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Live from the headquarters of Ramsey Solutions, broadcasting from the car rental studios at the Dave Ramsey Show, work that is done. Cash is king and a paid off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Dr. John Maloney Ramsey personality is my co-host today here on the air. Open phones for you at eight eight two five five two two five.

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

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In Iowa, Bryson is calling. Hey, Bryson, welcome to the show.

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How can Dr. John and I help he gave to honor the secrecy. Thank you. You too, man. Hey, so I am I just resigned from a position that I'm a teacher and I resigned from my position back in June and they're trying to say that I broke a contract and that I'm going to owe them 5000 dollars and they're going to take me to small claims court. I'm in business up to right now. And I was wondering if I should be saving money for I do end up having to pay out money or if I should just continue paying off debt because there is a possibility I might not have to pay.

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OK, what was the 5000 dollars for? Well, they are trying to say that that is a story that I owe them because they are going to incur costs to hire and train new staff to replace me.

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Did you violate your contract? So I did not violate any laws with the Iowa Board of Educational Examiners. You know, that's 1938. Yeah, that's not what I'm asking. Not that you broke any laws or anything, but most K-12 teachers. I sign annual contracts for precisely this reason to keep somebody from quitting in the middle of the summer.

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Yes, I did sign a contract return back in March, and I did actually reach out for legal counsel. And they told me that I should be able to resign as soon as I do it before June 30th. But of course I am. Why did they tell you that if you had a contract, why did they tell you you could break it? Because they said that I was not breaking any alliance with the Board of Education. Who is your lawyer?

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I go to a private association here in Iowa.

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Oh, you didn't talk to a real lawyer. You talk to an idiot. OK, because let me help you with this, OK?

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The law is one set of things. John's pointing that out. And because you didn't violate any laws doesn't mean you didn't break a contract. For instance, you sign a contract to buy a house.

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Not you're not closing on the house and keeping your promise on that contract. You're liable for getting sued for that. But you're breaking laws.

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You don't go to jail. You didn't break any real estate laws. You've not done anything criminal. You've not done anything according to the Real Estate Commission or anything else. It's not even it's not criminal. It's not even a civil law that you broke.

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It's just you violated you didn't keep your word legally.

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And there are costs with that. So that's what we're trying to ascertain. So, yeah, you need to talk to, like, a real attorney in this. You need to stop your baby. Step two, because I think you're probably going to be writing a check.

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OK, you're going to lose. That's my prediction. OK, because you got bad advice now that I'm not a lawyer, I'm just a guy who signed about eight bazillion contracts in the last 40 years in business, and they're real. And I've helped people to them.

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I've been held to them and, you know, when it wasn't convenient and and so forth. And so. And, you know, there's a spirit of the contract and is there a is there a covid, you know, a force majeure clause because of covid that you could get out? I don't know.

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You need legal advice. And yes, you need to stop your baby step two and pile up some cash because you're either going to spend some money on a lawyer and or give them five thousand dollars.

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I've been around city boards and municipal boards and State Board of Education my whole career, and I've never heard of a financial clause, but I have heard them where they'll go. They'll take your license from you, your teaching license, they'll suspend you. So they're serious about that. Again, for precisely this reason. They it costs them money. They want to plan for the fall, right? Yeah.

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And now they got to go run to replace the fall. Right.

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So you probably with an attorney if there's force majeure, which is meaning in case of war or national calamity, earthquakes, hurricanes, corvids and so on, a lot of contracts are being broke.

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Are people are walking out of a lot of contracts right now in force majeure.

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And because, you know, I've had some with these live events where the we were not able to hold the live event because of the municipality changed rules and they said, you can't do it. And yet I've got a contract with Zazie Arena saying you'll show up.

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Yeah, but under the, you know, force majeure, you know, I'm walking out, you know, and I and I'm out clean.

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And so there's a lot of people learn French these days without me. I mean, honestly, I've signed contracts with that phrase in there my whole life. I never thought in my life I would see a thing where I actually activated something because of something similar to an act of war, you know, but but it dates back to well, it dates way back.

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But I mean, the last time you saw stuff like that really activated was World War Two things shut down, right? I mean, they repurposed factories and started making tanks instead of making refrigerators. Right. And so, you know, all of a sudden those, you know, there's contracts that people were held to or not held to. And so it became standard operating procedure in business to have that.

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So anyway, you need an attorney to I'm not one, but I think that it sounds like you got bad advice to me right on the surface. And I'm afraid you're going to lose that.

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So you need you know, you didn't just stop your baby step to and get ready and. Yeah, and it may be that and there's something came up like you say, something happened, I've again been around educators that are good people. They want what's best. They got into that business because they like helping people. And maybe you can go sit down and have a conversation and they'll work with you.

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But, well, I think you might settle it didn't feel good. Yeah. You know, maybe you pay a thousand dollars to an attorney and you settle it for two thousand dollars or something, but because those costs are a little bit nebulous. Right. Are you actually going to prove exactly what it cost you to replace a teacher?

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Right. But the meta on that is if you have an expense coming up down the road, that's probably going to happen or maybe can happen to plan for it's coming, right? Yeah.

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And if you can't absorb it in your budget, which this is beyond that, then yeah, you've got you know, there's a hurricane, a common right.

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So you better get the plywood for the windows. That's what we're saying.

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And yeah, that's a time you push pause on your baby steps and you get ready for the hurricane.

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Same thing is, you know, a good a good version of that is a baby's on the way, OK? You know, it's a good version, right.

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And it's not a negative situation, in other words.

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But we say stop everything, get ready and do that.

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Not not directed at Bryson because I don't know, we didn't get into the whole situation. But I think it's fair to comment in the middle of this that when I got in the real estate business in 1978 and people wrote a contract to buy a house, you know what they did?

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They bought the house. Nowadays, they just kind of think it's like an option is holding, period. I'll just lose my Ernest Moniz. I'm not going to change my mind. Going to Martinus my. And there's a specific performance clause in a real estate contract, you can get your butt sued. Absolutely. And you can lose.

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And a court forced you to close on a house you said you were going to you ought to not enter in and shake hands and a pledge.

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And enter into a contract and again, this is not directed at because I don't know what all up he was up against. We didn't get into that.

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But just in general, one of the attributes of people who are successful in an area, every area of their lives is extreme, fanatical levels of integrity.

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I tell folks, I gave my son my face and my last name. That's all I gave him. Right. And I've got to defend both of those face. Is it pretty? I got it. I got a lock down on the integrity of my name. Well, you're in radio, so there you go. This is the day, Ramsha. Technology and innovation are crucial for any company success, but the primary focus should always be on you and meeting your needs.

[00:09:03]

That's why you get the best of both with Zander Insurance and their term life plans. Xander uses time saving technology like over the phone applications, voice or electronic signature, and even plans with no medical exams to speed up the process of getting you the protection your family needs. They are committed to serving. You go to Xander Dotcom or call 800 three five six, 42, 82. Thank you for joining us, America. We're glad you're here. Open phones and triple eight eight two five five two two five.

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Dr. John Boloney Ramsey personalities. Here to answer your questions with me on the Dave Ramsey Show all three hours today. Thanks for being with us.

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We're talking about your life and your money. Liz is with us.

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Liz is in Los Angeles. Hi, Liz.

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Welcome to The Dave Ramsey Show.

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Hi. Thank you for taking my call. I have a quick question. I currently have an RV and which I live in, and my car will be paid off in about a month. I will seventeen thousand dollars on that. So I will have the paid off next month. And I wanted to get your opinion because I want to just go full time in my RV and I don't want to buy a house. So I wanted to get your opinion as far as what would be the income for when I do retire, what amount should I be saving?

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Currently I'm doing seven hundred dollars a month and my wife and 400 and my 401k. Good for you. Saving a lot of money on your house.

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Yeah. And I have 46 and I have 20 25000 in my savings.

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OK, well, well done. Very well. Is the RV paid for. No, that's the thing I do on the RV. I was paying my car all 45.

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OK, and so your plan is for the next 45 years to live in an RV?

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Well, my grandmother's giving me property. She has give me property. I'm not sure it's all paid for. She owns a couple of houses, but I'm like, oh, God, what are the taxes going to be on that? So I'm not sure I want the property.

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OK, so you owe how much on the RV again? Forty five thousand. OK. And is it worth that.

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Oh, yeah, I you it's Brennan. You put a lot you put a large down payment. What's it worth? What you pay for it. I gained 60 pounds in three years. OK, well, I can answer. I mean, there's there's several lenses through which you would look at this situation lens No. One is. What do you want to do with your life? How do you wanna live your life? You obviously like being in a situation where you can roll.

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Right. And you're that's a lifestyle decision.

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I've got friends that retired bought RVs and are being right.

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And they sold their house. And so, I mean that that's a lifestyle decision. And you get to decide that I'm not I don't speak into that.

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And it sounds kind of cool, actually, but financially, it's a horrible game plan long term, because 40 years from now, 30 years from now, this RV is worth zero versus owning a home would have gone up dramatically in value during that same period of time with the exact same price.

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So, you know, if you're asking me financially is a good can you absorb the blow?

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Yeah, I mean, you've got this land coming to you and some other stuff, you'll be fine. But if I said, you know, what is the strategy for building wealth and creating a stable financial platform to live my life and retire with, it's not going to be an RV.

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The RV is going to be a Ottoway on the side of this program, not a method of handling my housing that is financially efficient because it's going down in value. You're turning a hundred thousand dollars into zero instead of a hundred thousand dollars into 500000.

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So that makes sense. Yes, it is. So it's not a product. It's not it's not to say, oh, you're stupid and you need to sell it today. I don't I'm not saying you need to sell it today. Need to run off and buy a house. I'm not saying that at all.

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I am saying that for a 40 year game plan, it doesn't work. So you need to accentuate your game plan.

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You need to add to your game plan A, the ownership of a piece of real estate that you pay cash for eventually or pay off eventually.

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And that could be five years from now. I'm OK with that. But but is this a 40 year game plan?

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Answer no. It's not a good for your game plan, even with lifestyle and so forth.

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So open phones at eight eight to five five two to five. That's triple eight eight two five five two two five.

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There's something, John, I wonder what it is about us.

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And I don't know if it's appealing to you, but there's something that I want to retire and I want to see the world.

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I'm. And the RV kind of scratches that itch at retirement particularly, but I've known people that in their 50s or 60s or even 70s, that their game plan literally was they sold their personal residence, bought a 150000 dollar RV, which in five years is going to be worth 25 grand. You know. Right.

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And I don't know if it's.

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How we were trained in the culture, if it's just natural human wanderlust that I want to see things and do things, but are we all watched, you know, Vegas vacation to many times and Wally World was closed?

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Well, I'm watching it even happen with younger folks wanting to buy, you know, five acres instead of just traditional suburban home or wine to buy 25 acres. Well, you did have went to the you just did Green Acres. I just mean, we moved back to San Dun dun dun dun dun dun dun. Oh, man.

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Yeah. One good thing, a quick tip for America. When you buy a house, make sure you can drink the water. That's that's what we're learning on the side there.

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But this is not the new place. Yeah. We'll get it fixed. Oh. Just a good just filtration system. So they tell me they didn't mention that in the YouTube videos that I watched before about this place, though. So that's good.

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But all I can say is I think there's this idea that I think it's a deeper idea than I'm laughing about it. But I think we have this notion that our life is something to be accomplished and then a appeared at the end of it.

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And then we can have fun with what's ever left me. And we have this like I've just got to put my time in live in this tiny little house and do suburban and go to schools that I don't really like and shove my kids in programs that don't really benefit anybody so that I can say I'm done with that part and then I can live.

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And then what I find so often is that's when you get faced with the illness that pops out of nowhere, you get a financial crisis or suddenly covid Shozo, and you realize that you've burned this extraordinary gift, which is your one life, trying to just get through it so that you can buy a house on wheels and drive around.

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Right. And it just radically shift all of our lives.

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If we started saying, who do we want to be, who do want to become way upstream and what kind of people do we want to grow our kids into? What kind of people do we want to be?

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And if buying an RV, like you mentioned, if that's part of it and it's not a good financial strategy, but it's a fun way to live, right?

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Well, I think some combination between America moving off the farm into the factory and Refaat, right. Is responsible for the assembly line.

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And then the union comes in and says, OK, if you if you put in your time, then you'll be OK. And then we put in Social Security, that kicks in at 65. So we declared the finish line. Finish line at 65. And if you can make it to there and of course, Hogan's been fighting uphill against that for with the return inspired, he said retirement is not an age, it's a number. Right.

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And if you read the research on retirement, when people get to this magical place, this fantasy land where I just get to do nothing, when that's your goal, I get to wake up and sit in my chair and call it a million times they die. Everything around them falls apart no matter their self. They die. They they fall off a map.

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It's just the number of people who go fishing for a year and then die. Yeah, that's just what the data says. It's just yeah.

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It's just and we've all known them metaphorically and in person. Absolutely. Anecdotally in our lives. We've seen them, we've walked with them. They've been friends and friends of my dads or whatever, that kind of a thing. And I knew this guy, you know, from the barbershop, you know, and whatever. But but that because there's no purpose and it's like I'm finished.

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I'm across the line. You finish the marathon. So you're laying in the grass trying to recover, pouring cold water over you and then a few more.

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Then you have to get up a few miles back to the car and your legs don't work.

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And you're a few months later, you sit with your friends and you're laughing about the time you fell over the finish line.

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And then you start to realize, oh, the nine months I trained for this was what that was.

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That was the adventure texted my friends. The funny means as I'm falling apart, training and having to force myself to get up and having my wife say, get out the house and go run. And that was the adventure.

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The race was just the cherry on top of that sun man. Exactly isn't the good stuff.

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And so we hear the meems ah I did when I was a kid. I mean, I remember Earl Nightingale saying success is not a destination, it's a journey. And that's all we're saying. That's right. And so and again, that's not directed at her. But just got me thinking about it because I had a lady that worked here who I dearly love, and she was with us for a long time and she and her husband are being retired, it sounds, and they are having a blast.

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I just and I always just kind of go and I knew a guy that was a neighbor of ours when I was growing up as a kid. His goal was to, you know, complete his job. And he was going to buy an 18 wheeler and drive truck so he could see the nation sleeper cab. Take his old lady with him. Right. You know, leave the grandkids back wherever. I don't know. I it's a weird thing we have.

[00:19:13]

This is the Dave Ramsey Show. People all over the country are discovering a faith based and budget friendly way of meeting health care costs through Christian healthcare ministries, Christian health care ministries, or CHF, is a nonprofit organization that helps members carry one another's burdens with health care expenses. And they have successfully shared each other's medical bills for nearly 40 years. CFC is right for you by visiting S.H. Ministries. Big C h. M is a proud sponsor of Dave Ramsey live events.

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Dr. John Deloney is my co-host today here on the day, Ramsha Ramji personality, we're talking about your life and your money. Open phones, a triple eight eight two five five two two five, literally open phones. Why us in Baltimore? Hey, why? What's up?

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I'm living the dream that you just the same brother.

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How can we help? So I'm finishing up step two, I'll be finished at the end of September. Cool, moving into step three, I'll be finished around April, so I'm looking to buy a house. Great. My lease is up in July for my apartment. Perfect. I'm a veteran with a disability rating. So I was just wondering, since I have a disability rating, is it OK to use a VA since I won't have any.

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Yeah, it's always OK to use a VA loan, but a VA loan is more expensive than an FHA or a Fannie Mae. Fannie Mae, a conventional loans, the cheapest loan because of the fees, the funding fees.

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They waive those when you're disabled, which you brought up. So you obviously know that.

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And so that makes the VA loan not more expensive.

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It's not less expensive. It's just about the same now.

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And so it's a fine deal. There's nothing wrong with it for you to come in and do this. Thank you for your service.

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And yeah, just be watching the paperwork, man.

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I mean, and don't use the VA loan ever any of you out there because you can get in for nothing down.

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Nothing down means you're not ready to buy a house. That's what nothing. Yeah, you're broke, but I was going to have about five to 10 percent down perfect in that time frame. Yeah, but that's perfect. Zero. Yeah, that's perfect.

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But, you know, you're aware that the VA has a program, the seller can pay 100 percent of the cost and you literally can walk to the closing table, sign the paperwork, put down not a single penny and buy a house if you're a veteran, which is dangerous as crud and a bad idea.

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But the concept being, of course, that this was a good way to help veterans get a home, you know, after they have served.

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And so that that's the idea, which is the whole thing is oxymoronic because it's this is supposed to be a benefit for having served. And it's yet more expensive unless you get the fees waived or some of the fees waived due to your disability. So in your case, five to 10 percent down, the fees are waived. If you want to use the VA, that's fine. What I would do is talk to your mortgage and have them run the numbers on the VA for you and how you run the numbers.

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Unconventional in your case, with the fees waived, it might be the same or a little cheaper.

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It may.

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You know, there's no there's nothing patriotic about using the VA loan.

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It's the Veterans Administration, for God's sakes. And they're you know, they do some wonderful things for veterans, but they're also a bunch of things where they're just a large bureaucratic mess.

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And so, anyway, get in there and I run the numbers out both ways with five to 10 percent down. You can do a conventional and just look at it and say, OK, here's my costs that way.

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With my fees waived due to my disability and is a veteran, the VA loan, the costs are this way and A plus A versus B, which one do you want to do then?

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And just look at your options. But if you did not have the disability, I could tell you the numbers won't come out to your favor, but that gets your fees waived and makes it somewhat palatable. Hey, thanks for the call me.

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I think I think we're sorry to cut you off. I think what you said is important is there's nothing patriotic about it. Right.

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And I understand this impulse to want to do things that make me feel good, that make me feel a part of something.

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And so I've got a PTA group and we're all buying this stuff. Or I was a part of this this this particular industry. And this is the insurance that this industry uses. And it's easy just to go along with it sometimes and not just do the extra step and run the numbers on it. Right.

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And, you know, and some things start out in their origins as patriotic. Right.

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But over time, the thing they were set up for is not that way anymore. Right. An example of that is savings bonds. People used to, you know, to finance the war right. In World War two, an investment in your government.

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And you're you know, you're supporting by buy war bonds. You remember the old Bill Bush.

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You know, we don't it wasn't our era, but I've seen seen the posters and and the savings bond is the leftover vestiges of that. So I have talked to people over the years ago.

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Well, I just feel like it's my duty to own the savings bonds.

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I know it's not they don't do anything right. And you know, what are you financing? 84 trillion dollar deficit. Right. And, you know, Trump and the drunk Congress are putting another eight trillion on there just because we wanted to stimulate something, you know, and we wanted to be one of the non covid covid or something.

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Oh, my God. No, you're not. You're not. There's nothing patriotic about this at all. It's just a bad interest rate, that's all it is.

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But it had its origins in something that was right, patriotic.

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We were banding together.

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The nation was not run out. It was not run by an island of misfit toys like it is now.

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All this dissension and I mean the the the government was governing, you know, it's a neat idea.

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Stop the craziness to so, you know, there was something to it. Yeah. We're going to we've got to you know, we've got to band together and beat Hitler, you know, and Mussolini.

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And, you know, we can't allow this. It's the evil.

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And so there was a thing going on there that was that was reality. But, you know, eighty years later for you to own savings bonds.

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No, no, absolutely not. So same kind of a thing.

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You just kind of like you said, you don't want to join the club unless you know what the club is about and you take the extra step and do the math and take the extra step of it.

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Good question. All right. James is with us from St. Louis. Hi, James.

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How are you? Hey, I'm doing well. Are you better than I deserve? What's up?

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Oh, I'm looking at a business acquisition. It's a family owned business. My mother's been in business for twenty four years and I'm looking to buy it from her on an owner finance. I calculated the weighted average of profits over the last three years to be about a net profit of one hundred and sixty thousand dollars a year. That's half. That's after paying the CEO about ninety thousand dollars a year.

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Who's the CEO? Not your mom, OK. My question is on owner financing, how do you set up the owner financing to ensure that she is comfortable and knows she's going to get her money? And I'm comfortable and know that the money is going to be there month to month, or how do you set that up?

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Well, I don't borrow money, and I for sure never recommend that you end up owing your mother money on a traditional owner financing deal. That doesn't mean don't do it. I'm going to take you somewhere. Don't panic, OK? But in other words, I wouldn't put whatever. What are you talking about as a sale price?

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Have you discussed one sale price uncalculating on four to five times on a 20 to 25 percent. That's good. That's attractive. I mean, like six forty and eight hundred thousand dollars or more in that regard. So we'll call we'll call it 700 grand.

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OK, just for fun. OK, so you could put 700 grand at a set interest rate to be paid out over 15 years.

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OK, and that would be like a normal way that normal people would do this. The problem is covert hits. And beyond your control or some other thing hits 2008 nine one one, and you have a four or a six month period of time that your particular business, the niche that it's in, is absolutely dead in the water. You can't pay mom no matter how bad you wanted to.

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And now you've got a really sticky situation that I wouldn't want anybody in. So I don't do that. Here's what I would tell you to do. And I don't consider this to be debt. I personally wouldn't do this, but it's at least the closest way to avoid that kind of a sticky wicket.

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Not what I do is I say, how how little can you work for if you're running the business?

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James, could you work for 50? So for our family, we're looking at like a minimum of 60. OK, I'm going to call it 50 because that would put 40 on top of the 160. That gives me 200.

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I'm going to give mom 100 percent of the profits above your salary until she reaches her 700 or whatever. Your number is.

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So lucky that the monthly schedule. Well, whatever you end up monthly and quarterly. I mean, we calculate our profits the month following here because we run commissions on them and we pay out bonuses on them.

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And so I close the books monthly and I can drain all the profits off except my salary thrown to mom. Now, the key element there is if there's no profits because a pandemic or whatever, mom doesn't get anything until the profits start back.

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You got to have that ironclad in writing. Yeah, this is a written agreement and you give and the other thing is you get out of the debt really, really fast because this is going to be like a three or three and a half year plan is what it sounds like to me. Maybe a four year plan. But you're going be out of there really quick and then you're going to have the whole thing is your income, which is awesome. This is the Dave Ramsey Show.

[00:30:06]

Dr. John Deloney Ramsey personality is my co-host today here on the Dave Ramsey Show, Open phones at eight eight two five five two two five. That's triple eight eight two five five two two five. Mike is with us. Mike's in Seymour, Indiana. Hi, Mike.

[00:30:21]

How are you? De John, how are you guys? Great, how can we help? All right, so about two and a half months ago, unfortunately, I had a grandfather passed away and found out that he put everything in a trust. He owned four properties. He used to be a farmer. So he had quite a few farms. I ended up with one of the farm. It was my great grandfather's home place. So there about thirty five acres building a house.

[00:30:50]

My question is, we are currently in baby step two and we are doing the snowball we took a few months ago. So we know your plan and everything that's working great. My question is, what do we do with this money that we are getting from the renters? The house is being run by one couple. The farm ground is being rented by another farmer, and then the buildings and the green beans are being rented out by myself. I have free range.

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What what should I do with that money? Should I save up because it's a rental property. So there's going to be expenses, unexpected expenses. What should I do with that extra money or should I put some of it towards my debt?

[00:31:35]

Snowball, you probably do need to set some money aside for the upcoming expenses in that in that business account, the rental business account, and just not touch it. A little miniature rental emergency fund, so to speak. We'd call it retained earnings and business.

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So how much rent is coming in a month? I mean, it doesn't come in a month. The crop only comes in twice a year, right? Right. The land is just once a year. This one cost, but the rent for the house is eight hundred dollars a month.

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What about the green beans? Often they come in. Once a month, once a year, I'm sorry, OK? Oh, roughly about nine thousand dollars a year on that. And what about the land?

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What's it rent for you? It's sixty four hundred, OK.

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She got 15000. That doesn't have any costs associated with the house. I mean, why don't you put a couple grand, you know, next couple of months rent of the house and another 1500 couple thousand dollars case heating and air goes out or something like that.

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You've got to keep the thing running for the rent.

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Right. Right before my grandpa passed, I believe he got everything that's fixed now, but I'm saying nothing, you know, 100 percent of houses break, right?

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So, yeah, you need to set a shot at the next couple months aside and then from there start taking it.

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And it's just part of your income and you use it on your debt snowball.

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So where is the property of the property is in Michigan? I live in Seymour, so it's about four and a half hours from here. That's where my family is.

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And for today, your plan is just to keep it because it's been in the family forever. Yes. Yes. I have no intentions on selling it at all. But what what would be a good way to. Like I said, the farm ground and the buildings and everything is just a once a year payment and I can go up there and do that. But what would you recommend to get the monthly payments from the renters that rent the house? Just send a check in the mail or is there an app or a bank program?

[00:33:35]

What do I do? Because there's a program at your bank called a C.H..

[00:33:40]

Which is it or is it like like if you have your utility bills drafted out of your checking account, if you don't use a debit card, if they're directed, drafted directly out of your checking account, then that's using what's called A.H. Your bank can let you do that.

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And you have to you have to get the permission.

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You have to get written permission from the customer on the other end. And that's the way we do our rental properties. Now we draft the tenants account.

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We do not want to collect monthly checks. It's a pain in the butt. And so we just we hit a button once a month and boom, 800 bucks comes out of their account, goes straight into your account.

[00:34:19]

OK, so talk to my bank about an account. Yeah.

[00:34:22]

That's the best way to do it, because you're not set up to take debit cards. You're not in a business right now, are our credit cards or anything else. And so a lot of times landlords do that if they've got multiple properties. But but but the easiest way is HGH. And it's really you get a copy of one of their blank checks or write Voight on it. You have to have that. You have to have the routing number, the account number.

[00:34:43]

You entered into a simple little program and boom, it just sets up an auto drafts trick is the tenant obviously has to have the stinking money in there at the first of the month because here comes the rent. There you go. But it's a great way to get paid and get paid on time and it's low hassle and everything else. So great, great, great deal.

[00:35:02]

So, Dave, I. I don't want to wade into too deep of political waters here, but I, I have a personal question based off this question.

[00:35:10]

And you're sitting here. So here's here it is. I set several years ago I was in a meeting next to a sociologist from Romania and she made an offhanded comment about something along with the following. She said, I am having a hard time wrapping my head around how Americans view their soil, their dirt. And I said, What do you mean? And she mentioned several things about dirt and soil.

[00:35:36]

But one of the big things was she said where she was from, you had to prove lineage to buy dirt, to buy land. And this idea that you would ever sell family land was such a foreign strange concept. And it was this 500000 year legacy. And she put in ten minutes.

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She gave me perspective on this is why people will die for a plot of land because their great, great great grandparents are buried here. Mm hmm.

[00:36:04]

So I fast forward that this gentleman's question.

[00:36:08]

At what point do you say this is sentimental, this is my granddad, this is my granddad's, but your baby step to you a lot of money, the best thing you do is so how do you help somebody decipher between this is legacy land.

[00:36:21]

This is family farm. And dude, you're broke and you need money.

[00:36:26]

How do you help somebody navigate that?

[00:36:29]

It's. Very emotional. Yeah, not Romanian, emotional, but American. But we're not that old yet.

[00:36:35]

Right, but but when we have a different DNA, that's what our ancestors came off about with nothing and they homesteaded that. And so it's for five generations, Max. Right.

[00:36:47]

You know, and so it's there's no vinyard that's in France that's been in the family for nine generations. There's no such thing. Right. It's logistically year was impossible. So there's a little bit of a different thing. And Americans are more in general or more transient and more transactional. But we're all boat people. Within the day. We all came off a boat.

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So and I mean by and large.

[00:37:13]

So it's a little different.

[00:37:14]

But but it's still it's still that thing because that was his great grandfather's 35 acres and a house. That's right. Four and a half hours away in Michigan. Mhm. It's not 35 thousand acres is not 350000 acres, it's 35.

[00:37:29]

It's a little plot of land. It's a sweet little farm but it's mine. But it's but it was but it's my grandpa's.

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It's almost like you know I got a I got some chest in my office that was my grandmother's you know, and that kind of stuff. It's a it's nostalgic.

[00:37:43]

And if the buildings burning, you're going to be carrying that sucker out to the parking lot with you right now.

[00:37:47]

I got my great, great, great my grandmother's grandfather's Bible, and he was a circuit riding preacher. Wow. It's in my office upstairs sitting on that chest from my grandmother. So, you know, you're right that that Bible's leaving and I'm jumping off the balcony. Right? Right. So me and the Bible are getting out of here. You ain't got a shot, but I'm going. OK, so you know, the Bible, it's that same kind of thing.

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Yeah, it's the exact same place in your soul that it touches. And so you got to say at what point what I sell that Bible for hundred thousand dollars.

[00:38:16]

Right. For saving the life of my child because I had to buy a surgery if it meant that my family was completely offset. When would you sell your fifteen thousand dollar wedding ring?

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And you've been married fifteen years. The last thing right? The last thing but it would be sold right before I would be homeless, before I would be my child would be perpetually ill because I held on to something, you know, an item. Right, because these are items is what they are. They are very important emotional items, but they're items, but they're not people.

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But they can go from Granddad's farm to this cool car to I wish I had my grandpa's old truck.

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Right. I'd give anything for that old truck. Right. I drove it a little bit in college when my car was in the shop and, you know, three on the tree, baby. Yeah.

[00:39:14]

I'd give anything for that old truck right now, but it's OK. It's OK to lean into the legacy. Yeah, you should. And so you watch a wedding ring to cherish that heritage. Yeah. I hope my sons keep some of my guns and some of my cars and stuff. I hope they do not want them so they might as well. This is the Dave Ramsey Show.

[00:39:43]

Hey, it's Kelly, associate producer and phone screener for the Dave Ramsey Show. If you would like to do your debt free scream live on the show, make sure you visit Dave Ramsey dotcom slash show and. Right. We would love for you to come to Nashville and tell Dave your story. Money isn't the only thing we talk about around here. Get life changing advice on your career from my good friend and career expert Ken Coleman. Oh, my Ken Coleman show.

[00:40:10]

According to a recent Gallup poll, nearly 70 percent of Americans are disengaged at work. If you dread going into work every Monday morning and you're just trying to make it to the weekend, the Ken Coleman show is for you. Everyone has a sweet spot. Your sweet spot is at the intersection of your greatest talent and greatest passion. We will help you discover what it is you were born to do, and then we'll help you create a plan to make your dream job a reality.

[00:40:37]

You matter and you have what it takes. Join the conversation on the Ken Coleman show here. More from the Ramsey network, including the Ken Coleman Show, wherever you listen to podcast.

[00:40:49]

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.