Happy Scribe
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Live from the headquarters of Ramsey Solutions, broadcasting from the car rental studios. It's not Dave Ramsey Show or Dad is dumb. Cash is king and the paid off home mortgage has taken the place of the BMW. A status symbol of choice, Christy, right, Ramsey personality and number one, best selling author is my co-host here on the air today. Open phones as we take your calls at eight eight two five five two two five. That's triple eight eight two five five two to five.

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And Christi, we're in the middle of the business boutique academy. Open enrollment closes on Thursday night. It's two hundred and forty four dollars for six months. And for that, I get your personal coaching.

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Yeah, it's a group coaching setting and you get this community. What's so cool is we've got thousands of members, but because we're teaching and training to the business principals, it helps everyone, everyone. And then, of course, we have a video training library with over 200 video lessons to help them on their specific needs. So they come in like me and I'm really struggling with pricing. OK, there's video lessons on that or how do I need my business?

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There's lessons on that time management, taxes, trademarks and everything in between.

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And so really what I love about this is this is this one resource that they can go to to get the help they need to get to where they want to be. And then I love doing live coaching sessions with them.

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Yes, you do everything I do. I get very excited. I talk fast and I always go over my time.

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But every single month we check in and I walk with them and get in their business with them. And it's been an incredible experience the last few years and the success stories coming out of it are amazing. So, yeah, we're open till Thursday night. This is their chance to get in and get their spot for this next season of six months where I walk with them in their business, Kristie.

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Right. Dotcom or business boutique dotcom, the business boutique Academi, equipping women to make money doing what they love.

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In addition to that, we've got just a handful. They're almost gone. Of the twenty twenty one goal planner, I can't think of anything more fun than planning. Twenty, twenty one.

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Can we start now? I was going leadership. I was in a leadership meeting this morning and I went twenty twenty one. We could do that. We can do that. We can do that like anything to reach past this dumpster fire of a year.

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It's so true. It's so true. And the goal planner is out there. It's out and it's selling out very fast. We've already had the place, the realtor. It's just nuts. It's just I think people are like you and me. They're really excited about twenty one. But this is brand new, completely revised, all new content. And this is to help you on every area of your life that's most important to you. So it's not just business.

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This is for your faith and your personal goals and growing in every area of your life. And by the way, it's just it's just a beautiful piece of art.

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The wall, the cover was done by one of our create. That's right, Alex. One of our designers. She's amazing.

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She really and I mean, it is one of the prettier things we've ever done around.

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A little biased, but I think so. I think so. So. Oh, all right.

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Open phones at eight eight two five five two two five. Lisa's in San Antonio. Lisa, how can we help?

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Hi. They think for having made sure. What's up? My questions got a lot of twists here. I am currently staying with my mother, who's eighty eight, and she has dementia, taking care of her. I have a home that I'm about to sell. And what we want to do is my sister and I purchased a new home. Well, we can take care of her. My income.

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Take care of your sister or your mother.

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My mother. Our mother. OK, all right. And you're living at home now, taking care of her.

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We're I'm in mom's home.

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Why are you selling that? Well, we thought if we were my sister, all three of us have home, that means mom, myself and sister, if we each sold all of these these three homes and moved into a newer home, we were selling mom's home because it's aging and lots of repairs foundation and the list goes on. So we were thinking, well, maybe we shouldn't be living in the home.

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That is because it's being rented out now and the renter wants to buy.

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OK. Why would it work for you and your mom to live in? It's a two bedroom, it's a smaller home for you and your mom to live in. It would, yeah. And so what was your show, how old is your mom?

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Mom is 88, just turned 88.

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And what stage is she in on dementia? She's in advanced stage, other besides the dementia, her physical health is OK. No problems there.

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OK. All right.

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And so your question is about what? Your question is exactly what. New home purchase, is it would it be feasible or good idea if we took care of Mom in a newer home with my sister's income in addition to mine? Of course, my income is significantly lower because I'm the primary caretaker. So with the sale of my home, I can completely pay off every debt that I have. And. Move into your sister's home. Moving to a new home that your sister, my sister.

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No, no, my sister's home would be so my home would be sold and Mom's home would be sold, but the new home purchased by your sister, who's the only one that has an income to buy it, right?

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Yes, I would. We would be co. Oh. OK, yeah. And of course, my credit score right now is great, hers is lower, but she has the income. How old are you? And I am fifty one five one.

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Correct, when you're six one. And mom's in heaven. And you were with your sister in a partnership in a home that doesn't sound fun to me. OK. OK, I'm looking out a little bit further in the future, past some pain that none of us want to look at, right. Right. But Mom's going to heaven someday, right?

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And when that happens, the net result is that we have two sisters that are cosigners and they may or may not want to stay in that house together. They may or may not want to keep it together. I would prefer one of you own it and the other one have a rental arrangement with a for instance. I would prefer that you just be a tenant to your sister. And then later on, if mom passes, you could go on and have your life and your sister could go and have her life.

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And we don't have a piece of real estate standing between us and life.

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Could you all live in your sister's home? I don't think we've looked at this thing. We the existing sister's home. Could you just all move into that?

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The existing sister has a tenant and there's not an extra room and. See, is the tenet was gone, would it be OK to be supertight? OK, all right. It would be a real pleasure to push.

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Yeah, I guess. Yeah.

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So, well, I can't I if if you were my little sister, I'm 60, I would tell you to.

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I love your care for your mom and I love that all of you are willing to polland together and care for each other. And Mom, I think that's going to wear thin. A decade from now and real estate's and hopefully permanent decision to make together. So if your sister has the ability to do this deal and rent to you and your mom and you and your mom sell, all three of you show she buys a better house, I would go with that.

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But I don't want you cosigning. I don't I would not tell you go. And I would not tell you to be a partner in this deal, because I think the long term implications are going to be hurtful. This is the Dave Ramsey Show. Folks, I love telling you about great products, and today I'm talking about American made grippe six Beltz Listen, traditional Beltz never fit, right? And they're uncomfortable, but Grib six belts and straps are interchangeable, which I personally love.

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My co-host today here on The Dave Ramsey Show, Ramsey personality number one, bestselling author, Crystal. We're answering your questions for police eight, 2005, and two to five is in Boise, Idaho. Welcome to The Dave Ramsey Show. Hi.

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Thank you so much for taking my call. Sure. I was just calling I would like to start my own business in a few years. My son is my youngest is now two. I am thankful I get to stay home with him, but I would like to start something by the time he is in preschool age and I don't know if you've heard of them, but where people opened a preschool or a daycare within the nursing home or an assisted living facility.

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And that is my dream job. To do that, I go to it tiny church, like 30 people, and I'm the youngest adults. The next youngest is my grandparents and I am an adult daycare.

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I know it's for preschoolers or little kids.

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Choir practice into nursing home. Help me. Yes, so they say it benefits both a lot, a lot of younger kids don't have grandparents who live close and a lot of older people don't have children who come to visit them. And any time someone from our church is in a rehab place for, you know, breaking a hip or something or has moved to assisted living, I always take my kids to go visit them. And every face down the hallway like that, their whole demeanor just changes when you're in there and they get so happy just to see all the kids.

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And I feel like hearing laughter down the hall. Yeah.

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And I saw the TV show The Nursing Home provide you space to operate all day care, and then everyone gets the benefit of the socialization.

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Yes. So I have heard of a few places doing it. I can't find any in our area. But if I do what I want, it's like you said earlier on the phone, Christy, I'm just talking about the fear of starting a business is I want it to go well. And my husband is a retired Marine, super logical man. And I just want like he says, I live in unicorns and rainbows. I want to just it's going to be great and it's going to be good.

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And that's, you know, like how will insurance or how will background check work if you have to have that for residents to be around the kids? How? Well, you know, all the how question has been there, Nicole.

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So this is what I want to start, like just kind of getting ideas like my I said my son, his birthday's actually on Saturday, but he's going to be a late kindergartener because of when his birthday falls. So I would like to be able to have him in my first year if I can do this in my in the class, you know, with me and have a way to still have him have me have time with him as I'm doing this.

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So I have a few years to plan, but I'm just didn't know the steps to do it. Like, how do I how much money like you say, I don't want to go into debt or only debt is our home, which we only owe forty two thousand less time and we have no other debt. But just like insurance, how that works or resources, I don't know, just kind of a place to start so that I can hopefully see this through to happen.

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Yeah, I look I love it. Nicole, I love your idea. I love your heart behind it. I love your enthusiasm. I had a friend tell me one time in every marriage there's a wow person and a happy person. You're the wow person. You're logical husband is the whole person. He has so many hard questions and those questions are not bad. But I just want to encourage you. They don't have to write on your dream killer right on your birthday.

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He's like totally he's not trying to be helpful.

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Totaro, I'm kidding. I'm just messing with you. But totally felt like a crusher.

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Totally. And I've been there and my husband's like, I'm helping. I'm like, you're hurting now. I totally hear you. They're great things to think about. The thing that the thing that I want you to do that is going to feel really simple, but it's actually going to be really insightful is I just want you to start digging on how people do this, because you could do this, OK?

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I want you to call anyone, anywhere that's doing it and just say, hey, can I can I you know, I'd love to send you to Amazon gift cards and you Starbucks gift card. Can I just spend 30 minutes an hour with you? Can I if they have any type of zoom functionality, you know, or any type of you know, a lot of daycares will have, like, you know, cameras in the classrooms, anything where you could watch, learn, observe.

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I don't know what you you know, if there's anything you could offer in terms of just shadowing, interviewing, you're just going to do some digging. How do they do it? All your questions, you're going to ask them. Here are some great questions to get you started. Aside from all the ones you just listed for me, you can ask about all those things.

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Maybe, you know, laws and stuff may be different in your state, but but you can do a lot of digging and find information. I would also ask the people that started the state care, what surprised you? What are some challenges you didn't expect in that first year? What are some what are some things that are just like roadblocks you didn't see coming, something that caught you off guard? What are some things that make it work particularly well so I can make sure to integrate these into this?

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I would start there. That would be first step is just all the digging and research from people that are doing it. The second step would be to maybe kind of scope out in your area what are the assisted living facilities, senior centers, that type of thing that you would want to be at? Because I would guess you would you're going to have an opinion about which ones you're at and where it's located and what the facilities like and that type of thing, the people you work with.

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So I would start kind of scoping that out, not with any particular agenda, just starting to kind of like, again, get your bearings, just learn about what's out there and what you want to do. One of the things that I will go ahead and caution you in this year that we're all experiencing is the answers that you get this year. The information you get this year will not necessarily be indicative of how it will always be, because there are so many more regulations right now.

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I know, right? My academy members around well, and people are just picking up regulations.

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Well, and and and there's that around the corner.

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My biggest fear is, is like if I come in a year or two with a place like here's my idea there the. To be like, you want to bring kids in where I know, I know, well, it's right now. Right now it's in the height of it. Right now, there's a lot of fear around the elderly, senior citizens, around the high risk population. So, yes, that is that is on lockdown right now in a way that's very unusual.

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I will say your time line, I think, is great right now. You're doing research. Just keep in mind that if you get some information, it's like, oh, my gosh, this is never going to happen. That doesn't mean it's never happens right now. That's where that's the perspective they're coming from. So I would just say your first starting point would be just doing some research, asking people are so willing to help, so many people are willing to help and tell you what they've learned and and give you some advice from that specific industry of how they got started.

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Got it started. As for all the stuff, as far as like the actual setup, you can figure that out by the time you're ready to actually do it. Right now, I think you just need to learn. That would be that would be my first.

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And let's go and put some brain to work. Yeah.

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If he wants and he's got a question, if he's going to ask a question, he has to go find the answer.

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Oh, I love like what about insurance. I don't know. Bob, I want you go find out.

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Taken that one home. Dave. Matt. Right. Yeah, right. You got some research to do.

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You know, if you have a problem with this, you need to go find out about it because you're going to be mine. You can be my consultant and help me figure out how not to step in it legally from an insurance standpoint, an ops standpoint and so forth. Yeah, I'm with Christie.

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I think it might be very difficult in this calendar year to actually find what you're talking about being operational. Yeah, if it was operational, I suspect it's not now.

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Yeah, I might have shut it down, but I haven't, you know, because covid just the whole nursing home thing was just a real issue, to say the least is a major hotspot. And so in every state. And so even going to visit a nursing home and talking to the administrator just to begin to brainstorm ideas is going to be difficult to get on property right now in most areas. Right.

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So just give yourself a little time here and say, but let's let's kind of dial back covid for a few minutes here and let's say, OK, things are starting to return in the spring, the fall or I don't know, whenever it happens, then you start you're in Boise, Idaho. There's probably, what, ten nursing homes. Oh, there's way more than that. And how many are there, like how many are there? How many are there?

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I, I don't even know. How do you know there's way more than that? Because I've been to probably at least that many. Well, you already talked to. No, no, no.

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Oh. You went to visit ten different nursing homes. OK, well OK, let's let's start with that.

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Let's just make a list of every nursing home in a 40 mile radius. I just made that up. OK, OK.

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And then start to make and then when things clear up a little bit, you could go interview them and say, I'm looking, I'm trying to decide where to place the service. I want to see if you're eligible. OK. Ask them how what they're going to do to help you get this wonderful idea on their site. They might put all the stuff in place because they probably have like money and stuff. This is the Dave Ramsey Show. I watched the mortgage rates closely with help from my friends at Churchill Mortgage, and right now is the time to see if you can get a lower interest rate for now.

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Thank you for joining us, America, this is the Dave Ramsey Show, Christian right around you personality as my co-host this hour on open phones and triple eight eight two five five two two five. Actually, this day.

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Alicia is in Oakland, California. Hi, Alicia. How can we help? Hey, Dave, thanks for having me.

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Sure. I was calling to get some advice from you. I have an idea of what I should do, but it's always good to call Uncle Dave, OK? And so so my husband and his mom purchased an apartment condo in 2008. They paid it off December 2013. So they were ahead on a 30 year mortgage loan down to ten years. Essentially, essentially, the dilemma is whether or not to sell it or leave it when the time comes for us to move up in house, you're living it right.

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So we he owns it. We're living in it. Technically, there's no mortgage. But my husband made an agreement with his mom at the very beginning to pay her back as soon as the mortgage was paid off. So he pays about Shalabi her to buy her out, right? Correct.

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OK, how much does he owe her to buy her out? I'm assuming she she says she put in extra money after her contribution of money down in the beginning, she put down 90, he put down 10. She says she's. Put forward extra, I'm assuming it's around 100 total, so, yeah, exactly, and what's the condo worth?

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Remodelers, it'll be worth about five hundred homes remodeling it.

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We will remodel it by the end of next year. OK? So if you sold a 500000 condo in your old mom, 100 to buy out her part, you would put 400 in your pocket, right? Essentially, at this moment, we're by the end of December of this year, we would have paid her twenty four thousand oh oh 5000 left, OK?

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Right. So she, in her mind, the very beginning of helping him cosine, cosine was to at some point lease it out and use that money as essentially a secondary income for both of them. But it's a. Not that practical, because our thought is as husband and wife, we will sell it and then we'll use that money to put down while over 20 percent for our new house. Yeah. So it's in the anaconda's in your husband's name.

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Yeah, it's in both of them, both of their names, right?

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So she cosines, OK, so either you're going to buy her out by paying it off and by selling it, right? Right. And that's going to give her the 100 or the 75 remaining or she's going to write you a check for the difference in 575, which would be 400 and a quarter.

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Right. She didn't see it like that.

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All right. I'm here. What? I think she wants to force him to stay in the deal. Right. And she's right.

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Yeah, well, even if that did happen, how would be coordinated? It's dumb. I do it. I know. I'm just trying to understand how to approach her.

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You're not. You're the wicked stepdaughter. Well, yes.

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Yes, yeah. But you're still the stuff. You're still the daughter in law. You don't get to approach anything. Your husband grows a backbone and says, Mom, I'm not staying in a rental property with you. I'm selling.

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And you can take this money and go buy you another rental property if you want, which is seventy five thousand dollars or whatever you want to do. But I'm not going to stay in a rental property. No.

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Right. That doesn't work for me, the idea of a rental property, but it's just not practical right now.

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And but you don't want to be in the deal with her. I mean, nothing against her, but like, you know. Yeah, I agree. You'll do your own thing owing people money. I hate it.

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Yeah. The whole thing's it's it started with good intentions. It's quickly getting twisted. Yeah, so but let me tell you from just life experience, you keep your mouth shut. No. OK. Your husband has called on his mommy. You don't deal with his mommy. He has to do with his mommy. This is the kind of crap that will visit you two decades later. Yeah, if you open your mouth over my head, if this is your fault, in her mind, this is a problem, he needs to square his shoulders, be a big boy and deal with mommy.

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He can be kind and sweet.

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I'm being sarcastic, but he should be nice. He should honor her. Mom, I really appreciate this.

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But, you know, Melissa, we're going to buy a house and we're going to use this that we're going to use this huge stinking equity. And thank you for getting me into this deal, because it really did work out. And I love you. And we're going to sell it. And I'm a I'm a write you a check for that other 75 if I haven't written it even before, then. Matter of fact, you ought to buy her out as soon as possible.

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And that ends the discussion. I got a quick question.

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How are you and your husband on the same page? I don't want to just assume that. Are you and your husband because I paid for this.

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OK, now the thing that will make it easier then if he and her wanted this deal and you and him are on the same page, that would be different. So that's great then. Yeah, just like Dave said, like this is his conversation to have.

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Yeah, yeah. But here's the problem, OK? He wants every little boy wants his mommy to be happy. And mommy, mommy may not be happy when this is done. And they've had a history of a rocky relationship, so it's definitely a sensitive subject.

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Yeah, which is why we don't do these deals to start with. But now here we are.

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So is this is this is is your husband, you know, is he willing to lean into conflicts, have confrontation, or is that something that he just would rather just, you know, certain personality types really like to avoid conflict? Where does your husband come calling?

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Oh, my God, yeah. No one would pick a fight just because you're bored sometimes. Lisa. Does your husband feel about this? No, I would say he's half and half OK.

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I've had arguments with her before about her, OK. And yeah. In in trying to control his wife. Yeah. And whatnot, I, it's interesting, I, I definitely can communicate better with her than him and her until there's conflict. Right. But she's, she's, she's always had good intentions.

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She has good intentions. She was trying to control for the wrong way. She said Mommy, it'll be interesting.

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Mommy's love to tell their little boys what to do and it doesn't matter how old they get. Yeah, that's just a different dynamic there.

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My wife can have a discussion that is perfectly normal with my daughters, and yet she wants to tell my son what to do. And he just looks at her mom, I love, you know, and because he's like a man and everything, and so.

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Yeah, yeah, no, he's got good boundaries. No, and here's the thing. Here's what I only thing I would coach him to do because of all the all the data we have from talking to you for the last few minutes is I've been real sarcastic and bombastic, which is my style. OK, but were I in his shoes, I would approach this very humbly, very low tone and octave, drop your OK, drop your voice an octave and just be very kind.

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Unbelievably strong. And gentle and grateful, lots of gratitude and honor is due her, she made him 400000 dollars.

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It's going to help your future. And I would bow to that, I would say, thank you, mom, you have done so many good and wonderful things and the intent of us getting into this has resulted in this wonderful blessing to us. Thank you so much for that. Thank you for thinking of me all those years ago when we did this deal. And I just want to tell you, no matter whether you understand or whether you don't, we're going to sell it.

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And I just want you to know how grateful I am and thankful, and it's not like he's asking her opinion. He's not asking he's not taking a poll. He's just going to tell her what he's doing. But with a smile and gentleness and strength, meekness is not weakness. It's power under control. And you're in the driver's seat here. This is the Dave Ramsey Show. Our scripture that I philippians three 12, not that I have already obtained this or am I already perfect, but I press on to make it my own because Christ Jesus has made me his own.

[00:30:19]

Henry David Thoreau said what you get by achieving your goals is not as important as what you become by achieving your goals. If you haven't heard two of the biggest things that folks are saying they need right now are more community. And help with our money. This covid thing is messed up both for a lot of people. What if you could get both of these things in one place? Imagine being coached, encouraged through a money plan that, you know will actually work.

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[00:31:47]

So Christy Wright has the Christian Right podcast, right, Christine?

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Yes, the Christian show. And tell me at the break that this mother in law issue comes up a lot. Yeah.

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With the ladies when you're coaching them, doing different things. So you decide to do an episode on.

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Tell me about. I did. So it's coming out in the next few weeks. But one of the things that I hear from people all the time and we actually hear this on the show with you. Yeah.

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People you and I have taken several calls just like that. And here's how they phrase it every single time. How do I deal with my in-laws now?

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Can we just Kampia for a second and acknowledge what you're saying when you say it that way? Like, I don't I don't talk about people I just love to hang out with, like, how do I deal with them? It's obviously a strained relationship, if you're phrasing the question that way. And so I thought, what is what is going on there below the surface between this and it's almost always, not always, but almost always the mother in law and the daughter in law dynamic and you and I've talked about this, you talk about sharing with your kids and your, you know, brothers, daughters and all sons in law.

[00:32:43]

And one of the things that I've learned in my relationship with my mother in law, Pam, who is wonderful, is this great relationships don't happen by accident. You don't I don't care who you are. They don't happen just accidentally. They're not accidentally awesome, especially when you've got a dynamic of two families merging and particularly one that is by nature strange.

[00:33:00]

Right, because you've got the older generation that has expectations and values of here's how parenting is and here's how traditions are and here's how Christmas is. And then you have this younger generation trying to start their own family and be a family within a family. There's going to be conflict. And so I'm actually having a conversation with John Deloney on this and just talking about relationships and boundaries. And one of the things that I did in prepping for this episode is I just called my mother in law, Pam, and I said, hey, I said, I want to learn from you and your perspective with your generation of what and even what are your friends talk about?

[00:33:29]

It's the number one thing that they're talking about of this this difficulty. It's a number one thing I'm hearing from my generation of difficulty. And so we just crafted this less than this episode together around how to deal with your in-laws and deals in quotation marks of just implying, like, you shouldn't have to deal with them if you've got two healthy, wonderful, loving people. There's no reason that the relationship can't be wonderful, but it is going to take intentionality and hard work.

[00:33:50]

So we kind of walk through five rules. And I'll just give you a teaser for one of the number one rule you're starting with is invest in the relationship like you want it to be good. Some people are transactional with their relationships and in-laws just just only communicating on drop offs and pickups. If you treat it as transactional, it's going to be transactional. But someone that you love, that you want to be friends with, you ask, how are you doing?

[00:34:12]

How is your week? What are you working on? What are you said about you invest in the relationship like you actually want to have a good one. And that's true for both sides. The mother in law and the daughter in law. You're both responsible to do this. So I walk through five rules to help them have the best relationship possible. But it's a common pain point, but it doesn't have to be terrible and hard. You just have to work on it like any good thing in life.

[00:34:33]

Wow. Invest in it like you mean it. Yeah, I love it. Yeah.

[00:34:37]

Like you actually want to have a good relationship. Imagine that. Yeah. Well I mean you really I guess immediate family like that is the easiest thing to become transactional with. Yeah.

[00:34:49]

Everywhere else you kind of have this instinctual idea that if I'm going to have a high quality relationship with a team member work, I'm going to have a high quality relationship with somebody at church or whatever. Right.

[00:35:01]

I I've got you know, I it's not going to occur just having a transaction.

[00:35:06]

Right. And with your own family, your side of the family, you've got this history. You know, you guys have your entire life that's already made. Right. Your thoughts are in the bank. Right.

[00:35:15]

And so you're merging these two families. You don't have the history. All of a sudden we're supposed to be family. We're supposed to figure out how to do life transitions, grandkids, all this stuff. And it very quickly becomes especially because I think with the women and this is me just, you know, just kind of hypothesizing here, I think with the women, you're always the one in charge of plans. Who's doing what, when, where, who's you know, where are we meeting as a family Sunday night dinner or whatever.

[00:35:34]

And so they're the ones communicating, but that can lead to become becoming very transactional and hurt feelings or people stepping on toes or values or whatever. So I think if you just give some give people some some basic guidelines of, hey, here's how to make this relationship awesome. And if they do it, the relationship really can improve. And those are the types of things I love talking about on the Christian Right show. We're just real life things to help you have better relationships and better life and answer the question that we just had.

[00:36:00]

Yeah, yeah. All right. Jennifer is in Los Angeles. Hi, Jennifer. Welcome to The Dave Ramsey Show. How can we help? I say, first of all, I'd like to say I just discovered a few days ago I listened to your YouTube videos and I just purchased your book so way. They're cool.

[00:36:16]

Thank you. Welcome. I want to say my name is Jennifer, I am 30 years old, I have forty thousand dollars in savings. I do have a 2016 Toyota Camry that's completely paid off and I have zero bills at all our options. And so I currently live with my dad and my little brother. And I help a lot around the house. And I would like to purchase my first home. I am a real estate agent and I am thinking about purchasing, you know, first one investment home, then a second investment home.

[00:36:51]

And so I can make enough to help pay for my dream home mortgage. OK, great.

[00:36:58]

How long have you been selling real estate?

[00:37:00]

I've been in it for two years and I've been the number one agent for my company. Wow. Last year was number one in my company and this year I'm in the running up for number one as well. I'm not shocked at all.

[00:37:12]

Awesome. Well done. Very well done.

[00:37:15]

OK, so what we teach and you're new to all of this, you probably have already discovered it, it sounds like is we want we would tell you to be debt free and have an emergency fund of three to six months of expenses plus your down payment before you buy. And I think you're there are very close to there right now with what you gave me. I didn't hear any debt and I heard forty thousand dollars in the bank. And so some of that 40 we would earmark as your emergency fund, some we would earmark as your down payment on your home.

[00:37:45]

Once you get into that home, there's a couple different ways you can do this. Lots of real estate people go deeply in debt and most of them go broke. Buying lots of rental properties, OK, the number of people that put almost nothing or nothing down that 10 years later have not filed bankruptcy is virtually zero.

[00:38:06]

So this idea that you can pile up a bunch of rental property with no money and lots of debt and it be successful is not true. I love real estate. I got my real estate license in 1978.

[00:38:19]

That's how old I am. And so I've had my real estate license forever. I own hundreds of millions of dollars of real estate. I love it. I want you to be a real estate investor, but I want you to go the slow route, the safe route, and that is get your home, get your home paid off and then pay cash for your first investment property and the next investment property and the next investment property. And, yes, that can even be done in L.A., especially if you're the number one agent in your office.

[00:38:45]

Well, I actually live in a small town in Angeles, California, so a much smaller town. And so you're saying what I should do is purchase my first home and get a loan and then the second one.

[00:39:00]

So I get the first one paid off after you purchase, can pay it off as fast as you can live there, save up and pay cash for the next one. Save up and pay cash for the next one. Save up and pay cash for the next one. Pretty soon the rents will start buying you another one every so often.

[00:39:16]

And that's where you'll be rusty. Thanks for hanging out today. Thanks for having me this great. That puts us our The Dave Ramsey Show in the books. We will be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial piece, and that's to walk daily with the Prince of peace writes Jesus. This is James Childs, producer of The Dave Ramsey Show, you can listen to Dave Rachel Cruze, Chris Hogan or the rest of the Ramsey network anywhere with the Ramsey network app on your smartphone.

[00:39:55]

Catch all of our full shows, browse by topic or send clips to your friends. Head to the App Store and download the Ramsey network app today. If you're looking for fun and practical ways to save money in your everyday life, you need to check out The Rachel Cruise Show, a podcast from money expert and my daughter, Rachel Cruze. Hey, guys, it's Rachel Cruz. And I'm so excited to tell you about my podcast. A lot of people are living paycheck to paycheck.

[00:40:21]

They're in debt. They don't even know where to begin. But they have this need this want to get in control of their money. And if that's you, you have come to the right spot. So in each episode, you get a ton of inspiration and practical advice. If not, subscribe to the Rachel Cruz show podcast. Make sure you do it today.

[00:40:38]

Hear more from the Ramsey network, including the Rachel Cruz show wherever you listen to podcasts.

[00:40:45]

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.