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[00:00:22]

Live from the headquarters of Ramsey Solutions, broadcasting from the car rental studio, this is the Dave Ramsey Show, where America hangs out to have a conversation about your life and your money. I'm Chris Hogan and hosting along with me this hour is Ken Coleman. And we are excited to be with you. And we are ready to roll. If you're out there and you've got a question on money or career, I want you to pick up the phone right now and dial it.

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The number is eight eight eight eight two five five two two five. Again, that's triple eight eight two five five two two five. Or find us on social media at Ramsey Show. You all have already sent some questions in and I'm excited. Coleman, are you ready to roll?

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I'm ready. I'm warmed up two hours. Ken Coleman show already in the books. So as you would like to say, stretched you are.

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No, you're you're in the zone. Yeah. Yeah, I'm excited. I mean, let's go. OK, we've got people to help.

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Well, and listen, I know people are out there with career questions. People want to know, hey, is this the time to make a move? Is this the time to make a shift or do you stay put? Listen, you've got the man in here that can guide you with your career right now. All you have to do is pick up the phone already talk to you. So let's get to the line. We've got William on the line.

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William, how can I help you? Hey, guys, thanks for taking my call today. So know a little bit of trouble deciding what to do right now, my wife and I, I'm a bit deceptive. We have about fifteen thousand dollars left on her student loans and a car payment on active duty military. We combined re about thirty six thousand a year. And we just had a baby boy here, three months old this upcoming month. Graduates.

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My question is, thank you, sir. So my question is really. I'm also a student afterwork, a junior in college, and my wife is doing a medical billing and coding program. But my question is, do I pick up a weekend job that would reduce the time to pay off all of our consumer debt by 50 percent? Where do I spend that time with my wife and son on the weekend? Where is this your first son? First child?

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Yes, sir. Well, I think it's an easy choice, and I think he does it. I think you do it as long as as your wife is on board with it, if she's got some help because she's going to be tired, too exhausted. But your son's not going to know that you're not there. So if there is a time for you to work the third job, essentially because I think school's a full time job for you as well.

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You got three commitments here. Now's the time to do it, Chris, because again, his son doesn't know whether he's there or not, and he's going to reduce that pay off time by 50 percent. Yeah, that's Gizelle intent from where we come from.

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It really is. William, what's your wife's thought about that?

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So she's supportive of me. She thought about potentially picking up what we could we can instead of me. And we kind of discussed that and decided that she would probably be better off to stay home with the dog and take care of him. And she she would support me if I decided to do that because she's Gizelle terms of well, right now we're just we're tired of paying this stuff off. We've been we paid for two years, made less than a thousand dollars.

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And then this past month, we paid off six thousand dollars.

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What is fantastic, my friend Rachel, how much of it is student loan debt of the 15? All of it actually right now, so we had her car payment, which we owed about 45 hundred dollars on that we paid that off and she had the smallest deal and we paid those off yesterday.

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Man, I'm proud of you guys. Yeah, no, I'm very proud of you guys. And I'm with Kim. I think the opportunity for you to make that sacrifice right now while your son's three months old, it'll be valuable because you can have this debt out of your life by the time they're seven or eight months old. And now you've got the time to be able to spend with them without the debt over your head. It's a no brainer, my friend.

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You know, you dig it in and thank you for your service to our country, first and foremost. But you dig it in. And as long as you and your wife are on the same page, I think it's a fantastic opportunity. All right, everyone want to let you know Ken is sitting in here with me and he is doing a couple of shows. You've got the Ken Coleman show, but then you also have the work matters. What's that about?

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Yes, our Work Matters is a podcast, short form podcast. It's about four to six minutes and it's a daily podcast. And it's focused on work trends, economic trends, specific practical things that you can do to win in the workplace. And it's a part of our YouTube show where we're live on YouTube, as you know, every day Monday through Friday. And the first part of that show is that type of content. So what we do is our amazing team takes that first segment of our YouTube show, which people can watch on YouTube, 12:00 Eastern every day, Monday through Friday.

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And we put that out as a podcast. So it's short form designed to give you the edge.

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That's fantastic. And also, I want to let you know, got a lot of people out there facing unemployment, a lot of people out there looking and going, man, I've got to get a job or I'm ready to jump start my career. I want to also let you know Coleman has a get hired digital course that's available right now. You can go to Ken Coleman Dotcom to get it, but the course is only 1999. Ken, I mean, what all are you going to get inside of the course?

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But we're going to teach you everything from the resume, how it needs to look so that it gets noticed. We're going to teach you how to prepare for your job interview so that you actually perform well.

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We're going to teach you how to follow up.

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We're going to help you with connecting, which is the currency to actually getting where you want to go to the eleven part video series taught by me. You can watch it as many times as you want. And as you said, it's only twenty bucks and you're facing about twenty million people out there trying to get hired right now. Twenty million. Yeah, that's the that's the real number right now about where we stand. So give you perspective on that.

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If those twenty million people all submit ten resumes and that's a reasonable number, probably low level, then you're looking at a sea of 200 million plus resumes that are floating around. So we're going to give you the entire perspective on what you need to do to get noticed so that you can get hired. Whether that's the short term, I need a job to get stable or the dream job.

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That's fantastic. So, again, let's give yourself a leg up by having an opportunity to get this course, get plugged in again. That's it. Ken Coleman Dotcom. It's only 1999. Get hardcourts. And listen, you may know someone in your family that's looking for this. And it's not just for people that are out of work. You may have someone that's entering the job market, a new college grad. I mean, this is the kind of information that'll help you all the way around.

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Yeah.

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You know, speaking of which, you got to pay twenty bucks for that, which is a steal. But you've got the free investing guy, the everyday millionaires investing guy, your step by step playbook, your playbook guy, college football guy, your playbooks. Yeah. You like opening up. Go on. If we run this route this way you're going to be open. All you do is catch the ball and that's what you've done for investing and that's free.

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That's Chris Hogan, 360 Dotcom. Yes, sir.

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It is an opportunity to learn so much, so many words, so many acronyms in the financial world. When we understand more of what we're doing, we can understand what we're willing to do to get there.

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So, yes, and the market right now, it's important because the market right now, despite the topsy turvy rollercoaster economy that is attached to covet the stock market, continues to do well. So is now as good a time as any to be investing?

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It really is. You should definitely be plugged in. You should understand that the goal is to grow money. I mean, that's the bottom line. That's why we invest. And so compound growth is a beautiful thing, but you want to know what you're doing and more importantly, why. And so you've got an opportunity. Again, go over my website, Chris 360. You can plug in and learn more about it.

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Quick question for you. Yeah. How can the economy be rough, but the stock market be strong? You can't answer that.

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Thirty seconds. Oh, I really can't. Here's the reality. Oh, you everything is on a delay, right? We've got more goods and things being sold right now. Businesses are running even though we've got this issue inside of the economy. So why is that? Products are being sold. People are still buying. Supposedly we've got people unemployed. Right. This is not happening. I think it's a little bit of a delayed. We'll talk more when we come back.

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It's The Dave Ramsey Show.

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I keep hearing stories from people on my team telling me how much they love honey. One of my developers, Brandon, told me he uses it all the time. The browser extension I've been telling you to download always tells him if he has the best deal on Amazon and he gets the e-mails every time there's a price drop. He said he doesn't even know how much it saved him, but it's more than he paid for it, which is free. So listen to Papa Dave.

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Download honey for free. Join honey dot com slash Dave. Hello, everyone, this is The Dave Ramsey Show. I'm Chris Hoggett and hosting alongside me this hour is Ken Coleman. And we're taking your calls, talking about career moves, talking about your life and your money. Just know you can call us. The number to call is eight eight eight eight two five five two two five. Again, that's triple eight eight two five five two two five.

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You've got an opportunity to reach out to us at any time. Kelly is standing by, ready to help you and we're ready to talk. So let's get to the phones we got let's see, Reba is on the line. Reba, how can we help you today? Hey, guys, thanks for taking my call. So I have a question about my husband's old collections and some medical bills that aren't showing on a credit report anymore. We're trying to start getting the debt snowball rolling a little bit more and trying to figure out whether something might have happened to those medical bills that they fall off at a certain amount of time or something like somebody had tried telling us, or if there is some way to track those down to make sure we clean them up.

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Yeah.

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Reba, how old are these medical bills? Well, my husband is going to be 30 in April, so they're probably from when he was 18.

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OK, so long time together, OK? Yeah. And what worked? What is causing you all to look at try to clean this up right now. We've been looking at houses for a few years now, and these collections and whatnot always get in the way, I finally mostly have him on board to start working on cleaning all this up so we can actually look towards getting ourselves a nice place at some point.

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So were you turned down because of these things? Yes, OK. All right. You've got more than just medical bills there, there's at least sixty three hundred dollars in collections there. And for so collectors that we don't know amount for and 39, the credit for that. All right.

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So here's here's the reality. If you ever get denied credit, you know, in that way, you're going to get a turndown notification and it's going to kind of allude to ask why. But I want you to know this. There are three credit repositories out there. There's TransUnion, there's Experian, and there's Equifax. Typically with lenders, they're using what's called a tri Murgia report. So they're looking at a report that is kind of the combination of all three of those.

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What will happen is this. People will only get one copy, say, the Experian, and that has a list of trades just that are reporting there. But there could be other things that are actually out there. So you want to get a copy of your try, merge a copy of all three TransUnion, Experian and Equifax to be able to see all the things that are there. Now, as you start to see those creditors listed, what I would suggest that you do is you want to reach out to them and get what's called a verification of debt.

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OK, you want to verify that they are actually the debt holder and the dollar amount and know exactly what it is you're dealing with once you find out because it could have been sold off to another collector, Rheba, or a collections company. So you want to hunt it down, get that information, verify it. But when you get ready to pay it, I want you to pay with a cashier's check. That way you can make a photocopy of the check as well as the letter that's fair.

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That was verifying the debt that once you pay it off, you have a file because it'll take them about 30 days for that to update and to make sure that your credit is reporting accurately. So it'll take some time, but please make sure the debt gets verified before you start writing checks. Otherwise, what will happen is this. You you don't know where the money is going and you don't have any record. All right. Thank you for that call for you.

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The others that are out there, again, that's a tremendous report. Equifax, TransUnion and Experian to be able to see exactly where you are, what's going on. And again, verifying the debt just will authenticate that you actually owe it. And it also allows you to see if any extra fees have been tacked on to it over the years. All right. Back to the phones. We got Arturo on the line. How are you? Hi, Chris, I'm doing good, how about you?

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Oh, I'm doing very well, my friend. How can I help you? Well, thank you so much for taking my call. I work for a university and I have a student loan that that I have now so I can do the public service loan forgiveness program under the university. And I've been about eight years left now and the loans about 54000. And I'm putting into deferred compensation for work for about two hundred a month. So I'm wondering if that would even be worth to start doing that to pay off the student loan or just continue on your plan.

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OK, got to listen to you, my friend, or owe the student loan forgiveness. Listen to me. I have heard more nightmare stories of people that have bought into this and have been down that path for like three years. And then the plan gets changed or something gets tweaked and they get the rug proverbially ripped out from under them. I'm going to tell you this, my friend. I would stop that deferred comp. I would shift that money toward that debt and not even play the game with the eight years.

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I firmly believe you can pay off this 54000 long before eight years. Right. And that way and Ken can speak to this in your career trajectory, you may have other options somewhere else where you can make better money. So there's no sense you locking in with this institution for eight years, hoping this program is going to work because it's not OK. They're one percent of those things end up panning out. I would say pause it, get intentional about attacking the debt.

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Yeah. You know, this is a bit of a mirage, you know. Hmm. You know, it's a mirage.

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You look out there in a desert, looks like this beautiful five, six palm tree cluster and a waterfall is coming out of a rock formation that is in the middle of the desert. And it seems like, well, this makes no sense. This makes tons of sense, actually. I'm going to take this unbelievable mirage opportunity that's been dropped in my lap. And the bottom line is going to turn into a nightmare. And we want you to take control of your future, not put your future in the hands of a government forgiveness program.

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That's what Chris is saying.

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And he's absolutely right. Move forward and pay this thing off. Well, before the eight years of forgiveness, what actually happened? And I think you'll find that you're so much freer, you know, because in essence, it seems like a really good deal. But, you know, does it change you?

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That's exactly what I did. The eight year forgiveness. Yep. And then you start to you start tolerating stuff at that institution that, you know, you don't want. You feel like you're stymied because it's just free yourself. Yeah. Free yourself up. Get this thing attacked. Take on a second job if you have to, my friend, but don't fall for that. I'm truly, truly mean that it is mind boggling how many times people have bought into that thinking these programs are going to work.

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And I'm going to tell you, they'll find a nuance. I had a lady that was a schoolteacher. She was told that if she taught in the school district for ten years, it would be forgiven. Lo and behold, she'd been there about seven, doing it, doing it, doing it. And one of the payments that she made was posted four days late by the company, not her. And they were kicked her out of the program, OK?

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And so she had to scratch and fight and battle. They finally kind of made an exception. But it's that kind of red tape that you don't want to play with. So you free yourself up, you be intentional and know what you're doing. All right, listen, this is the time of year where rates are down, mortgage rates are down, and everyone's thinking, Hogan, this is time to buy a house. First of all, listen to me.

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You don't want to buy a home just because rates are low. You want to buy a home when you're financially ready. The last thing you want to do is add a headache and heartache to what you thought was a dream. So you want to be intentional. You don't want to make a dumb decision with zeroes. At the end, most people will make choices based on feelings and opinions. When you buy a house, you don't want to do that.

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You want to make a business decision. So you want to get the facts. You want to know what you're dealing with and why. So find out what you can actually afford research, what's going on in home prices. But most importantly, you want to talk to a reputable realtor in your area so never again buy a house without the facts. Our team has created a one stop shop for everything homeowners need to buy. Just visit Dave Ramsey, dot com slash home buy.

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Let me say that again. That's Dave Ramsey Dotcom home buying. And you'll get an opportunity to get the answers you need to make some smart decisions. Buying a home is one of the largest monetary decisions you're going to make. You want to make sure you're making that decision with your eyes wide open and knowing exactly what it is you're dealing with to avoid some heartache and headache. Because can't I don't know anyone that's ever bought a home, especially that first one.

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And you realize the mistakes you made. Oh, boy. Oh, boy. Emotional.

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Yeah. And then here's the deal about being able to afford it. You could buy everything, do it the right way, no mistakes made. But then you get in there and you discover there's a whole. All that needs to be ripped out because of water damage or whatever else happens. This is my friend's house. Our house happens. And so if you could afford it, then one house happens. You go, well, it's disappointing, but we're going to get through it.

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So there's that little wrinkle that Chris is talking about that you got to be able to afford the fixes. I like that house happens to people. This is the Dave Ramsey Show.

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I heard a statistic recently that absolutely blew my mind, 43 percent of Americans are not protecting their loved ones with life insurance. This drives me crazy people. What are you thinking? Taking care of your family has to be a top priority. That's what term life insurance is all about. Regardless of where you are in the baby steps, you've got to make this a priority. And that's why I talk about Zander Insurance every day. They keep it simple and make sure they find you the best rates out there.

[00:19:44]

Go to Zander Dotcom or call 800 356 42 82. But you have to take the first step. That's Zander Dotcom. Welcome back, America. You're listening to the Dave Ramsey Show on Ramsey personality, Ken Coleman, host of The Ken Coleman Show on the Ramsey network. And I'm joined this hour helping me host this hour Chris Hogan Ramsey, personality number one, best selling author of two books, the latest Everyday Millionaire Retire inspired before that. And he's also the host of The Chris Hogan Show, a part of the Ramsey network as well.

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We're taking your calls this hour. We'll talk money, we'll talk investing. We'll talk live.

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We'll talk career. We are here for you. Triple eight, eight to five, five to 25. The number, triple eight, eight to five five two two five. Our Blind's dot com question of the Day is coming right up. Blind's dot coms. One hundred percent satisfaction guaranteed means. Even if you miss Measure and I'm the guy that does that or pick the wrong color, they will remake your blinds for free. You get free samples, free shipping.

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And with the new promos they run every month, you'll save even more. Use the promo code Ramsey to get the best deal. Rules and restrictions apply. Chris, today's question comes from Nancy in Minnesota. She went to Dave Ramsey dot com to ask, we are on baby step four through six. No debt except the house. Is it wise to put all of our energy into paying off the house, then cash flow, the kids college.

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Oh, OK. So mindset, Nancy, is this we call it baby steps four or five, six. This is these are the steps that you're doing all three at the same time. Now, here's the reality. I love the idea of you paying off a home and having that bad boy paid for outright. However, I think it's smart from a timing aspect to be putting money aside for college. So look at your budget. Come up with the dollar amount that you're going to save toward college right now, but still be intentional about attacking the house.

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That'll put you in a position that you could cash flow if you need be. But I want you to take advantage of compound growth of utilizing the ESEA educational savings account or the 529. So you still stay focused on it, put some money aside, but still stay focused on attacking the house so you can do both. You can be intentional. I don't want you to pick either. Good question. There's a real good question. All right. Let's get to the phones.

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You've got questions. We've got answers. We've got Meghan on the line. Meghan, what's your question for Ken? Hi. I need some guidance on a possible change in my job. All right, I got offered a new job for about a twenty thousand dollar raise, this going from government to private sector. So same for some company. And it just happened really quickly. I applied and got the job on Monday. Wow. But I haven't asked.

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Well, exactly. Yeah. Yeah.

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Well, you know, you're calling because you've got a little bit of fear is my guess. Or if it's not full blown fear, a little bit of worry. So let's examine what are you worried about? Because on the surface I'm hearing same field, same job, essentially 20000 dollar increase. And here's the best part. You're going from government to private sector. I'd almost take it just for that. But, hey, I'm a limited government guy.

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We will not get derailed by that statement. So what are you worried about?

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My biggest fear is it's not a guaranteed 40 hour work week in the wintertime. OK, so hold on. So so does that mean that then the pay moves with the amount of work, is that what we're talking about?

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Yes. Is it is it a commission or commission job or explain how that's working?

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To me, it's outdoor work, landscaping. Oh, OK. And stuff like that. OK.

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And in the summertime and then wintertime, as you know, is based on snow. But they say they contract with other companies that have an agreement to hire their employees in the winter time. So they do have tax. Yes, that they just haven't done it yet. That came up place on. OK, so does it go the right way?

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OK, so make sure I heard you. Let's see if we can get that phone as close to your mouth as possible.

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So so you are being told that the work is obviously seasonal, but they've got a plan in place for all of their people with other companies. And this is a part of their normal mode of operation, correct? Correct. So then they would have to be lying for you to be worried about this. Have you talked to anybody who actually works there before you accept this job? I would talk to some people that work there and go, hey, have you ever seen this not come through to where you're stuck and you don't have a job come winter?

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That's a good that's a good option. That's what you need to do. Do your homework on this, because they're either telling you the truth or they're not. There's there's there's nothing, you know, and I get I get why you're a little bit worried. But I mean, this gets down to any other decision you would make where you would need to do your own investigation. This is limited investigation here and just make sure that you go, OK, this makes sense.

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This is not some sort of too good to be true scenario here. It's really not if, in fact, that these other people verify if they take care of us every winter. And I would think that they would, because this is I don't I don't imagine you have mild winters in Sioux Falls, South Dakota.

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That was one of the things I was thinking, because I've been to South Dakota and it was wintertime. And I was like, goodness gracious, I need to get inside. Yeah.

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I mean, there's no grass being cut or flowers being planted in Sioux Falls Winter. So I just think you do a little bit of research, ask them maybe a couple of questions like who are the type of companies that you place your people with, you know, and let me learn a little bit more about them. Just do a little bit of investigation. But but I would do this. And here's what I here's your backup plan. So let me give you a backup plan.

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If, in fact, Chris, the worst case scenario would happen, OK?

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Is this how we overcome fear? We play fear out. Like, what's the worst that could happen? Yeah, right. So let's say that they their contract falls through and they come to you and go, hey, we can't help but covid craziness, whatever, whatever the excuses. And they go, we can't place you. You have planned for that. The worst case scenario is if that happens. So you're thinking now or over the next two to three months, what are some places that I could go to quickly?

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And so I'm saving sacrifice a little bit until I get through my first winter. And I've got a couple of options lined up that if I had to hustle, I'm going to be OK. And so then you ask the question, if I do this, am I going to starve? The answer's no. If I do this, am I going to be homeless? The answer is no. And so we play fear out. Fear's a liar. Let's deconstruct it.

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Focus on the truth, which we just did. I think this is a no brainer. I do it. That's good. After the investigation.

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No, and can't tell me this because I think a lot of people can get caught up in this. What does the investigation look like as you're looking up at company? You mentioned calling. And again, that's going to be difficult to find, you know, people that work there. So what are some things to do?

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A couple of weeks? So we're going to go on Facebook, Instagram, and we're going to go, hey, all my friends out there, do you know anybody that works at X, Y, Z, landscaping? That's one option. The other option is, is that do you know anybody that works at X, Y, Z landscaping that you'd be willing to connect me to? And, you know, I just need to talk with them, you know, what have you heard about them?

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So. So they know people know people. Yeah, they do. And so you go, well, do they like this place, one of the do you know. And so you can either ask for the connection or just say, what do you know, what have you heard from them at the cocktail party or at the football game or whatever it is? Right. And then I would also go online and I would look and see, you know, what's out there.

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And you'd be surprised, you know, these indeed these glass doors, you know, look for it. What are vendors saying about them? What are customers saying about them? What are former employees saying about them?

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If there's a whole lot of warnings, you won't look very far to find them. OK, and so that's when you go, OK, this is a reputable company.

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They mean what they say, right? I don't have the concern that she has. Right. Because it sounds like to me they've been through this a few times. Yeah, they have. And the weird thing was, is that she's straight up knew it was twenty thousand dollars more than what she's making. However, that they have the caveat of in the wintertime. And I'm going, wait a minute, this is souffl winter time. It's like ninety percent of the time.

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Yeah, this is real. This is the situation. It's their normal mode of operation. They're not they're not going well. You know, the Farmer's Almanac said we might have a mild winter where we only have fifty feet of snow.

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You know what I mean is that you stated yourself no one knows what an almanac I.

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Hold on a sec. We got some people in the lobby that are listening. All right. We got some younger guys. So I want to know hands raise if you know what the Farmer's Almanac is.

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OK, we got. Hold on, hold on. Two, three, four, five, six. Pack on it. It's at least 60, 70 percent of the audience. Thank you very much.

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And everybody home. You're terrible with math. It wasn't seventy percent. Well, you're the math. It was seventy six percent. You're the math. Colgin was wrong. Stay tuned, people. It's a big show.

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Hello, everyone. You're listening to The Dave Ramsey Show. I'm Chris Hogan and hosting along with me this hour is the career guru, Ken Coleman. And we're having fun taking calls, giving people guidance and helping them to be able to move forward. And a recent episode of my show, The Chris Hogan Show, I told people you got to push, pull a drag yourself, but you got to move forward. Progress doesn't wait for anybody. It's something you got to go grab.

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So excited to have you here. If you've got a question, call us. That number to call is eight eight eight eight two five five two two five. Again, that's triple eight eight to five five two two five. We'd love to hear from you. You can find Ken at Ken Coleman on all the social media sites. He's on the Twitter Bulls in the Facebook, Instagram, Twitter and HOGGETT. I am as well at gridlocking 360. We'd love to have you follow us, Kenenisa.

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Always in a constant competition with Christie and Rachel. So people do us a favor, go follow us so we can beat this. I like and just just do better than that. Yeah.

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Nancy, I'm afraid you've made this a male female thing and we're going to lose resoundingly. Well is not the right campaign.

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But I do want to tell people that they need to be checking out the Chris Hogan Show on YouTube, Apple, Google, wherever you listen to podcast.

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He's also on Sirius XM, joins Dave and I over there on the business channel on Sirius XM. So check out Chris's show. It's fantastic. He's got I was on with him recently and it's so fun when he does this. He just coaches people up. It's so good. It's such a great, great environment for you to figure out your financial future. Chris Hoggard, 360. Dotcom is his website where you can connect with him on social and anywhere his show is at.

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And trust me, it's everywhere. You don't have to look far or wide, so go check him out.

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I appreciate that, brother. And listen, for all you all out there, we have a Ramsey network where we're all there. That's right. And so you get a chance to listen to all of us. So, yes. All right. Let's get to the phones. We got Nathan on the line. Nathan is calling us from Indianapolis. Nathan, how can I help you? I was trying to avoid house heartache. Oh, you guys were talking about earlier.

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I like this, Nathan. What are you doing, buddy? I'm 24 years old. I make eighty thousand a year. I own a sixty two thousand dollar house. I bring home four thousand dollars monthly. I save two grand a month savings. I got 14000 in there and my bills are roughly about 900 now. So I'm looking at is three, ten and monthly to be about seventeen hundred dollars a month. Mm hmm. I was wondering if I could rent this house out I'm in now and move to the new house.

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Got you to tell me this. How much square footage is the home you're in? 746, OK, and this new one is how big? Twenty four hundred square feet. He's the first one paid off. Yes. Oh, sure, you own at 62, it's worth 62 and you have no debt on it. Yes. OK, great. Yeah. Wow. And so what's causing the upgrade here? What's going on? Nothing just wanting to grow.

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OK, I mean, do you have kids? No kids single, OK.

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Oh, what can you get for the rent on that? Sixty two thousand dollars house. Probably about 600. All right. There's 600 in positive cash flow, and you said the payment on the new one would be four, would be seventeen hundred, he said, is that right? Yes, I. Yeah, I mean, you totally could do this, but I mean, this is going to be a whole lot of space for just you. Right, are you are you I mean, is the other one too small?

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What are you doing? Now I'm thinking about rowing, you know, OK, me, you totally can do it. Hey, what about this? So do you like the idea of having a rental property or are you OK selling it? I mean, I like the idea of having it. OK, so you like the passive income coming in? Yeah, I would tell you this, my friend, be very intentional about who you rent it to, OK?

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And I would get a lease or rental agreement, all these legal documents all set up.

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But you totally can do that. I hold on. I want to take can I take a little bit home. Yes. Ah, you're the financial expert. But I got questions. So, Nathan, you're going to sell. So so what are you going to put down on the on the house.

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That's 314. How much are you planning to put down. Twelve five down, and then by the time inclosing comes in the first month, do I'll have seven back and saving 7000. Yeah. So do the math.

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What Dave recommends minimum 20 percent down payment, a minimum of 10. Best case scenario 20 to avoid. Oh my. Oops. There. So you'd be at 19 five.

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He'd be good, right. Yeah I. OK, so here's here's here's what I want to push back. I think you're fine. There's no question we've established he's trying to do it. But I wonder if you don't because here's what you are going to do.

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You are going to increase your expenses. Now you got the six hundred and positive cash flow and what you think you're going to get in rent there. And hopefully that stays pretty consistent. But you have increased your expenses because right now your total expenses are nine hundred. The mortgage on the new home is going to be seventeen hundred.

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You're 24 years of age. I tell you what I think you ought to consider. I don't think there's a right or wrong, but I think this one may be something to consider. Why not go ahead and rent the house you live in now you're single. You don't need a bunch of space. And why don't you go get an apartment or something, you know, in cash flow that and save up more money to put down on a different house?

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I just don't know that you've got to rush into this current deal because he's at right at the level of the twenty percent.

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Hold on a second, Natha, did you tell me you're saving two grand a month, right? Yeah, three grand a month and how much do you have in savings? Fourteen thousand six hundred. OK, I thought you said twenty four thousand six hundred. So, no, you're not at the temple. I was wondering with the money. No, no, no. I thought you had twenty four. Six. You're at 14 six. I definitely I think the mindset of you aiming for this home you're on, you're on the trajectory, but you definitely want to save up and get a minimum of 10 percent now.

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No, no, you're absolutely right. Isn't that funny.

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That's how much I trust you and I don't trust my numbers. No, no. But he's not ready for that. No.

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No need to relax or tell you what, why doesn't he go buy another 60000 dollar house in order and pay it off?

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That gives him to he'll have to end up having two homes. See, I think about this. That's actually an even better idea. This I mean, again, and he's single, so he's got money. He's got some time. Go buy another house, do something before you get married.

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And yeah, like, no, I'm just saying go go visit some places in a motorcycle, get a boat if you want to, but get you cash. Nathan, listen, I love your mindset in the way you're saving, but yeah, you want to be at a minimum 10 percent and the trajectory you're on and the area you're living in, in Indianapolis, I know you can find some places. Listen, yields.

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Listen, listen, here's the deal. I'm getting fired up. Why don't you get fired up? Because I'm thinking about this idea I got at the last minute. Oh, here's the deal. Here we go. He's got a house, a seven or sixty square feet. I'll guarantee their streets and streets of those near him. Yes. Go get another one that may you may be able to steal it for 45 or 50, fix it up and you pay cash for it and you got your rental thing.

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But then that's going to turn into maybe an eighty thousand dollar house. Keep doing a couple of those. He's saving up two grand a month. Yeah, I don't think he needs to jump this quickly is my point. I want you to go find another one of your houses and that be your second property. You're still debt free. No, you're right. It's cash. He's tripling the size of the loan.

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Yeah, yeah. You know what? Go get you another sixty thousand dollars.

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Listen, sometimes I just need to let Coleman marinate on stuff and he gets more riled up.

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Well, I just you know what? I get what he's trying to do and we just gave him the best way to do it. Now you got your second cash problem. No, you're upset, by the way, turns into five, six, eight properties down a lot. Then he's going to be able to cash buy a house that he's thinking about scraping to get into now.

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And the time he needs Mrs. Nathan, they might have a chance to find the next miss.

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And by the way, he started off the call. He was listening earlier in the hour when I said house happens. Yes, he's going to go buy that house or he's not. But he was going to and house was going to happen and then he's in real trouble. Get frustrated.

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Hey, listen, can you imagine tripled the size of the house, you know, with his AC bill. Electric bill would have been, hey, the heating bill in Indianapolis, because it is not tropical there, baby. He's twenty four and single. He's not going to go into half of those rooms. Yeah, he's going to have them locked.

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Listen, don't buy that house. Don't do it. Nathan, don't do it. We've just decided for you, yeah, it's smarter for you to slow down, keep save and then you look and you go, hey, two, your decisions. That's what I remember you to make. You want to make the decision that you look back on in two years and you go, oh, I'm glad I did that. I'm glad I listened to Coleman and Hogan.

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They guided me and steered me in the right direction. Took us a minute to get a thank you note. Hey, listen, I want to thank all of you all for calling in. I want to thank all the listeners for tuning in. I want to thank my producer, Zach. I want to thank associate producer Kelly Daniel for helping us make the show possible. And again, I want to thank you, brother. That was a lot of fun.

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Hey, it's always good being with you. I also want to say a big thanks today for letting us play in his sadness.

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Yes, the cheers feels good. This is The Dave Ramsey Show.

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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, Kaskade money questions like How do I invest my money? Well, what is the debt snowball? Find out more it. Dave Ramsey Dotcom. Hey, if you've got questions about retirement investing and becoming an everyday millionaire, go bigger and broader with my man Chris Hogan on the Chris Hogan Show.

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I am excited to be able to talk to you all week in and week out. We're going to focus on your calls and it's going to focus on building wealth investing and how to become an everyday millionaire. Subscribe to the Chris Hogan Show wherever you listen to podcast.

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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.