at it.


I've developed a skill over 30 years, honed it, worked and gotten better at it. But maybe there's a performance aspect in that sense of what you like, what you're doing. So maybe there's a public speaking element to what you're thinking of doing at some point. It certainly doesn't have to be around the money piece. It could be around anything. What is it you've got a heart for?


I was with a bunch of guys a couple of weeks ago at a retreat that were leaders in ministry that gets people out of sex trafficking. And, you know, they've got a lot of components to what they do that, you know, you can get involved in a lot of different things. Man, that's very helpful. There's a lot of people need help in this world. And so I want you to get clear. I wish to spend some time very carefully going through what are your talents, what are your passions, what are your skills, you know, what is it you value?


What is it about the last the current job that got you into it and kept you in it this long in spite of the toxic people you're working with? And radio's got some good people in it, but God knows there's some toxic people in it, too. It is a wicked, weird business. And I've got a lot of good friends in the business and there's a lot of people in the business. Wow. Just wow. So I can appreciate who you're working for.


Probably probably know him and. Yeah. Just, just, you know, spend some time getting clear and then take the step. But what have I got to, what qualifications have I got to do. And don't make the assumption that you have to make less in order to do what you love. This is the Dave Ramsey Show. Finding the right pair of sunglasses on a budget is difficult. They're either too expensive or they don't hold up. But recently I got a great pair of sunglasses from a company called Shady Raise.


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Thanks for joining us, America. We're glad you're with us. Open phones at Elite eight to five five two two five. Molly is in Charlotte, North Carolina. Molly, your question for Chris Hogan to me yesterday.


Thank you for taking my call. I have a question on how to approach my 93 year old father about our family trust. A little back story. I have three other siblings. My other sibling passed a year ago. So there's really five, I guess, survivors of the trust. My mother passed a few years ago. We're not sure my dad is upholding the trust, but we're not exactly sure what the trust says. He sold some property really fast recently.


We just don't know how to approach him. We tried his 93 set in his ways. He still works, never retired. We just don't know how to go about this and not seem like more money hungry because we really aren't. We just want to make sure that my mother's legacy is upheld and that the family trust is handled in the way that it was set up to be handled.


Who is the trustee? And to my knowledge, the trust was set up, split two ways, one within half of it.


My father had to let my mother know and there's not two trustees that might be the beneficial and the beneficial interest of the trust is who receives the goodies out of the trust, who receives the proceeds. The trustee is the one that conducts the business.


OK, can this one I believe one of my brothers is likely the trustee.


And then there was no property sold without your brother signing.


Well, there has been because he just sold the White House under contract that he wrote and sold it to a friend's granddaughter and we're questioning the legality of that.


Well, so the question is, the property was titled to your dad or it was titled to the trust. If it's titled to the trust, only the trustee can sign the deed. The title company couldn't have given her a deed.


And if they did a deed without title insurance, they could have done a deed. But the deed is not valid. The girl got no, she does not own it.


Right. So if it was in her dad's name, he can sell it. Any idea whose name the lake house is in, I believe it was in my father's name, then it's not his own. Well, but in the trust itself, when they set it up, all of the property was lifted because he had other farm property. He had other real estate, both commercial business. So weird all this money come from.


It was him working over the years and building his own wealth, so it's his money, it's his money. Yes, it's his his money and I believe they set up the trust to protect his their assets. My parents had, you know, some wealth. We're just not sure if things are just not adding up. Recently, he's been doing things very quickly and selling things and not. Okay, well, here, let's stop saying there's two things going on, OK?


There's a legal aspect. And it sounds to me like the legal aspect is that he probably has a set up work and do it over the flip he wants. So I don't think he's in violation of the trust based on what you're telling me. I doubt it. Matter of fact, he didn't he didn't build a trust where he couldn't control what was going on with his wealth. So he's got control of this one way or another. The second aspect is the moral aspect, and this is the part of that, is that this is his money.


He can do with it what he wants to do with it because you're not money hungry. The third aspect is you're worried about him. Mm hmm. Is he okay and I wouldn't worry about the family trust, I'd worry about your dad. Is your dad OK? Because you're saying this erratic behavior is not like him?


Right, and so I think the kids sit down with dad and say, Dad, we're worried about you, convince us that you're OK. Because of the movement of this stuff, selling the stuff around and did you sell it to cheap and it seems very erratic and you've been so disciplined all these years, you haven't been erratic. And so it feels like off kilter. But I don't think you approach him through the idea that he's disobeying a trust that he put together with wealth he built.


I think you're probably going to get thrown out of his house if you do that.


Yeah, that's like poking a bear, Molly. You know, you poke a bear, they wake up and they do what bear type stuff, right? You don't want to poke him.


So how is your relationship with your dad? It's good, it's really good, but I do with like three states away from him. OK, but, you know, we have a good relationship, but we also are just a little bit concerned about my mother's legacy. My parents were married 67 years.


And my mother's legacy is that she was married to your dad and the two of them built this wealth. It was theirs. Right. How long ago did she pass? She died in 2012. OK.


How much money is involved in this? Like in this in his assets, do you think? Millions.


You know, I would say maybe just over a million. I'm not sure. I really don't know.


Well, it's up to you all how much you want to invest in this. He can completely wallet away and no harm, no foul. It's not your money or the two of you or three of you could go sit down with him in person. That's your best chance to talk to him. And just as an act of love, say, dad were worried about you, but I really don't think you're going to a doubt you've got a legal footing and I'm not sure you've even got a moral footing if he's doing what he wants to do with his stuff, as long as he's in his right mind.


Yeah. Right, but if he if he slipped a gear, then you need to help him, you know, but but you're not trying to be money hungry. You just don't want you don't want him to sell this to the boy or something or, you know, like this. If he sold this lake house for 10000 dollars and it's worth 500000, he sold it to somebody, some neighbors, grandkid or something because he thought she was a sweet kid, you know, then that means lemmings.


He slipped a gear. He did sell it to his ex mistress granddaughter, and we don't think it was for full value a mistress. Well, we think there probably was. OK, we'll see.


Now we're getting down to why you're really upset. I knew it. Now I know. I know why you're really upset. So that's what's really going on. OK, so I think you guys need to sit down with your dad and talk to him and ask him if he's OK. And that's your only shot him. Unless you get a hold of a trust that says he's acting out of cord with the trust, then you could legally stop him. But probably before you get that done in court, he'll be gone.


He's he is only 93, so.


You know, I I think what I think what you're really mad about is, is the kid of the mistress might be his kid, by the way. You know, they just got this house and it's his money. So, you know that that I can understand how that hurt your feelings and I can understand that.


But you need to think about what your motivations are and all this. What is it we're really trying to do here? And is it really just help Dad or punish him because you're mad at him for this misbehavior in the past?


And that's why you brought up your mother's legacy twice in the conversation.


Right. And again, best case of action. Still going to be having the conversation with him.


It's the only case because, I mean, if, like you said, he built the well, they did it together so you could spend fifteen thousand dollars dragging him into court and getting a copy of the trust only to find out he has complete control of his own assets and his own faculties.


Right. In which case you got nothing. And he will see to that fact if you do that. Oh yes, he will without a doubt that that's what you're doing. If you did that to me, that's what I would do. Yeah. So it's tough, Dave.


I mean, you know, as you look at this, I guess a lot of hurt there. It is a lot of hurt. But on the other side of it all, the more reason to have a trust, you know, where you have trustees, you've got some things in place that can, you know, help protect people from themselves, I guess. Yeah.


I mean, I don't own anything. I don't have a single thing in my name anymore. You know, my cars are not my. Oh, right.


I don't own a single thing. So everything is in an LLC, a trust, a corporation of something.


But it has nothing to do with control. Well, a few items are in, you know, family trust for control issues. But it's me controlling it, not them, because it was by God, my money I put in there. And so but it allows it's estate planning tool is it's not a thing like in the movies where you make someone do bizarre things or something in order to get their share of the inheritance. So so while I understand your feelings being hurt by this honey, but I think you either sit down with him and talk it through with him or you leave it alone.


I think my opinion this is the Dave Ramsey Show. In the lobby of Ramsey Solutions on the debt free state, which can mean only one thing, they're debt free. Ryan Anambra with us.


Hey, guys, how are you? Great. Excited to be here or we're honored to have you. Where do you guys live? Huntsville. Oh, just down the road. OK, cool. Well, welcome to Nashville. And how much debt have you paid off? Well, there's a hundred and three thousand four hundred fifteen dollars and did it in 16 months.


Way to go. Wow.


And your range of income started at 72 and worked our way up to 146. OK, you double your income a little over a year. Tell me how you did this.


It was a lot a lot of overtime, what? Traveling on the road, but mostly in the last six months. Ambre graduated med school. Oh, well, there's that.


Oh, congratulations, doctor. You think. Well done. So what kind of doc are you? I'm a family practice doc.


Oh, wonderful. OK, and what do you do? Right. Electrical engineer. Very good. Oh, two great careers.


You guys are kicking it. So 146 is only going up from there. Yeah. You just getting started. Man that's awesome. What kind of debt was 103.


It was all ambriz med school Ampara and it actually all it started actually before six months. The whole thing really for two years prior to that about two years were actually cash flowing med school. Oh, wow. So it's a 103 was the first two years then when we started getting married, trying to cash flow.


So your cash flow over half of it, probably probably 250 more. What?


It was about 200 total. So cash flow at about 100. That took about almost two years.


And then they say that can't be done. You can't just cash flow midscale. Just did half of it.


That's awesome, man. Oh, very cool.


So you've been working your butt off to try to make sure she's a OK? Yes. Yes.


It's been a bitter journey. And then once she comes out, then the bleeding stops, no pun intended. Yes.


And I get to retire in about two years. So. Yeah.


And then a hundred and three is knocked out because you're just used to living like this in six months because that's what you've been Cash-Flow in the previous 16 months. Exactly. Got it.


So how'd you learn how to do all this. Well, so my dad did. Did you plan back in the day. Oh, show your financial peace, baby. Yes. Yes. And then how it all started is we were dating in college. We're both at Auburn. So Amber was in her first year med school. And I was wrapping up my senior year and we decided to go on a date. Rachel was coming and speaking at the church and doing a Saturday morning talk.


So we went in and had a day. We figured, why not? We could learn something about money. And yeah, the church. Church of the Highlands.


Oh, yes, Chris will be here this week. Really? He's a good friend of mine. Yeah. Christian Pastor Cosmologies. He's a great guy, right. Church.


So they're the ones who Rachel and Church. The houses where where we got started. We really got on the plan there and we're still dating and we got engaged later that summer. So at that time when we got engaged, started combining the plan and the plan was to not let med school at medical debt sit here and last with us for thirty years in the marriage. Yeah. So so I started working a bunch pile on the way money. And then as soon as we got married, I mean that first semester we were able to pay right there.




Which was, which was her third year and were able to just drop a bunch of money on it and just keep working at the plant.


We actually paid it all off. Amber, you got no peers in med school. They've done this right. Zero. You're the you're the weirdest person in med school. Yes.


It's very hard for people to understand. Like, I'm like it's completely 100 percent possible and no one believes me. And then I'll write out just like a very, like, very small breakdown of what I what we did. And they're like, oh, I can do this because they don't realize that sometimes just getting married will be helpful as well.


But you're marrying an engineer was a part of the program, so. Yeah, absolutely. We lived about on about thirty percent of his income, which in that way she's kind of helped us get it knocked out and being able to write that check for that twenty two thousand dollars every single semester. Wow. Very wonderful feeling.


And Amber, what did you learn about your husband through this process? Very determined. It was nice to see that he was going to go after something and it made me feel stronger about what our family could do. And I knew that he wasn't going to give up because it was something that honestly, I was not in this. He was completely leading the entire pack. I just wanted flip flops. And so, you know, being able to kind of push us and kind of get us to where we were kind of I knew our family was going to be successful.


And that was kind of something that between us and God, we knew we could get get it done. Yeah.


You guys are a total power couple. Well, we are very well done. It is fantastic. So now that you've done it, both of you, you're not only cash flow to Mexico, but you paid off a hundred and three in six months. What do you tell people? The secret to getting out of that is? Well, honestly, it's the grace of God.


We always set our goal way out of our reach and we allowed God to kind of fill in the gaps. Our initial plan was March of this year. And even though we had to, like, cash a car and there we. She went on a couple of vacations, just very small ones, we were able to actually move our timeline back to January of this year and just in time.


Wow. Before covid hits. So that's been a huge blessing this time, as you know. Only just hanging around your neck. Mm hmm. And you got cash coming in and so you're set up. Well, absolutely. Amazing show. Grace of God. What else? That probably covers at all.


But just as I say for me, was just having a goal to go after, I'd like to say a very determined, very goal oriented. So seeing seeing what the debt would do to us and what it would be like without it was was huge.


Well, you're trained with numbers and you're trying to do numbers in projects. Exactly. And this is a numbers project.


Yeah. Yep. So there's just math for me.


Yeah. It's the way, the way the way your academic training taught you to do it though. Yeah. You just applied it to the financial world rather than the engineering world. Exactly. So very well done. Good job. You guys. Who were your biggest cheerleaders outside the two of you?


Well, obviously everyone thought we were weird. You didn't understand why we were doing this at such a young age. Everyone was like, yeah, we'll just you can just have debt forever. But thankfully, even though they thought we were weird, they were pushing us and supporting us, they always made sure that whatever they wanted to do was debt. It was budget friendly. And then we would actually have family members give us money for birthdays and do not spend this on your loans.


Do not put it towards your loan. Spend it on something for yourself.


OK, well, buy food and put on it. Exactly.


So, you know, so I bet your dad, though, if he's if you're a financial piece baby. Your dad. Mom. Yeah. We're cheering you on.


Yeah, yeah, yeah. He has a son. My dad did that and parents are divorced. My mom actually got on her debt free journey while we were doing our little new part of ours. So she she's been working on hers. And of course, the dad's proud and her sister did it a couple of years before us. So we actually went through FPU on the old CDs that we got from our sister. Oh, wow.


OK, so we went to the collapse awesomeness. Well, very well done, you guys. Very proud of your heroes, your set. How's it feel?


Amazing. It's good. It's it's nice to be able to give back. I mean, just just having that opportunity to kind of give more money than people are giving to us, which was fantastic. I mean, we gave a tip today that we wouldn't have given otherwise. It was nice to do that more than you used to spend on a week in groceries.


Yeah, yeah, yeah. Me too. I love it. It's too fun, though. It's too fun. I love it. Well, congratulations, you guys. We got a copy of a Christmas book for you every day. Millionaires. That is definitely the next chapter in your story, without a doubt. Very, very well done. Very well done.


Ryan and Amber, Huntsville, Alabama. One hundred and three thousand dollars paid off in sixteen months, making seventy two to one forty six. Count it down. Let's hear a debt free scream.


Three to one.


We're debt free. Yeah. So that is fun. Yes, it is a great couple.


I tell you, did you see the teamwork, you know, just being in sync and in lock step in going toward a goal?


I tell you, it's pretty building their body language is even interesting. Oh, you're standing there.


Yeah. When one breeze. The other one. Exhales It's good teamwork. Yeah. But they're dialed in. Yes, we are. And it's you sense that.


And listen, guys, I mean, that was med school with only 130000 and 140000 happen before they're married than they Cash-Flow, the rest of it. Don't miss that part of the story. Yeah. Because everybody talks about the impossible. This is impossible. You can't be a student without alone. You can't do this without alone.


And they surrender to the cultural idiocy that debt is necessary. Those people do not these guys, not these heroes now they are just as shit. They just draw their sword and slay the dragon baby. That's right. Just slay him. Just take him out right now. I love it. That's so impressive. Well done. Ryan and Amber, this is the Dave Ramsey Show. Our scripture, the day, first Corinthians 10, 13, no temptation is overtaking you that is not common to man.


God is faithful and he will not let you be tempted beyond your ability. But with the temptation, he will also provide the way of escape that you may be able to endure it.


Peter Marshall said, when we long for life without difficulties, remind us that oaks grow strong. In contrary, winds and diamonds are made under pressure.


This year has been a tough year for most folks, and if it's not been what you hope for, well, guess what? You get to choose what you do with your money.


From this point forward, you can say never again. I'm not going to live like this, guys. I'm excited. Our number one best selling author to Tom's Over Rachel Cruise has written a brand new book, comes out in January. It's on sale now. It's called Know Yourself, Know Your Money, and it is available for preorder today. Now, we've taught the baby steps as the how for years. And now it's time to go beyond the money basics and discover your why why you handle money the way that you do.


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So preorder today in the online store. Dave Ramsey Dotcom. Know yourself, know your money. We launched the sales on it last week and they are record breaking. Thank you for the response to this. It's going to be it is a great book. Obviously, I have read it as not only your dad, but the CEO. We don't put stuff out of here. I haven't read as far as books go anyway.


And also I just like books. I've always been a reader and we put out some some fabulous no ones around here.


Well, we have. I mean, it's unbelievable, you know, just the trend and just the level of research and how we do it. And it's fantastic. I've had more people ask Dave, what's next? What are you working on? What's next for me? You know, it it's just it's it's fun to have people want more information. Yeah. Yeah.


Well, that's the stuff we put out has all been hits. And the reason is it's all been stuff that people actually needed. All right.


Jeff is with us. Except he's not there. Can't get him on hold, thank you. I screwed that up my bad, I figured the software out one of these days, Jeff is and now he's gone. Sorry about that, Jeff. I guess we're going to Shelby. Let me make sure I get the right line this time.


Shelby is in Little Rock. Hi, Shelby.


Welcome to The Dave Ramsey Show. Hi, Dave. Hey, what's up? How are you? Good. How can we help? Well, I'm calling my husband and I have just started babysitting. My uncle is gracious enough to give us your financial peace university course when we first got engaged so we could do that with them for about a year and now we're ready to go. I graduated in December and this is Turkey and I am about to start having to pay my mother.


They're going to be coming to pay me. You're breaking up, Shelly, you're starting you're about to have to start paying your loans. The last thing we heard start again after you're about to pay your student loans.


What? We're about to start paying our student loans right now, they're in forbearance, but we want to get ahead of that while the interest rate is still zero and so are not accruing acknowledges but. They give us several different options, and I don't know which one is the best to go with, although we plan to have it paid off way before the ten years. But it gives you several different options.


And I wasn't sure the one with the biggest payment, if you can pay the payment and then pay more. OK, you need to get out of debt as fast as you can, how much student loan debt if you got? Thirty two thousand. And what's your household income? With my husband and I both huge variable is a loan officer, but averaging ninety two thousand for both of us.


So how fast are you going to pay off? 32 out of 92. I'm not sure we started our budget breakdown, just listen to me a second, 32 and 90. One year. OK, that leaves 60. Follow me. Yes, I got it. Yeah, and that's 2500 to three thousand dollars a month, and that means your own beans and rice and rice and beans and you are not going on vacation and you don't need to go out to eat.


You don't need to see the inside of a restaurant unless you're working there.


Knock it out fast. Live to 600 in discretionary discretionary income, after all, building got good enough tight in your budget.


OK, I want 3000 and in one year, Shelby, it's out of your life, it's gone. It is gone. Yeah, one year, 3000 times Twelve's 36000. You're done, boom, you're going to be done in under a year. If you do what I'm telling you, you're going to make it a 20 600 to show you're doing the right stuff. You've done the budget. You figured out your discretionary income, not tighten it up.


Tighten it up. Liz, have you got more than one loan in there? There's several different little loans, right? Yes, awesomeness lists them smallest to largest, pay minimum payments on everything but the little one and attack them.


I want you to get mad, girl. You don't sound mad. Yeah, Dave.


What do you mean? I just want to stroll out of debt. I just want take my. She got twenty six hundred bucks. I don't know, stroll but her voice.


I want her I want to get I you got to get mad.


You got to get, you got to get angry at this because this stuff will kick your butt man. Will it's a fight. It is. I told you those are payment options on there to keep you in debt as long as possible. Leave. You mean affiant doesn't want you out of debt. No. They want to keep you they want to keep you in a cage like a little zoo animal.


And by the way, people, I need you to have your eyes open because in the mail you're going to start to see more credit card stuff pop in through here in the next 60 days like never before. Also online, be aware. Keep your antenna up. If it sounds too good to be true, it is.


Do not let your guard down. Yeah, this is a good time to get screwed, right? It is. It really is. Dave, you can find it's a sweater now. Did you know that?


Well, I would have to be wanting to wear a sweater first, but that going to go with me here.


It was the example like you could finance a sweater and pay like fifteen dollars a month for like two years. It's ridiculous. It's a 32 percent interest rate, third lower. But people are buying. It's that old layaway mentality. You remember we put on layaway, layaway interest free.


That's right there. This was worse. But again, people aren't counting Totonno's on a sweater on us.


We've got to do math. You all don't fall for it. If you can't pay for it in full, you don't need to buy it. That's right. That's a grandmother rule. That is a fact. Grandmother said it. Grandmother was smart and she lived in a generation when they learned how to do math. Yep. And they didn't need a smartphone to do it.


Ervine is with us in Atlanta. Hi, Ervine. Right quick, what's your question?


Hi, babe. Hi, Chris. So currently we just finished playing are that a couple of days ago. And we are moving on to baby step three and baby step three. But we're getting some different feedback from some friends. Is it better to take advantage of the low interest rates right now with the economy and probably just say ten to fifteen percent for a down payment or go ahead and take, say, for twenty percent and risk losing out on the interest rate?


Well, I'm not sure who your friends are and where they got their degree in economics, but I don't know who says interest rates are going to go up in a world like we're living in right now. They might. It's OK to put down ten or fifteen percent on your first house.


You're just going to get PMI, right, which is private mortgage insurance. Compare that to interest rate changes. That's going to equate to about one percent APPR and the private mortgage insurance protects the bank, not you.


So I got a feeling, Dave, she's she's pulling the wool over the eyes. They're trying to buy a home without a down payment just because rates are low. And that said, ten to fifteen. You know, I can't believe it or not. I don't believe no, I don't buy it just because rates are low. You buy when you got a down payment. Yeah.


Ten percent. OK, down on your first house. Yeah. But you're going to enter PMI and private mortgage insurance when you add it up, it's, it's really close to one percent interest rate. And so you're just jacking your rate up one way or the other here. You can go either out either. Ouch. OK, but a fifteen year fix for the payments, no more than a fourth of your income. Quit taking financial advice from people.


That puts us our The Dave Ramsey Show in the bucks. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial piece, and that's to walk daily with the Prince of peace. Christ Jesus. 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.


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