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Live from the headquarters of Ramsey Solutions and broadcasting from the car rental studio, this is The Dave Ramsey Show. It's where America hangs out to have a conversation about life and money. I'm Ken Coleman Ramsey, personality and host of the Ramsey Solutions Network show, The Ken Coleman Show. And I'm joined today with Chris Hogan Ramsey, personality and host of The Chris Hogan Show on the Ramsey network. Also number one, best selling author of two books, Retire Inspired and Everyday Millionaire.


And we are here with you today to take your calls to talk about your life, your money. We'll talk about your job. Your income is directly connected to your work. And that's what I focus on. Chris Hogan will focus on your money, the baby steps and helping you win. We're both excited to be here. Chris Hogan, always fun to join you in studio.


Well, man, I am excited. I know if I'm on here with you, we're going to get into some stuff. And I'm pretty sure you and I are going to get combative at some point in a kind way.


Wow. Well, just because we are going to try to drive for we're going to help people get on the same page because we care about the futures. That's right. And I know you do on the career side as you're battling on the show every day, helping people get clear. And I am as well. So I'm excited to be with you, buddy.


Yeah. So I've just finished two hours and walked fifteen feet from my studio over here today and I'm warmed up. I know you've stretched your voice. Sounds really good, so I think we're ready to go. I think we are too. Here's how we do it.


Triple eight eight two five five two two five. That is the toll free number to jump in to talk with Chris and I, triple eight eight two five five two two five. We're going to start it off with Loudon, who joins us in Portland, Oregon. Loudon, you're on the Dave Ramsey Show. How can we help?


Hello. Thank you for taking my call. So how are you guys doing today?


Well, we're living the dream. What's going on with you? So I'm pretty I'm pretty much students, and so I'm a 16 year old in Portland, Oregon. I basically dedicated my life to school and going to school to get my associates in science right now at the local community college. And I have a part time job. I just finished summer term and now it's basically turned into a full time job for about the next month. And then I jump back into school.


So I have caj pretty figured out it's getting paid for. And then I think I'm probably going to be attending West Point. I'm applying there and doing all that. So I was wondering, what do I do with all this excess income that I have that I'm not spending because I have my budget and all my six months of expenses and stuff. Wow.


Congratulations. First of all, can we say this young man, Chris has got it together. Loudon, where did you learn about money? Did your parents teach you?


Well, partially that they actually have some really bad habits. So it's sort of just listening here. And then I'm just talking to different people. I'm sort of looking at a Roth IRA with some people, but I just don't like their rate of 75 percent.


So before Chris dives in, let me just ask you, how much money are we talking about excess? And then what are your big goals as a 16 year old?


Because you're a guy who's thinking about this. Yes, I want to go to West Point, and then after I do that, I want to probably serve my 20s and get my pension and then I'm excited. And there's two parts I don't want to go to Congress. And I've always been very politically motivated and I kind of want to go that path or I might go up the economic side and be a financial adviser. My ultimate goal is to sail around the world.


I just think he needs to aim a little higher.


I start with that loud and quit being lazy. OK, now listen here, buddy. I absolutely love your energy. I love your drive. And I'm going to tell you, without a shadow of a doubt, I believe you can do anything you set your mind to. I think the smartest thing you could do right now with money is to save some. And what I mean by that is boost up that savings. You're working hard, being very intentional, and then begin to invest.


I want you to connect with a smart Vesterbro. Like you said. You want to find someone that's going to talk with you about your dreams and help you on the financial side. But I want you to do this for me. I want you to remain absolutely allergic to debt. And what I mean is that way your income stays freed up to do the things you wanted to do. I like the idea of you saving it up that way. If you want a car, you can upgrade the car but begin to save, begin to invest and be very intentional with your money.


But get connected to a smart Vesterbro. Go to Dave Ramsey Dotcom.


I love that young man. What a great call to start work. Hold on a second. I'll have you ever talk to a sixteen year old that focus no and no in their path. No, no I haven't either.


I was already impressed at West Point then he said it well after that I. I want to run for Congress and Congress can probably use a young man like this. I completely agree, but we digress. And then he said, I want to sail around the world. Sure. Why not?


He said that like me going to the grocery store. Yeah. Yeah. I may want to sail around the world. Okay. Wow.


Oh, I love that. What a great call. Thank you. Loud and well. And by the way, just a quick little thing for those of you that are in these older generations. I get weary of hearing people my age, pooh-pooh young people like they just don't have it figured out. They tell you something. There are eagles in every generation. Loudon is one of them. I completely agree.


Hey, Kelly, let's do this. I feel feel like Santa all here comes here. It is going to be akin to the punch. I want to send loud and a copy of Ken's book. Oh, Proximity Principle Think because this young man has some massive dreams and I want him to know how to get connected with the right people in the right places. And I'm going to double down and give him a copy of my book, Everyday Millionaires, because I have no doubt that this young man is on the path.


Yeah, yeah. Absolutely. Love. When Chris gets in, that giving spirit is going to be a good show today. Up next is Kristen and she's joining us in Hartford, Connecticut. Kristen, how can we help?


Hi, guys. Thanks for taking my call. Pleasure to speak with you. Sure. And so I'm 21 years old, I just finished my third year of community college, I paid my way through it, working part time, I'm trying to figure out. So the plan was to finish my last year at university over here. I was going to pay cash for it about 10 grand. But I've been having trouble. Trouble. I'm struggling with the idea of paying and not knowing really if that's what I want to do.


My degree is in finance. I don't know if I should be done with school. If I really need a degree, I want to. My goal is to be a financial coach. I've been taking a financial coach master training. I just been doing a lot of pressure all around to finish school, get my degree, which is that's a lot of money.


Where is that pressure coming from? Is that self-induced or is that coming from peers or family members?


I, I really this past year, it's been a struggle for me and kind of pushed through it, push through it and another semester, get it done. But it really it hasn't been on my heart to finish it, but definitely from the parents have been feeling pressure to get it done and pay for it and just get it out of the way.


Well, Kristen, I want to set you free here and I feel for you. And there's a lot of people there in your situation because here's what's going on, Kristen. You have tremendous love and respect for your parents that easily the two most influential people in your life. And when they want you to do something, even when you don't feel it's right, it creates confusion and you're feeling some confusion, yes or no, for sure.


Yeah. So let me tell you something.


A, you do not need a degree in finance to be a successful financial coach. You do not No. One. Hey, you're going to remember what I'm saying here. B, you don't have a ten thousand. You don't want to see the ten thousand. You're taking financial coach master training, which is the degree. It is the training to get you ready from Ramsey Solutions. So yeah, you're going to tell Mom and Dad, Mom and Dad, I love you.


I respect you. I do disagree with you, but I want you understand why I disagree. Here's my plan. Here's my path. And you've got to be OK with them not agreeing and being disappointed in you, if not the very people you're trying to please Kristen, you will end up resenting. So you've got to do what is right.


I'll tell you what else is right to stay with Chris Hogan and I more Dave Ramsey show right around the corner. You know what angers me as folks are going through some really hard times, identity thieves are using every opportunity to prey on us. The scams are endless. You need to be prepared. Zanders I.D. theft protection is the only plan I have ever recommended. And I've looked at them all. They just do everything in a smarter, more affordable way.


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Welcome back to The Dave Ramsey Show, I'm Ken Coleman Ramsey, personality and host of the Ken Coleman Show on the Ramsey network, joined in studio. My co-host is Chris Hogan, the number one bestselling author of Retire Inspired and Everyday Millionaire and the host of The Chris Hogan Show, also a part of the Ramsey network. You can learn everything you need to learn about Chris. He's got incredible resources. Chris Hogan, 360. Dotcom is where you get to all of the goodies like the everyday millionaire investing guide.


Chris is step by step playbook for Building Wealth is a 30 page guide. So this has got some truth to it, but it's not going to keep you up all night. All right. So download it at Chris Hogan 360 dotcom slash start now. That's Chris Hogan, 360 dotcom. Start now and again. You can learn where to listen to his podcast, How to Get Connectives YouTube show when his Sirius XM show, Sirius XM Show is going on.


All of the things you know about Chris Hogan, Chris Hogan, 360 Dotcom.


That's cool. All right, Ken, listen, it's time for the blind BoCom question. Now, here's the reality. Blind's dotcom offers 100 percent satisfaction guaranteed. So that means even if you miss measure or picked the wrong color, they're going to help you make things right for free.


Which, by the way, that means there can Coleman proof because I'm the example there and as well.


And Hogan Proof. Yes. Anything beyond a flathead screwdriver or Phillips that's out of my pay grade. You get free samples, free shipping, and with the new promos they run every month, you're going to save even more. A lot of people are spending more time at home. So what you can do is use the promo code of Ramsey to get the best deal. Rules and restrictions apply.


Today's question comes from Shanelle in Pennsylvania. She went to Dave Ramsey Dotcom and said, Ken, I'm a 30 year old stay at home mom with two little ones. I'm currently a senior taking online college and will graduate with a B.A. in accounting in March 20 21. At this point, I will have sixty thousand dollars in student loan debt when I graduate. The problem is I don't have an idea of what type of career I want to pursue.


I'm afraid my employment gap, a new degree will get me a low paying entry level job, but I need to make enough to pay off debt.


What do I do? Well, boy, I wish I could have had Channell call into my show long before this, but I think the first thing I look at is can you shut down this semester? How much can we how much can we save?


If you are able to press pause this late in the game?


So you're going why in the world would you do that? Because she's accruing more debt. So she's saying she's going to be at sixty thousand. So I'd be curious how much more debt she's going to accrue that gets her to the 60. So if you can pause, you pause. If you can't. Well, now she's committed. All right. So she's got to finish. But this is the big issue. You have got to figure out what's going to allow you to be financially stable before you start figuring out the career, because you've got two little ones.


This debt is the debt. Now we got to get rid of it. It's there. This degree hopefully will help you down the line. But see, all this is done. So now this is focus on stability first and then we're going to get clarity second, as you don't even know what you want to do. So finish and be looking for work that will give you the financial stability. But I want you to go to Ken Coleman Dotcom and download my Free Career Clarity Guide.


It's a worksheet that's going to walk you through the three indicators that will allow you to figure out what it is you really want to do. The three indicators are talent, passion and mission. Talent is what you do best. These are your hard skills and soft skills. Passion is the work you love to do. You just love the work itself. And then all work produces results. So what are the results of your work that would make your heart absolutely full?


They matter deeply to you, so you use what you do best to do work. You love to produce results that matter to you. That's the purpose sentence. You've got to walk through that. And that career clarity guide will get you started. I'd also tell you to call the show after you've gone through it called Ken Coleman Show. And we'll we'll get you that clarity.


But we see this a lot, Chris. People get committed to college. They really they don't know why they're there. One of the things she says in her ten, though, is that the people are caring about the degree, but they're worrying about the income, the employment gap. Yeah. Is there a way to for her to explain that? I mean, she was a stay at home mom, right? I mean, that's something you just come right out.


Just what you have to say. Yeah. Yeah. People don't care as much about the gap if they've already found out about you. And so this is why I don't believe even applying cold, OK, a resume is worthless without a relationship. So if I go apply for a job at X, Y, Z, Inc.com, you know, whatever, and I put on my resume and I and I've not looked to see if there's anybody that I know that works there.


Do I know anybody who is a client of theirs or anything? Or they can say, hey, I've got an intern there, let me find out who that hiring manager is, and I'm going to give you not just a recommendation, but I'm going to make sure that. I put your resume in front of these people and say, here's how I know Ken and I think Ken is worth an interview. Gotcha. That's the process. Yeah. And so if you're just this cold, anonymous resume, then that gap does create questions.


So when you've got situations like that, what do you have to do? You have to fortify that. That's right. Make that irrelevant and is irrelevant. By the way, if they find out you're a solid person that's just decided to be a hero and stay at home for a little while. No big deal. All right. Eight eight two five five two two five is the number to jump in eight eight two five five two two five. Let's go to Springfield, Massachusetts, and that's where Michelle joins us.


Michelle, how can we help?


Hi, Ken and Chris, thank you so much for taking my call. Sure. How can we help? OK, so this is really more job related, but kind of encompasses everything. So I'm in an industry that is suffering right now. It's the hospitality industry. I've been in it for years. I'm successful in it. I know my stuff. But unfortunately, a lot of us do. And we're all running into situations right now. The situation with me was that back in March, I was laid off, slash, furloughed with the intent of coming back.


I was brought back in June. And then now I'm being laid off again, which is fine, because at the end of the day, with the first layoff, I really decided that I wanted to pursue my passion, which is still in this industry. Whether or not that's a good thing or a bad thing to be wanting to pursue is questionable. But basically, I have a lot of training. I have an expertise in what I do for a living, and I really want to pursue that and start my own business and kind of go from there.


We are on step three and three, be in baby steps that we are debt free, which is fantastic. Sixty five thousand dollars a year. Great job.


So it's it's motivating now because I see a totally different picture than I would have three years ago in front of me. We have two little kids. My husband does work full time and we can survive on his income. I am collecting unemployment. I don't really have the ability to kind of get a job.


So, Michelle, side of it. What is what is your question? How can we help today?


The question is, how do I now position myself to go back out in a suffering industry and make something knowing that it's going to take some time to ramp up, which is fine. I'm totally OK with that. But how do you go out in an industry that is suffering now to start flourishing in it when it starts coming back?


Yeah, I got so you know what the answer is? It's patiently how do you go out in an industry, the struggle where they're laying people off, they may not hire a consultant like you or somebody like you to come in and and help them. You've got to be patient. So you're thinking of this right now is I'm laying the groundwork because covid is going to dissipate, the economy is going to fall. And as it does, trust me, people want to go back to hotels, they want to travel, they want to get out.


And at that point, this industry is going to see a tremendous, tremendous response. It's going to go straight up because consumers are ready to get back. Now, let me tell you how I know this, Chris. Housing sales. Record housing sales. Yes, retail sales last month up. Yep. Over the previous year. That's a good thing. Consumer confidence is there. Are we still experiencing pockets of the country that are economically, of course.


But in this situation, Michelle just needs to go out and say, hey, I'm opening up my own deal because you got it, lady. Listen, you've got the experience. You've got the expertise, you've got the desire. You don't need the income right now. There's no pressure. So what you're doing is, hey, when things get back to normal, then here's what I can do for you. Here's why you need it. Here's how you get in touch.


That's exactly right, Michel. Keep keep your focus, young lady. You've got this. Love it. Speaking of people who've got it, Chris, we're looking at a sharp young couple out in the lobby. Ramsey Solutions coming up next. Oh, you don't want to miss that bubble. Debt free scream tune in. The Dave Ramsey Show continues, Dominic. Coming to you live from Ramsey Studios in Nashville, this is The Dave Ramsey Show. I'm Ken Coleman Ramsey, personality and host of the Ken Coleman Show on the Ramsey network, joined by my colleague Ramsey personality Chris Hogan, host of the Chris Hogan Show on the Ramsey network.


And Chris, this is fun because in the lobby of Ramsey solution, we have a fabulous young couple, Drew and Lori from Houston, Texas, here to do their debt free scream. So, Drew and Lori, welcome. Hi. Thank you. Thanks for having us. Yeah.


Congratulations. So excited you're here to share the story.


So I need to know, how much did you pay off and how long did it take paid off one hundred forty one thousand seventy nine dollars and twenty one and a half months. Wow. Wow.


Twenty one and a half. It's very precise. How long ago was that? I was November of twenty eighteen. We finished. Wow. That was amazing. All right. What's yours. Are you nervous right now? Oh don't be. Yeah. You are here to celebrate something, right? You guys were very intentional over time. Tell me of this. One hundred and forty one thousand and seventy nine dollars and we'll get that 79 in there. People, what did you pay off.


What was this, one hundred eighteen thousand with student loan debt. Fourteen thousand was a personal loan and credit card debt. And then the remaining nine thousand was Ottos.


Wow. Wow. Whose student loan was as a combo. It was a combo, but mostly money.


For what degree. What, what degree. And I have a bachelor's and master's in nutrition and dietetics.


Whoa, master. Yeah. What do you do for a living. I'm a registered dietitian. Okay. All right. So you're using it. I am. Drew, what do you do for a living?


I haven't heard this one before, but I'm an analyst at a bank.


Oh, yes. This is a former bank. Yeah, I am. Analysts are very important in helping with strategy and and all the information that happens inside of there. That's good. So you guys have been married. How long? Three years today.


Three years. Oh, great. Happy anniversary, Drew.


Please tell me this is not her gift. I, I get to plan the next five anniversary gift that was a little awkward. Like, am I supposed to do something else?


By the way, I want to further congratulate Drew for completely out married himself. I think that's pretty obvious. I think it is two guys. Yeah. Good. By the way, I did as well. So there's no shame and way to go. Good job.


So tell me tell us who started this journey of getting out of debt? Whose idea was it?


It was the combined idea was actually what happened when we got married. We started talking more about money. We're starting to plan for our future. Still no kids yet, but I was afraid that we are still going be paying off my student loans by the time our kids went to college. Got true. And here we are. We paid them off before you had kids. That is absolutely amazing.


Drew, what are some of the things you sacrificed?


We sacrifice going out to eat. We sacrificed. My wife's been cut my hair now for eighteen months or so, so I sacrificed haircuts.


By the way, it's a fresh cut. You got good. You think? Look, she just said it not too long ago.


She forced you to temper a temper with money in the budget.


Sorry. There you go. Very nice. Yeah. There go.


It's good for you. What were some of the biggest sacrifices you made? I think that for for me and my family lives out of state. I used to love to travel a lot, so I cut back on trips and, you know, using more space time, virtual visiting things and also, you know, going out with friends and shopping and all that.


How long did it take for this discipline, all these sacrifices to take hold? Did you guys just say, all right, we're pulling the cord now, or did you kind of have to discipline your way into it?


I think we went head first. It just went for a good for you.


We took Financial Peace University through our church and that really got us going on it. It was right about the time when we started talking about wanting to tackle some of our debt that they advertise for class. If I was a perfect fit. Yes. And helped us so much that we actually started coordinating at our church. We've done two classes so far and we thank you for doing that.


Yeah. So not only were you doing it, now you've decided to reach back to help others. Yeah. What would you tell other young couples out there? Is it possible to pay off debt?


Yes, it is possible. You need discipline. You need a plan to stick to the plan. And I like your saying focus not finished.


Yes, sir. Without a doubt. You guys, I mean, you have no idea the the path where you just pay for yourself, you know, and here's the thing I want you to know, stupid lurks around every corner. And so what you have to do is don't let your guard down. Right. Stay super focused. But I like how you guys worked as a team. You know, you pull it off and knock it out one hundred forty one thousand seventy nine dollars and under two years.


That is not an accident, my friend. That's intentionality. So great job. Here's what I want.


Here's what I want you to share with other young couples that are listening and they're watching and they're going, look at this couple. They did this. This is a serious amount of money in twenty one and a half months. How has your perspective changed?


On the other side of the sacrifice, on the other side, the discipline, now that you're actually free, how has your entire perspective on your future together changed?


Anything's possible. I mean, if we can do this, we can do anything.


Yeah, that's absolutely true. Yeah. We have, you know, dreams of doing the house the right way, making sure we have a good down payment, try to pay it off early and, you know, saving for kids, college and all that, just knowing that it's possible. And we don't have to take any more debt to do these things. Yeah.


How did you handle people shaking their head at you, maybe judging you? Was there was there some shaming going on or was it just so difficult at times you looked each other in your going, why are we doing this? What did you really struggle with, maybe together or individually in this journey?


Oh, wait, a couple meltdowns.


But overall, it was pretty clean with a lot of supporters out there and my friends, our family, I want to want to I want to know people want to know what the meltdown give me at least one meltdown that we can't just gloss over.


Oh, let me give you a little Miraj tip. You'll be better off talking about your milk. They cover your wife's milk. They'll let her talk about her own demise.


There is one time that we were at a grocery store and I wasn't paying attention and there was coconut water on the actual register.


And I grabbed it and I put it in there and it's four dollars and 25 cents. Oh, so it went all the way home. My wife found it. None of us drink coconut water, by the way, so I had to drive all the way back to the grocery store and return it.


No way. Yes, sir. Well, sir, he had me on a very tight grocery budget. About four dollars is 20 bucks and 20 percent. All right.


I must tell you, I am intrigued by how the coconut water got. I don't know.


He doesn't I don't pay attention. I mean, that's what it is he learned. But a big word, Larry, real quick, what was your meltdown?


Oh, I had I had quite a few and most of mine happened towards the end of the mine, you know, and the budget starting around slam. And here just remind me, you know, why we're doing this, right? You know, it just keeps things in perspective. So it's great to have someone on the same page with you to hold you accountable.


Yes, it is. And I want to tell you guys, proud of you, proud of the teamwork, proud of the focus. And you all stay this path. This journey has many dividends. It gives you many options as you start to grow your family and think about your future. Just remember what you walk through. It wasn't an accident. Well, this is exciting.


This is a side this is this a big moment. You've reached the finish line. You've run the race really, really well. We're so proud of you. You inspired so many people. Here we go. Drew and Laurie from Houston, Texas. They paid off a hundred and forty one thousand dollars excuse me, and seventy nine dollars and twenty one and a half months. Count it down.


Let's hear your debt free scream three to one where debt free.


Here it is. Yes. Oh, look at look at the relief. Oh, I love it. So good. Well, you guys are on your way and so they're going to get a copy of your number one best selling book. It's your everyday millionaires.


Yes. Because they're on their everyday millionaire journey. No, this is not an accident. And I assure you, this couple has rehearsed that scream probably one hundred forty two times. OK, at least. But you nailed it and you got it right. And more importantly, again, I want to just congratulate you on blazing a trail for other young people out there that are standing face, student loan debt, credit card debt. And they think maybe I can't.


But they think, you know what? Lori and Drew did it. Lori and Drew did it together. Maybe I can. And so I just want to congratulate you guys. You're going to motivate some other people to come join that stage. Great job. Absolutely.


And, you know, I want to point out something that was really instrumental in their journey. And this is true of all of us. When we get in community like a financial picture, everyday versity class, there's that accountability. But there's also the juice. Yes, other people are in the same journey. They understand. And you're seeing other people cut up cards. You're seeing other people make progress, but all of a sudden you're even more motivated to put up your own scoreboard.


So I think what they did there was so great. And then they went on and became instructors in Financial Peace University. So they're on the front lines. What a fantastic couple. Drew and Laurie, you are. Why Ramsey Solutions is here. Love this. All right. That was fun, Chris. And I've got to hydrate. Don't move. More Dave Ramsey show coming right up. The Dave Ramsey Show continues to roll along, giving you hope through just practical wisdom, just like we heard from that fabulous young couple, Drew and Lori, just a wonderful, wonderful journey to hear their debt free scream.


I'm Ken Coleman Ramsey, personality host of the Ken Coleman Show on the Ramsey network, joined today.


My co-host is Chris, who is no stranger to any of you here, who listen to the Dave Ramsey Show. He has a Ramsey personality. My colleague, host of the wildly popular Chris Hogan show a two time number one, best selling author of Retire Inspired and Every Day Millionaires.


And we are taking your calls, eight eight two five five two two five. One of the things that we loved hearing from that young couples that not only did they take financial peace university, they decided to lead.


And we need help. If you want to lead, it's easier than you think. And here's why we need you. More than 16 million Americans are unemployed, and that means they are at risk of eviction from their homes. And I want you to just think about all the people you know who have been affected negatively in their finances this year. They need a plan. They need hope. They need someone to guide them through a plan that will work.


If you've been impacted by what we teach, we need you to step up, raise your hand and lead a financial peace university class. As an effective coordinator, you'll help people learn to budget, dump debt, save for emergencies and give generously. Now, here's the deal. You can lead a virtual FPU class from home and reach people across the country. And with a free coordinator guide, you'll have everything you need to lead with confidence. You can do it.


I've done it multiple times, believe me. If I can do it, you can do it. And so we want you to start making a difference in your community as a financial peace university coordinator. We'll help you through the whole process. Here's how you get started. Text lead, FPU. That's all one phrase. No space lead FP. You text that phrase to three three seven eight nine. That's three three seven eight nine lead after you text that to three three seven eight nine, which is also an incredible opportunity.


Now people will say, well, Chris, do I have to be through the baby steps in order to lead after, you know, you can be right smack dab in the middle of working your own plan and walking through it, and you still have an opportunity to be able to help others. So there is no prerequisite. You're going to have information in there that's taught by Dave, Rachel and myself. And you've got an opportunity just to coordinate. That means facilitate, have the conversations, help people engage.


We're going to do the teaching so you can help people from right where you are. Good stuff. How do you turn that down?


How do you know? It's one thing for me to talk about when people start setting up little boys.


I know. I was I was trying to whisper.


I was very good. Triple eight eight two five five two two five eight eight two five five two two five is the number. Bill is up next in Roanoke, Virginia. Bill, how can we help? Hey, I'm retired military, I'm a small business owner, I we just had a child and I would like to start a college fund for her and a possible ICRA, and I'm trying to figure out where I could go, how much money would I suggest to put it in?


Because I want her to be pretty much I don't have to pay for college because they will all be paid for through college fund and when she hits 50, but you basically will never have to worry about money again where she could retire and not be like her dad who has to work. Oh, Bill, did we lose it?


Oh, he's there, Bill. Well, Bill, how long did you serve in the military? 20 years.


Buddy, thank you for your service. Yeah. Thank you. Yes. What branch were you with? Army. Army.


Well, thank you for your service, my friend. And you can hear the intentionality in your voice. How old is your daughter?


She was just born.


Oh, congratulations. He's already trying to figure out how she will retire. Absolutely. And I'm going to tell you something, Bill. You haven't that heart in that mindset. That's the first step with college savings. You've got a couple of options. There's a thing called an essay, an educational savings account. And you also have what's called a 529. Now, I'm going to encourage you to get connected to a smart Vesterbro because what you want to do is sit down and you really want to lay out a full on game plan.


I really like the essay, the educational savings account and be able to walk through and talk through. But you have other plans. And as far as the investing side of what you're wanting to set aside for her, so you've got a great jump. Your baby's brand new. But I'm going to tell you this, buddy, she's got a bright future ahead of her because she's got a dad that's intentional. And you guys are going to make that happen.


So have that conversation. And that way you can also get your own stuff reviewed, Bill, about where you are and what's going on and just begin to lay out this plan. But can I see this a lot? When people have a kid, it wakes up this thing inside of us that says this paternal instinct to not only protect, but we want to provide.


Yeah, Papa Bear is fired up. No question about a doubt. Yeah. Bear is also not getting much sleep. No. OK, he's got this baby. Yeah. Babies and puppies will take away your sleep. Oh it's almost like that is the truth.


I do this from puppy advice that you can't do for a baby. The puppy.


You just have to let the puppy cry. I'm still going to break your heart. Yeah, but the other day it's not a human. Let it cry until it gets so tired.


Hey, they're talking about nowadays throughout this covid thing about covid puppies. Yeah. You asked, did you acquire another dog throughout this. OK, no, I'm a dog now.


I got two doodles. OK, to doodle is enough. Yeah that's enough.


Yeah. We're probably one extra doodle but we love both Ellyson Reagan so that's cool.


Names you like to call names.


All right, let's go to Dave, who joins us in San Jose, California. Dave, how can we help?


Hey, guys, thanks so much for taking my call. I greatly appreciate it. I'm one of the people that I had before I found the Ramsey program, bought a or was sold a whole life insurance policy. And after listening to you gentleman over the years, I realized that that was a mistake. And I'm just trying to figure out what I do now. How do I get out of it? I've got a cash or a surrender value of about thirty thousand six hundred and forty seven dollars in that account.


And I don't know what my options are. I don't know how to how to proceed if I continue with it, if I'm this far down the road or if I make a change and can cancel it and what I do with that money.


OK, great question Dave. How old are you sir. I am 47 years old.


OK. Forty seven years old. Are you familiar with the baby steps? I am. What steps are you ok. So I am paying off or paying down the mortgage. I am. I am at that point where I put away, you know, fifteen percent of my time have money set aside for my two kids college. OK, and you have no debt free. OK, well you can pretty much for the mortgage. OK, everything but the mortgage.


OK, so you're there. Yes. Yeah. So here's the deal. You've already done some of the legwork because you know what your surrender fee is. What I want you to do is a reach out to one of our real estate, our insurance LPs to review that policy. And here's a couple of things that will happen. Understanding the surrender policy. But based on the policy, you need to know what are the stipulations and requirements to get out of it.


Now, before you do that, I'm going to also encourage you to go ahead and apply for term life insurance. You want to do ten to twelve times your annual income. So how much are you making a year right now?


I make about 350000.


OK, so you're looking at this or you're going to have three and a half million in term just so you have this coverage. And I want you to. Have that policy here muddied with this phrase full in effect, which means your term is there, full it in effect at minimum before you cancel anything? OK, and that way the reason why is if something comes back and there's a health issue and you don't qualify for a term or you can't get a policy, I at least want you to have something.


Does that make sense? OK, so what I do is reach out, get in touch with that insurance, help, review your policy, walk through the process. But here's the deal. Insurance is supposed to protect you. Right? And oftentimes what happens with whole life is it's trying to be an investment. It's trying to be a savings account as well as being insurance. So it can be a lot more expensive term can be cheaper. And Zander Insurance, once you go over and click on that, will be able to help you go to Dave Ramsey Dotcom, the insurance l.p.


You'll be able to walk you through it, review your policy and guide you on the steps. Good stuff.


Chris Hogan, thank you. I've got nothing to add there that was so stellar. Nothing. Absolutely nothing. You just freed that man's great Zander Insurance can take great care of him. Yeah. And wow, great income but ready to pay the house off.


He's focused man. I like it. I like to hear people every day millionaire mean. Yes. People living in the right direction makes my heart happy. All right. We want to thank our producer, Zach Binit, our associate producer, Kelly Daniel. And always fun to be with you most. We want to thank you, America. Thank you so much for listening. This is The Dave Ramsey Show.


Hey, it's Kelly, associate producer and friend screener for The Dave Ramsey Show. This episode is over, but if you heard about an event, product or service, it didn't have a chance to write it down. Don't worry. We lost everything you've heard about during this episode in the podcast, show that section or head over to Dave Ramsey, Dot and Cliff Dave recommends. Thanks for listening. 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.


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