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Live from the headquarters of Ramsey Solutions, broadcasting through it on our car rental studios at 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 choice. My co-host this hour, Ramsey personality, the voice of Millionaires in America.


Today, Chris Hogan will be answering your questions about your life and your money. And just a warning ahead of time.


He kind of makes things messy. So you never know with this guy.


He's he's kind of rough. Oh, jeez. It might be it might not be pleasant. I'm just warning you.


Well, I just want all the listeners out there to know that I am the kinder of the two. And so you will get compassion for me along with some a little bit of wisdom.


Except for the little bit, except for that part of open phones, a triple eight eight two five five two two five, we're here to help you guys.


All kidding aside, we are the problem with Chris and I, we like hanging out with each other so much that we get on here and cut up instead of answering your question.


So Brandon is in Hartford, Connecticut. Brandon, how are you? I'm good. How are you guys? Better than I deserve. How can we help?


So both me and my spouse are active duty military and we're currently stationed in two different states. So we've got to separate rent payments. Do we also own or are we have a mortgage on a house in South Carolina where we were both currently stationed? So my question is, should we continue to rent for the next 14 years while I'm still in the Navy, or should we try to buy a place when we can be stationed together again?


Yeah, and it's very unusual for military to separate people.


And we were separated when we got married. So we're working on getting stationed together. But just due to the circumstances when we met and got married, it hasn't happened yet. OK, all right. So yeah, I guess so. You're saying if you marry after you're in the military, that they're a little a little less stringent about shipping you together then, huh? It just takes a little paperwork in time. OK, so it's probably not a 14 year sentence that you're going to be separated, right?


No, my spouse plans getting out after their contract is up. Oh, OK.


And when is that another five years. But hoping to be stationed together within the next two. OK, that's good.


OK, well we work with the military all over the world and have for 20 or 30 years. And Hogan, I'll let you take it.


Yeah, I would tell you this, my friend. First of all, thank you. And your wife for the service to our country. Yeah, freedom is not free. And so I'm very grateful looking at this brand. And what I would do is you all want or do looking to to simplify life. And so I would definitely put the house off that you all had up on for sale and renting right now is the course of action. While you're saving up to buy, you want to make sure you're sitting still for four years or longer before you look to purchase.


And so that's the game plan that I would take and put you all on that path.


Brandon, the problem is we've worked with military folks for so many decades and the typical pattern is open house by house by house by house.


You need to get out of the house and you end up with a stinking house every where you were stationed up. And so you have these rental properties by default scattered all over the nation, which is a bad strategy for rental property.


And they're in markets where oftentimes, if it's a small market and the predominant economic force is the military base, guess what? There's always an oversupply of houses for sale because they're always shipping you guys out and thereby putting your house on the market. And so it limits the appreciation sometimes in those markets. And it makes it very difficult to unload a property in those markets, which takes away the fun of owning real estate financially.


And so, no, I'm with Chris. I would rent until you're going to be sitting in a place long enough that you can sell the property. Now, you mentioned Navy. You know, an example would be San Diego. If you can roll in there and you guys have your finances in order and you bought a home there, you're going to see enough appreciation.


And the market is hot enough to sell the house.


When you leave that, you'll probably come out on owning real estate if you're there two or three years.


If you do that in podunk military ville somewhere, you're going to get hammered and you're going to get stuck in a house. And that's what generally happens. And we just see this as not being a blessing. I love real estate. I want you to own real estate. I don't want to own you.


And I agree with Chris and we appreciate you guys service both of you. But I will be a renter for a while and just pile up a big ol pile of cash.


And when your career stabilizes, allows you to stay in a place a long time or you land in a place where you've got heavy appreciation and heavy and hot market. So your days on the market you're doin when you get ready, put it up for sale or small, then it makes sense to buy. And only then. Williams in Tampa, Florida. Hi, William.


How are you? But a pleasure to talk to you. You, too. What's up? Hey, you know, I've been following your plan since February of 2007 and we have progressed through everything. And we became everyday millionaires in April of 2013.


Why not go, man? Touchdown.


Yes. Well, let's since we're so tied to the hip to you that you don't have anything beyond everyday millionaire. And so for the past two years, we have sort of kind of been treading water and haven't been motivated to do more. And so I'm asking you, how could I be a little bit more motivated to do more? I mean, we are giving seems to be helping family members. So we are doing extraordinary giving, but it seems to be helping struggling family members in this time.


But I wanted to know how to be motivated to continue to push to do more because we have sort of been treading water and haven't progressed much because we're so attached to you.


I appreciate that. Well, I will send you a copy of The Legacy Journey, which is the book I wrote about the stage of life that I'm in now, which is a notch or two beyond where you are, but you've done an incredible job. Congratulations. So I'll send you a copy of that.


I haven't had to work mathematically in a couple of decades, so why do I continue to set goals and do that?


Well, number one, you know, not having something to aspire to causes your brain, your body, your relationships and everything to atrophy.


And so you've got to set some kind of carrot out in front of you. And and I think probably you're you're outrageous. Giving to your family starts to sound like it's a little bit out of whack. But for sure, you need some outrageous giving for someone, somewhere that you have a heart for. And that's not your family. That's a sex trafficking. That is the unborn. That is, you know, setting up a medical clinic in the downtown area and, you know, getting people medical care that couldn't I don't care what it is, but find something that lights your fire and get your hands dirty in it and give the money.


Go down there and serve and give them money and you'll start to come alive in that area.


I'm in a little bit of an unusual situation because I get to do that and run this business, too, because it's the same thing. I mean, I'm out here helping people every day and I love doing it. And that's the only reason I keep doing it.


I keep telling the team if I ever hate doing it, y'all are screwed because I quit, you know, because I don't need to do it. That's not the point. And it's not bragging. It's just what you said, William. The stuff works. But if you need new goals like this, you've got to have something to chase, something that gives you your ambitiousness. And the desire to serve those things are necessary. Yeah, if necessary.


Hold on. We'll send you a copy of Legacy Journey. 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.


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You're talking about military couple, Chris Hogan is my co-host today here on the air, Remzi personality about buying a house, selling a house in the military. And, you know, the main difference sometimes between a house that sits on the market and one that actually sell is the real estate agent who knows what the flip they're doing. Yup, they have what's known as a clue.


And it starts with you knowing the value of a good real estate agent. Your friend who just got their license can be sweet and they can be your friend, but they can't sell your house.


No, this is the most expensive asset that you have and you do not turn it over to a beginner.


You don't give the keys to your Ferrari to somebody who just got their license. It's a bad idea. This is why we endorse the top agents across the country, our endorsed local providers. It's easy for you to find a quality pro out there. Never again sign up or pay a subpar agent and then be shocked that you have a subpar experience.


I mean, really get your home sold for what it's worth. Get so fast. Find the house that you're looking for.


Get the deal done with a good buyer's rep. Go to Dave Ramsey, dotcom slash agent, and you can find a real estate agent with our ILP program, our endorsed local provider program that gets the job done.


OK, Dave, real quick, because you're you probably you're one of the top five people that I know that own the most real estate. There's a phrase that's used that you make your money on the buy. OK, what does that mean for people out there that are looking to be first time homebuyers? For first time homebuyers?


It doesn't matter as much because you're you know, if you pay, quote, retail market value for it, as long as you get a good home, it's got good bones, a good floor plan.


Think about the buyer when you're reselling it. OK, OK. All right.


You know, if you got a good deal because it's got a bad floor plan, when you get ready to sell it, you're going to give somebody a good deal because it's still got a bad floor plan. You know, if it's ugly or in a bad neighborhood or those kinds of things, that's still going to be that way when you get ready to sell it.


So you don't get a deal that way right now.


If you can get something that needs a little bit of a fixer upper light work, not heavy, maybe a roof, maybe some landscaping, maybe some carpet and paint, that kind of stuff, if you can get a deal that way, fine.


But you need to get it cheaper than the cost of the repairs plus your labor, because if you just say, you know, you go, well, you know, it's ten thousand dollars worth of work and I can buy this 150000 on our house. Four hundred and forty. So it's a deal. Now you just give in. You might as well bought one that's already done. That's right.


So buy that one for 120 and get your twenty thousand dollars worth of equity for screwing around with the work. Right. Or something along those lines. That's what you're looking for.


But but it is made in the sense of you do what's called a value purchase, meaning that you're buying in a neighborhood that's going to appreciate you're buying a property that looks good from the road. It's got a good quality bone structure to it, right? I mean, ugly goes clear to the bone, you know, and so you can't you just can't do that stuff.


Now, when it comes to investment properties where I use that phrase a lot, money is made at the by I do not pay retail for investment property ever, ever.


I'm always buying at 25 to 35 percent off minimum. And I have a body in a while because the market's been hot, number one. But number two, we've been done by money in these concrete holes over here. Call Ramsey Solutions. We've been building these stinking towers and they suck up money like nobody's business. So that's where all my money's gone into those things. But so construction, you know, I'm making my money at the bank because as soon as we turn the key on one of these things and they're completed, they're worth X more than what we have in them.


That's right.


About if you're going to buy a, you know, a million dollar office building retail value, you want to buy that at eight hundred or don't buy it.


You know you want to because your money's made at the buy Ethabuka. Yeah. You're you're going to make some more on appreciation later. But if you pay full retail full market value for an investment property and your only hope is increase in value is where you're going to make your money in rents.


You know, you've missed out on a huge portion of the benefit of buying real estate for an investor.


And you're not waiting on them. They're not going to advertise at 25 or 30 percent. You're saying you call in with that offer?


Yeah. Yeah. I'm the nicest vulture you'll ever meet. Are you not worried about offending them?


I just tell them, listen, I don't want you to be offended, OK? I love you. And if you listen, if I were you, I probably wouldn't do this. But if you're in a situation, I can write you a check and we'll close by Friday. It's cash, it talks.


And, you know, you know, if you're in a situation where you want close by Friday because you've got a covered mess, I'm getting you out of your mess and I'm getting a deal.


So we both win. Hmm. If it's not if this is insulting to you, then that means you have other options. And you should take one of those other options, because my offer is not going to be a good offer. It's good and it's just I'm not unfriendly about. No, no, it's just it's a transaction. And if you look at it somehow as an emotional, particularly investment property, there shouldn't be emotion in that.


But in buying a residential property, emotions can happen. Oh, I know. So how do you keep them out?


100 percent of the houses I have bought for us to live in I paid too much for because of emotion. Her name is Sharon.


It was S.W. Sharon wants a verbal asterisk. So Sharon knows that this is Dave talking about Chris. Go ahead. Go ahead. Listen, she's not worried about that. She recognize the difference in the voice of all of America can. But no, the.


Yeah, I mean, she decides she's going to buy something and this is where we're going to live. And she loves it. And it's this baby and I'm screwed. Right. I'm going to pay for freakin price for that. And I don't get a good deal on that house.


And so the house we live in, we bought, we built. But the lot I didn't even get a good deal because it was a premium mountain top thing and all this stuff.


And she's like, I'm like no one who would pay this for this lot. And she says, you are.


And that that ended the conversation. So S.W. Sharon wants it. Well, she put up with me for 30 years. You get some fancy stuff you should get some stuff for. You're good. All right. Julie is in San Francisco. What's up, Julie?


Well, good morning. Thank you for taking my call. Our pleasure. I'm I'm new to your program.


I sure wish I would have found you years ago. And but I have a retirement question for you. My husband Will is looking to retire. He's fifty seven and we'll get about an eight thousand dollar a month pension if he takes the single pension. If we do the shared pension in case he passes prior to me, that would mean it will cost us between two hundred and a thousand dollars based on what percentage would be, would go to me and my instincts tell me to instead take that money, that thousand dollars and invest it rather than forgo it.


But at the same time, it's kind of scary. You got good instincts.


Yes, you do. You got good instincts. Julie, you're right where I would tell you to go. Is there a third option where you can take a lump sum?


That is not an option. Now, we do have retirement accounts, we have just under a million in in retirement accounts like I saw.


How much of that did you and Harry, how much of your million dollars did you inherit?


We have not inherited any. And had we followed. My husband has worked his tail off. Honestly, had we followed your program, if we found you much sooner, we would be doing even better. You're doing great.


Not your everyday millionaire started with nothing and became a millionaire. You're the American dream. Well done. I mean, you listen to me, Julie. You all have done exactly what the American dream says. You have built wealth over time. You guys have been intentional with what you're doing. And I like your instincts, the fact that you're looking at this to make sure that, hey, there's going to be some money around if something were to happen to you, happened to your husband.


And so I'm just I'm very proud of you all for what you've done mathematically.


You will come out ahead by taking the extra money and investing it. If you want some extra money to cover that in the interim, you might buy five years or ten years worth of term insurance on him.


Until that extra thousand builds up to be enough to offset the loss of his pension. OK, OK, well, that's that's that's great advice. And so it's not. So if you think it's OK just to have all your eggs in the in the in the stock market. Absolutely. That's where mine are. No, I'm real estate and in the stock market, as we were just discussing, invest that difference and see when he dies, the pension dies.


When you die, the pension dies either way and it doesn't die. When you take the money out of that in the form of that thousand dollars and invest it, it's going to survive you, both of you. So it's a lot better mathematically. This is the Dave Ramsey Show. There's two words that come to mind as you run a business in today's environment, adapt and communicate, things are constantly changing and as a business owner, you must stay in front of it.


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There are people here in the lobby at Ramsey Solutions, which is an awesome thing, and they are hanging out with us and among them is Matthew and Megan standing on the debt free stage, which can only mean one thing that you're here to do, a debt free scream.


That's right. Dave, welcome, guys. Where do you live? Knoxville. Oh, fine. Good. East Tennessee. Folke. Yes, sir. Oh, good. Welcome. Good to have you.


So how much did you pay off? We paid off 125 thousand dollars. Well, how long that take? Two and a half years.


Oh, right. Very well.


Oh, and your range of income from 90000 to 150000.


I jump. What do you do for a living? I'm a nuclear medicine tech. I work for a retina specialist.


Oh, very cool. A nucular medicine tech.


So at the local hospital or a medical outfit, are you over at K-12 or what?


Yeah, I work at a local hospital. OK, all right. Cool.


Good stuff, man. Very cool. Good for you.


Tell me what kind of stuff to drop off. And this number, it's a big number, but most of it was the mortgage.


Oh, you paid off house. This looking at where people use Y to go. What's the house worth?


Well, right now, apparently about 220000 where we bought we bought it for about 130. But the real estate market is booming in Knoxville, right?


Yeah. So what part of town are you in in Knoxville? Powell. Oh, yeah. Yeah. All right.


OK, good for you guys. So you tell the house what else? What else with you guys? I had a student loan. Oh, OK. How old are you two. Thirty four. Thirty six. You know, pay for house. You're just straight up weird.


Oh I love it. I'm so proud of y'all. Thank you.


I mean, I made 34 year old, you know, walking around paid for house.


Not to me now go right into paying deal you all. Who started this between the two of you. He's all your fault. You started it.


So, Matthew, how did it tell us the story, how this journey began and how did Megan join in and so forth?


So I had always been sort of a saver anyway. I wasn't really much of a spender. Even as a kid, I would save America tickets and just never buy anything with it. So it's just in my nature for some reason. So I'd always been kind of Dave ish even before I knew of you. Then I'd read a couple of of the books, told him Total Money Makeover when I was probably early to mid 20s and just starting out. And I was still I was doing a little more Dave ish at the time, but not quite full, full force.


So we got married around and somewhere in there. And at one point I started to develop a foot issue at the job. I was at full time and I realized there was no way I could keep doing that particular job because it was involved too much standing all the time and it just wasn't wasn't going to work for me for the rest of my life. So I had to go back to a different career that was sort of saturated in Knoxville, which is the nuclear medicine.


So there was nothing open in Knoxville as far as jobs in that. So the closest one I could find was about an hour and 10 minutes away and Cumberland and yeah, Crossville. So I took that job. I went from, you know, working full time, having a, you know, 40 hour week at least job to Piran job. I was working three to four hours, three to four days a week and just trying to get my foot in the door somewhere and show that I was getting some experience.


So on the long drives back and forth there, I started hearing we don't I don't think there's anywhere to hear your radio show in Knoxville. I didn't know about the app at the time. So on the long drives to Crossville, I heard one time I was flipping through the channels trying to find something and I heard your show on. I was like, oh, I didn't know this was on. So I started listening every day.


So every day I would drive, it would get pounded in my head and I would start thinking more and more. I need to start stepping this up to step this up and do better.


And Meghan smiling because like he became a monster. Exactly. Yeah, I'm not going to deny that. So after that, there was something after about nine, ten months that opened up in Knoxville that was at least part time, but it was only weekends or mostly weekends. So I thought, you know, I'm already doing I'm already given up on weekends. Let's just do seven days a week and not this mortgage out and just not have to worry about it anymore after that.




So, Megan, what did you say?


All this this crazy radio indoctrination? That's how I felt at first. I wasn't on board, really, but then I saw his drive and determination and it made me want to also have all the debt paid off as well.


Yeah. How's it feel to not have a house payment? Really good. Especially covid stuff on the road.


He's about to say that was a weight lifted off our shoulders. We had it paid off right before the right before it all hit really was right around January. So we had a lot less to worry about, you know.


Yeah. I mean, you're in a. Slightly different world than your friends, and when that stuff when that stuff hits and you don't have a you don't have any payments, not even a house payment and you got money. Right. You know, and you got marketable skills and everything else.


I mean, you're a completely great position.


Well done, you guys. Thank you. Thank you. Well done. So you did it all off the radio? Yeah, pretty much.


I mean, I had like I said, I'd read your books before, but it really started hitting home the more I listen to the show every day.


So I'm very cool. Unbelievable. I mean, this is a big deal to any of your does your family know that you paid off the house to do what? What did they say to you?


They were just very proud of us. A I guess most everybody that we told, they were very supportive, but it was kind of like, are they really going to do it? Or they would make fun of me for, you know, not eating out with them or, you know, things like that to save money here.


There's always a detractor in there. There is no now you can go eat out wherever you want. That's right.


And we did right before we got here. And if you kind of like it, you can buy the restaurant. It's pretty cool.


Good for you. You guys seriously job well done. Thank you. All right. Very good. OK, what do you tell People magazine now that you guys did this? What do you tell people?


The key to getting out of debt is, oh, I don't know, really. I guess to just watch your money and don't spend frivolously all the time. Hmm. You have to know where every dollar goes. Yeah.


Yeah, absolutely. So that's what you guys have been doing. You've been tracking every dime between the two of you watching it to be able to hit the goal so you can not have to work like maniacs. Yes. You know. Hey, man.


Well done. Well done. What about you, Matthew? What is your advice to someone? They say, how would you do that?


I would say tune out the naysayers. The best you can find something that specifically speaks to you to keep you motivated like I did. Those are the two biggest things I would say.


You need a Y and the people telling you can't they have to go away, right? Yeah. Very good. Good job, you guys.


Well, we got a copy of Chris Hogan's book for you. Every millionaires you are on pace to be that you already got 250000 bucks in a paid for house.


It's all downhill from here, man. You got it. Very cool. And you got this wonderful income and no bills, man. What an incredible place to be. Very well done. So. All right.


Matthew and Meghan from Knoxville counted down one hundred and twenty five thousand dollars, paid off in two and a half years in making ninety to 150 counted down.


Let's hear a debt free scream. Three to one. We're debt free.


Oh. Look so good. Yes, that is so good.


Very, very well done. Very well done.


I mean, so young Dave. I mean, to be at that age, no mortgage, no debt whatsoever. Now they've got the really an incredible opportunity to become everyday millionaires.


Well, they will based on the track their own, unless they just unless they go sideways and revisit the land of stupid or something. But they're the lady we talked to from San Francisco. I mean, that's all it is. It's a million dollars. And she said we didn't even do it. That as good as we could have done is we could have done more. That's when my husband worked his tail off.


And, you know, in the study that was done for your book, Everyday Millionaires, we discovered that somewhere around 90 percent, 89 percent of millionaires were not millionaires because of inherited wealth. That's exactly right. And it's the largest study of millionaires ever done. So I know some of you have political opinions, but they're what's known as wrong. And so it just didn't happen that way in the real freaking world.


No, not at all. And another thing in the study that people need to be aware of, 97 percent of the millionaires we talked to said they control their own destiny. That means it's a matter of, hey, if we got dreams, we're going to chase it down. You can try to stand in my way. If you won't do, you'll get run over getting to where I want to go. Yeah. And 63 percent of the public felt like they'd control your destiny.


Big difference. Yeah. Because, you know, are you going to kill something and drag it home? That's right. Making it happen. Hey, if you want the details behind the study, of course, has a quick read called the National Study of Millionaires. The book is out. It's got 144 statistics in it. But if you only go nerd on it and get into the study, did it get get this little nine dollar book and it'll tell you all the background and history on the study.


It's very little rabbit. Thanks for joining us, America. This is The Dave Ramsey Show. Chris Oaken is my co-host, Ramsey personality today here on the show. We're answering your questions about your life in your money. Open phones at eight eight two five five two two five. Sean is in Charlotte, North Carolina. Hi, Sean. How are you? Hey, good afternoon, gentlemen. Hope you're doing well.


Here we are, sir. How can we help?


I'm just trying to get some clarity on this. Just the back story. I'm a single dad, 47 years old. I have a two hundred thirty thousand home. I still owe one hundred and thirty two thousand on it. And my salary is about 120 a year. I have currently in my savings one hundred and seventy five thousand dollars. Now I've done some research and I just kind of stumbled across you. And so I've been trying to follow the baby steps.


I still owe fifteen on an automobile that I plan on paying off this week, which will leave me a hundred and sixty. And in reading your your direction and kind of following up with that, I guess my next step would be to put thirty five into an emergency account, pay the rest on the home. But my question is this. I also have a senior who is going to soon start college and I plan on moving out of that home in the next four years and buying another home on more land.


So should I take that money and try to invest it somewhere? Should I just pay it with the home? No, let me back up. I also have I have three hundred thousand dollars in a 401k and one hundred thousand dollars in company stock. OK, so I'm just trying to get some direction on where this money should be. Best chance.


You have done an amazing job of saving. Where did the one hundred and seventy five thousand come from that you have in savings?


Actually in over the last two years, I actually cashed out some non-qualified stock options in anticipation of my son going to college. OK, my mindset originally was to help him with college. But then the more I discussed it with folks, the more that they they said, well, that money could be better used elsewhere. So that's what I'm trying to I'm kind of trying to maximize where I use that money.


How's he going to go to school? Well, I mean, he's got know he's got a little bit of it taken care of, but obviously it's either going to be he's going to have to take out loans, which I don't want him to have to do. I want to help whoever's was telling you that, that's all.


Listen, whoever you're listening to says that's a plan is an idiot, OK? You don't need to listen.


That's OK. Invest the money and your son takes out student loans. Well, that's a dumb but suggestion. OK, you wouldn't do that. You know you wouldn't do that.


There's Saver. You wouldn't have even thought about that.


So now you've got good common sense, dude. And I think you trust your instincts and your instincts are telling you that if you paid off your house in your car and you had an emergency fund and you have 100000 dollars in additional stock that's not tied up in retirement, that the boys going to school without any dadgum debt, you don't have a house payment anymore.


And that's what I hope for. Yeah, yeah, I guess I was just I guess I'm just scared to take that. Huge amount of money and pay it out in the house. If you hate it, you can go get your mortgage later.


All right, and you're talking about you may sell it in four years, you may not. Either way, you don't have a payment. But think about it, the home is still going to appreciate and it's going to sell for what it sells for. You take that and then you buy the next house.


Yeah, if you hate being debt free, you can get your mortgage. So so so you think my best avenue here is to keep the 35 and a six month emergency fund to pay off the car and the home? Yes. And discontinue investing in my 401k, or should I stop for a second, second? OK, just breathe this in for a second, OK? You don't have a house payment. You don't have a car payment. If 35000 plus 100000 stock plus your 401k, you make 120.


Does that not feel peaceful to you? Oh, it is very peaceful. Yeah, and there's a reason for that is you you need to do personal finance, not just with your mind, but also with your heart, because your heart is where you measure risk. And people who leave risk out of these scenarios, they're suggesting to you are the ones that haven't lived life very long. And I'm old.


So I've seen risk. I've done some stupid but stuff in my life. I've seen risk and you don't want risk. And so you're going to be a single dad with a paid for house. Make it 120. What?


You can't cash flow on college. You can use some of that stock to do and your son's going to go to school.


When you get ready to move to that land, you're going to sell the house. And when you have the closing, you know what?


They're going to hand you a check for all of it. You're not losing a dime. John, does anyone else in your family own their home free and clear? May I lost them, you know, this is a mindset change. You know, Dave and, you know, I can imagine, too, you go from seeing that dollar amount sitting in the savings account right to now, all of a sudden talking about using it. But just like you did, given the mindset of not having the car payment, not having the mortgage payment, then what?


When I stand not lately, but when I stand on stage in front of 5000 people and I say, I want you guys to imagine what it would be like to have no debt, no master card, no discovered bondage, no American distress, no car payment, no student loan, not even a house payment. Just breathe that in. When there's a crowd that size, you can audibly hear the sigh.


Yeah, sure can. And that's called common sense. Well, it's not sophisticated. Yes, it is. If you actually understand risk, it's sophisticated. It's more sophisticated than the Dumba ideas to invest the money and take out a student loan. That's just straight up dumb. But yeah, I mean, that burns me up. Somebody telling that young guy to do that.


He has done such a good job. Follow your instincts and follow your instincts, are telling you what to do and follow through on it. You don't do it cause we said do it. It's not like you're on the Dave Ramsey plane. This is your grandmother's plan. Now, your grandmother would have done this well, most of your grandmothers, if not maybe your grandfather. But I mean, I'm still the point is it used to be called common sense.


It's just not common anymore. Everybody tries to find some shortcut by going around the barn six times and do some kind of double backflip, sophisticated bullcrap, microwave it, nuke it, make it happen quick.


No shortcut to any place. It's worth it. No it. And this is a crock pot, baby. So I worked.


Alex is with us. Alex is in Baltimore. How are you, Alex?


I'm good, thanks for taking my call. Sure. How can we help you? So I'm currently a college student. I have two years left until I graduate with my master's. I've been pretty lucky so far. The school, my parents have paid for it. I currently make around twenty two hundred a month and I don't have any expenses besides car insurance. I've got about twenty four thousand dollars saved up. And I guess my question is, what advice do you have for college students that don't have a big shovel and they're looking to start planning for the future?


What are you studying? Marketing will get really good at that. You are your best investment at this stage. Yeah. OK, Alex, how are you, the 2200 you're making a month right now, how are you making that money? I'm working full time work in Baltimore Sun Works would say, OK, you're working full time. Yeah, so during the summer, I'm doing an internship and then once a false starts, I'll start working part time and going to school full time.


OK, wow, you're a go getter man. Yeah, you are. So, Alex, actually, here's what my point is. All right, if you can grab it, if you can continue on the track, your own making money working and pile up some cash when you come out of school, you use that pile of cash to set yourself up into your new life, into your new career for marketing.


You finish your you finish your your college career on time. And for years you study, you put the tools in your belt. That is a better return on investment mathematically than a mutual fund.


So education that's usable is more valuable than a mutual fund. And that's what I would have you to invest in and make sure that you graduate. If you got an extra 50 grand laying around when you come out good, that just gives you a great start. Well done, sir.


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