I from the headquarters of ramsay solutions which the ramsay show that is done, carriage gang in the pay of mortgage taking the place of the Bmw status, simple, we are people build wildly work that they love and create actual amazing relationship. Christina Ellis number, one bustling, although ramsay personality is my go over today, as we your questions about your life in your money, open phone,

the tripoli eight to five five, two to five? That's aaa eight to five five. who to five jordan is in rochester new york to start as off this hour. I Jordan, our you Are you d better than we deserve, sir? How can we help our right? So on twenty one and I just graduated from college. Dismay yeah. What's your degree in information systems. Ah love it. You got the big job Yes, I actually was fortunate enough to get a job straight out of the gate, so fortunate enough for them what do you make it? I'm a little bit over I'm making one hundred and fifteen thousand good or some bonuses yup straight out of college. That's awesome! I'm so proud of you! I'm gonna crank you up So my question is, though, I have fourteen thousand hours left in better student loans

I also have a brokerage, a cow with mutual funds that I've been contributing to. Since I was in high school and there, fifteen thousand dollars in those accounts- and I was wondering- is it smarter? you too, if that money in the accounts and set up a payment plan to pay off those federal student loans, or should I just pull out all the money from those mutual funds and pay them off now. three years from now. The answer. Mathematically will be almost equivalent. Ok, ok, but If I woke up in your shoes- and you are impressive young man, you I I I detected a and be dead, free and long with that the more important part of conversation. Is this commitment to and out of stay out of debt and avoid debt permanently. That process that

much to yourself- will make you wealthy. Gotcha, because if you don't pay much, when you make a hundred grand twenty one years old, you can, you can become well, they do near them? No, you know you can be a millionaire by tommy authority, I'm hoping Now you will be if you do this I teach you to do on the show and in baby have you got a copy such millionaires? I've read it. Ok, Then you know you know exactly when talking about You follow those baby steps make an hundred fifteen today with before you're too information systems in a hot tech. More like we're in europe may make an too hundred by the time you twenty five and europe, consistently, investing in being generous and living on a plan and being into install and enjoying your money, but can to investing you're gonna have serious bank I'm home. now is not a home with mathematical fact turn this bill, so much joy talking to you to hear that you're, twenty one years old, you got such a great income and you're reading baby,

steps millionaires you're in the middle of this process. This is just so exciting. You'll just don't get stupid. I know in living below my mean yeah yeah, so along with this promise, to follow the baby steps from the and say I'm going to avoid dead, so I can keep troll of my largest wealth building tool, which is my fabulous income and not committed to wreaking, lexus motor credit, not now omitted to somebody else, are not fall off, though not not go be normal, are arrogant, Thank you are the exception to the rule. When you can beat this or something like that, just be boring. Is rap on your money stuff and just walking away and generous weather and enjoying it systematically with data intentionally like you. If you are working on a flow chart for one of your information system, situations than you're gonna

urundi they're dead, you'll! Be there you can just avoid the new car panic if it can just avoid the the whatever stupid thing Your friends get involved in like bitcoin. If you'll just go, do base smart, stuff, you're gonna, be unbelievably wealthy and you ve got such a friggin. It start such a gun, heads, I love thing, those charts when it compares you know. Somebody starts investing for retirement at twenty one verses like forty five and I let's just say that a lot of kids miss out on the opportunity for our that compound interest. I mean you know everybody looks back and wishes that they would have done some certain things. Sooner but it's like so cool to see that this generation is start to jump on these principles early, and my dave said if you can stay focused, there's going to be so much temptation, the flashy car that how's the opportunity for us, had a car like all these temptations are gonna come up, but if you can stay focused starting at twenty one and push all the way through,

your honor, I your you're on your way. Just don't they just avoid the the temptation to look successful. Dont know by gives a crap. You look, ok, wait what you drive you let let's just be six. As for the end, in a war by you look later in instagram world. You know, let's try, actually be something interested in his look like something other shallowness of our current culture? we have influencers who are launching who have never done anything except a big instagram account and that's how you get to be famous you're famous for been fined, machine or negative. They shoot me god, but the They are now going to rio, asia, but now, instead actually just go, be. Do the stuff and be successful. Now, look right and it's like it's like

he say, like the paid off house has taken the place. The Bmw status symbol of choice, that's like man, if you're thirty years old and you have a pay. It off house and your baby steps millionaire that's gonna so much cooler than if you're driving around in a flash, a car that you can't really afford with a big old loan payment like that's, not really, cool, and the grand scheme of things like building true wealth that lasts. That is that's cool well done done hunters in EL paso, texas. I hunter. What's up my question is surrounding it internally receded work, x amount of stock over a three year version period for employee retention, I question basically Tyler's gonna to be taxed. As I read about it several sources say: either capital gains or income, red button. I figured out how to decide that and abusing comes with their not being an initial investment by me out the.

no games with work. I was wondering if you could give me some insight and not in either cannonade acknowledge your places, a zero sum. Compensation, and if you do if you haven't held the stock vested for at least one year for sure It's not qualify for capital gains serve its under twelve. it's gonna, be ordinary income, a hundred percent, a hundred posts, What you shall have origami taxable in either case whether it if you ve, held a three years. Is it gonna qualify? But it's compensatory because it's translation is going to qualify, apple games. I don't know that for sure you would need to check your tax advisor to be sure on that. I am not really great at details on taxes. I know some of the basic stuff, but something like that. I personally call my tax guy and find out so that I don't screw it up, and so I'm not going to lie to you tell you. I know the answer to that, but it will be one or the other and it won't be it'll one hundred percent beef,

ordinary income, if it's under a year for sure no question about that and for sure your basis is zero to one hundred percent of the amount is taxable just not sure which rate applies after one year the

and the number one number one all the rooms you personality is my coach today. Thank you for joining us. America, hey parents, there's a lot. You can't control, you can't control inflation. You can control the economy, you sure is crap control, Washington dc, but you can control how your teacher teens to face life and those things and the sooner they learn the better. The best thing. Can teach your this. This year's how to handle their money the right way to get on. I urge you to how save how to spend wisely the fao

nations and personal finance home school curriculum helped. Millions of families teach their kids, ITALY, your teams, the tools they need to win with money to pay cash for our just stay out of that. It's not. just another home school curriculum, it's completely changing our teens think about money permanently come on the air here and do a debt free scream when their twenty five years old, simum moment at home school me, and so when I married my, spouse and they had debt. We knew how to get out of it immediately and we knew we needed to get out of it immediately and we knew how to do a budget they're completely schooled up. That's what this is for. This is part of the during your family trees, the training more gotta, ramsay solutions, dotcom slash home school resolutions dotcom, slash home school journalism, phoenix hygiene, welcome the to the ramsey show thinking

much what you might call am. I was in a position last year to produce a home by it. I am unfortunately went aboard, but they were then I may have a child who you know is a german that, on that I was working with a trumpet. I do Poverty and they wanted evenings hot. Even we can see how they ll be that job in a dream that it took me to get another job I mean I'm scared saw my home until blanket. Could I didn't have the costume and one I got the money out of my home. How did I ever tell anyways? I'm warning you apprehended. I shall ever be able to enter the market again. What I should do with the money that I had saved because, as I have, sitting there. We get it back in them. I get one thing at most able watch unstable

well, at least able in the sense that I have a job now, and that is that I can be a mother and baby. You know workflow are there? Is your life stablemen? Oh, it is Looking. I knew that I would I have on their employment, but it just took a compliment we, the barriers. Should you will wait until things were more stable, but it sounds like they are stable, one be getting on. Who are you nervous? What what is keeping you from me going by half just came out. I just sold my home and I just want to. I don't know the what the interest rates up in and everything I don't know if I can actually afford I'm. I just don't and I can afford. I dont know what will be smart. I know waiting, probably isn't by the time I just I want to make sure that I can afford to your merging a whole lot of assumptions. bout, everything being horrible and you don't even know the details.

now. I need to sit down and- and I do apologize- I just know- I'm not calling you out. I just hear a lot of anxiety in your voice. I I you even wonder I might my home. What does that have more than forty percent of mighty commonalty about rendering the one that I had you do derived from the right thing. You're you're trot. Listen! Here's what you trousers. What I heard you chose taking care of your kid, which makes you like the best moment world. the poorest momentum, the d by owning off, does not make it much more moral, stern union how should freakin house on every quarter. You just got one kid: he added you made the right choice. You were in the situation you were in with the information. You had you made the best decision. You could make it the time right now.

Do you think you know some court being or shut up? You're awful mamma? You didn't you. we then and endless put all of that in the rearview. Mirror knowledge look out the windshield You now have a stable situation where you take care of the kid how much money the from the shell of the house about seventy thousand Nothing's on fire. You don't have to rush out and do anything, but let's recently in the process. I learning about what it is you can afford at twenty five percent, Your take home pay was in thousand dollars down on a fifteen year, fixed rate mortgage and begin look at those types of houses and go I want to buy one. I think I'll, save a little while before an answer to the seventy before I do that, that's ok, but we're not gonna sit around, and why the news and by the way,

fritz went down this week. Ok, untrammelled having myself by owning exactly you catastrophism, so. so k amendment that you ve been through a lot, you a lot of stress and I do not want What I want to do is is gains, peace from where you are sitting today and and from the fact that you did make good decisions and let's just ease back towards the right direction of homeownership again and but we and thrash around and say all we can do it because interest rates are all we better do it because you never get and if we don't rush over there and get something right now and com endless steady yeah fact, your friends. I love that getting getting plan together, figuring out what you can actually afford lang everything out on paper on purpose, so that you can see clay not to speak about anxiety and just live there, but I'm with David

right mom you made the right decision for your family one question I have is: are you still in the same job, do you still have a pretty unstable schedule with evenings and weekends and No, I'm looking for my men, the thing out of me, but I'm an interim but of an inquiry me. I can actually work from home in this job that give it up. I had to be like out in more detail, mount use them, but sixty no memory. I'm on my way for these novel alger baby cheese. Twelve, that you look good I think that even a breathing point you're, probably feeling some of the fear from just the last time you owned a home, and you are in that situation where things fell out of control, and you know your work. weekends, it's difficult, bouncing a family and even breathe? and letting that go and just kind of refocusing, as you think about buying another house? You know and just letting go of some of that stress and difficulty. the last time. This is a new situation in a totally different position. Your baby

Taking care of your earn a good spot to move forward, because the last guy united as a jerk, doesn't mean the next one has to be, I didn't do it in a year, let alone I'm talking about the last house didn't work because you bought too much out of an unstable jobs situation. So the new house there not to be a jerk may I be ok right? Isn't it definitely am against one of them wondering the I got my leaving my job. I can't what are like it or not, they're putting twelve the academy for me of my salary, and I can't even imagine yet so I can't even touch that so I'm I'm with our everyone in cape retirement right now, I'm saving all right, you're moving in the right direction. You've got everything going so what Those of your dead free, less all that seventy thousand begin to add to it, get in touch with the mother endorse hope, avoutres war, the room she trusted real estate agents in your area sit down with the yeoman save lives. I'm a little scared and freaked out, because I bought too much house last time and scared me to get out of it? I don't

do that again, and so I need to get start gather information to help me make a calm wisely, vision. Teach me help me show me the market and let's begin work our way through that, and they will gently gradually slowly show you and you you'll get confidence based on the new knowledge. You start gathering from this lp with a heart teacher when I think that's for anyone sitting on the sidelines of the real estate market right now, because the reality is today, there is a new news, article out that sound scary and there's a million different opinions and there's a lot of fear, You have a very legitimate situation. Were you know you had some family things and too much how's that cause fear now, but there's a lot of people fleeing feeling fear for a lot of reasons, so sit down figure out the facts

professional, who knows what they're doing and can bring peace when you're feeling all hype to approach the lonely talks about those are the facts are euphoria? No one makes good decisions when you're afraid greedy drop the relationship

christine ramsay personality is my Carlos. Today, this ramsay show in the lobby of ramsay solutions on that debt free stage kyle. tricia, our weather's guys. Are you hi dave? I do welcome welcome. Where do you live oxford indiana? Welcome to nashville were glad you're here, thank god. How much debt did you pay off? Four hundred and thirty three, I was in right along this. Take seven and a half years and your range of income that started about thirty six thousand and just now went to about a hundred and six well, there's a jump, ok and what you do for a living now. Am I

the veterinarian and I only practice I own a welding business, welder fabricated loca, So I'm guessing you came out of vetch school and that's worth some of this additional jump in income came from a dead end and then it went back down. When I quit my first job and the wind back up slowly now, as I built a business ochre very good, a good show. four hundred thirty three thousand dollars worth of vets school bills allotted yeah it about two hundred and thirty thousand of student loans that I had a really pretty at three fifty platinum truck in there yeah larger with that box. you. I I liked her. Yeah yeah. I dont like that. God now now, let us make money tat they

decades, but yeah lotta student. On that you all your phone good. very good. So what happened seven have years ago got start on this whole Ramsay way. So so he started back when I was an undergrad. My dad works well, of course, Steele, and they put all their employees through a financial piece. When you were a little kid I was in undergrad, so it was at the holiday inn in august. The thirteen week course. So I drove down from purdue and went to every lesson and I loved it, but had no income, no bills. I didn't know how it could apply to me at that point, but I I kept a five hundred dollar emergency fund through college, and but I had big dreams of going to that school. I'd wanted to be a vet, since I was four and- and it cost a lot of money to do that, and we gotcha as expensive as med school. It is. It is, and so we got deepen deep in debt and I kind of woke up again as a third year and realized. Oh my

slake. What are we gonna do and so our good friends mountain Sarah was there was also a third year, and so we took up, you again as married couple I vow, then, like ok, we're to do this, but then I graduated, and I might I got a little duck. Idas that's about the truck, and so it when I quit my first job and decided that I wanted to live differently in practice, medicine differently that I really called down and said now. This is it or dine, and that was a half years ago. She got your own practice now I do we sold our first home and lived in a rental, and now we live in the practice problem, so we built from the ground up. I was a year at school. When I got my first job I had a clients and my truck and we built the building five years ago, ochre wow.

I mean that's a lot of debt to pay off and seven and a half years and in that income range. What did this journey look like for y'all yeah? So it was a lot but one point that I wanted to point out with you was that we I was fortunate in two thousand and sixteen to apply for the veterinary medical loan repayment program. In our area there is aid districts in indiana and we serve a low, a population for rule titian, and so I was awarded seventy five thousand through the a stay of grant money, and then I actually got that again in two thousand and one Why why oh yeah? How fifty others came from rome on yeah and jane. Why are you so? I was asked to be on the board to select the next award when he's winners and then I was late, but I still have soon

and I can I can I apply again- and I did so for each I wish to know just how all that was. The second thought she just keep going, but very cool in you. You've had your business the whole time about ten years. You have been weldon, plugin away, good did you do anything unusual to get out a dad do Do any side, hustles or you know, just get super tight with a budget. What was like the hardest part most? resting party. Are, I think, living in the practice has been the most interesting I mean financially its helped us tremendously, but when we build, The practice I wouldn't have any children- and now I have to- and you also live there yeah we have a few bedroom and about a thousand square foot that a school that we live in, so large animal small animal bo. I do both ok yeah,

very cool and you've got a welding shop or you just do onsite work or I've got a shop and a truck I go on. Do mobile work, There are the same site I know down the road a little bit I'll cut, but yeah you know I've had other jobs as along the way to his work. As much as you can and and for me staying humble and what we've got to work with, was a big deal now there for the people who think it can't be done on people who are sitting with four hundred thousand ride thousand dollars and dad. What would you tell them contentment its huge? You know when I when I graduated in bought the truck. That's what I thought of that did I thought that's what I was supposed to do and when I sold that truck for my boys and knowing that we could have more that's when it changed and we were pay.

Eighty thousand plus a year at that point you know I would I still show up to farm calls and they ask where the veterinarian is. cause. I drive not a nice truck now by it. No, I'm still the veterinarian that I was supposed to be your more now. Yes, actually concentrate on the animal instead of the I can. From a moment. the practice deniers sure when you're walking examples of that contentment like to live in the practice to give up the truck to be ten that way? That's that's impressive clothing, powerful and got great next trappers, common, in the next and the next five years will be amazing because the arm I can see it on you. I can see that the peace on and what would folks don't realize? run, businesses that's on both evidently attractive and

The number of people that are gonna common do business with both of you, because you don't have to and it's it's a different world, so different place too big well you're very proud, incredible. Your credible young couple, who are your biggest cheerleaders in the process? I mean each other for sure and our parents and my employees. They have to listen to you concept I do surgery to you. I do all my office work after the show channels it's an aromatase, yeah somewhere. There's a hamburger woke up out of the and is now out of that. Yeah they're all cheering us on, and you know I hope they we may be helped a few along the way as well and then I've been fortunate elite, F, p! You I'm coming up on starting my six cloth or why

paradise weakens. Oh you know, all of them have been very much part of our journey, thank you for doing so is very rewarding the the biggest Then I guess I'm workin, on other, been dead for ie is feel in my money. I love that when I walk into a gas station, I've got amusing cash and I appreciate you teach me that because then you can spend a lot of money, sure who is couple times gas station. Let's bring the boys up here and introducing more of their names and ages. I so kay says five and cane just turn three all right. We got a copy of rubbish dumps millionaires. Forty total money make over and over obese membership, kyle treasure casing, came from india, thirty, three thousand prayed, often seven and a half years, megan thirty, six to one sixty very impressive counted down that breach green three. Two one way

This is the rams the our scripture of the day, galatians five. Thirteen for you were called to freedom. Brothers only do not use your freedom as an opportunity for the flesh, but through love serve one another

hepburn said. As you grow older, you will discover that you have two hands one for helping yourself and the other for helping others very good. Christine Alice ramsay personality number one by showing author, is my co host today. Job is weathers Jonah's in san antonio texas, a john. What's up, a bait and christina just a quick question, Yeah, I'm up masterful and your college on these- that Orban, following you in your programme for gush over five years I salute careers about almost two years ago should become an insurance agent and that job the full time remote got engaged to a girl. He lives in mexico and had been spending lotta kind between taxes and lucky in mexico and I just wanted to fear tat-

I've been seeing this opportunity in europe moving away from from calvin after dinner, for so many years, because it looks bad I've been saying that you can have a pretty good life liking and the art of mexico and even the beach life, and things like that and I've been thinking about maybe doing that in the you know, going forward here, one day I'll come back a permanent move in just one of your thoughts on that reason for doing this, is that your girlfriend answer. No well. She were going to beat we're going to the integration process and she's gonna be able to live in the- u s under greek heard before, She can become a us citizen, but then once she does, that my real motivation is because of the the? U s dollars of income and spending pesos, which you know pretty much takes. You pick you up

right picture, money off further. no I mean it converge and then it's a bizarre in patience, patients about a nickel right now, and on show it takes a lot of patience to get twenty to get to a dollar store. Exactly and in might might my well still a two hundred dollar hotel room and it's still there one of two hundred dollars and pesos. It's not like does the patient was less than the hotel room? Is one twentieth? It's still there right like like, for example, my my fiance, has a two bedroom apartment for five hundred dollars a month. You know and like and the you know, in a great area. You know that considered like you know the rich part of the. Around here. Yeah well mean the cost of living in general in mexico. Is there, but it's not because of the conversion pacers it's just. The cost of living is lower.

and in many cases the standard of living is considerably lower, but not every case. I love mexico. I am an. Honest. I love mexican people there. Some sweet people on the planet, artist, ai, thoroughly enjoyed travelling there. So I'm a fan in that regard, I in all of your young guy getting married, and you you want to call that what I ex paid eight to mexico. No, I would not but I live there for a while as an adventure with your new broad, and say we're going to live here for four or five years and just have that part of our adventure. And then we might move back to texas. But you don't have to take the? U s off the table and it certainly not a statement that the? U s is going down. The toilet goes. You want do that had just like hey man go down, live on the beach and done cost a lot were young and married, no sounds like a fun pop, portion of our life? Let's go! Do that like some kid

packing Europe for two years after the get our college gynecologist, that's cool! Go! Do it! That's great! You not mine, but but I wouldn't say that this is like a permanent thing or a policy decision or every one ought to do it or something like that. just like you come on an adventure. You go surf a little swimming. You can run your business from the right working for an employer in my small small agency at the they don't the problem with me doing this, I do you been doing it about seven, eight, now often on the internet, grade and- and you know it say it for I mad enough. You know- and you know it What are you ready for, I am sure, would administered which is an indication that you do understand the true that's not all safe oh yeah! law and order is a problem yeah

I'm a day, and I think this is something that you want to do, because it's fine it's something that you want to do to be near. You future wife's family of this is something you want to do, because it's a joint and adventure sounds awesome. But if it's out of fear that you're, you know not going to have enough money here in the? U s, if it's something that's kind of just a negative thing where it's like you're you're, going to max. Go to try to save money, but you know their sphere around money here and does the can really that that kind of like a bummer. I think that in the career that you're an you can make enough money to have. Great life here in the states it's exciting than than more. Artie living on the beach. I think that's all them now I shall run with it. I might as well, as my gives in phoenix Arizona mike. What's up, makes a great michael church are coming up, I tried watching your your channel and lifting your show about five years ago, and it was then, I decided to get serious about paying debt. So thank you very much for that. Thank you. Since then. I painted the

three hundred and eighty two thousand hours in that and all I have left the mortgage so after pay about a hundred and fifty thousand dollars towards the mortgage and then refinancing at a lower rate. I kind of help the bandwagon under fifty percent, investing in tackling the mortgage, and then instead opted to save approximately sixty percent of my income for out two years, so I stopped heavily going out for the mortgage on short motor boat, our job in two weeks when a clause on a new house or four hundred Think about because of such short notice. I didn't have enough cash for down payment. I took it brokerage loan of eighty five, for the down payment, I planted my previous primary residents as runnel. So this is gonna be focused on paying back that. I am planning to be a hundred percent at three and six years

the question I have is. I know you recommend small towns birth because of behaviour modification reasons, but that same principle applied a mortgage led to now. But if I'm in your shoes on local have that problem now and keep that other house, up. Your eyeballs man, you use falcon. Please If the wagon rolled down the road, he added you went to a brokerage account for a down payment, your curling with two errors. I have left unbelievable man, you are really play in it sound I sell the other house, get dismiss cleaned up. You made what a change anything! If you know my mortgage payment on their houses, three hundred and fifty dollars a month, but it runs for three thousand know and it could be additional income know. Did you know how you that rental property that has a great cash flow because you road against your current residence. You didn't

you didn't actually, but on your balance sheet you're dead, because since you didn't put down all of that equity on his current house, you're up to your data up your eyeballs in debt on this current house, so it has the same effect of hey. I had a house almost paid off and I just went and borrowed on it to buy a rental, and now I'm smiling because the rental cash flows, new, no sale, I'll, do whatever you want to do, but I'm here the shortest distance between where you are and wealthy is not leveraging your personal residents up your eyeballs tone, original property, the cash flows. It's not that is so much risk to your life with who's, gonna pay, hits renters, don't always pay. What united Europe nor the pandemic is called a moratorium on eviction, and so they sat there on there. such an pay. You a dime, because you legally do anything about it and there to sit over there grinning living in your house for free there, what your cash flow. Now,

no way do not meet the risk that only the risk You know what are you want to, but I think, ten years from the day, you're gonna regret this move verses. If you get caught, lately clear house in everything and then start investing on the side and save up and pay cash for your rental. That's what I would do it's gonna feel much better. That way like this. This way sounds there

it's stressful and I know deep down. It feels that way. Yeah mark the problem with our stuff. Is you can't go through it like it's a buffet and just pick? Some of the stuff off the buffet you kind of gotta do the whole thing or it doesn't work that puts us our the ramsey show in the books, good job, cristina good job austin and will Zach and andrew and james. I am dave ramsey. Your host will be back with you before you know it in the meantime. Remember, there's ultimately only one way to financial peace, and that is to walk daily with the prince of peace regime. The nave here you can find all of our shows with the ramsay network app on your smartphone. It's the only place to listen to the entire back catalog of episodes download the ramsay network app in your favorite app store that a the. If you enjoy this podcast, you should check out other great podcasts from the ramsay network, like the ken coleman show. Are you doing what you were born to do? I'm ken coleman hosted the ken coleman show where I give you practical advice to help. You discover your purpose and then map out a plan to get you there from a

halting to advertising from plumbing to production. You were created a fellow unique role in the world needs which you have to offer join me they can comin show where ever you listen to pod, cast a its james producer of the rams issue. This episode is over the check the episode notes for links to products and services you heard about during this episode, thanks for listening