I from the headwaters of ramsay solution broadcasting from the pause moving in storage studios, it's the ramsay show, for we have people build while the work that they love to create actual amazing relationships. Jade watch all rooms. Your personality is Michael vote. Today, open funds, aaa eight to five five, two to five All of this, our jill in Dallas high jill, welcomed the rams issue and good afternoon. There

I am so grateful that I have been able to get to the wine. Thank you so much for your time, were honoured. How can we help I'm an investment Please I value your opinion very much and we have a question about paying off a reverse mortgage where my father in law? I have and I make between a hundred now. In two hundred thousand a year. We have no doubt that we have about one point two in our retirement. Account we on our house- and we also when two other houses. Good, where are your net worth, is north of four million and probably between who in three then no one and a half, as this is pretty small, increase the story in itself, but anyway, I'm our father. My husband's father has reverse mortgage, and we would like to pay it off the m. The interest rate seems to be,

quite ready for imminent yeah yeah and in another six or seven years. The interest will have eaten up the complete value of the home, and we would I I just want to know from your perspective. We were considering. Taking out the money they there's a hundred and is out on the house we were considering withdrawing at my husband is fifty nine and a half we're considering withdrawing it and making it like an impasse. Let the real estate does pretty eight. I realised that it would have there is eighty nine and that this could be tied up earth ten plus years that long term investments usually are just that long term I just from your perspective, would really value your opinion in. Ah, what what do you think of that sort? What pitfalls to use a very sad that was eighty nine and he's got himself in position where these rip off reverse mortgages to be an appendage. I'm sorry.

the great news measuring great shape. Shaping you're able to do this so does your husband have siblings He said tat is. We are thought was at the end that if we took out what we spend on the house plus the same game that we had made on our for one k and not that the hours can you can't take. The money out and not make something on it is about. I wouldn't have now currently, with the house's worth about three authority and none of the other siblings your opposition to help us are we but one of the settling the house so that he could live in the county and get county healthcare that put the houses we own. So he is very ill and needed to be inside our county line so that the county could cover healthcare,

so no one's going to object to anything here then I dont think saw his dad would like to keep it a secret until after he's gone, and let it be a surprise I think that's about a lower our baggage left, our peoples from the roof to allow pissed off. again. I know everybody in the family what's going on and what we're gonna do, the deed, the house to you guys, and you all just pay it off at your house pay for the insurance and you pay for the taxes. Maintenance and dead to live there for life? For as long as long as you can stay in the house, that is not yet able if he has to be cared for in some other way than that be different, but yeah just just boring. Child dad burgoynes dated to us now,

that's our return and work, and we're also going to have to invest more because we have to cover the maintenance and we're gonna have to cover the taxes and insurance where you live there for free as long as you're able to live in the house, not her! That's a fair deal financially! That's all a very kind thing for you all that is, and you are in a position to do it in your you'll, be ok, financially you're, not stupid, but doing this and keep it a secret secrets are glee and stuff like this. right. Well, I don't want to. I don't want to cause a problem. You just wanted okay well, then, we will keep it a secret. I need it just fair, ok, and if anybody wants, if anybody has a better plan, we all can do it, But if you, if you don't know better plan, you don't have the money we're staying here with the money. We can do this, but what I want some care you're in the family to be yellin later o jail, took advantage. Grandpa yeah

and it has to be the deal that the house has to be divided up front. It can't be now will give him the money to pay to house. Often then he wills us. The house like it can't be that no, no, you get the house around me I'll now away. We were taking the money out of our poor. One. Can pay it off, but you have me, we ve got plenty and there still got another many years, you don't have enough in a sad investment account does not for a one way to do it. Do you? I know we've only got about fifty in another account. We don't have enough to pay it off you're going to pay taxes. So it's going to cost you two hundred grand to get this out. people can clear one sixty and so yeah still do it, though. That's why you work you're able to take her a dab, but, I'm gonna. Have anybody objecting to this end, and we're gonna control the variables because he Obviously has. We know that he done always make good decisions because he made the decision to put a reverse mortgage round. There is

leave the house in his name, hoping he's gonna make good decisions now we're gonna take care of this so that we can take care of him I just want to do the right thing. That's all I don't know. I hurt you and feeling very well. You have such a good heart. You do, and hopefully everyone will see the good in this and there won't be any relative that objects. if there is at least so no one on the front end an windisch go. This is what we're doing in unless you got a better plan to take care of him he's otherwise going end up losing this house. So what? people want to do here is mortgages or from the pit of hell, they're horrible, absolutely horrible, high interest rates, high fees, and watch weird is, of course, the reverses they hate for those who do not know how it works, though, paying the old man payments until it gets to sixty five percent loaned value. It gets to sixty five percent lower loan value. They stop the payments and now they just at interest to the sea,

five until it each up the entire value, and then they foreclose that since or if he doesn't keep. Up the taxes and insurance even after they stop the payments that throws it in default and they foreclosure so regular home mortgages have about a two to three percent foreclosure rate: first mortgages have a fifteen percent closure right just to get that this not kidding when I say this is a rip off to me and nurse. You know and their sold on television on ad, by washed up actors, bulgarians between the wall and bathtubs on the show name aerial I saw just Joe name it mantle jordan. My greatest fear in life is. I live long enough.

To do one of those ads yeah. You would never. You would never you're right. I would never yeah not that desperate to be in front of a camera yeah. This is the ramsey show. Large all ramsay personality is Michael those today thank you for joining us america Phone number here is aaa eight to five five, two to five: a bunch of your brand new. We appreciate that were glad you're. Here you can help us out. If you would, whether your old timer or whether your brand new we need the help. Do three things to help us move the show out and help america and serve america by telling them the truth, because we love em and that simply this share the show tell people about it

click, the share link, if you're on a podcast or youtube or something like that click the share I share the link. However, you want to do it, I don't care, but this along to your friends. You can subscriber follow if you're on a pod, and you can leave us five star review after your podcast or youtube say something nice like five stars because I'm mamma said of young ailing, nice to say, don't, say anything at all move along and now our I think we're number eleven podcast on apples ranking comes and goes in the entire world, a podcast which has some too Three million pod cash that are out there. That's not a new launched category. That's of all of them and so thank you guys. We appreciate that we have not three hundred million dollars on marketing this year, you guys are just telling us you like it by telling each other about it. So thank you. Thank you. Thank you, katrina! is in Chicago hi katrina. Come to the Ramsay show power.

better than we deserve. What's up now, I own a candle in chicago I am looking to buy a second home in national penalty want and what I'm wondering is why, because my boyfriend, I transferred to nashville, and then I've been getting long distance, and so now we want you to live in the same city to figure out if we're going to marriage. So you're gonna move from chicago to nashville? Well, I'm not planning to so I'm trying to work it out with my god, though, that I could. Be fully were mouth. but in the meantime, had come in and forced to be around sixty percent and so on, still giving that by going to nashville, but it's a little people.

so you want a second home in tennessee? Is your current home in chicago paid, for it is. Ok, so I dont haven't you get current level, and I really don't want to get any because you know how this works guide. You know how it works. Well, The question is: why do you feel that you would have to just type that? Why why do you feel that you would have By a home so run a par with, much ran sunk thanks, but even if this wasn't looking a must know boyfriend or anything like that, I we would. We would never it just walk in an up and by house you. Would you want to a further area figure out what I have been getting a feel of the area in the last I've been doing this for a year and a half like going back and forth? How old are you I'm forty six? What do you make I make one eighty three and then about a boner said about it

how long you been dayton boyfriend pan more pandemic loud Damn it love repeating that came out of it much better than puppy love Anderson bites the thing I'm light. We well know I'm robbing the cradle of the younger I didn't know that. What is it what is done? I felt another reason why I The guy does just another reason, our electors, another region, we think you're, all some rocky ashura. Ok who gum michel, but here's the deal you making a permanent realist. Eight decision in a temporary situation. That's bad move! This is a situation where you rent until the permanent shakes out there are two issues on the permanent when the relationship goes from boyfriend, a husband and when the

allows you to move now. We have permanent then we buy is a matter of fact. we by you and him god you're married, till then you, you know, you're you're doing this gypsy thing back and forth corporate gypsy thing in remote. Some I and longer since love affair in all this, All of that just screamed. Rent not to mention if we're really play this out long term, ok got paid for house in chicago with say, come to tennessee you, for a while, you guy, you know your work thing works out You get engaged you decide to get married, you can the chicago house and you can probably end up buying whatever house you get here in tennessee in cash as a. To trying to decent. I'm saying screams route for six now long term, it's better to do it to do it. This way. Ok, but then I hear what you say, but then can I ask my when she was gonna, be when I buy that place. I have

ash and treated in places. Potent and I'm wondering but andalusian implosion should clear. You gotta saw the place. I should like at the end of the story. If it goes like, you think, unless I'm missing something is your married and live in nashville right, yeah, yeah? under the story show you're going to the place cargo and you ve got cash and you ve got him. If he's worth something we didn't even ask about that. Please please tell us: I've, gotta katrina, yeah it'd, be hard, know need more coffee. I know that, but it like compared to like there's a lot of earning potential between thirty two and forty six, okay, okay, I see your katrina, I see you out here. Are I just what's happening here? Is this exciting adventure in your life and death confused that with real estate real estate? When

things are stable and boring and you pay cash. So I would by right now, because, if you buy you're gonna end up selling what you buy and doing. Being different, when that all shuttles you're an end, you saying we want to set up our lives, and it's not in this house are not this conduct in. So it's just bothers you cause your cheap to rent, because you feel like wasting money but rent one. It's in a proper scenario- and this is a proper scenario- is called paying for patients. And look if you move all the way down to tennessee your boy better, put a ring on it let us say, and if you're making this type of transition he needs to come through, and I hope that he does for my mama jade with relationship of our original rare thing. They love it good stuff, stacy's in bakersfield, California has stacy, come to the ramsay show You for having me sure, what's up,

well. I am. I listened to your pocket away home from a trip, and I was really you pulled me and am I, very newly divorce I've never operated on a budget at all. I have them tat in this new single life, a mine- and I have oh little bit of money in a brokerage account and how much and how much in the brokerage account only twenty two thousand I have about thirty eight, then in debt? half of it is a miracle bill and the other half is credit cards. Why am? I really need some direction and help remove I make. Am I gross about one hundred and seven and this year I'm going to get a five percent, though, but hundred and thirteen a year on hand can I have a pension, no kids right right, all right

you know. If I were you, I would probably do that. I ain't If I had money set aside, that was not retirement. I'd probably pull some from it to pay. Debt especially if it single stocks yarmulke should all willing error the dead, because we're gonna get you on the dutch snowball. We're gonna put you on a budget in a it's not our beans and rice thing. It may be for a little while to get some admit, bills claimed on earth, but then, after that, at your shoe telling your money what to do, and given your confidence in this new stage of life for handling your own money and I also want you to download every dollar. That's the budgeting, app that we use here and it's great it's going to hope it's going to help. Anybody body never budgeted before, learn how to do it, because it's not just an app. We put the numbers in its teaching you and there's teachings that are built into the app that help you throughout this So that's what I would do and I'm excited that you're on this journey. I think that its exciting that you're finally getting in control of your money and that's,

with you budgeting. It starts with you getting out of debt and I'll make sure he before you do all of this, that you put aside one thousand dollars for emergencies, because you need that first things. First, for your starter, beginner emergency field, so every dollar will do that and What do you want? Much is going to change historian who facial I put you into financial period. Originally That's a nine weeks clash and I'm looking glass to her on how to handle money. Give you your competence in this area will help you we're going to offer free, adjust our gift to you. Ve probably start fresh trade wash all ramsey personality is my co host. Today, I'm dave ramsey your host open phones at triple eight, eight to five five, two, two five nicole in syracuse new york, hi Nicole. How are you even gain? Are you guys doing great what's up, my husband and I are on baby step, two, we just paid off one of our cars our only car witty

use, nine thousand our pay meant to eliminate that that it took on a strong arming, my husband to let go of that money to pay it off, but we did oh on last year we sold his card. You get out of that their and save money. That is able to walk to both his job as march, for for almost a year my husband has a full time job for twenty two, an hour and part time with seventeen an hour, and I get sixteen an hour for my part time job we take home about four thousand five hundred and thirty a month. I my husband is looking for a better job that would pay him about twenty five june twenty eight an hour. If you get the job, we would have to come up with at least seven thousand quick to get a new car or a used car. We're on seven thousand come from. so. We ve been working with carp, broker, auto worker and am that's like around.

Number that we are better had been looking for, but yeah if fire? If he gets that and you now you can get down to one carbon. I won't be going crazy with the kids that homo they alone. So my question is: is it Worth it for him to go, for that, across the little peace and a little bit more or should we discontent what we're doing So let me get this straight. I am want to make sure I'm tracking with you, you You're saying that up your husband gets this other job. It's gonna require you to get in the vehicle, and you want to know is it is his pay increase worth that cost? Yet, though he does, he work a job and a half, and if he gets this, other job he could eliminate the other to god yeah and I'm we would actually seek other ones. How would you pay? How would you? How would you pay for that.

A new car. That's the thing like we don't know how he would come up with concrete. Just did that big payment under that car and I took a lot- can be. Thank you get him to do that and you, I mean you don't have to pay seven thousand and having to convention, does not enter into this discussion. the only thing that enters into the discussion is what makes sense for your family. You shouldn't need convincing. On that issue. Just wanted to do it. You should just want to very much best for your very amerika. You don't have seven thousand dollars right, You can buy a seven thousand dollar car. Then what happened Could you scraped together to get to make this happen? I think air like he got hired after the hiring process. If he got hired within like two months, we might be able get. Five thousand alright together now, Well it but you're. Starting now your partner starting to put aside now- because you know that this is on the horizon, so we will wait until you know, don't we

until the cards are on the table start start putting aside now, so that he has it little just be more clear. household income? If I understood you correctly, if he takes this job, does not go up, he just is gonna, be ranking less because he's making more at the new job your quality of If goes up so the numbers don't change at your house when it gets the new job. Am I right that's what I thought understood shout jade is exactly right. Then you can save. Starting right now. and by two thousand and a car or a fourth out our car or three thousand other car, whatever cash you can scrape together, there's no more chapter. Seven, the only me seven? Is you don't have it so you can't do it right not gonna illusion if you continually figure out a way to rationalize borrowing, money you're borrow money, the rest, your life and just be normal, broke people you gotta then you have to draw on the same day

is not an option now. What do we do? we want a better life. He wants this better job, I'm with you on both of those things no issue with them. Now, we get started over there or how to wish but some money. When do you think he's gonna here on this job? I at an interview on thursday. So is it a one and done interviewers or a six week, interview process it while he's not a interview, before and then he applied geeks pointed the finger over another thing company I mean so long as he was gonna get at this time, what kind of john? What what is it? What is it that he's interviewing for she's your manager or I'll be? Is there any other chains that he can be intervene? for the same position, wiser gotta be the same already. Can he look at public's? Can he look at kroger, whatever it is by you haivy, whatever the grocer? we're chains are. It is,

is putting all his chips and one bag, or can he I'm just trying to get a bead on what is really going on way I guess we were august, but I think he putting out a lot of fuels for different about one bad. That's so many want decided. How I want to be sure is again: I'm not trying to be sure castor mean he's, applaud, This job, multiple terms it has not got net. Why is Now you're more sure. What what evidence do you have I, I don t know Let us stop, then you're tired. of him working all the time and so you're trying to wish this into existence and some figure out a way to buy a car that you'd only to be buying until there's all goes down right, you're, just tired, you're, even fighting by baby step to stuff and your tankers to get empty. Am I wrong correct there? I hope, your wish comes true. I hope he gets this and you will get up

or quality of life making the same amount of dollars, that do you all have laughed? we have Could he longed for about ten thousand, and then he has a student loans with her on poland for thirty nine thousand, and that our house, we have sixty one thousand, that third shall baby step to. Is the home equity and the student loans should get forty nine thousand left on your household income total in a year's. What round on before taxes, bout, fifty five to sixty okay, I have a question for you and I don't want to dig the hole deeper. Are you guys working towards your long term play for careers and I'm kind of dislike working, part time jobs, but I dont, because time is getting on time play ok, he's got, the lights are grossly

managers like Gaeta really have a long time waiver. I want you guys, ok in the break, let's pick up Let's get you guys, paycheck purpose. Let's do the career assessment all that stuff, because I would have liked and como materials you guys need to get the career thing. Yeah yeah, because What's gonna give europe a little things, and you got this one thing. This one aldi store this one manager ship what trade Estonia earlier we want, we want to win. Should earn more for your sake and that's gonna make this whole thing it better and go faster? I hope he gets this one, but if he doesn't, we need a better plan and because you still got at your current income. You still got two years ago at maybe step two when snowball, it's gonna? U year tire and you're, already tired. So I thank you only to get a car. the one car is adding to the family stress, even not counting this job stuff. Is that right, crap? You know,

So yes, we need to do that and I want him not to have to be coerced into. Things. I want him to be leading into these things with you, the two of you holding hands and walking towards the light right and donors to gather that's gonna make it's got a lower the stress for both of you as well, because he's not giving His life he's living his life. on its through and with his family? That's what he chose and that's what he's doing any cause he's a good man, but it's not like your mommy and telling a little boy you can have candy That's not what's goin on This is a man whose leaning in good for him and he's here he's working with his wife and work fighting for a better future Others too grown ups, and that's how it should be. So you got a good guy. There he's a good guy. You guys probably do need a budget in a car in that's no ball and start working on the career stuff too, so, but hang on will have also

pick up, will get your paycheck purpose book for him and I end for you, but can call and they get clear assessment help you figure out what on a careers to aim at where their serious money they can be off the table. I'd love to see your double your income than a heavier. Yet this is the rams show our after that I proverbs fourteen twenty three. There is profit and hard work, but mere talk leads to poverty staving. King says talent is cheaper than table salt which separates the town. Individual from the successful one is a lot of hard work. Jane. Marshall rams. Your personality is my co host today, open phones triple eight eight, too five five two to five stephen

is up next in cook, phil Tennessee high stephen. Welcome to the rams issue. thanks for me, I'm sure how can we help Well, essentially, all my life. I've really been earning below the poverty line and you know living in a low income area. It's it's. Kinda kinda goes with with the the, the lifestyle guess by with recent years of love, people not wanting to work, and you now and that tailored was still alive a lot of houses and and and more is going up and then everything I don't. I simultaneously see a a to make a lot more money would I don't really know how to do. As well as having the dread of not being able to afford a home within the next ten years So have I got duality, sort of thing and I'm wondering le would there be advised be for trying to

upon the opportunity to earn as much income as possible for four somebody's. They might situation. What do you want to do. Well. I've always been enamored with with film and and the art of it. Ah I I did go to film school about ten years ago, didn't get to finish it because of a homeland. I I didn't make enough money. I am Annie and act in concert now, but I've always want to note, as I've always wanted to people have something fall back on, but the only other thing when the arts is the thing with the arts, as you ve gotta make money until make money basically is the way that works on bird you know when when when, whenever I hear people talk like this or like I've been below the poverty line, I'm kind of caught up into this- I think you ve got it. Drill down and instead of looking at all those outward reasons. Why just look at you?

specific situation. Why're you not getting up and finding Work, that's paying more. What is it what's keeping you from that? Is it that you don't know what you want to do? Is it that you dont know had it what the actual step is like water you need to start asking yourself those questions, because that's what's gonna, give me the next step forward. So you said you weren't school for acting, you try the acting thing. I mean I would want to drill down more and then find out what happened, but in the meantime, what kept you from doing other work, While I am currently in an acting class? Has thankfully it's pretty cheap? I can. I can at least afford that when I go, done and obviously under, but from I can tell it's a I've. I do what I've done a lot of job hunting and it seems to me an educational boundary that I've not been able to crack What do you do now.

currently in security, for a a entertainment venue about three three years worth of experience and security, and what you earning after taxes will over thirty year its full time yes MA am the poverty level. You know that smaller lower income, but it's not the poverty level. Really level for a single guy cook for will be. Fifteen thousand rely dive. commute unnatural to do you have any Why do you come here to nashville? for a thirty thousand dollar job, It's just that not enable fine merchant and couple shall mine terms a dead, yet who our drive each way, where I live with that some kind of

I can, however, have the ability afford. That was not my friend Henry cloud says: that what we need there is lay in front of ourselves on were setting goals. When we want to move, we want a level up, we say, ok here's what I wanna be doing and that Our desired future and then once we have the desired future figured out, then we I have to say, ok what must be true about me about my life about my education, about my location, that is now true now in order for to have mar desired future. Now you ask us about it as our future. That makes more money than you make to We ve got an exploratory conversation around that I and show. Number one, there's not going to be acting jobs in cook felt energy done. You have

move if you're gonna do that. You got at least get a national. You got at least be a metropolitan area, minimum nashville, but especially new yorker, L, even atlanta and and nashville, got a lot of filmore work going on lot of stuff happening, but it's not exactly Honor for act right right either, so it might be for music people shorter, but the anyway. So you got a location issue. If you're gonna be there, that must be true, you can't live and cook phone. Do your drink That does want to show you just you have to start. ok, watermark barriers. What are my blockers and I'm those down, and I think next thing you gotta do is what jade was indicating as you it find something making fifty to sixty thousand a year working forty two eighty hours a week to Piling up some money so that you can forward to work on Entering into the entertainment business which, if you have the side hustle the side,

in it may last a decade until you break into those businesses. That's right, whether it's music business, acting business or whatever, with a joke in nashville, is how do you get the next country, music stars attention, a waiter It's possible, like, I think, sometimes people in the arts they kind of have that. Well, it's been I'm broke because I'm in the arts, no man like cause you really work and be a man salmon. I went to dinner the other night in the valet was park. The car and I went to tipp him and I said you know: do you have you are code. So I can tell you he said yeah. He gives me a card with cure code on it he's a guitar player, and he's a musician but he's working as a valet, our network and I'm guessing you pray, hasn't changed in a high on russia only make him, but he was at a high and restaurant. So don't talk yourself out of the fact that can't make money until you become a success while actor that rely true, blockers I'll show, you immediately is location for you long term dream and will agnes, to do a whole bunch of sad hustle. Bigtime fast,

yeah? You know why you took the security job at the venue cause you. To be around entertainment, not because it was a good job here. You're still, you just won't be around it because you love it. You love stage you love watching those people on the stage dream and you're going to be that guy some day and you might be, I hope you are, but purely gig is not mean, obviously not make a lot of money and commuting from cook folded. Do it is just plain mathematics ridiculous. Yeah just does not work, so you know, you're you're working all the time? There's plenty of work and not education based than all there's plenty of work From retail to restaurants, to over cutting grass to construction manners. structured jobs on national there's, more cranes in nashville in the skyline right now than there are buildings show it There is all kinds of work. You can do it twenty to forty an hour in a town. Nashville. If you can't find

and it could well nigh couples, not small town, a more right, everybody and cook village, not at the poverty line. I can promise you that its true and I know several multimillionaires their personally, you nice, before and I'll say it again when it comes to the stuff you ve gotta until you write it down on paper, step by step. What yours you're. Steps in this process are gonna, be its floating around in your head and its cause. chaos in its causing you to either paralyze. You not do anything at all or it's is causing you to go in a million directions you gotta get. On paper and write down our rights them on? Was our future not believing it to be in the acting world in the film world? I've got to think As I have, I immediately see already in a five minute conversation. We move We work side hustles more to eat. late really well, while were pursuing that dream, then probably more blockers that have to do it.

actually entering into that industry need to get a the there. You, the I dunno about that stuff. You need to get an agent because your agents gonna give you feed back onto what you need to do next, to actually be able to land work now so make sure you're sending your things out to be,

well? Who will give you so we're going to send your proximity principle by KEN coleman and from paycheck to purpose by ken coleman, which both deal with these issues? You're a good man, I'm honored, to talk to you. Thank you for calling that puts us. Our the ramsey show in the books will be back with you before you know it in the meantime, remember, there's ultimately only one way to financial peace and that's to walk daily with the prince of peace, Christ. Jesus hey! What's up guys, it's jade! Look! If you like what you heard in this episode and want to know more about getting started on the ramsey baby, steps go to ramsey solutions, dot, com and click. The get started button will help you figure out the best next step for you, based on your specific situation, that ramsey solutions, dot, com and click get started. Hey it's james producer of the ramsay 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.