I why, from the head waters of ramsay solutions broadcasting from the barge moving in storage studio? That's the rams. Asia word that is dom gauges gang and awful mortgage has taken the place of the Bmw status symbol of Christina Alice ramsay personality number one best selling offer is my co host. Today you jump and we'll talk about your life in your money. We know people build wealth, do work that they love and create actual amazing relationships, open phones, a triple eight eight to five five.

but two to five, you, Japan, and will make this happen. Our centres where those in buffalo high kirsten welcome to the ramsay show. I thank you so much for taking my com chirp. What's up, I guess I'm just gonna buy. Thank you because, actually you inspired me to go back to church not going for a long time. So just thank you for that. I thank you all and also, So I just moved out of my parents house, I'm turning an internship. It's like my time being on my own and I have a two hundred dollars, my name and I needed to figure out how I'm gonna. like I know during the budget, but I guess like what should I prioritized and my budget and watch hectares earth is kind of my question or congratulate?

and that's good for you for moving out on your own. I know that's a huge step and it can be super intimidating doing not the first time I can instantly feel all these failings of the first time. I did it, though you I'm proud of you for getting out there Have you been take? You have you been through financial peace. no I have been on. I will keep I have just been trying to honestly will take as much as possible, The boy went to war dashing earlier today, but I start tomorrow at work, though just trying to He had eat much cash as possible and I just dumb hoping us more get some practical, more you. What are you making as an enter an ape dollars an hour Comes to budgeting, we always say to start with the four walls which are food utilities, shelter and transportation, those of the other. that you need to survive, though I would first start with budgeting that we have an awesome

app called every dollar. Are you familiar with every dollar yeah I heard of it. Ok! Well, I want you to download it start looking at it. It really takes the overwhelm out of budgeting a lot of people sit down with a spreadsheet and feel like woof. This is a lot, but every dollar you know it lays and away, that's really easy to understand and makes it do now. I will warn you when you first your budget year, well we're going to feel like you're failing and you don't know what you're doing. We all feel that way. It usually takes everyone about three months to really wrap your head around it and kind of get in a groove, but I mean first things. First, four take care those four walls and actually start budgeting, because even if its messy at first, even if it feels overwhelming you will get there you're good thirty hours at eighteen, on tat year day, tat is a kind of brutal from what

above all, we ve been more like or keener, something in our one. Tat has come out on the budget for that. Maybe how much our river I got your really cheap living situation where only paying like two hundred a month world one night, Who had been her room? Ok, let's go that's a great deal. We have any debt Now. I was very lucky that my carrying the help me paper knowledge and everything, and I contributed. Working in height global maritime implosion. Only food is first. and that's not eating out. That's groceries. Yeah aiding out is is luxury cooking food is existence, Eating out of eating out his entertainment, so food is first

utilities. Are you paying utilities are that is included in your two dollars, an angel. getting to it, putting it ok. So that's number two. Number three: as the two hundred dollars rent number: where is your keep gash in your car? So you can go to work yet? Ok! So now, let's, let's review you ve eaten your warm it enters a roof over your head and your car will go to work. You can got the basics of life covered them. That's the four walls criminality referring to show food, shelter club, transportation utilities, asia, the basics of life you proud! We don't need a lot of clothing, you probably don't they tons of food, but you need a budget for those things farce, because if you ve got taking care of your body. Your mind can relax a low bed and then

We ve survived where sustainable start thinking about other goals. We start thinking about. Oh I'm, to go out every weekend. Oh I dunno any food in the cabinet. Well, that's call being a child. and sometimes fifty three year olds are children This is just you are asking about priorities. That's how you do it. You lay at all out and How old are you honey? What are you in turning it. I'm a biology and microbiology in turn, hooker and showed you do a two year. No I'm between my junior and ten years of height of college. He had one year left yeah and parents are paying for that year. Yeah by when I I have the cover rent by myself and gonna. Try to save money beyond that. By can grow day out of the house,

in my own mind, ok, good idea. I like every better there. Ok cool So what your goal right now is is get through school alive. That's about it! You don't need a big financial go. and so I want, if you pull up, fifty thousand dollars in your bank account to get through school alive when you grow you'll have plenty of time to do everything else you need to do. I just want you to finish. I want you to finish with no dad and, reasonable amounts of stress that you have managed by our tossing this ok, oh Christine's right go download every dollar get that in I'm coming in on that internship she's go get her yeah amazing and even the fact that she is choosing to move out and stay say on our own beyond the

the first three years a college and continue on that journey, as just proof of that that often well, it's like on reading an article this weekend in that She chose. Shoot. She wanted to do this so badly that she chow. it a way to do it that she could afford. In her budget, two hundred bucks in iran is roommate. Staying in someone's room, absent vs, I need Anita sixteen hundred square foot apartment with a skylight and a jacuzzi and a racquet ball court, and oh, an indoor garage in this and I'm twenty. Seriously. We can't afford houses. Young people cannot afford houses because they,

I think they need a granite countertop with thirty two hundred square feet and six acres gimme a break from the hustle I mean. Maybe when we're just starting. Maybe it looks like we're just starting wow, what a shot that's awesome well done. This is the ramsey, show the identity

after ran somewhere data breaches fishing scams. The cyber world has gone crazy and you have to be protected. That's why the only plan I use and recommend is through zander insurance. They combine smart cyber protection and prevention services to reduce your risk and have a dedicated team of experts to take over the work. If you do become a victim go to dot com or call eight hundred three. five. Six forty to eighty two pristine allows. Ramsay personality is my go over today. Ryan is in las vegas orion welcome the ramsay shout

I ve been to technical surmount. What's up, Question for you on my wife and I are in an interesting position where I'm literally debt free at the end of this year, which is awesome for my last a student at the end of december, and then on schedule. we find ourselves in my father in law is: are you were pretty confident? He had parking standards Gotten pretty bad here, you know you got money coming from a tyrant, because no life insurance does no long term to ensure its end I love my mother, a lotta dad's we're just gonna trying to wrap up trade round. You know what option. He might had any other day, and I just wanted to your call and see- I think maybe I haven't thought of that- might be able to help with the cost. To you know, the big thing is the chair piece of it, which is going to get expensive and if there's no insurance cover that I'm you know we're just we're. Just gonna choose what options you might have. If he's gonna, parkinson's,

agnes you're, not getting long term care or life insurance. It's like you can't buy. by homeowners assurance after the house burned down and show that some that's what you're. basing their show, how what's the size of the retirement again my mother in law, just got power of attorney. Also shooting unsure about the money to lobby understand with thinking it's about a million to a million and a half tom unfortunate. there was no following the baby steps with with the way the economy We were not really sure what he has made a model a lot of my men were not at the boy to all that trying to carry through her from the thought of law, as long as she manages the budget. In the process, and maybe you can help her with that she will not burn through it. average and regain homestake seventy five, two hundred gay and they

bridge time and in urging on two point eight years. So how old is your father in law or in it He made a lady high to search to using the progression, you get I'd, say you're. Here two years I've been with her daughter, which I mean a cheeseburger so quickly We don't know how long it's gonna be just a situation to be in so on. The the this is horrible, I'm so sorry y'all are facing this. It's it's. I lost a good friend to this about four or five years ago, and I watched him fight it for about six years and, like you said it just the progression, is it's kind of brutal, really, I'm so sorry and so yeah? I think the way

she's got plenty of money, she's, ok and so just to be very cold and calculated for a minute I mean he's, probably got a couple three years: I'm not a dock. What do you think ryan you with me? There are losing willow, something there while something their let's more time. Ownership remember he's gone okay and show fungal age or something I don't know, but the problem with these situations, is it take a highly emotional situation like, I'd like to debility fighting disease and it turns into a ryan? Are you there ryan three, two one? Ok, I'm done with that yeah figure that out the aid takes a highly debilitating situation and

the emotional charging of that and what you ve got a guard against is on. allowing in europe. Well, bologna said doktor john lunches in the middle of a situation like this facts. Are your french when you're facing a highly emotional situation, factory and show you gotta come down off the emotion in step to the side for a second and I have an out of body experience a little bit and the look at the math and the math is he's in his late sixties, highly progressed sure I'm guessing. I don't know anything about this and refusing observation, I'm not a back and I'm not saying that he could live ten years for ireland, but I'm guessing is not going to, and so if he goes through If he goes through three, years of a hundred thousand dollars a year and they got a million and a half she's fine. As long as you manage that don't let somebody command in charge, you three thousand dollars a year for care. You know that would be a, but you can

That can happen. If you don't keep your wits about, you show them Ryan can do for his mother in law is give her a sounding board and accountability in our walk with you, so that we too. there we can all make good wise decisions and then, if they do that they got plenty of money. Yeah that was going to be. My question is what should Ryan's role be in because the sound like he is a little bit worried about his mother in law, perhaps burning through the budget, but I mean he does volunteer to help her or what should that? Look like as the approaches or are you just can't, please be your backup baby you're on you. The personal walked beside you. I love you. I love him. Obviously of your daughter and how I walk with you and will use them. You know good will make sure dad's taking care of moral, make sure you're taking care of and the way to do, that is to spend the appropriate amount of money and no more for his care

the appropriate and no more, because if you do that, you're gonna plenty left over mom and I Unless some kind of weird or bizarre thing happens here that I can't see with the information I have but yeah and then this is the reason The two things that this this call reinforces two things. One is it's a really good idea to have some money when you get your golden years, a mile and a half, changes. This equation a lot. If he told me at a hundred fifty thousand this equations problem right so that that's a wonderful thing that they have done a great a great great job of building somewhat and then the second thing it does is it says: ok, if you're worried about this stuff, link with me and how their ok, maybe shellfish, rhodesia enough? But if you're worried about it, you should have had before this life insurance and long term care entrance implies long term care insurance if you ve got under a million dollars as far as I'm concerned is absolute. Vital. Once you reach sixty years old, I would not buy before them, but on the

caution, nursing home again, the average state america's two point: eight years average cost us five, I hundred a year show you added up server, two thousand bucks, that's the average, which some people are more in. Some people are less an indian homecare, cheaper and some would argue in some cases that that's a better quality care. Depending on the issue. what you're dealing with her home and we will have to do that. Little have choice and make sure somebody gets high quality care. That's the the process that we get into open found trip polite eight to five, five, two to five years up and will talk about your life in your money so again be biased, others all the timeless recap. A little betty you can be self ensured if you can absorb a two hundred, fifty three o thou not a blow and still have enough left for the maiming spouse live on. That's the big deal, that's gone ryan situation. It sounded like so his wife

it's her father. How does he navigate both the emotions of impairing his wife to be part of his money conversations, but also the emotions of the fact that her father is going through Haven't? You just have to say it all. I allowed you know had some a lot of awkwardness, is removed. If someone just has the courage to say it and say in this really socks- and my heart is breaking the only thing that would make my heartbreak more is, if we walk out there, russian wrong way to wear mom, not to care, We ve got to work this out an appropriate care for him making sure all the while that their money left for mom at some point to highlight, as I think, a lot of people feel uncomfortable on one hand having these health conversations and the sadness of it, but also many conversations can be hard and people kind of want to avoid some of that. So it's important have conversations, even if its sticky, if it's hard of its emotional, these needs. an upright do

but what I found it in the years of doing financial coaching. Sometimes everybody in the room knows something: is there and just saying it out loud takes the power out of it. You know it. they tell you the whole story. Indigo, well that sound a little crazy like you're, acting crazy when you say that out loud or by ghosts yeah, that is a little crazy. Even the crazy person goes yeah, that's a little crazy. You know if you just if you just name it. You know it's like this it hurts. I'm scared. Everybody makes me want to cry every. I think about it. It's horrible,

going to do it together, cause we love each other, and this is called family and you need to say it out loud. Let's take some of the power out of it, it's all the bottled up that gives them so much power. It's still gonna be a hard process. This is the ramsey, show the

Firstly, alice by selling, arthur and ramsay personalities might go out today in the lobby of ramsay solutions that debt, stage, TIM and Lou Ann are weathers. Hey guys. How are you good to have you guys we're the olive little rock? were actually mama, which is like a sub yeah you're welcome to nashville how much data be bite off too with twenty two thousand dollars: eight hundred and seven well, two hundred and twenty two thousand eight hundred and seventy dollops way to go along to the stake four years and three months. Alright, it and what was your range of income during that time hundred and fifty two thousand two hundred and seventy eight thousand cool? What do y'all do for a living ama,

your programmer, my say, medical color, perfect welcome that was just to earn twenty three thousand. Oh, it rains from a cabin an army, cars credit cards, iris, dead, loans, dude loan, no normal! Now you and you decided not be normal anymore, sick of it. Congrats good You gotta get sick, I mean so, I'm proud of you wait ago, ya'll, it's amazing for years, two hundred and twenty three thousand dollars, while amazing So how did this happen? How'd you get decide. You're gonna go, do the Ramsay way well, but Five years ago I was diagnosed with prostate cancer, and I wrote my wife a note because I didn't know what and if I had the surgery and that kind, a fire under her and that get started, shall women

The note says a surprise we're deeply in debt or what did it say? It said: here's how to take care of the debt. Oh, my god. Here's what the payoff first sticky note! Instead it on my desk and I was like no not doing this? Our church happened offering F p. You no good- and I was like it's better that it, how you know figs and less and less. Let's do this. I had never heard of day rainbow again Apparently he had- and he didn't say the thing I figured well, if it. If it was her idea, then we'll go for it. So we d and our coordinators are with us all and then we actually join them. coordinated? The next class is a doll, and we have been a coordinators now, for this will be our first season. Oh, my luck. You yeah, while well

Think about that when you work leading class you have to do this. Stuff is the haggling she had totally a hypocrite. Exact makes you it makes stay on the straight and narrow, oh yeah, yeah, and- and it does remind you and inspire you- the people around you, oh yeah, right yeah cause some of the people come these classes. They do some amazing thing right bright and another thing was that, while I was, we're never gonna retire. We're going to keep working at her desk and doesn't die. yeah, so it it everything. Fires lit, big time and sorry that you had to through this dave, but thank you for using new to share with us. Thank you. We thought well, we're fifty five years old at the time, I am never get. We're to old. There is too start whelms. Not ever in our sixty nine owen so it's some you can do it

then saw a letter what aid anoura at us so inspiring. I feel like so many other needs to hear that yes, definitely and a health scare. That's that's! Quite a wake up, call right what happened. So you read that no you got on board with, if peo, what did y'all do to get out of debt? What did the journey? Look like for you guys? Well, one of the hardest things we had to do was sell the car, the cabin oh, and we we still miss it today: we can always do a vr, beo and and go to that, but we did are, we all are cabin, then we are told we couldn't do it anymore because it was against them. Each away gets there your way, which they never told us when we bought the cabin so like o k so we did have an ivy. we read it out, I'd tell you Don't ever do that because it's the worst thing you can ever do is rent your rv out, because people don't care about your rv and they don't care about. You can't ruin that she wants to put it off

I wanted to travel to colorado and just put in neutral and got all the all over the and the insurance company. So we did the week before the I think we did live ten goober and then one temp pandemic here Then we decide the switchover to over eight cents, ass, the door dash. While how does it feel now That's a lot of debt to pay off its. It was almost. Surreal. We were sitting at sonic kidding drink and we made our last payment and I started crying. It was like we can get. drink and not have to worry. You know that it's in the budget, but it's

hey, you know your hard drinker. If you drink latch on. Oh, my god, you guys are so fine. Ok. What church was this that you went through financial biodiversity, new life church out of little rock? It has a greater little rockwork bizet desire is area pastor. hope. Is that really isn't right now a great guy a bunch of those guys? That's all some excellent work Daniel, I'm proud of you thank you how's. It feel also yeah it does. This is our first. actual vacation, vince Started it and we bought organic granddaughter with us and all she cared about was hearing shopping and she's hard day ramsay, since she was, but seven years old and controlled of her eyes, and she would say once in a while. What would they say? You know

Why would they do? You can't do that, though? Yes, like hygiene? Yeah is tat. So what's next now now, but you don't have this major debt hanging over your head when well, we we are, like a said, were getting closer. in the age there where we can look at retirement, but still got her house that we need to pay off. so we still doing the towards action over then you know do instead cart once in a while, but I mean that's also egg thing that we can do into retirement that we don't have to quit and just sit on ouch or whatever, but and we can go and see family more lovely, I love they have like checked off this huge milestone and now you're like okay, we're going we're going to keep pushing we're going to keep going and yep. I fully expect to see all here in a few years. You know for the house that we were here last year in october and we told them we'd be back

We are so we said the very first class enough eu that we we're coming here to do our debt free screen were honoured and We are making our emerging there really you're. Absolutely right! Well done! Thank you. Thank you mean you decided, no matter whatever the obstacle wounded, it's hard to sell the cabinets. er DU nourish the rv off a cliff and it's hard to it's hard to do the one thing we did or we would say like be like the tortoise, yes- and I was the favorite thing, so I was ready to pick the toward us up, Thirdly, there is a lot of stuff going over the clear or tortoise, or rather than they are vague. Why do go your maison? Absolutely amazing? We ve got a copy of baby steps millionaires for you, that is the chapter in your story, our latest number one best seller. You are on your way to being millionaires so proud, ivy, copier, total money. over you'll be able to give that somebody in one of your clashes and a one year, membership of an enterprise universally you'll be able to escape

ship, somebody that needs it that way and I'm sure you'll do that, while you're leading an absolute incredible. So thank you. Guys were very, very, very proud of good good work, our eye two hundred and twenty three thousand dollars paid out in four years and three months making one hundred and fifty two thousand to one Seventy eight thousand tim and lou from little rock arkansas. It's never too, like canada Zira that breach grew three to wine well yeah. How well their retirement world is completely change the work they have done in the last four years, amazingly at their life back,

sticky note to financial peace university. There you go, there's how you get the rams enjoy going. This is the ramsey show the.

the christina Ellis brand. New personality is my co host. Today, open phone is a triple eight. Eight to five five two to five paul is in new york city, hey Paul. How are you thanks- you dave hurry doing better than deserve. How can we help? Ok, so We have a bit of an interesting situation? Last two years has been dreadful, I had the wrong and we have that we have to render properties. My wife and I both work, and one of them was flooded back in september

its located in a non flood loan. So we don't have any. We didn't have any flood insurance on it, so we had to pay everything on a pocket, so I fear out a lot of our saving. In order to keep everything afloat, pay the mortgage, etc. Postponing it with a flood hooker, exactly andy, and you know I live in new york. So We had the addiction moratorium, so they stopped paying and I couldn't even do anything with it. So it was. The horrible myself. We finally got a sale. the contract and my wife and I were sort of at a different ends of the spectrum with fr. She wants to do a a ten thirty one exchange and go into more real estate. I want to be a seller in this environment. I don't want to be a buyer and I don't think I want to wait at least for some prices to come and I'd rather pay off some. that we have and sort of

take their rested a cash and just put it it put it away and put him aside so than what your household earlier. I I a mine is like a little bit north of a hundred she's around ninety ninety five or so. What we do she as a project manager wherever live at and I am. I working utilities Simon engineer, so. Some of this is a personality style bureau. You're an engineer, your detail, guy and the overwhelming number of details in the crisis has gotten to you more than it did to her that's. Ok, that's just the way it is, and so

What you guys just need to recognize is: I must send you a copy of Rachel cruz's book and want both of you to read. It's called know yourself know your money. because a lot of what happening here is not that a ten thirty one is right or wrong or not Taking some time off from this market is right or wrong either. One is actually ok as a matter of fact, but it is its. Ok that you're not that you can get on the same page, and the she's, not hearing the amount, stress in your voice that I'm hearing, I warn you out dead. I'm, I'm I'm, I'm, I'm just europe led on our planning your work. I bit, we ve been bleeding. I you're a winding warrior right now and you're bleeding emotionally. I can hear I feel a talking to you again not I'm not I'm not saying you're weak, I'm just saying that's a reality up. There sounds of my life. I got the crap knocked out of me and I was bleeding too so I mean that's just life. You just need to recognize

that and then she needs to recognise that too and not be such a player right now so good. for ya to pull back and he also I'm gonna actually take your side, but not because you are right, but just because You need to be together and you both need to be doing stuff from strength. Not one I've used poland, the other one, along from weakness. What other debts do you have? We have. We have heard the mortgage on our primary residents. We have another rental property, but that's paid for by the by. now is not paid for by the rapporteur. Have you noticed if they dont pay? You can't get a mile. You start place like a baby all absolutely mythology, and then we have this other mortgage, but its meaning the contract. So you don't have any personal debt at all. I know not really a personal debt. I mean I have a. I have like a small credit card. That's around eight k. She has another credit, small credit card. That's around. What do you own your mortgage.

some for twenty four, what you? What are you getting out of this rental net? Profit our net profit after after every after all said, and done, probably like two hundred to fifty something like that. So I want you guys to have some peace, even at peace, in a while so I wrote a book called financial peace towards don't go together like airlines service right, and so you guys are you just the you cannot. You cannot run with no emotional margin in your personal finances and win long term. Now, I'm Like your wife, my wife is more like you paul and she's like slow down. We got time, it's gonna, be ok, and what we are doing this right now, I'm kind of wounded and unlike game

in warrior mode. You know, and so I'm more like your wife, but I can. I can hear it in your voice and from years of doing what I do. I've learned actually to have low, but of empathy a tiny bit, but a little bit It does bring on. The thing that stresses me out is that I mean the ten thirty one is great, because you know you defer the taxes and whatnot, but the you know it's a forty five day window. no the whole rican thing of owning property and came back and dead doom with the tenant after you to work with you, everything you went through stretches you out, You want out of the real estate business, at least a little bit com. Down level bats. All she needs to do it's. Ok, I would not do in thirty one I would to sideline this money for right now one job again. You sure you don't want to jump back into this market right now on its light still hot still hon. I want. I want to be a salary to want to be your buyer exactly and there's a lot reasons for that. Some of the most arduous legitimate emotions trauma

while to eat ramen your brain damage, you you didn't get. no, you didn't almost die or something, but you just been through crap and people have in the season in all. We ve been all kinds of stuff with covert and inflation. May I little trauma? One filled up my truck. the main issues, and that that's funny. I need only mention I because due to two, but was a couple months pie, This will actually went in for banks, insurance, woe or yoga No, I mean it's a recurring thing. I have the condition from my childhood years. I have to go back every every so often for revisions and repairs, bad choice. Metaphor. Then sorry, okay, okay, I but out. So I do think that you have to here's the thing Personal finance is also personal, and you have to take into consideration. What's going on in your life brain surgery, floods, bad tenants

we're torreons during pandemic, This is all left its mark on you and your wife, again, answers not wrong, I'm actually, personally doing until thirty one right now she was not wrong. Ok, but buddy. But but I got the zero stress over it. I'm not is not putting it's nice activating me the way you're being activated with the ocean, so I think it chill little bad was pull back. I much I even throw the money at your mortgage and start thinking about how fast we pay off our mortgage making two hundred a year. Yeah, that's my thought just how much less stress they would have if they, you know, followed the baby steps and worked through paying off the mortgage and then one day baby steps, seven invest in real estate and do it with cash that will fuel or if the other mortgage on the rental is like two hundred reach over by at all, on the other I get you and then you just shove your own. The only debt will be your home mortgage, get really stupid credit cards. Let's get on a plan ha so god steady, wise.

And what happens when we get we get off. Frenetic can get hurry in I do too I'm the world's worst, because I'm so freakin task oriented but a, but am the guy that doesn't need to be telling anyone else about this, but the truth is I can. I can just smell it on him. You can feel in air, can't you, oh, you can feel at my heart feels like it's like in a not just listening to his voice and, like you can feel the stress and that's not weakness, that's just saying this is reality not is not enough. If you had brain surgery, our in you the reality is, it just leaves a wound and it takes hold. Give yourself a little room. You'll make better decisions, you'll make better choices when you're, not as wired and spun up in them processing we'll take your side, but not for the should not for the reasons you presented, but instead

just saying you just don't need rental property right now. You already got one, that's probably one too many that puts this hour of the ramsey show in the books, good job, but miss christina austin, benzac andrew James Kelly in the booth at work. I am dave ramsey your host and it'll be back the nave here you can find all of our shows with the ramsey network app on your smartphone. It's the only place to listen to the entire back catalog of episodes download the ramsey network app in your favorite app store. Today, the hey, it's james producer of the ramsey show. This episode is over but check the episode notes for links to products and services you heard about during this episode. Thanks for listening,