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Dave Ramsey & Kristina Ellis discuss:
- The myth of "passive income" from no-money-down real estate investing,
- The peace that life insurance can bring,
- Applying for scholarships.
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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
I
What are your boy solutions for? Judging from the barge moving in storage area, which the rams you were dead is dumb, fascist gang of mortgages taken the place of the Bmw, we'll people build wealth through work that they love, create actual amazing relationships resting hours. Ramsay personality is my co host today, we're gonna be joined by you from all across amerika. We talk about you right in front of you,
but your life and your money, the phone numbers triple eight eight to five five two to five teddy, is whether a new york city, I teddy our you
How are you better than I deserve? What's up? Thank you very much,
the show, then I called you last year to get a little guidance in terms of my career and whatnot, especially financially
And this can remind you, you told me to potentially hold up on my masters, I'm going
he pursuing that due to the fact that I just got engaged over the summer and
Fiance. Add one more year in school forward is gonna finish
by degrees, her undergrad me grad school and then had to be fulfilled. Florida might,
Long term is to have a good career and, more importantly, to have financial stability,
ideally in the aspect of real estate, acid income, and what not
we'll guidance in that regard. So I'd love to get your take on. What's your masters in.
mechanical engineering and what what criteria pursuing after this category
do you have a job already lined up. I heard a couple further cut for this year, but, like I said I decided to get my masters just didn t
reasonable to pick a job for one year and then had to different state.
and if you do that my masters degree only cost for supporting k for the whole
and men unfairly godfrey for Joe.
its funding that I can reasonably pay off while I'm in school. I thought
did you pay for your education.
Predominantly through scholarships and some financial aid, I'm in new york, so there's a lot of that at all.
that I am all for you by about buying some real estate, but
Idiots on the internet say real estate is passive income that
they ve never own many
nothing passive about, namely runners and hate me
eight narrowly goes out and roofs lit leak and a coach departments shows up and wants to shut you down, because this
somebody across the street cut a sewer line.
in passive, about managing real estate, nothing whatsoever,
pass a by mutual fund, just put the check in your mail box. Anyone thinking about it, marilla
passive it
very active
and if your managing the managing company lifestyle,
a call you and approve the eighty four
your dollar new heating and air system that blew up or-
the day I had a twenty six thousand dollar one go out on one of our commercial buildings didn't feel pain
to me at all
so anyway. I love real estate. But please,
joy, the idea that this is going to be some hassle factor that other investments don't have. It does get
about a right of return that other investments don't have
when I hear someone say passive income and real estate in the same sentence, it means they ve been on get rich, quick websites.
because they make it sound. Like my order, winners will just pay for it.
no you're gonna pay, for it may be. The runners pay you that
works in the real world. Shout
go buy you some real estate after you get your life started and pay cash for it after you get your
paid off and after you get your for a one gauge stuff started, but on
this idea that you're gonna build a portfolio of heavily.
written real estate and the renters we're all gonna make you rich is is so freaking laughable that it makes my head span and it
all by people who have never done it before. On your end,
a good spot right now. You went through college debt, free you're, walking straight into maybe steps for five and said. I think that's really where your focus needs to be right. Now, real
They can happen someday, but focus on retirement starting out and and get that primary residents in place and pay that off once you get to that spot, then we can start talking about really investing in real estate for profit
you ve got some very clear:
steps ahead, and if you do that right, you're going to really, especially at the age her out right now, set yourself up for success, verses, getting kind of lost in this get rich, quick world that
so prevalent right now, like you that on tiktok and instagram, like very, very poppy,
but it's also really leading a lot of new grads down.
Some crazy routes, and so do I
people misunderstand my sarcasm or anger at that stuff like it's, because it disagrees with me. That's not at all it's. I know what
gonna do to you when they met
lead you and
people listening go along with some of the stupid, but stop that is out there. It you're gonna get
and up like I did in my twenty she broke
I followed the same siren song, the exact same one.
maybe just a nineteen eighties version, ok and
and order. If you just didn't understand lesson, I believe
if there's is one, if one thing I know which numbers or cash
completely understood- and I did it with great gusto,
starting from nothing in three years out over a million dollar not worth a hundred twenty five property showcase. I shall starting from nothing in three years,
so I didn't half, but do it. I did it all out. I mean straight phd and b, u n b, I and I knocked it out in a short period of time. You know
and here's the thing I discovered christina, not directed at him by the way. For you, sir, you are an engineer which,
The number one of all careers
most likely to be a millionaire, wished. I maynard number one we engineer number to his account
number three was teacher okay, so you got logic,
stuff on your side, just don't fallen to get rich quick. So in our day by day,
caught patch of income. I call it nothing down and there was a guy that wrote a book called. The book was called
nothing now book and an end, appall bunch
including me, followed a lot of his strategies on buying a house with no money.
precisely how much money I have none. So that's all I can
I shall use other people's money. Opium talked a bank in a hundred percent financing nodded. I note I bought a property made money on it
another, probably made money on every time I made money on. The banker gave me more money. It was a nice formula and until it
wasn't nice anymore and out. You know
A few years later, the guy that wrote the book went into bankruptcy, ouch
I joined a grew and investors group, a real estate investors group that were following this guy's he put together.
Groups in cities are following this guy's guidelines and got to be friends.
with a bunch of guys, we would you know one of us. We couldn't do a deal. We find a deal. We find somebody else to do the deal. We give it to one of our buddies right and we swapped around.
It was about. I was probably sick
the people in that group that were doing stuff actively,
Ten years later, from a time
I started that how many of them,
still buying real estate and not broke. None,
no body made it not one. I take that back.
two guys made it?
the reason they made it was they woke up watching the rest of us go broke and they turn
a whole bunch of their properties took the equities.
Off the rash, they became get free and they came out of it with about thirty percent of the property, but it was all dead.
Yes the leverage to their eyeballs and they they they are. They
the reverse engineering, and got out with a scale by the scale of their teeth.
And I ran, and while those Gaza that that was thirty years ago, he still Bonn roast I needed to healthy, but he was
The few smart enough to look at the rest of us going. These fools are all
One broke doing the same thing and oswald fools show up, but you find
People get richer, roasted they're, not ones that leverage repellor about just hard to find devised by follows this passive income crap
ten years later, is not broke. It's very difficult!
and ten years later, a real estate investor that follows that plan there, there's they're very rare. There are unicorns that you can still invest in real estate for it cash for it. Look at you now much about your real estate, but just pay cash for it in and grow slower and don't try to go. Follow all this mind. Numbing get rich, quick stuff. The what
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thomas weathers, in Denver. I Thomas,
welcome to the rams. You.
Hi, Dana hi, Christina. Thank you, ve taken. My called today show
I have to tell you, I'm gonna try to get to this call. I am deadly compromised.
I've never seen you for a very long time days and
Forty three and widowed as of eight weeks ago, my unexpected,
I have a disabled, social daughter, anna general boy
I'm calling you because-
I am just beyond-
rachel to you
I'm nervous.
And ass
what happened, and how did you do know? Which one are you? What happened to your wife
So she had an unexpected and sudden heart attack in her sleep
I'll show you
I found her so
our daughters is able. So she usually come sweeps with
daughter, and I would wait. We were doing the young
we're in the phase of our life or you have the young, kids and
I'll turn job and then I would work nature.
can do right, auguring, parttime stance and I will take care of her during the day by my son,
and that would furnish- and so I came only one friday night, which shooting
happens from time to time.
And I really wish I hadn't gone out. That may obviously logic.
done anything, but I just works by twelve at home, but
So in the morning I usually sleep in them, I'm working late and it was
because I didn't hear the better powder of my daughter state
In a rail in the house and the cupboards and dishes and stuff- and I was like that's weird-
eventually I was an undisturbed bedroom and I walked- and I heard the kids carnegie going in and out of sight
so when I got up and went into the master bedroom and the kids
on the other side of her up playing
When I saw Mary, I
right away. Obviously, what happens- and it's like just
worse, obviously, and I'm sure
thank you. I looked at
My boy, my daughter and I look,
I turned my wife
seconds, and am I
three issues.
Do you still sleeping
slowly
don't look out and then I had picked them up and I don't remember
only a daydream and shut the door
I just lost It- I can't even
Jim. I figured it out, I'm high time of how long were you, man
almost eighteen years altogether for twenty three so yeah,
I told you carry forty horrifying sure sue
I'm shake the shout show
my again employees, because
I really do think that, and you didn't say my lies you at the very least of calling the worse.
you're lying to realise and recent chile. Thank you and I
as well as insurance. Now to some of them just come in and some of it is still being worked out. I'm I.
I did- the recommended amount that you mentioned and down
I know what to do. That's not my question today. I know the plan. I know what to do a wearisome. We workshops four five and six
and just plugging away
and
so obviously know her life,
such shortsightedness changed but
taking that six months to a year,
and I'm allowed to do that because of your plan. So I can
believe me, my wife
having to go to work.
or whatever so,
but I I just wish that everybody would really take to heart
I've heard the call that I'm making right now
dozens of times on your show, and it gives me every time
I would just say to your audience: love
Right now you have life insurance check. It check it yearly to make sure it's and good standing in its the amount that you need
also shut down.
Your spouse once a year and go over all the stash conceptual marian I would do. I was the nerves. She was free spirit.
We would have our budget meetings and we got to the point where you know
just finely tuned, and I would
and basically everything and sewage. I would show her everything that was going on so that she was in the no
and
now even made a stretch.
Days like I thought I was gonna go first, I didn't they ve been early. We would have this, but I would like to marry
here's where you go on my computer. You click this and you just go from. You know number or a number one to thirty, and then mrs Oliver bills everything a tax person, everything everything everything and so that you don't even have to think about it. You just just go from one step to the next m.
And you know that's dollars
So the irony is I'm following my plan right, so
You're doing the wonder. Thirty,
But I'm the only one authority and assign you thank you for calling in three hour. I'm so sorry
I guess I've said I will you and I,
today. I have been friends for a very long time. You just don't know it, and if you don't believe me, you can ask all my friends will tell you how about it,
my mom. Are you don't hear him honor to be your friend and the other you until you take another we're gonna have kelly pick up such a couple, one of our ramsay coaches no charge
make sure you won through thirty give you some
The folks, looking over your shoulder
to love you right now I'll give you a hug and on
I'll bet. You're one thirty's perfect bought,
we'll walk with you some more here, because that's what friends do and on my thanks for sure
story on I'm so sorry or a horrible thing to go through
so sorry for your loss and I'm just so grateful for your calling and cannot leading that segment and walking people through what they need to know
obviously that's you know every
his nightmare in such a scary thing that I'm so glad you are prepared that you had life insurance in place that you had the one through thirty, and I think this conversation is going to help a lot of people have that conversation with their spouse,
one way you say I love you too. Your family's make sure life insurance as inflation as one. Why you do it?
don't you know, that's true when you should the situation like? Oh, yes, my goodness, I'm so sorry, this is the rams. Asia
the
the
especially Alice ramsey personality is my co host today in the lobby of ramsey solutions on the debt free stage. Andrew and taylor are where the state guys are warrior: hey, how's it going we're doing great. How are you better than we deserve? Where do y'all live over in frederick maryland, a closer to middletown? Okay,
wonderful ever to have you got and how much
we have paid off. We have paid off fifty
eight thousand one hundred and twenty three dollars and seventy nonsense. He had for you I'll, augur that take eighteen months.
and your range of income during that time about sixty three thousand up to eighty five thousand or you guys got with it. Oh yeah,
impressive work. That was the fifty eight graham
but most of it was student loans, but we did have a a car loan. Some tiny medical debts, a we even borrowed on a phone and of course you do. Of course we did yep wow gotta have those
wins right now, that's show
It happened eighteen months ago that woke you guys up any shit, ok game on, while we were both
up and households that are our parents work very hard and
work very hard. They would often work multiple jobs to make ends meet, but they live paycheck to pay check and they would
credit cards use all all the loans and everything, and yet we grub as well
he moved into. Are you earlier
I heard we did the same thing. We did the same thing that we had saw shirt modeled her so
the student loans, we got the car loans, we got the credit cards, all those things and that pursued
it moved into our marriage as we got married and twenty eighteen about too.
Half years into our marriage. We looked up and realize you know we weren't doing any
intentional money goals, and so you know we would
get the money that we got in every month. We just gonna spend whatever we want and then, if there happen to be a few bucks left over at the end, we throw that into a savings account, and you know after
couple years that we had a free
our friend emily was the person they caught up plug the ramsay bug into our ear. She she first started with taylor and
you know saying saint heather's has guided ramsay. You should probably look into to work in the plan
and that was something to her family had been working on an so taylor brought it up to me, and I was like you now. I don't know
yeah yeah. I did shouted down, so
some want to shut it down
around the same time, the spring summer of twenty twenty, I actually decided. I want to apply to be a police officer and a couple of our local departments and part of the
application process was actually listing all of your debts and telling it up.
are you a security risk, yeah, yeah and so
Well now I didn't know that time, but when that happened,
The first time I had done that I never told about my debt. I never totalled up her debt and definitely not totalled up the two of our debts to get
and so when I saw that number counterpane, o crap, more crap and so
fell. All that anxiety in that risk that she had been trying
communicate to me for those past couple, swells fray- and I I just said: that's it game on we're. Gonna do this.
Our finances were separated, oriented ass, we know- and so we just like got married and we're like. Oh, you know why it just easier like I have my own account.
Of your own, a cow like your pay, these bills, I'll pay these bills, I go to your room,
That's your mustard! So so you there
the directives. You know the ramsay bunch comes back up and you get plugged in yeah yeah.
So we just started in a once. Andrew was on board. I was ok, awesome game on, but we have never done a budget before, like I don't think both or any of our parents or on budgets, and so we set down and I think what really guy
As is we totaled up how much we spent on eating out, unlike coffee and groceries the month before were like? Oh, my gosh? How is this even possible, or two people, and so
once we sat down and
where this, like, sometimes like, we thought a good month was like. Oh, we have five hundred dollars left over at the end of the month. Let's put that in savings, and I think once we actually did our budget, we had like, I think, like twenty
I have one hundred dollars that looks like an extra that we really didn't need to spend and we're like. Oh my gosh, like what have we been doing with this two thousand dollars like before, so we just got really, as you like to say, gazelle intense, and so we
start a door dash was probably like our number one side hustle
So we would work our normal job to ten hours and then pack our food.
Who did that was? I kind of we'd pack, our food for dinner and like go endoored ashura like ten or eleven o clock at night and then Andrew did some random, whoever like needed, something fixed at their house. You, like, oh all, jump on that freedom extra money in a yeah, so I'm baby sat in pet, sad, just kind of whatever, but what
story on the t shirts
Yeah. Do you can so so we put these together because the? Why is the most important reason that we did this because its
getting out of debt is a math thing, but is not just a mouth.
then you can run the math out all day, but the hope
the motivation behind. What you do is the thing: that's gonna keep going and keep pushing forward, and so
when we sat down, we realise that hey. We grew up in these
households that you know didn't model
financial fitness they they loved us to death, and then they got us a lot
You know they taught us amazing work ethic, but we don't. We want something different for our future kids and so that hope
That was our. Why and that's what kept us going on the days where exhausted in leaving our normal job in going out to door dash until midnight or for those of you who, literally already with says it's not just a mouth problem, it's also a hope bob and on the back it says: sulphur freedom, ass, tat, get hashtag debt for hashtag debt burden,
man, you guys, are changing your family tree. That is just so cool and I love that your story, you guys, were living so normal before, like the fact that you didn't know what your debts were and you were shocked when he saw them written down that you're buying.
Copies and doing all these things in your like where's, my money going. So many people are living and anxiety because they just have no clue about their money. So what would you tell someone who's in that space?
mindset of just kind of closing their eyes and not wanting to look at their financial situation. What would you tell them to snap out of it? I'd say that it
ok to not be normal, like even once we started our journey. I would talk to friends and I felt right. We just live in a culture now that it's like it's all about me and like I,
deserve, like kind of like the treat yourself mentality, and so I would talk to friends and they're like
Why are you working this hard like to pay off your
and you're not enjoy my going out d like? I would tell people like sorry can't go like that's, not really in the bud.
right now and like wall. Are you
who am, I know like I have money, that's like an hour doing right now and their illegal taylor, like I want to. I work,
hard? So I went to spend that money, and so I would just tell them like well. We do too
but that's why we're working really really hard on this goal for the next eighteen months. We thought I was gonna take longer than that, and then after that, then we
and live you now. What
able to say that, as you like, you said, you grew up in a household. Were you watched, paycheck to paycheck happen you're over you?
and so now you guys are just kind of resetting the game. You're saying: ok, we're gonna work hard now, so that in the future our kids can
I have this completely different life than what we grew up with and are also add to a tailor said just humble yourself, because if you don't
That was the first thing I had to deal with. Was me one,
that first time I went out and door dash, I was like have a full time job. Why am I doing this and I just had to remind myself: I gotta go
who's gonna inch me closer to that goal? One step at a time and that kept me garlic,
We would see people like out like they would be eating with their families and I'm kind of like. Oh no, do I hide- or do I like, say hi to them. You know so
delivering other people's food that smelled really good when we were eating out, but you guys are incredible. I'm so proud of you. Thank you very well done, and how does it feel to be free, awesome? Amazing? We have two options.
we're gonna copy a baby steps millionaires for you, that's an ex chapter in your story for sure I one year subscript.
Membership rather to financial peace, university and
total money make overbook for you to give away and help somebody get started like you did different did for you,
well done. Andrews, tyler, baltimore, maryland area. Fifty eight thousand pay it off at eighteen months, making sixty three to eighty five right,
stars counted downloads era. Debt breeze grew weary too.
Wine? Where dad that sounds done, boys and girls, business ram seizure,
I always raillery personalities, Margaux those today we know a lotta you're scared out there with inflation dad
recession it
it's gone up tariff,
You will never have take care, your family. Will you
I have to live in that kind of fear, but you do have to get the point where you
hey I've. Had it any rate
make a change. When you get
We can help the way
help. You is the best thing we do around here. It's called financial peace university over ten million
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In outrageously generous step by step plan and were offering
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stop living in fear. You can do this, we can show you how how not only be dead free but become wealthy, not only become one.
But become outrageously, generous and change your family tree.
ramsay solutions, dotcom, slash, F, p, you financial peace, university
ramsay solutions, dotcom slice. If p you open,
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god ramsay to get the best possible deal. Today's question
from lucy and florida? I must see
in college, and I have no student loans at current
I have enough scholarships and grants to cover about eighty five percent of my expenses, which include my tuition class matera.
And went out of pocket, I pay from
food toiletries and car expenses. I work about now
ten hours at fourteen
where's per hour a week at us.
Didn't position at my college, which covers the other
he percent of my expenses? I am saying,
multiple scholarship opportunities that would apply to my senior year award letter. Should I apply to them the reason I am.
as a tent is because I feel comfortable with, but my financial situation and I dont want to take the
funds from students who might need it more than me.
if I was able to get a hundred per cent of my college expenses covered, I would still keep my
didn't position because its valuable work experience towards my future career and data analytics? What
I do
that's an interesting question:
I love that you haven't taken out any student loans. I love that you can pay for your tuition and it doesn't sound like student loans are on the table. So if you feel company
continuing to do what you're doing and pay for your expenses and graduating dat free. Then I mean
by all means contain
you doing at the fact that you're asking this question makes me think that you feel a little uneasy with taking the scholarships and, if you don't want to, I mean that's fine, but
Although there is nothing ethically or morally wrong for you in going
or the scholarships. I really don't think you can go wrong.
Either way:
not doing anything wrong by taking the scholarship, you're, very sweet kind person,
you're, not harming someone else, ok go get the scholarship kiddo, you go, get it, but
The bank- let it be your in-
its policy that you are able to finish up schooled ad free you. You are very kind
tent person, which also means you have a very high probability of building. Wealth
the big ideas that we push all the time of contentment
and you're, not a greedy person, you're, not personal shuts up the harm, others in art of art again
in someone else's expense, and none of that is occurring when you take your scholarship, none of it is occurring. There
but zillions of dollars of scholarships ago unclaimed every year
and so you need to go, get the scholarship as many as you can get
and are you ve done nothing wrong by doing that? Their issuing scholarship not based on
whether or not you needed there based their basing it based on the information you give them in the application
yeah you're, not harming anyone else from pursuing these great opportunities. Absolutely!
open found here at aaa. Eight to five five two to five anthony is in phoenix
But then he. How are you.
I'm doing great day how about yourself, sir, better than I deserve? What's up in your world
I'm really kind of lost right now. Just give you a background, twenty eight alive
I been married about five years or so just had a baby instead february, a first child with
I was let go from my previous job and started doing aged fat.
There's honour, but having
My daughter made me start paying attention more to my spending
a bit, because I want to set her up the correct way
I mean I've been looking up how to get out.
You always pop up. First though, I just want to give them
What might have a do? Have your paper here are some of nineteen thousand in credit cards or twelve spots,
for student loans and ten five for a car and right now, I'm doing an apprenticeship making about seventeen. But that's supposed to change to about thirty.
coming this next summer, when I turned to establish service technician, though, I really just need some guidance, because it
something that I I way or stay up tell
two o'clock in the morning doing bills and worrying. Ok, you know, I need another job, it's just more, so I dont
Oh, I don't know where to begin honestly
love that you said what really motivated you'd get to thinking.
your finances. Is that baby because, like you heard the latter, every scream the? Why is so important and wanting to
your family tree wanting to leave a legacy for your child. That is an extra
Powerful, why now?
you familiar with the seven baby steps
Just from what I saw, I just started looking at an a this week. I know the I think baby steps, one is saving a thousand dollars. I'm not mistaken me, ask you this: does your wife work outside the home.
she does not staying home with the baby at this time than you are.
You're only working all the time.
start in the year, seventeen dollars an hour and unitary zone for a pen.
Three you're not gonna, make it
you're making know till next my next summer shall to be working along you'll, be all right
thirty- four extra jobs, anything any extra overtime, they'll give you at work for them,
pay anything you can do to get income up. Gotta get the income up. Gotta, get the income up
pretty good sized whole here or the by forty thousand hours were the debt and you get a fairly small trouble right now. Yes, sir,
If your comment to doing in that than will
meant to helping you. We have a whole class that you go through with your wife,
and it's a hundred bucks to go through it, but I want to give it to you free, because I've been right where you are scared broke with a baby gear
Some argue that if I give it to you for free, you gotta go through the whole class and your wife. Both every promise me you. Yes, I promise and other
okay and so will sign you up for financial peace university. That's what we were just talking about there a minute ago, and you can take it online. You get the class there in and there's lot of the classes are taught there in phoenix and local churches. You can plug into one of those lots of ways
can do the class, but we'll get you sign up and we'll call she would dine and what work
to teach. You is to follow those baby steps. Christina was referring to
Get you on a written budget. You began to do that when you're staying up the milliner worrying in writing out your bills as the buggy
in parts of a budget, and you start figuring out that there's not enough come on in
It's why you you gotta get one coming,
you're gonna, be door dashing and the pizza delivery or working extra aside, hagen age
or whatever it is for a while.
And then, when you get to thirty dollars an hour, that's gonna help
that's not going to solve the whole thing.
Even then your gusto begone awhile cause you got forward
he thousand dollars to come up with to be free.
If you don't have any payments
a whole lot easier. You'd still need to get your income up,
But a whole lot easier and that's where we're gonna take you to
shall hold on and kelly I'll pick up and we'll get you signed up
you're. The interesting thing is that fear like that
we'll move you forward, but too much fear
that'll, paralyzer
Gotta she allotted to the tunnel is not alone coming drawing
yeah! That's what I was just thinking. We are talking about how this is going to be a long journey for him by it there
is that right at the end of the tunnel. I love that this call us following the previous jeffrey scream, where it's just such an example of a few, have a strong. Why, in your will
to go through that season of hard. It's
want to be so much easier for the rest of your life and for your kids, that beautiful baby that you are fighting for she's, going to know completely different world with money, absolutely exactly how it works. Christina english version of James Andrews that finn, Austin Kelly, all in the booth helping us out with people, I'm dave ramsey your host will be back the day payer. We just launched a brand new audience survey for the ramsey show and we'd love your feedback. You could be entered to win a five hundred dollar gift, no purchase necessary. The survey, ramsey solutions, dot, com, slash survey, the if you enjoy this podcast, you should check out other great podcasts from the ramsay network like the rachel cruise show. Money should be fun, not stressful. I'm ready to cruise and I'll show you practical tips on how to save money in your everyday life and get out of debt even faster on the Rachel crease show I'll show you that you can take control of your money and create a life. You love, listen to the rachel cruise show wherever you listen to podcasts, 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,
Transcript generated on 2023-06-10.