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Live from the headquarters of Ramsey Solutions, broadcasting from the car rental studios at the Dave Ramsey Show, work that is done. Cash is king and a paid off home mortgage has taken the place of the BMW as the status symbol of choice. I am Dave Ramsey, your host. Anthony O'Neal Ramsey, personality number one, best selling author, is my co-host. Today, you're on the air, open phones.


As we talk about your life and your money. It's a free call at eight eight two five five two two five. That's triple eight eight two five five two two five.


John is going to start us off this hour in Washington, D.C.. Hey, John, how are you? Good. How are you? Better than I deserve. How can we help? So I am 19 years old and I've never really been good with money. However, I just inherited around a hundred thousand dollars and I was wondering what I should do to not blow this opportunity.


That's a good question. John, do you have any debt right now? I'm in school right now and I will end with a brown student union with about 25000 dollars in debt.


Oh, I would go around like 20000. Yeah, OK. How much time do you have left in school? I'm a junior right now, currently I've around 11000. I was very cool. So when it comes to disinheritance, John, here's what I want you to do right now. Let's take some of disinheritance, inheritance money and finish school, 100 percent debt free. So stop borrowing money. Go ahead and pay cash for the rest. Go ahead and put at least three months in a savings account.


Then also, what I want to do is because you said you haven't made wise decisions with money. I want you to sit down with an investor. I want you to start investing into your future. I want you to get done with college 100 percent debt free, OK? So right now, what I want to do is take some of that money put into an emergency fund.


What what are you studying in school? Marketing, where did the inheritance come from, who passed? My grandfather. Mm hmm. All right, so here's the challenge. You just are learning to ride a bicycle and you were handed a high powered motorcycle. It's a great analogy, which as you and you were very wise and self-aware and said, this kinda scares me.


I don't want to mess this up and wreck.


Right. Correct. OK, so a couple things you can do. One is sit down, as Anthony said, with maybe one of the smart vestor pros and get someone in your corner that you can talk to. Are your parents good with money?


I said, no, no, no. OK. All right, so what we've got to do is get someone that you can talk to that is dependable and can kind of be in your corner and coach you and walk with you until you get your skills up and therefore your confidence up.


In the meantime, I would suggest you remain very afraid. In the sense of don't screw this up because you will live with a life of regret, and so you need to set this money aside, just pretend like you don't have it except to pay cash for school and you can go ahead and pay off that loan.


But if you were to if you were to pay off the loan that you have and you were to finish school and there was all the other money left over sitting there waiting on you, and you didn't touch it because you went ahead and got a job and you worked for your other expenses and that kind of thing.


And you didn't buy anything stupid with this money or spend anything stupid or give it to your crazy cousin or something like that. Then you get out of school. I think your grandfather would be smiling, don't you?


Absolutely. Yes, I do.


And so your new goal is a noble calling. And the noble calling is to be careful, conservative enough that when you finish this story, your grandfather is in heaven, smiling, that he left you this inheritance instead of shaking his head, going, my, my, my.


That grandson of mine is stupid, right? OK, you don't want it. You don't want that answer. Right. Right. Yeah, I do not. And so that you're and you did and that's why you called.


Right. OK, and we're going to help you. I'm going to give you the best training program on money in the planet. On the planet.


It's Financial Peace University is a part of Ramsey Plus and I'm going to pay for it. I don't need any of your money. OK, OK.


I want you to I want you to start taking this classes online immediately and start learning about money because you now have an increased level of responsibility and power that you have to control. Because power out of control will crush your butt, and that's your fear that you're going to mess this up, but power in control lifts things mightily and you are in a position to lift your life mightily with the power of this 100000 dollars.


You will be shocked at how fast it will leave you if you do not control it.


It'll be gone so fast. Yeah, that's what I'm afraid of. Yeah, yeah, so hang on, I'm going to have Keli pick up. We're going to put you in Ramsey plus I'm going to pay for it. I want you to start those classes immediately. Meet with a smart Vesterbro and exactly what Anthony was saying. Pay off the student loan and then lay out a budget for the next three years for the school.


What's it going to take to graduate? What's it going to what's the tuition, the books? What have you got to do to finish the degree and you know what your living expenses and take that money and start paying it out of that hundred thousand as you go and don't do anything else. You're not buying a car.


You're not going on a trip. You're graduating from college after you graduate from college debt free. If there's money left over and there will be. Yeah, then you can start talking about some purchases because by then you will have trained yourself. And the next time I talk to you, you're going to say, my name is John from Washington, D.C., and I'm really good at handling money.


And I even say, John, to consider this nothing wrong with buying something small or making a small purchase, but somewhat like the money's not even there. Yeah, you know, exactly. Just just this. You know what? Hey, that's that's for my future. I'm invested and I'm a bad nisso 5000 on the card. Ten, 10000 on the car at the age of 19. That's that's a good car. So I really am like, OK, I'm going to do the things I have to do so that tomorrow I can do the things that I really want to do and I can make my grandpa proud of me because of the future.


So that's a really good question.


Yeah, but any time you receive an inheritance, folks, one thing you want to do is you say. What use of this money would make the person who passed and left it to me proud? Yeah, how can I? I can honor their memory. I can honor their life by handling this gift of the inheritance well, in a way that causes them smiling at me from heaven. Yeah.


And that's that that that calls you to a noble thought pattern rather than a debased, selfish, childish.


I want to blow all this money on myself. Yeah. You know, I want to I want to screw off in a party the money away.


And because you can look at and go, you will not live with regret and regret has a bitter taste in the back of your mouth. You will not live with the regret if you handle it in a way that the person that left it to you is proud. And, you know, by the way, if they left money to you, it's because they did good stuff with money. But broke people don't leave an inheritance. That's right. They leave bills.


Yes. Trouble problems.


So this is the Dave Ramsey Show.


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Ramsey It's a magic word. Our question, Anthony.


Today's question comes from Hunter in Alabama. He visits Dave Ramsey dot com to ask, I have 37000 dollars and student loans and my fiancee has zero. This is our only debt. My parents have volunteered to pay off a large portion of my student loans over time, but it will be at a much slower rate than a 12 to 18 months at me. And my then wife would do they regret not to. They regret not planning for me and my siblings to go to college.


Is it foolish to pay this debt off quicker as newlyweds than allow my parents to pay it off over time? I feel bad bringing debt to the marriage while my wife will have zero, huh? You know, that's an easy question. Some may say it's not easy, but my answer will be I will go ahead and get rid of it. Then I had a conversation with my parents and say, Mom and Dad, since I won't pay back over time, we feel free to pay me back that.


But as far as in going into the debt right now, I have no problem with going and cleaning it up with me and my fiancee and then work out something with your parents.


Yeah, I don't want you sitting around waiting on your parents because they may come back and say, hey, we need three more years or five more years. Yeah.


Pay it off in a year. Yeah. Be done with it. Get it off your plate and I might even take it off their plate and just say, add it to my inheritance. Oh, you know, either one because obviously your mom and dad don't have any money. Yeah. And so take the strain off of them, take the strain off of you, be done with it, wiped clean.


And the everyone brings something positive to a marriage and everyone brings something negative to a marriage. Right.


So I can promise you in sickness and in health, for richer, for poorer, all my worldly goods onto the I pledge and this is your marriage vow and you will have the opportunity many times to make chicken soup when she has the flu.


Yeah. And you'll get the opportunity to do all kinds of things, the ways that you will serve your spouse when they are.


You know, when when they have their downtime, your downtime is your student loan. And so no shame, no shame in the game. It's where we are. She knows it. You're not hiding it from her. You're not springing in on her. She knows you come with this baggage. She also has some baggage. You probably know what it is. If you don't, you should go to marriage counseling and find out about it before you get married because everyone comes into a marriage.


You know her an imperfect you just you just not.


And so the quicker you figure all that out, the the less argument you're going to.


You know what, Dave? I'm glad you said that, too, because a lot of people ask me, especially someone in their mid 30s, they're like, yo, I can't marry someone with that. I just refuse to just get married with someone who has 40000, 50000 dollars in debt. And I just, you know, I kind of cringe at that. I'm like, well, hey, I mean, I get it. You want to be debt free.


I get it. I'm single and I want to be debt free for the rest of my life. But if I if God introduces me to a great woman and she comes at a table with some debt, that's fine.


Absolutely. That is fine. Absolutely. The Ramsey kids were not told to avoid dating someone with that.


They had no debt. Oh, but, you know, I'm not going to say who, but some of them came.


Some of the in-laws came in with some debt and it was cleaned up immediately. Yeah. And that's OK. That's OK. You don't you don't pick somebody based on that.


The God doesn't pick them for you based on that.


So would you would you agree with me, Dave, that it's about the mindset. Exactly. Not what you currently have.


Exactly. It's not.


I'm coming into this marriage with that and I love that and I want more of it. That's no, that's not we're not going to do that, OK?


It's more like this sucks. I'm sorry. Yeah. Not good with this. And clean it up. Clean it up just like that. Clean and write the check so you get home from the honeymoon as soon as we get home.


That's going to be so funny if I do marry someone with debt, Dave, and we got to do a debt free scream.


Oh my explanation on that, Kelly, I don't think I would do that.


I don't think I would embarrass your spouse to be that way. Oh, that would be so funny, because we know it wasn't you. It wasn't me.


And so, yeah, I don't I think we're just going to do our own little private ceremony in the back hall.


And and, you know, I'm different, but I don't see that this is. Yeah, yeah, yeah, yeah, yeah. I guess you don't do that and I'll help you with this. Okay. I'm going to protect you from yourself. Mary's in Los Angeles.


Hi, Mary. How are you? Hi, I'm good. How are you? Better than I deserve. What's up?


Well, thanks for taking my call. So the short question is, should I work with a financial adviser who has told me whole life insurance? And the back story to that is I've been on the fence about working with her for the past year and a half. I would say I her and I've been going back and forth on do I continue to invest more money with her and have her manage an investment account for me? But I'm still kind of unsure if that's the right path for me.


She's done a lot of, like, educational goals. I watched her video about questions you should ask a financial adviser, but I still kind of feel like sometimes after those calls, it's a balance between I question whether it's I'm actually learning from her or it's more of like a word tornado where he throws a lot of financial terms at me. And it doesn't quite answer the questions that I have. But my backstory also for myself is that I need to find, OK, two reasons.


OK, sure. Word tornado is not a word you should ever use with your financial adviser. Their job is to teach you, not impress you with their freaking vocabulary.


Right. Number two, she gave you advice that was bad advice and you happen to know it. So you didn't do it. Next time she gives you bad advice. What if you don't know it? I can't trust your advice. Yeah, I can't trust her advice, and she speaks in word tornadoes. Why are you still with her? She should go away. Yeah, I know. So then you don't do conflict. Marry. No, I'm a Libra through and through, I avoid it like the plague.


I can tell you're worried about hurting this lady's feelings. She said Libra. Yeah, she's she's worried about hurting her feelings. Yeah. See, I'm not. Yeah, it's your money.


You can't trust her advice and she throws word tornados at you. You just need me to tell you to do it right. OK, do it for her. OK, I just said it. You can blame it on me. Said Dave Ramsey said fire me, fire you. So I have to do it. You just blame it on me. You've got to go one more. One more person pissed at me and I can live with that. This is the Dave Ramsey Show.


Anthony O'Neal Ramsey personality is my co-host today here on the air, open phones, a triple eight eight two five five two two five.


Alex is with us in Atlanta, Georgia. Hi, Alex. How are you today, gentlemen? I'm doing good. How about you guys? Great.


What's up? Dave, I was calling to see if I get some advice. I'm kind of I'm in my life where I'm about to transition from a job. I make decent money. I don't have any debt right now. And I have a promotion coming up. But like I said, I'm at a point where I do feel a little burned out. I feel like I would like to take a break between now and the promotion. The promotion is with a different company, so.


I am concerned that if I were to give up some time, I might lose that opportunity. But at that other time, like I'm not I'm a hard worker, I'm not completely concerned. I would never find an opportunity like that again. Is that something that you you could see yourself doing? No. Yeah.


How old are you, Alex? I'm I'm twenty six. How are you, Burnie? Yeah, but I say that. I'm in residential construction and I'm a manager. I know how many hours a week are you working?


Around 50 to 60, OK? And you're so you're going to leave that and go into what? I've been moving to commercial, which essentially I believe it's going to be a little more stressful than what it is now. I. I'm happy with where I'm at. Like I said, I just I'm concerned that a month or two into the new job. I'm going to look back and just think I didn't to take a break. What's causing you to burn out, though, Alex?


That's the question. My job is always it's 24/7. 50, 60 hours a week when I'm home, I'm making spreadsheets, I'm taking phone calls, I'm. I'm always working, and then on top of that, I'm remodeling my home so that that alone, I feel like is a full time job, so I don't have time for that right now.


Why are you taking calls 24 hours a day on residential construction? Nobody calls you in the middle of the night on residential. No, but like I said, I do I do make spreadsheets and I have to do that during the day. I just I'm building too many houses right now. OK. All right, well, OK, let's. reCAPTCHA. OK, what you're pointing out is that you are leaving the frying pan and going to the fire.


Yeah. In your mind, this is a bad plan. You should restructure your life to where you have a reasonable rhythm. There's nothing wrong with a 50 or 60 hour week, but you don't see any end of those in sight and you quote unquote, just said you think that's going to be worse with commercial. I'm building a 200000 square foot building next door. The guy running that is not working 70 hours a week. The guy, the project manager over there that works for the commercial contractor and he's in charge of the whole freakin building, I mean, he's working 45.


He might be working 50 some weeks, but he's not over here 24/7. He doesn't live in the construction trailer and he's not doing spreadsheets in the middle of the night.


And you're not calling him every night. And I don't call him ever.


So meet with him once a month and we go over where we are on the pay, on the you know, what we owe him and how the progress is looking. We're looking at the timelines. And meantime, Winston, my son in law, who's running the project with he meets more often.


But, you know, it should not be a thing where it destroys your life. Yeah, that's ridiculous. Don't sign up first to destroy your life unless you could take a year off and sign up for destroy your life and you'll still destroy your life. You can't take enough time off to get ready to do that, so what you've got is a bad plan overall. You need a you need the construct, you take a promotion if you got a job lined up in commercial.


I do, yes, sir.


OK, have you set the terms of the job in terms of the expectations of how many hours they're expecting you to work and what the job entails and that you can get that done on a normal week within a reasonable number of hours?


I do. There hours was actually better than what I'm currently doing. Then why would you be burnt out? Well, I just I know it's it's a different world. I mean, I'm in residential and I. I take on as many houses as my boss wants me to build. And and he doesn't have an off button apparently. No, he does not.


OK, so you're leaving that you're going to commercial. I don't. It sounds to me like your stress level is going to go down.


Mm hmm. Am I missing something? No, I'm also the kind of person that I. I do I do push myself sometimes a little too much, I think. Well, whose fault is that? Time off doesn't fix that. Yeah. And that is it sounds like you. My point is, is your your. You've identified a problem and your solution to the problem doesn't fix the problem. Yeah. OK, the problem is I'm stressed and burnout, I'm overworked, I'm I'm moving jobs and the solution somehow to the stress and the burnout is to take some time off and then go restart your career.


Hopefully later, instead of saying I'm going to restart my career in such a way that it becomes a relief to take the new job.


You know, like we hire developers as an example. OK, guys that do senior level ruby on rails, developers, people, the Web programmers on steroids, OK, those guys in the corporate world, they destroy them. They work them 80 hours a week. Corporate people are just they're just buttholes. They just eat these guys alive. They come to work here and we work 40 hours and they don't know what to do with themselves.


We send them home. They actually learn their children's names when they come to work for us.


And so, you know, they're burn up and burn out and used up like a bunch of robots and then they come here and get to be humans. When they come on our team. It's the best dadgum job on the planet to work for Ramsey. If you're a programmer because we treat you like a human and you go home and you're with your family. So if they were used up and burn up at the other place, they don't need to take six months off to heal before they come here.


They're going to heal immediately as soon as they walk in the door. And that's what I want you to set up for you. That's what I'm thinking of.


Does that make sense to you? That does that absolutely does. So you need to you need to have a real clear understanding with your new employer, what's your expectation, what winning looks like, and that winning can occur in a reasonable number of hours and then your stress level should just disappear?


Well, not disappear, but I mean, it would drop dramatically to where you'll feel like you had a drink of cool water, you know what I'm saying?


And the other dramatic drop, too, will be yourself, Alex, because it seems like you don't have expectations and guardrails for yourself.


So you allow your boss to make it work. You 50, 60, 70 hours that you come home, you do this and you do that. Now, before you go talk to anyone else, before you go into this new job, you need to have guardrails for yourself. OK, I'm going to get this job 40 hours a week, and then if I have to, I'll give the max 45, 50. But so that way I'm not overextending myself.


And then when I come home, I'm not working. I'm not doing any spreadsheets. I'm going to be with my family. If I have a family, I'm going to read something. I'm going to refresh my brain. So when I get back into the job, I could be the best version of me for my employer.


Yeah, there are times in my life here at Ramsey. I've worked seven days a week. 80 hours.


Yes, sir. But it's not the norm. It's an exception. I mean, during covid. Yes. Gee, maybe we're here every day. I was working like a twenty year old is ridiculous. Yeah. And so, I mean, it was just what we had to do.


We did what we all want, you know. Ramsey personality at four hundred and thirty seven media hits literally. Yes, sir. In thirty days. So I mean we're sitting in this room during these TV shows over and over and over and over again trying to calm people down, trying to give them hope and everything else. But that was for a season. It was not a way of life. Those are. And when and when it's that way, you can be tired but not burn out.


Come on, Dave. I'm not burned down. I work for you. You just said that out loud, I'm not burned out and I work for you and I work for Dave Ramsey. I sit beside you and I'm not letting you go. This is tape for him show. Thank you for joining us, America, this is the Dave Ramsey Show, open phones at eight eight two five five two two five. Anthony O'Neal Ramsey personality is my co-host today here on the air.


Bobby is with us in New York City. Hi, Bobby.


How are you? Better than I deserve. Dave, how are you? Just the same. How can we help?


Hey, thanks for taking the call. So my question, Dave, is basically what I'm about to do in my life here. So I'm 29 years old. I've lived in New York City since graduating college in twenty thirteen. It was always my dream to live here. It's starting to change these days. I'm pretty much stuck it out all through the pandemic here, working out of my apartment. I work in software sales and luckily I didn't lose my job and I've been able to work remote with no interruption.


So I'm very thankful for that. But I got to leave something on October 31st and I don't really imagine New York being a great place to live this coming winter. My parents are in Florida, so I decided to go shack up with them for the winter, save a little money, spend a little time with them. So it's all good. The plan is to come back on or around April 1st once things return turned closer to normalcy. Now, the decision I have in front of me is whether I come back with the intent to find a new apartment or rent it out live the way I've been living.


I've been writing a one bedroom apartment in Midtown or if I want to make the decision and commitment to behave over the winter accordingly with the intent to save enough money to buy an apartment in New York City. With the housing market going under, I feel like there's going to be some steals this coming spring. So I just wanted your general thoughts on that and anything. I'm not thinking about that. You think I should. Sounds like a really cool plan.


Yeah, I mean, what if what if you just pile up the money to make the purchase and then decide closer to the time if you actually need to make the purchase or not? You could decide, you know, maybe New York didn't open back up like you thought, or maybe it opened up and it was weirder than you thought. Or maybe it maybe the real estate market doesn't isn't a goodbye or, you know, if you had a pile of money, it gives you the option of entering the market.


But you don't have to make the decision to buy today. You could wait until closer.


And you have better information about how, because really the only way you want to buy when you move back there is if you think that that that that is going to be a good world to live in for you for the coming five or 10 years.


Right. Sure, and you're going to know a lot more about that you're leaving because it's not a good world for you right now. Sure. And so you'll know a lot more about that, you know, come March, February, that kind of thing than you do now, I'll know more about it.


I agree, because I you know, that city is is a it's a we're we were up there in March when everything shut down.


I have never seen it looked like a movie left behind or something like there's no humans walking around in New York.


It was strange.


Yeah, it was weird. And so I still can't get over it. Spooky man.


Yeah. Like that's a good word for it. Yeah. Whatever that Will Smith maybe was legend or something. What was that thing called. I am legend or. That's what it look like. It was like zombie apocalypse or something you know. And so I don't know, I don't want to be in the middle of that. And if it's still doing that in April.


Right, sure. I should have told you about a severe emotional bias I had towards New York. Like I said, it's been a lifelong dream. Oh, you did say that guy. Yeah. Yeah.


You and your emotional bias was for a New York that doesn't exist today. Yeah. So if it comes back the way you dreamed about and it looks like that again, then I would agree with that bias.


That's cool. I got no problem with that.


If Rachel Gross was married to Winston, she would be in New York. She loves New York.


So I like New York for about three days and then I'm ready to come home.


Right. I won't come back. I want to see a green tree again. I'm I'm 24 hours.


Well, yeah, but I mean, you know, it's cool. Do it. But I know your answer is yes. Do it. Go back to Florida. Do that. That's a great thing. Pile up cash all winter and then make your decision.


What is there something I know I may have? I can't add on to this one because I like the way he's thinking. It's it's it's just it's just weird.


And when New York is up and running, it is a beautiful city and a beautiful place to be. Yeah.


For about three days. It's a lot of energy. I love New Yorkers too.


I just I mean, because I'm wide open. They're wide open. Man of foods. Always great. There's always something going on. A lot of energy. I love it, but I'm exhausted. After about three days of it, I come back to the country.


I can't sleep in New York. It's too loud. You can't sleep. You know, every time we go there, we get a hotel. I hear all the lights, I see all the lights here, all the people driving in, horns blowing. I mean, any peace and quiet when I see our country, boy, I can shoot. I sleep fine, though.


Yeah, that's that's funny. I love it now. Hey man, it is a great city. It is a very unique city and I sure hope it returns to its former glory. I sure hope it can come back and be what it's supposed to be and doesn't become some kind of weirded out thing because man is stranger than crud right now. For sure it is.


Wow. Kevin is in Philly. Hey, Kevin, welcome to the Dave Ramsey Show.


Another great city. What's up, Kevin? Hey, how are you doing today? Great. How can we help? Somebody today owns the house we currently live in, and in the next three to five years, we plan on moving out depending on kiddos. We're getting married in October. Congratulations. Oh, thank you. So does it make sense to pile up cash in a money market account or an investment or just stick it all onto the mortgage for what are you saving for themselves?


For new house? Our new house. I put it on the mortgage. Yeah. When you sell the house, they'll give you the money. It's not when you put it on the mortgage, it's not gone. Yeah, I mean, it becomes equity, and when you sell the house, they'll give you a check at closing and you don't accidentally buy a bass boat with that money there and they make you that or going on a trip or whatever it is that you accidentally do.


I fell into a lady yesterday, said I fell into debt. I'm like, how did you finally fall into stuff? It's people fall into stuff, apparently, but yeah, you don't wanna do that.


So once you're on baby step six, which it sounds like you are when you're married, you're going to be debt free, have your emergency fund start. You're investing 15 percent of your income. If there's kids or kids, college is going on. And then.


Yeah, pay extra on the mortgage, I would not pile it up separate because the money's not going to leave you if you put it on the mortgage. Yeah, that it's a pretty decent rate of return for a savings account. You're paying off four percent mortgages. You don't get four percent savings account money market payment one way, especially right now. Is a bit less than one of the money markets, you know.


So, yeah, that that's it.


In the old days, we used to call that a forced savings plan because you're forced to pay the mortgage down. In your case, you're going to it's not forced, but it's chosen and it's. But the money's trapped. Yes, illegal. Illegal. It's a liquid. You can't get to it.


And so you don't accidentally fall into the purchase of a living room suit or whatever it is people fall into.


But yeah. So that's what you do. Congrats on getting married, though.


Yeah, it's awesome. Very cool. I love it.


So, Anthony, the Bible shows how the abundance of the heart, the mouth speaks and I always challenge people and I should challenge that lady yesterday. I think with Hogan that brought that up or guy, whoever it was said that. Because if you use a phrase like I fell into that.


Mm hmm, that makes it sound like it was an accident. That makes it sound like it was out of your control. Instead of saying, I chose to be stupid. You need to admit you need to own it and start acting like it's something that happened to you.


Yeah, and when I when you say, like people say I was forced to buy a car.


What, they had a gun. You were forced to buy a car. Right.


You know, your other car broke and you chose to move from a 2000 dollar whoopty because you're pissed off and went and bought a 32000 a new car.


Yeah. You chose stupid.


Yeah. And so you have that, you know, you own the language around it and it'll tell you the position your heart is in and how much you're willing to transform and move back to that.


So that's what I liked. That wasn't Kevin, but that's what I love about. The question is you're forcing yourself to save money and you don't accidentally then quote unquote, do something. This is the Dave Ramsey Show.


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