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[00:00:25]

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Rental Studios, it's the Dave Ramsey Show where debt is dumb, cash is king in the paid off home mortgage has taken the place of the BMW as the status symbol. Of course. I'm Dave Ramsey, your host. Chris Hogan Ramsey personality is my co-host. Today on the air, the open phones are for you. The call is free and some say the advice is worth what you pay for.

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The phone numbers, triple eight eight two five five two two five.

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That's triple eight eight two five five two two five. Keila is with us.

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Keila is in Washington. Hi, Kayla. How are you? Hi, Mr. Ramsey. Hi, Mr. Hogan, it's such an honor to speak with both of you. You, too. What's up? Well, I'm a stay at home mom. I've got two little boys and one on the way, and I also run my own business, but I want to expand it and I really want to grow eventually. I want to run my own company.

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Like I've got big dreams, but I'm also trapped on the amount of time and I need to do my business because I'm a stay at home mom. So I guess I have a couple of two questions. One is how what are my next steps to expand my business and get it to this point where I it's just really, really successful. And then also I would like to invest in a mentorship that might help me grow. But personally, we're on baby step, too.

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And so I didn't know if it's OK to invest business money back into your business. If you're on baby step two, how much are you making on the business?

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Last year, I made about thirty three thousand profit. About like twenty nine thousand profit. OK, good. Very good. OK. So you're making a couple grand a month after it's all said and done, give or take and. What would investing a portion of the 2000 dollars a month or 2500 dollars a month would you put back into the business?

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Well, that's the thing, it's it's it's a mentorship and I'm not sure how to gauge how much I'll get out of it, not what I ask.

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What you were going to spend out of the 2500, how much would you spend? Oh, 500 or 700, either one. On less than a thousand a month, no, just once. One time. OK, OK.

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Well, out of 29000. What I spend a thousand dollars on education or 700 dollars on education. Yeah. Once I've verified that the education has a value by studying and learning about it and don't look for magic beans. Hmm. There aren't any magic beans. No one has magic. When we sell leadership training and we're onto a leadership summit and those kinds of things, we don't have magic beans. You know what Jack found when he got to the top of the beanstalk giants?

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You don't want magic beans.

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Right. Right now, I want to put in the work and I know that it's going to take time and that's why. Yeah, but don't don't think that some certain mentor or some certain Ontari leadership event that we teach or something else is going to suddenly make business easy.

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Hmm. Now, it's still going to be hard.

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Yeah, Kayla, what kind of business do you have? It's a photography business. OK. And so you are the business, correct? Yeah, I own my job, and that's where I like them, says I own it, and I want to get bigger, I want it to expand.

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Well, but you are also growing your family. So you've got two kids. You got one on the way right now. So right now, you're the one that is traveling. Are you going doing weddings? Is that your primary source? Yep, weddings and portraits, OK, look, the weddings bring in the biggest cost. OK? And see, you are that you are the bottleneck for that business as well. So, you know, you've got to look at it and give yourself ample timing.

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What can you devote? You've got this new baby that's coming. You've got to be very intentional with it. But you are right now the product and the service. And so how much more of your time can you give and are you charging enough for it? Is would be one of the first steps I'd walk you through if I were coaching you. Now, let's do this.

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Let's put you in Cristie Rights Business Boutique Academy and do that for a few months.

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And that puts Christy right up in your face because she's all she's got her hands deep in that stuff. And do that before you pay for this mentoring and I'll just pay for that for you will give it to you and see if you can get things moving with that.

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Because I think your bottleneck right now is that you've got a lot of different things on your plate. Mm hmm. And probably your biggest holdup is not some magic pill for your business. It's that you just have a limited amount of time because you're raising a baby. That's right.

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And that's OK. That's nothing wrong with that. And you got your priorities straight if you're putting them first. But but maybe there's some efficiencies you can gain. And let's see if you can do that for free before you spend on the mentoring. And I'll I'll put you in her business, Batiuk Academy, which probably cost so much about what you're going to spend on that anyway. If I didn't give it to you. So and it's not even open right now, you can't get in it.

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But I know the guy that owns it so I can get you. And so hold on.

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I'll have Kelly pick up and we'll get you signed up for that then. That's it. CAYLUS, we just spoke it. That's it. We said it it on the air and that makes it happen to my folks.

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It's kind of like man that is like it is like somebody who happen to know us all.

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Hey, Noah, what's up? Hey, guys. How's it going? Great. How can we help?

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Hey, so I'm just curious what my conversation with my financial advisor should sound like so I don't come off like, hey, I listen to this guy on a podcast and he told me to tell you this. Basically, I have a little over eight thousand in a Roth account and a little less a little more than that in a non retirement account than my dad had helped me set up with a friend of his from high school. He's a financial advisor.

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And at the time, I didn't know what was going on. And so I was just curious. I wanted I was thinking about taking out the about eighty six hundred and start paying off my student loans. And so I was wondering how I should approach that conversation, what exactly I should say and what I said, you know, what questions I should be prepared to answer right now. How old are you? I'm twenty 23 years old.

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My goodness, this is fantastic. But here's what I would do as you talk to this financial adviser, you want to talk with them just like you were having a conversation with anyone else, talk with them, not at them. And what that means is you're also you're putting them through the paces. They need to prove to you that you want to hire them on your team. And so I would ask them questions. I would talk with them about your goals and your dreams.

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They should totally be asking you about that. But you want to find out, hey, what's their level of customer service? How often do they meet with clients? What's your access point to them if you have questions and just begin to kind of walk them through the process to find out, is this male or female someone that's going to help me reach my dreams?

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So I'm know maybe I misunderstood that. I understand that you've already have the financial advisor and you're going to take your money out of your Roth and you want to know how to ask them to do that.

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Yeah, not the Roth the in the non non retirement account that I have.

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OK, all right. Well. OK, here's the thing. The guy was the guy that you're currently with, your dad handed you to write. Right, yes. OK, so there may be a bit of a challenge in that, because he may if it's a go guy or gal, they may adopt a parental tone with you. And I would I would if I were you, I would gently not tolerate that. You don't have to be a jerk about it, but you can just say, no, you work for me and I need you to teach me things, not tell me things.

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And if he can't do that because you were handed from your dad, then you may need to get a guy that you hire rather than your dad hires that they can have the heart of a teacher and walk with you through that. That's good. So you're looking for someone and they'll adopt a parental tone with a 50 year old, too. That's just what they do in that business. So stay away from that.

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Well, we all have enough on our plates, right? The last thing we need is to not get a good night's sleep. Think about how effective you're going to be during the day if you can't even think clearly because you didn't actually arrest. That's one of the reasons I've been recommending Tufte and Neidl. My family has their mattresses and they start as low as 350 dollars plus. You can try it out 100 nights risk free, go to 10 dotcom to pick yours out.

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They ship it to your door for free. That's T in dotcom.

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Chris Hogan, Ramsey personality, my co-host today here on the Dave Ramsey Show, Open Phones, a triple eight eight two five five two two five. That's Triple eight eight two five five two two five. Well, there's been some tough times. Obviously, the number 20 is going to come to mean sucks simultaneously.

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It's just it's just man, it's amazing out there. A lot of people hurting.

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You could be hurting. You could be jobless right now. You could be broke. You may be struggling to put food on the table. You may be having the best year of your life.

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I've talked to a few people in business that are booming in the middle of all this mess. John Maxwell says change is inevitable, growth is optional.

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And if you've said to yourself, I am here, but I will never be in this mess again, next time something comes at me, I'm going to be ready. I'm going to have my emergency fund. I'm going to be out of debt.

[00:10:41]

Never again. If you've had that moment and you want to take the next step to get to where you can sleep easy, enjoying the portion of America that's not freaking out right now. And there is a bunch of us, oddly enough, we can show you how we've launched something new and it's huge, something that will change the trajectory of your life. It's called Ramsey Plus.

[00:11:08]

This is the all access membership that gives you our best money products you learn with all nine lessons of Financial Peace University and several other curriculum that are in there, you budget with the world's best budgeting app, the premium features of every dollar.

[00:11:28]

It sinks up with everything. It sinks with your your spouse, with your bank, everything. And then you track your progress with the new Baby Steps app.

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You can do a free trial on Ramsey Plus and get all of that in the free trial.

[00:11:45]

The budgeting, the learning and the tracking set yourself up so you never again.

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I have to face something like this without confidence. So how do you do it? Text if you want the free trial to Ramsey. Plus text trial to 33, seven, eight, nine, text trial two three three seven eight, nine Kewney is in Odessa, Texas.

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Hi, Kenny. How are you? Good.

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Thanks for taking my call today, Dave and Chris. My question for you today, my girlfriend and I bought a house two years ago. We paid cash for it. She paid three quarters of it. I paid one quarter of it. And we we've drawn up paperwork. If we die, if we split up how the money is be to our grown children. And she's recommended that she buy me now my part of it. That way I can put in an investment account unit growing on top of my other 401k and investments.

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But I'm worried because then my name wouldn't be on the house, I wouldn't be an owner, I would be a tenant. So I was wanting to get your input on that.

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Hmmm, the data that we have from people who build wealth don't do it the way you're doing it, OK?

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And so the data that we have from millionaires is they have, you know, north of 80 percent of them, we study 10000 millionaires and Christmas book everyday millionaires, north of 80 percent of them were in lock step, complete shared goals with their spouse.

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We found almost none of them being people living with someone they weren't married to. That's the actual data points.

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And so I'm kind of a practical guy in that respect. And so you may want to reconsider your whole model is my point.

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Because if you were married and you both and you had a big pile of investments and you had a paid for house, you wouldn't be dealing with all this crap. You're spending a lot of your energy running sideways. Mm hmm. Kitty, my question was going to give me. She's she's wealthy. I mean, she's she's got plenty of money for retirement. She gets alimony every month. I have a great career. I make six figures. I've got plenty of my 401k plenty.

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They're like saying we've just bought this house together. This is the only thing we have together. All of our debts are paid off and everything, and that's all we have together. But like I say, she just wanted to buy me out just that way. There's no hassle in the end, if something happens to one of our both of us, we travel a lot and stuff and it's just easier, you know, it's in her will that her child gets no hassle at the end of the relationship either.

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You're just gone, right? Yeah, that's what I'm worried about. Well, and it sounds like to me she's not want to get married because of the alimony set up.

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We'd be the one want to get married. We've both been married before. And we we like our relationship, which is we've been together almost five years. And so we just moved on two years ago.

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So she brought to you the idea of buying you out of this house. I know we're just talking about investments and everything, and she just brought it up. Would it be easier because we're doing our wheels again and stuff like that? It would it would be cleaner, easier.

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It would be much cleaner. OK, yeah.

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You don't think there's a problem with my name not being on the house, you know?

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The problem is you don't live there and you don't want you to write and you don't see that as a real problem.

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That's that's a relationship issue. That's not a financial issue. Right.

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If you want to if you want to own some real estate, you can go buy some real estate elsewhere as rental property. Right. But when you don't own the home, when you don't have any ownership rights at all to the home you live in, when the owner says leave, you get to leave. Good point. That's a but that's a relationship issue you yeah, you know you but you just outlined what your role model was and how you're approaching this.

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I'm telling you, there's very few data points that say that leads to prosperity. It usually doesn't. As a matter of fact. So I'd be a little bit worried.

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She wants to buy. Just could be a telltale sign. Don't don't spend that. I want to buy you out.

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Hash tag. Get out. We're just teasing you.

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We're just teasing you, Candy.

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Sort of going to the money to me. Know, I would do it because it would clean up every word. It would clean up everything.

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You're mean, Hogan.

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I'm telling you you're mean. Hit the button. You're a big mean man.

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Kanon Caithness with North Burlington, North Carolina. I can. And how are you? Good. How are you doing? How are you, Chris?

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Better than we deserve, for sure. What's up? Yeah, just got a quick question for you guys. So last year my wife worked at a credit union for about ten months while she was finishing up nursing school and they started taking some of her income and put it into their 401k. Well, about the time that they left, there was only about four hundred and fifty dollars in her for one K, and they said that they they wouldn't allow that to stand or fall in case they rolled it over to just one of the banks investments and then charged fifty dollars for the direct rollover day.

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So these people are sharks.

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Yes. Well we were all over fifty six dollar accounting. Charge you 50 dollars to do it. I don't know exactly.

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So my question is, I know with the bills that Congress passed, would it be better for me to just withdraw that a 20 percent tax bracket? Would it be better for me to go for dollars and pay forty dollars in taxes or pay another fifty dollars or whatever to get it in? Something that's actually going to make a little bit of money?

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Doesn't matter if you just set fire to it or you will change your life. So that's what I was thinking about. This is I'm certainly not leaving it with those though.

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So either move it. And I don't know that unless they charge you another rollover fee to get it out of there.

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But, you know, it's for 50 bucks, man. It doesn't matter. It's not going it's not going to make or break your life either way.

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So stay away from these people moving forward. Yeah. So what do you learn from this? Banks charge fees, be watching for them. You'll be watching for him.

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Aaron is with us. Aaron in women. Women. Come on to get the right button here, Dave. There we go. Aaron's in Nashville. Hi, Aaron. How are you? Wait a minute. Now, you're not even there. I'm. Oh, God. I screwed it up completely. I think I hung up on him. Then he's gone.

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Yeah, well, he'll call back when we come back.

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Aaron. Sorry, Aaron. Tell me I'm the mean one.

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Well, you know, you're the main one. I'm the klutz. Yeah, the wrong button. I had the hang up button. You think I know how to work this crap by now after 30 years, but I don't. All right. Anyway, Chris Hogan is here to help me get through this other half hour on The Dave Ramsey Show. During these crazy times, the best advice I can give you is control the controllable. Let's start looking at major expenses like your monthly rent or your house payment.

[00:19:29]

Folks, mortgage interest rates are so low, now is the time to invest in your future. In just 10 minutes, my friends at Churchill Mortgage can share ways to save you serious cash through a smarter mortgage plan to speak to a specialist call triple eight, loan 200 or go to Churchill Mortgage Dotcom. This is a paid advertisement in MLS less one five nine one in the middle. Consumer Access Dog Equal Housing Lender 1749 Mallory Lane Suite 100 Brentwood, Tennessee three seven zero two seven.

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How's your personality, Chris Open as my co-host today here in the Dave Ramsey Show, open phones of Tripoli, eight two five five two two five.

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Camilla is in Las Vegas. Hi, Camilla. How are you? Hi, Dave and Chris.

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It's a pleasure to speak to you today. You, too. How can we help? OK, well, my husband and I are going through a divorce and we own a small business together. And I'm wondering what formula to use to split up that small business. I'm sorry.

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How long you been married? Thank you. We got married ten years. Mm hmm. What happened? He walked he just walked out of thin air.

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So who's been running the business? Tell me how that works.

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He runs the business day to day. I've worked in the business throughout the years, but he's taken over all those responsibilities in the last six months.

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OK. So what do you plan to do with your life? I'm not quite sure yet, I'm working on that, can I go to the walk out? A couple, let's see, probably like three months ago. How many kids you got? Three kids, what age? Eight years old, four years old and a year and a half. Hmm. So I assume over this three months, he's begun paying child support during the separation. Correct.

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We've had our accounts together still. So we've been working together at one account and just and he's living with his parents, so doesn't have any extra expenses.

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So you're just using the money with the combined accounts to take care of the family. Yes. OK. All right. Do you all own anything else? Any money, we own our cars and and we that's it, yeah, that's the only thing that we have and we don't have any money anymore. There's no return. We sure. Yeah, we have we both have retirement accounts like fifteen thousand dollars each time. And we are home. We have a little bit of equity and probably like one hundred thousand dollars worth of equity.

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And what's the home worth. It's worth about three hundred thousand dollars.

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And so you owe 200. Yes, a little less than that. Were you a stay at home mom or did you work outside of the home? I was.

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I was working in our business, OK, but yeah. But not not a regular set time. Yes, it changed and it changed over the years that we had the business. We've had it for five years. OK, what is your attorney saying?

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I don't know, I haven't gotten their advice about it yet. OK, let me help you with this. Three months after your husband walks out, lives with his parents is too late to get an attorney.

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So, you know, I have one. I just we've been trying to mediate mostly and not use attorney. OK, that's fine.

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There's nothing wrong with mediating, but you need an attorney to close and put a lid on this. And so you're not getting any legal advice at all.

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I, I guess I just don't know what the right questions to ask are.

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Well, the legal advice says the legal advice says that you're going to get a pile of child support from him for three little kids. And the legal advice then should say that you're getting half of everything else at least.

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Yeah, OK. Yeah. So here are what's what is the net profit on the business in a year? Net profit, taxable income. What did you all pay taxes on last year?

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Last year it was forty thousand dollars. OK. All right. Well, the business is probably worth between, if that's an exact figure. It's worth somewhere around four times that. So around 160, OK. And so if you sold the house. And you took his retirement account and you got the equity out of the house and he got the business, that's probably not a bad trade.

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OK, so you had 30000 in retirement at that point, you got 100000 and you get your call, you get the most expensive car of the two. You're getting pretty close to half of the assets at that point. OK. And he has the business free and clear of you. And then he can run it and pay child support and maybe alimony depending on what you come up with.

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You know? OK, and I also wanted to mention that in the beginning of 2019, we bought out a partner that we had for 30 that had 30 percent. We bought them out for ninety thousand dollars. He overpaid. Yeah, that's what I'm guessing. Well, so and you pay cash for that. No know, we took out a second loan on our home to do that. OK. Hmm. Has that been paid off? We've been paying it down, but no, it's not paid off yet.

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That's part of the equity in the home you're getting in my scenario. So that is an interesting part of the equation.

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You know, so what I'm trying to do is to get you half of the assets and him end up with the business because you don't want to remain in the business from the guy you're divorced from.

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Right. You know, you don't want to trust him to give you accurate numbers on the PNL, know?

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Yeah. He's already locked me out of all the accounts. Well, yeah.

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And and here's the deal. He doesn't want you to get an attorney just because he's trying to get it done as cheap as possible.

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And he's trying to probably I think he probably need legal counsel. Do you do?

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Yeah. That's the only way you're going to get a clarity and it's going to be equal and it's going to be something that you get done in the best interest of their children.

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Not trying to pick a fight. I'm just trying to keep you from getting bullied, right.

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Yeah. It's time to make the phone call, young lady. Yeah, I agree. Yes, it is. And you walk them through what you've been through and you'll hear in your voice. I hear the fear and the nerves, but you're going to be OK.

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And here's the last part of the equation. And this is going to add to your pain, not take away from it on the short term, but on the long term. It's going to help you unless you're going to land a very, very serious career very quickly. Like 80000 dollar income or above, you're not going to be able to stay in this house. Yeah, I'm planning to sell something cheaply. OK, good. And then you've got to get your career started and start putting tools in your belt with that money that you get from your house.

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I think you get the house equity and the nicest car and all the retirement accounts and then maybe some more.

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OK, and then he gets the business. That's because the business is probably worth about four times 40, so somewhere between maybe five times. So somewhere between 160 and 200 is his fortune. And if you can get everything else to add up to close to that, you're getting pretty close or have him, you know, give you 50 grand. He goes, the bank gets it. I don't care what he does at this point. He's walking off from a wife and three kids, not going much use for him, so.

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Oh, man, what a mess it is. Yeah, I think the best prank in my the whole call, though, Chris, is what you said, that she needs an attorney. She does. And not everybody. The names of marriage is a horrible guy. No, not me. Guy Bash. And so you stupid people ask me that stuff. I don't guy bash.

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You know, we don't know the whole situation, but all we're hearing, all we've got is what she told us, the facts.

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So the details. So but but yeah. You're entitled to I think more than it is being hinted that you're going to get. That's my opinion in listening to it.

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And sometimes that just requires standing up. And that's what Chris is saying. So get some legal counsel. I would get the household, take all of that money and take one or two cars and take all the retirement and maybe some out of the business if there's unless there's some other money somewhere else.

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But I'll tell you what, I also love the fact if you just being straight up with her and let her know that that house can't stay so she can emotionally. She had already done it. She's made yeah. She she was aware. That's good. That's a good thing. A lot of people try to hold on to a house. You can't afford to divorce, keep the kids stable in the house, all the stuff. And it continues the nightmare.

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Yeah, it really shortens it. Huh. This is the Dave Ramsey Show.

[00:30:07]

Our Scripture of the day, Romans 15 five, made the God who gives endurance and encouragement give you the same attitude of mind toward each other that Christ Jesus, our friend Loophole said says ability is what you're capable of doing.

[00:30:26]

Motivation determines what you do. Attitude determines how well you do it. That guy is a dynamo. Yes, he is. He came and spoke last week at our Ontari Leadership Summit is 83 years old.

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Two weeks ago, his wife passed away and was buried and he came from Orlando up here to do the event up to Nashville. An absolute gentleman.

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Yes, he is an absolute dynamo and a World-Class communicator, energy that came off the stage. And I want to be him when I grow up to be.

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You could just see and feel just the passion. And the this man is absolutely the epitome of attitude and character and just caring about what it is that he does growing all of these young men, these many years in the sport of football. He is he's a good man. He's a very good man.

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It was really fun. He got world class communicator, but in the midst of all kinds of peril. Yeah, I mean, all got troubles.

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He still stands up there and just just call home run. Yeah. Yeah. Absolutely amazing. All right. Ethel is with us in Long Island. Hi, Ethel. How are you?

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OK, Dave, just want to let you know that I did call you eight years ago and I paid off my mortgage. So why did it go? I did because I had a little bit of an inheritance and I paid it. But I I'm still in my house. I'm divorced and I have 700000 dollars in retirement funds. And I know I'm doing a lot of reading lately, and it doesn't seem like that's enough. And also, I looked at the rules.

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You take the age 100 and you subtract your age, which is 70, and you shouldn't have more than 30 percent, I guess, of stocks in your portfolio book and mine.

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It's not a rule. That's an idiot. OK.

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All right. Well, I had I was an idiot for a long time during the boom years. The last three years, I had all my retirement funds and CDs and I changed it to Vanguard in February and they had it there for a couple of weeks. And then the covid thing happened and I lost a tremendous amount. But I have it all back now. Good. Well, it's back. So you didn't know you wrote it out?

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I did. Mark Good job, Michael. Good job. Well done. Yes.

[00:33:04]

Well, I didn't sleep for a couple of weeks, but I did ride it out. But now I'm wondering, I have pre-election jitters. I don't want to get too political, but if President Trump doesn't win, I'm afraid that the market may not do so well. And I'm afraid of the same thing happening. Another dive. And I'm wondering if I should cash out now since I have everything that I have or what I should do.

[00:33:34]

You know, I've I've been on the air almost 30 years and I've heard that every election. So this one seems a little different and it's very different, the players are different.

[00:33:49]

Yeah, well, I was during the Obama years, so I was I was unhappy. I was had a lot of trepidation, I'll put it that way. So things closing on Long Island and I just thought, I don't know. And I'm very concerned.

[00:34:07]

Yeah, well, whether you agree with someone's politics or not, if you look at the historic ride of the stock market as an investment, it really, other than occasional blips here or there, has not necessarily followed a party.

[00:34:25]

OK. It actually boomed under Bill Clinton. It boomed under Ronald Reagan, it dove under Jimmy Jimmy Carter.

[00:34:34]

So, I mean, they can they can do things to screw it up, but they really have to work at it to screw it up because this economy is just more robust than who's in the White House.

[00:34:47]

And right now, can they do things to make the business climate more friendly, to make money in business, which helps the stock market go up?

[00:34:57]

Yes, they can do all of that, but it's not a guarantee what happens in your house. And, you know, the bottom line is people are going to still go to Home Depot regardless of who's in the White House. They're still going to buy an iPhone, regardless of who's in the White House. They're still going to do whatever and those companies make that money. So, yeah, right. I don't disagree with the concern about our nation and the lack of character among anyone that is running anywhere ever.

[00:35:26]

But the I don't disagree with you on that, but but I wouldn't freak out about that. Now, if you want to be a little bit more conservative in your portfolio, that's fine. But no, I would not have 30 percent in mutual funds. You're healthy and vital at 70. There's a strong chance statistically you're going to live to 90. And if you if you go.

[00:35:47]

Yeah, my father, he died and he was 92. There we go.

[00:35:52]

So the thing is, you got you got 20 some odd years, 30 years that you're going to ride the market. And so this idea and even after that, the, you know, your heirs will.

[00:36:04]

And so it's I think you're fine. And when I am your age, I will be 100 percent invested in the market in terms of in terms of mutual fund purchases.

[00:36:16]

I won't be sitting in cash and bonds and this other crap that these people put out.

[00:36:21]

Well, and that's why it's really important to have that smart Vesterbro in your corner that you can have a conversation with. Talk about these things in a rational way or an irrational way. Either way, you get an opportunity to get some wisdom injected into whatever your politics might be.

[00:36:38]

You know, it's a good point because you've got someone on the ground like she's got you sitting down with your smart Vesterbro and they can walk you through the trend line of exactly what I'm talking about, where you say, OK, you remember when you thought Bill Clinton was going to bring into the universe.

[00:36:49]

Remember when you thought Ronald Reagan was going to bring whatever your politics you can and you can look at it and the trend lines just don't follow your fears?

[00:36:57]

No, it really doesn't. And you're investing will follow your intention. And so you want to have a plan, but it's good to have the conversation, to be able to see it. But, you know, for goodness sakes, do not eject out of the market. It's just it's unnecessary and it's costly financially, to be honest.

[00:37:14]

Well, the news, cable news, you just cannot use that as your investment in how your investment adviser needs to be someone to show you actual historic data. And then you say, OK, yeah, I think this is crazier than it was back then.

[00:37:29]

OK, so add a crazy factor to it, but it's still not going to say the world is going to come to an end. That's right, Mark.

[00:37:35]

Market's going to dive, you know as well. Open phones.

[00:37:42]

I can't even think about what to say is just. Yeah, it's horrible what could happen in any society.

[00:37:49]

Yes, but but the truth has been the over the 30 years I've done this. And even when you look back further than that and the trend lines, the truth has been that what happens in your house is 90 something percent of the equation, not what happens in the White House. That's right. And so quit trying to elect someone to fix your life or being afraid that someone's going to destroy your life. It's going to be a fact that they just don't have the power unless you give it to them.

[00:38:16]

That's right. That's exactly right. We we we live in a democratic society with checks and balances. And ultimately, you need a budgeting plan in your home. You need an emergency savings plan in your home. You need a plan for your future and you need a spending plan. And those things are very realistic.

[00:38:33]

And those are things that we can control, you know, but I'm not going to stop buying real estate. No, I'm not going to stop buying good growth stock mutual funds over a long period of time. In my 401k, I'll turn 60 here shortly. And so I'm going to continue to do that. I'm not going to stop doing the things that got me here.

[00:38:49]

That's right. Because of who goes into the White House. That's right. I agree.

[00:38:53]

It may or may not do better or may or may not do worse, but it's not going to substantially change.

[00:38:59]

Staying sidelining yourself and going into CDs, costing a lot more than those guys being elected could cost you.

[00:39:06]

Yes, that's what it comes down to. So interesting stuff.

[00:39:10]

Chris Hogan, thanks for hanging out for job today. Thank you, my friend. Thank you. It's always a pleasure. Great.

[00:39:14]

Great job. Cohosting today here on the Dave Ramsey Show that puts this hour of the Dave Ramsey Show in the books. Our thanks to James Childs, our producer, and Daniel, our associate producer and phone screener.

[00:39:25]

I'm your host, Dave Ramsey. We'll be back with you before you know it. And. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the prince of peace, Christ Jesus.

[00:39:44]

This is James Childs, producer of The Dave Ramsey Show. Once again, you made The Dave Ramsey Show, one of the top four most popular podcast last year to get your daily dose of motivation and inspiration from the Ramsey network. Subscribe or follow today wherever you listen to a podcast. Hey, if you've got questions about retirement investing and becoming an everyday millionaire, go bigger and broader with my man Chris Hogan on the Chris Hogan Show. I am excited to be able to talk to you all week in and week out.

[00:40:15]

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. Subscribed to the Chris Hogan Show wherever you listen to podcast.

[00:40:26]

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.