I ram. Cecily ramsay should work that is done just gang in the pay of on board. It has taken the boy w george ammo ramsay birds, now to use my vote today as we enter your questions about building well doing, work that you love, creating amazing, high quality relationships. This is the ramsay show the phone numbers aaa eight to five five too

Five dab start, if this shower in DES in iowa, hi deb, you yes dad. My husband and I were basic powers of the day. Brilliancy way we had one. Kept waiting for you to give us some money for retirement. I run He killed more than just a moment is that a very low wait, don't you we need better ass king mortgage and early that require money getting it in those areas and stop it. A higher interest rates am I want compassion, has occurred before we reach higher than average sixty and he retired at sixty two we're gonna, at home their luggage, which we did that he retired at sixty two, in our everyday mariners. I I retired this year at sixty three, my thirty year, I'm getting married for the first time. I tell him

my one regret that we did not. Our luggage donor, sons coming back at me with that same argument mob. Why would I The marriage, when I have a low interest rate? We need more money, putting the money and cure investment to what can I can. Well, it's gonna be hard to convince him against his will. I mean you can give him some tools. Resources has he is he does he know about the ramsay plan. Going about and beyond tat margaret. You have no other that ok, yeah. We we hear this argument a lot and it looks good on paper, but. Found that when you actually do this stuff and when you survey all these millionaires with paid for homes none of them are going. You know what I kind of miss my mortgage. I want to go back into debt and when you of that mortgage payment. Guess he can do now, invest way more than he was shot

yeah sure I pleasure. Ok, there's your husband! that he is now in every day you baby. Millionaire because he Didn'T- pay off the house and invested money. Does he think that now, you can imagine it your question. I ve never asked him now because I I think he would tell you that they had that's not how he became a millionaire we became liner was I should deadly invested in the controllers expenses, and that enabled him to not only become millionaire but also pay off the house which added to the process so the answer to the question is number one: you not all forty year old, anything he's he's not do whatever he wants to do so. Georgia's right, a grandmother saying applies. Those convinced against their will are of the same opinion still if he actually does want to engage a conversation which it doesn't

I kinda sounds like you do, but if he does If he goes right, everyone can say and read she kind of took my side. She did. Oh, you know we're having a good, healthy, fun family argument. Like the rams you do every meal. Ok I haven't we day. We all, we all argue with rachel about her conspiracy theories, that every meal she ok, so you gotta have some fun right so about the answer to the question are the answer to the argument is several folk I have approached it in my life from about three or four different angles: every one of those angles has led me to pay off the house. The first angle, I approached it from once I went broke with borrowed money on real estate I was a baby christian and I couldn't find anything in the bible. The said anything good about debt fool your slave

son wise. It's not a salivation issue spiritually and it's not a it. It's on Certainly not even a sin. Biblically every mention of debt in the bible is negative shows a person of faith life. I had to say: ok, my heavenly father says this is a dumb idea, biblical baking daddy stupid. Why would he say that? Because he loves me if the way to become well. They used to borrow on your house and then take that money and in in the stock market. Okay, so that First step as I entered it through that argument than the next argument I entered into was I idea of risk dat equals I think we can all agree that more daddy was more risk. Less static was less risk, no debt equals virtually no risk, and so and you can tell that by when you say: ok, if borrowing against your house at three points, or five percent and investigate in me,

I kid in a mutual fund at a ten per cent writer return of twelve per cent rate of return. Whatever I make that spread. If that is an accurate mathematical formula, why would you not borrow hundred thousand on a one hundred thousand dollar how she would borrow all you can appear eyeballs if you're all We're going to make a seven or eight percent spread right may but when you ask somebody wanted, you borrow two million dollars that way, then that put that puts freak out mode, because when you put the absurd on the table, the way it makes your emotions kick in your emotions are where you experience risk, not in your intellect to your heart. Is where you feel risk your head is where you do math and so your heart knows your heart starts beating like, oh god, no well. Because now, suddenly your equating risk with that and in his discussion. He's got the debt small enough in his mind that he doesn't it. To risk? Follow me show

they all about to say that in sophisticated financial circles, which your son doesn't run in awe. We actually are taught to adjust a risky investment with an. Risky investment or low, SK investment with a high risk. Investment was actually mathematical process for adjusting those two for risk to where you can compare them. Apples to apples show the high risk investment after adjusted for risk. The rate of return would come down the lower investment after adjusted for risk. Would up, and then you can compare them. Apples, apples and there's just a statistical measure of risk called a beta which is the measure of the hill in the valley in the frequency of the hill in the valley, and when you put on a chart, that's measures risk. If you, that, and you actual used a real math formula for your, how your sons, naive, math formula that incorrect, then you should ok we're taking on more risks. So we can't really count the entire spread from them

it right up to the market rate as spread we have to address for risk and we just for risk neutralizes the benefit of the borrowed money, there's your academic answer I gave Virgil enter academic answer? Ok, now. Let me give you one more. The borrower slave to the lender, that must mean shit if think differently. They have different relationships because they're not in control of their lives they But job they wouldn't keep. Otherwise I iconic where this job I have a house payment until the latter will take this job and shove it in a toxic. low integrity situation. I have to,

if the job, because I have a house payment, so you keep a bad job with a bad boss until it ends up quite caving in on your head and you end up making less in your life because you're forced into stuff like slaves. Are you make more money? You have better relationships, you take less risk and you make money faster. If you don't have a mortgage, your son is so wrong. It's unbelievable! This is the ramsey chef. The george campbell ramsey personality is my co host today, Laura Zinn, ST louis, hey, laura. What's up hey dave and george? Thank you for taking my call and thank you for what you do. I actually became a financial advisor because of it wow

very honoured? Thank you hear things, and I got my fear we're gonna worry. You suddenly burst like you, so I started from an in built a nice business. I'm, an area that is kind of overrun by men and I'm the one that they bully I made an offer with another firm? How do you make that decision and do you think my clients will follow, because the at the idea of starting over scares me. south may, like you, ve already made the decision, yeah, yeah just I'm going to jump off of this diving board and I know I'm not going to get hurt, but I've never done it before, and so it still scares me but I'm going to jump. That's really what you just said: you're not gonna, stay there,

You have too much respect to stay in a situation that you just described to me, my fears I don't follow. We gotta keep contact them per year, your feet, That does not supersede your fear of staying in this toxic situation term, so you're leaving. So build an emergency fund before I leave, because turning over with no salary you single now you broke no income. So why do you have to do all that? you're, alright, you're not going to go hungry and here's the thing. They're, okay and you built a book of business that did not come because of one of the bullies right why are you so long a world where they stay with the bully? They came to you in the first place.

have you made from up from a practical standpoint now. Do they have any kind of a legal hold on that book? Yes, oh so, what happens. If your client walks in says I want I'm going to leave, I'm going to nothing, go laura nothing, but you can't. You can't solicit them yet shall you ve got a non solicitation when you leave, but if come to you without you reaching out to them. That's! Ok! Yes, so you can't proactively How often do you usually have contact with them with? top one hundred at least quarterly. So can I walk it through with me? What do you think will happen when top one hundred calls in case you haven't come Damn good you're not allowed do and they oh laura left. I would imagine we would ask where I went well. They tell you tell em.

they have to buy law so that a letter o being where I went in advance? Yes, well, it soon, I put in my resignation when I leave the farm than they have to send a letter saying where I went. firm is going to do all sorts of advertising. That sounds like free marketing to me: they're sending a letter, no burnt marketing, your new company, and you're gonna get sixty radium. Because your ear relationship person you built relationship with them and trust with them. They work with you for a reason: And it's because your lawyer, I it's not just because you know stuff, that's it well said? I just wanted to hear from you. Well I mean you and I both know the Shia p world, ok yet, and that their she a peace that of relational they they to the point that

you will end up working with some of these peoples grandkids over the decades. And then there are she of peace that are certified financial, pharisees, that's turkey. And their their elder other legal maniacs and all they are is super nerds and they have the relationship, skills of a dead doorknob right right then that dominates the business the giraffe and you know so you got no competition while the dave ramsay think such a big deal because the first got who said money stuff out loud in a way that wasn't so nerdy and talking down to people like they were all idiots? I go. that's stupid, but I'm stupid to. I don't go like you're stupid, I'm smart, you know, and that's the world. You're gonna do fan

the undersigned. How will you take your builders book? A business? Eight years or you'll be fine. How old are you fifty one? Fifty one Yet how you're almost dead you know, maybe you should be able to any good older than me, and I learned about few months thirty years in order to impose an underhand pitch you're gonna, be amazing, dave's about the hit a mid life crisis. So what do you say that you are you think the percentages will follow her. You know the business to yeah. I would say Fifty percent of the clients are going to jump over they don't want to deal with. Whoever the new guy is at odd. So it's important that I mean. Wouldn't you jump on a area you don't go to a company are smart approach, don't ride. I did this with my barber.

I, like my barber, I don't care about where he works. I just want to follow my barbara cause out the problem. I have george, so you don't have to do that David writing. I have on use hara, that's definitely much better and so, but it's the same concept as my my barbara. We have a relationship Adam. I tried the other guys. It didn't work out with them, so I moved with him to his new business. That's it Is a good example I mean and enjoy your doctor. I just my back just changed the changes hoss. I didn't go back to the groups that are used to work with I wouldn't worry you. I went with the guy with the new boobs removed in our main and it's a freak doctor, I don't I don't mean, start over with this guy. Here I need her It's trouble too much medical history, oh yeah, because I don't have nor have no medical history. That's the point, I'm sure you go to the doctor like once every eight years, at least old fragment the tireless has sniffle and decides to go, see the doctor. He

The only reason he knows me we're just personal friends outside a workshop Unless these on a strategy that we talk about, the point does not that the point is she's gonna do fabulous, because you can tell talking to her. She I mean I trust her, talking to her vermin yeah. She go She carries yourself are vernacular her voice tone, arcadians, she's she's, you ve sense, A solid. Person of integrity, is not in a hurry and not greedy she's. Worried about them. Not just her the unicorn in financial planning, while they're out there mean they're. Smart are smart. Visceral prose fall in that category. There are those kinds of people, but the rest of the I mean all or not not. Everybody is not smart, just pro, but I mean there's too many people in the business that are all about super nursing and all did you get? caught up the nuances stuff, but she's got a great. I think I think your honor, I think, is semi

I appreciate your laurie, I callers college back and rulings months as follows: who won the bat georgia's george? our money. On fifty, I got my money on seventy five, so play conservative. I know I'm not like right now. I'm a big glorifying show as for you know, I think this is work going on right. This is good, that vain is weathers in new york city is so vainer. Is that correct? Silvana I apologize. How can I help you I am a current college. My second year I judged transferred last year from a key the college next year, Your college or have like well two and a half years ago, the finnish, my degree and computer hearing problem that I dont qualifies for

Any financial aid whatsoever under Apparently the boy so under my mom, nothing Could she have way much money, scholarships worry you, you qualify for jobs and you qualify for scholarships. I haven't values or you have asked for. I'm not a scholarship fairy had how many of you applied for I've watched, kill ireland kept track. I would fight for everything. You should have applied for two hundred by now, not twenty and twice the number that you ve actually applied

you have to go for a whole bunch up. We have christina alice ramsey personality. She got a half a million dollars in scholarships, a half a million dollars. You don't need that much so scholarships, oh and by the way, ghetto lots of people out there begging for people to work right now you can make serious money in new york city right now, because nobody's working go to work and work, your butt off and you can get through school. I promise you keep your expenses down and do it. The camel ramsey personality is my co host today in the lobby of ramsey solutions, all that debt free stage ronaldo and the nice are where those hey guys. How are you we're great great honour to have you? Where do you guys live richmond, virginia fun, welcome to nashville and all the way here to do a debt free scream. All the way here to do a debt free scream on our twentieth anniversary, know that for sure he is awesome, I love it. So how much did you pay off? We paid

about one hundred sixty thousand dollars in about six years, good for you and your range of income? During that time? Our range started at about one ten and Do we really got into doing the programme and we picked up part time jobs, it's nice two two to fifty, depending on the come from the part time jobs you care when it. Why did go a lot of money? What I'll do for a living? school psychologists and I'm recently retire. a good thing. Gratulation like this. The plan somewhat That was the hundred and sixty thousand was credit cards in our house. You paid off you're, looking to wear breathable just in time for retirement no debt anywhere boom. I love it. I love it so what started this journey six years ago, you know you have always said that age doesn't matter. You said

Doesn't matter? And you sit income doesn't matter, and we are here as witnesses that that is absolutely true. While we floundered and squandered so much money over the years, just living and doing what we thought was okay, but we went to F p class at our church six years ago, and it was the wheat class and when we heard it, it resonate with our spirits. It man. This is it. This is the right way to do it wouldn't get rich quick scheme, but it was the right way, common sense, a call, but what happened was we were gazelle intense. We did it, we want, give up all of our credit cards, because you gotta have a credit card and we had from previous marriage is both of us, and so we were older and

more independent when we got married so this stuff by joining incomes, know we were having not after the last time that after the last time and so we had on my account his account and there, we had a joint account where we would pay the bills are we thought we were doing it? percentage based on what you made and I made an estimate, But you know what we just slowly not really getting anywhere, we were treading water in two years ago we had this grandchild that made us reevaluate our life in our legacy. a likely yeah right back in today's sitting up you're amazing, we were like doing rooms are told you what to do? He told three years ago what to do, but we just cannot did without the gazelle intensity and when that baby was born game all game o k

tore up all the credit cards. The end. And it was gone. We get, gather, gotta money together? It felt like we ve gotten arrays he had, problem with there being a man now I wanted it. Small version of it the an odour adult. I was sick devalues, oh god, school ways. me allowed see? You know give my check to someone did I want you to give me too with a guy from my head to my pocket stores matter. Monsieur Ronald, you have to emu ego and your pride at the front door, Let your wife take over. This if you just don't know how much flak I get from a mere phrase. I can't believe you give me your wife, your chair, but acid. This was

way to keep, are not all in myanmar. Together with our legacy, my man? while we're working together. Now we are together now and game on in the house. Game on the house is paid off, we got that's. Would we picked up the part time jobs that ended up being really lucrative and we're here to talk to the older people? We see a lot of younger people here, but we are here to say you I do it doesn't matter. We are sixty five and sixty seven okra. The only thing we could kick ourselves is cause we didn't start sooner, but you know when you know better, you do better and we need to thank you publicly. We love you for putting us on this pair for your incredible story. I love you guys. you're amazing, for man? That's powerful bridget lighting quota wanna write down right as a whole bunch of one liners theirs

tweet or event us great, like black, we're doing their own twittering vote. Yes to call, you got your silence national! Do now! Ok, what's what's the grand by bees name rain, a why? In a grain ivy little girl, little girl and now it begins? So the Why is a little different, but that big all wire out there, that little babies are bigger. Why you guys got you go on and now you're a hundred percent free, so wrong, euro buddies, made fun of you there, your house's paid for, for now, yeah welcome the day will be live at. That scene is linked to all my friends that, are you like me now how you like a date. I want to also say that outrageous step, but personal into a lot of you.

Let him know that you can do the same thing. I d I missed it away like I did. I get a sixty yards into awaiting. It turns a peasant, so this requirement. I think it takes more courage. And more motivation to to do. the way you guys did it, even though you and I agree It'D- be it's all of us, obviously better at twenty two then at sixty two, because the math is a better pitcher, but but it it's that that all the No tricks thing! Man, people, my jury. We lack change its harder for us, and change requires more courage. That transformation requires more courage and I think your he rose.

We proudly you're you're amazing p. Thank you. It's an amazing artist, they're they're fun. I now we're the hero you're, a rock star in our world. I'd say you need to get a bigger world. Yeah yeah, oh my gosh. Well, we got a copy of baby steps from millionaires for you. That's the next chapter in your story. You will be millionaires, tell people what the secret to getting out of debt is The mindset wants you change your mind. It doesn't matter the income, it doesn't matter any of those other things. We happen I have two incomes, but if we didn't, if it was me we could do that. I could do the same thing. Is the mindset and working together when you do have to income now, absolutely big deal, that's a big deal. Ok, wait we established the soul, your buddies, we're picking at yahoo. Who was your cheerleaders hawaii? Here we didn t know a lot of people. I love your now. My way the may one they kept us added.

they kept the kept telling me you doing the right thing. You're doing the right thing. You're doing the right thing it turns out both of you were right to satellite radio. Listening to you every day that was that was my motivation. While we're If you've got a lot of people now aren't ya, you guys are fun yeah, you just lit up a whole generation. I love it. That's fun very well done all right, ronald and denise from richmond Virginia one hundred and sixty thousand paid off house and everything looking at. Where the six years, making one tend to fifty Retirement dad free, count it down here a debt free scream,

three two one where the hero you are: that's how it works right there baby! That's why we do this right yeah around that point, they're here of man ass? Fine. What I need couple! I'm gonna go back and watch that and write down all the quota levels, I mean that's a book right should happen, I'm author, why no question, but that no excuses, ninety light, not too late there's no year into it. The election, if you

If you, if you thought you couldn't do it, I think she just told you you could. I think they just told you you just got told you just got told this. Is the ramsey show the power or scripture the day proverbs eleven fourteen where there is no guidance, a nation falls, but in an abundance of counselors there is safety,

admiral limits said leadership, consists of picking good man and helping them do their best open phones here, a triple eight. Eight to five five, two to five george camel ramsay personality is my co host today, Zack, kansas city isaac. How are you very good. How are you better than I deserve? What's up they so about a year ago I had to step away from school after falling on our time. and I recently found out that my outstanding balance of the school was about to be collected on an arm and a bit of a better position to pay a lot of that off. I was wondering if I should like to be collected in maybe negotiate, and can I get a deal from the color? there is a rather than try and paid all at the school well

You're not gonna, call the school and offer them a deal. Tat sounds like that sounds like you're real story like the truth would good story, young fellow hard times I had to abandon. You know my pursued the degree and some yeah over the money I've spent there I'm getting nothing. And I saved up a little. I don't have it all, but a few I would like to do a settlement. I can write your check today and make this call call it a day. And I'm I'm asking for some mercy here. How much do you? right now, it's six thousand dollars How much money do you have. Right now I have chosen dollars column and settle. It did deal with it be done with it. Don't gruesome collector he's gonna get a longer. Somebody did get the somebody and leadership in administration at the school

biggest school. It's a pretty school I don't know the population by interpreting booths goya so like. Answer kansas state or such like that. Ok, just call him talk to the immense emissions office. I who talked about clear dat settle in this that and then just while there may go, hey, listen, don't need to talk with like your balls or something as to how this works soldiers, mountain, but but what I a have I gotta talk to. This got the power to do this because here's a situation I went through this this in this and I had leave school because of that until now story, not not not a thirty minute version, but a format version. And go and honestly I mean I've got a little bit. Ammonium still basically broke, But I want to settle, listen, do what's right and product clear the dad. Can you gotta help me with some mercy.

and I did you get that do what I want to do. Decided that yeah yeah, I think it'll work. I mean I don't it might not. You might just have to write, it works out an object, but either way you're done right yeah I'm going to go ahead and get out of dodge and put this in your rearview mirror move on with your life? I think your life will be better not having this hanging over your head and having to screw with somebody for the next six or eight months waiting to hand it to collections to maybe get two thousand dollar saved, or something that Well, your life that there's a power a financial benefit to cleanliness in your life, not having your head cluttered and thanks chasing you from the rear view. You know you too There's no ghosts in the closet, no monsters in the closet. You know it's not worth the brain space, the emotional energy or time it takes to even fight all this you've got the money you can concentrate on the future and winning. Instead, concentrate on save about on the using your bandwidth on the monsters

gerald is with us in new york city. How gerald? How are you dave. How are you better than I deserve? How can we help So I'm getting married in august a answer, and I are both that free paid off a little bit over one hundred thousand dollars in debt, which is awesome way to go, and the wedding of course way to go. Thank you. I'm sorry! question for you just kind of thinking ahead, invention, we're gonna, settle down and we're gonna look to get a house. I know Recommend you down twenty percent, but I was thinking. meeting the favour on, if we can, save more than twenty percent? Is it beneficial official deployed that or should we take their actual that we saved injures added to our we find it emergency fund or even invested I would absolutely put it towards the house: we we did something very similar. He put down forty five per cent on our house and it allowed us to pay it off a whole lot faster and that's the goal he paid it off and went to three years. Twenty six months. Twenty six months

part of that was because, when you worked on the front end like you did, were so diligent to save up and put a giant number down, and so that's only going to help you because number one. It's going to be a smaller mortgage payment every single month, which allows you to have more margin to put on top of that. So I love this and you guys are crushing it village very large as very smart. Do the george plan bill is with us bills in midland michigan a bill. What's up, the how's one just got a quick question for you, my wife and I are both self employed and we, philip roth, roth iras last year, just wondering under the mat kaluza, obviously oil limit of what you can get into a per year. What other best investment options are being self employed. People give employees I do not allow self employment massage therapist she hadn't she has to employees, should no longer across the gym

you know breyer I would do a roth sap, a simplified, employ pension plans and elsie. Bp, ok and you can. Up to thirteen point six percent of your net profits. In addition to your roth, I re into that can do to iraq and you can do it and mutual funds sit down with your smart vesture pro click smart, vesture, ramsay solutions, not common down in one of those guys are gals and they can lead you right through that process. Now the sap has a requirement that, whatever percentage you put in you to put in the same percentage of the employees, income that have been with you more than three of the last five years. If you ve got if your wife hasn't employees the men with her more than three years, she puts in ten percent into a sap. She's gotta put ten percent of their income, another ship, so it doesn't work real good, then sure, ok, she would be better off to do which called a simple I re and

simple. I re is a forum. k for very, very small businesses. It doesn't, How much to set up an? U can fund of that fund it up. for a one k numbers. But you are required to match up to three percent of the employees that money that I put in I put nothing and you got nothing in it and you just gotta good planter, but that three percent match is nowhere near as much as you do to put him in the sap. If you ve got. Employees have been with you a long time and you can set that up as Iraq as well. Probably a sap, for you probably a sum oh, I re which, therefore one gave her small businesses or her in

she's going to have that mandatory match, but either way you can get a lot more money in between those two things, your twenty thousand? What's the matter thousand five hundred on for her okay for her that'll, be the mad max on hers, and yours will max out at like almost thirty thousand, but it's a person did of your profits as the max up until you get to that limit. And so you can push all that through smart vesture pro can teach you every better that thing and lay it all out for you at the same mutual funds you put in your rather different ones. If you want then try to do them all as roth's as well, but you you can get a lot more money and other stuff now reminder If your baby step for you still got a house mortgage put more than fifteen percent of your household income. All of these retirements combined so that your max- because we want to put everything, pass that

in the paying off the mortgage as fast as possible, yeah, and a good reminder for those that are self employed that you do have options. I've got some messages this week and people are gone, I'm self employed, so I guess I can't retire and I can't save for retirement, and so what They don't know of these options, even examples of great that that little simple ira that long forum Kay plan for small business is an incredible product. We use that here for a long time and we hit them. actions under the sun

the plan that required us to go into a more traditional, four o one k which is fairly expensive to operate the company, but that scale that's a simple four one, ks great great product and again it was smart rest of the pro that can help you do every bit of that george good show awesome times. Thank you good job, the austin benzac Andrew James and Kelly. 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 Christ. Jesus the do you love a good day. Brands want to see the latest ramsey show videos going viral check out. My favorite moments from the ramsey show on youtube, go watch and subscribe to the ramsey show channel and the you enjoy this podcast. You should check out other great podcasts from the ramsay network. Like the doctor, John baloney show mental health challenges in hurting relationships happen to everyone, but they don't have to define you. I'm doctor John baloney, and I help people navigate through the messy things in their lives. On the Dr John maloney show a walk alongside you as you face parenting, marriage and other relationship challenges and I'll walk alongside you as you try to connect with people as you face depression, overcome anxiety and learn how to change your life. Listen. I want you to be well. Listen to the doctor. John maloney show wherever you listen to podcast, hey, it's jake

The producer of the rams show this episode. Over the check the episode notes for links to products and services you heard about during this episode, thanks for listening