Dave Ramsey & George Kamel answer your questions and discuss:
- "Should I pay off my house or keep the mortgage?"
- from the blog: How to Pay Off Your Mortgage Early,
- "This is socialized mortgage (and it amounts to nothing)",
- "Should I keep investing like I am?"
- Saving for grad school while paying off debt.
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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
I
from their quarters of ramsay solutions, broadcasting from the pods moving in storage studio just around lisa, where we helped build well the work that they love and create actual amazing relations, camel ramsay personality, hosted the damage, gamble, youtube, channeling, collage, doubly smart money happy hour with rachel cruisers miko over today, we're entering
questions about your life and your money and we invite them right now. The phone numbers aaa eight to five five two to five times
start off this hour in atlanta, georgia, height tom, welcome other amnesia
How are you better than I deserve, sir? What's up in your world
well, of course, employed about getting your world but a reason
they saw. The company and family have enough money
to pay out mortgages. If I wanted to- and I wanted to know- should I do that or should I keep on violence,
I have a home under construction, is a construction alone at three and a half percent, which is gonna change if I closed with them under of fifteen or thirty year, mortgage approach,
only five and a half percent and I have the funds to pay it off and others.
No shit, I'm paying out. So what is it?
power, money that you got a nicer to change in the bay of the house are not
It would have begged my lifestyle. How much did you get Tom that'll help pay both? Let members, why hook who's your mama, told
you couldn't no! No! No! I'm under confidentiality, confidentiality agreement goal seven figures: what are we talking here, north of a million
yeah? Well, I the reason I was asking was congratulations.
I give an incredible wilder touchdown tom, well done with it that there are very happy. I wanna hear fine. How old? Are you fifty three good for you?
and how much is the mortgage bounce gonna be?
there'll be were in the house. The space shuttle beat around a million,
in the home will be worth about. Two million collaborate good in a chunk, so they d
chunk of change under confidentiality is well north of five million them.
Yeah, ok, so
so you can pay. This often still have a big o pile of rican money. That's that's what I want to make sure before I move forward in this. So here's the thing
a good way, sometimes for me,
and I use a lot personally to decide
if I want to keep something or if
I want to invest in something, is I reverse engineer it kind letter,
pretend you're, pile of money was five million dollars and you had a million dollar mortgage rogaine answer
you pay off the mortgage yeah! You ve got a plan,
four million dollars and you have a paid for two million dollar house. Ok is rather a gama numbers right, dinner,
assuming assuming my assumption about the confidentiality close okay. So anyway, that's
retention area and now
the house. If there
reverse engineer. Let's pretend you have two million dollar paid for house and you
four million dollars in investments. Would you
go borrow. A million on your paid for house. Show that you had five million in investments not same difference,
and that tells me what she see. What I mean by reverse engineering it
She you can even do that with a boat that sitting in the driveway, okay, the boat's worth ten thousand dollars. If I sold the boat I'd have ten thousand dollars. Let's pretend I've got ten thousand dollars and piled in the mail
table what I go by about yeah, I love boats. Ok, then dont show your boat, but now
Of course I wouldn't bother about. I hate the stupid, but will then it's time to sell the boat? Had shaken up space in the driveway show you just
first engineer it and that's a sunk cost analysis this? Is it
a good situation to have, but a lot of people dave what they see
paper is well dave of high invested that money. I can
more than the mortgage interest, wouldn't that be the smart thing to do and the interesting
is when we did that larger study, a millionaire has ever done in north america, ten thousand one hundred and sixty seven of them, the number of them that borrowed on their house to invest.
As a result, built wealth,
precisely zero. We couldn't find one. Not even one
the sun. I became a millionaire,
because I maximize the leverage on my personal residents and put that money, a mutual funds- not
while the millionaire guy and on take talk, told me differently dave. Well, that's because those people tell them
oh yeah online course. It was gonna. Show me how to do it now for the race in dollars.
That's how he made his money, not through leveraging debt. That makes sense. Yeah he's just you know. If I,
That's why we put stuff on tiktok that made. I was gonna, avoid tiktok tac it drought that whole thing brought me nuts and we just
Flooding it with ramsay stuff to try.
Flush out on this flourish, yeah just
shots from the sewage, if you just take up the spatial clean water, the sewage.
To go somewhere, and you know it's just oh my gosh. So we
ok, we can either nor the sewage mouse or we can just put a bum
the cleanliness in there and oh ooh, these people, the army, there are
you watch some of these got honestly
some of you- have good walkin around since, if you'll take a second and
watch, the body language of a couple of these characters. You can one hundred
We shall see they're lying.
The third scenario is, I have twenty four
I have a million dollars in mortgages and he's got a baby on his hip. Oh you've seen that one yeah that one went viral that one's just so that guy so lying. That is not true. You just watch
watches, watch
eyes. What
miles, I mean it the guys just you don't have to be it
fbi trained to figure out this guy's, not telling the truth? Okay, so just destroyed, apply so honest,
people, the data that we did and in this.
millionaire study is airtight.
We used all of the research
makes will use outside research firm to make sure we weren't doing confirmation, buys we weren't falling,
for some of the other reach
methodology problems you can get into because we actually know a little bit about researches statistics are remedy in so we did. This
data is so freaking solid that if you don't agree with the conclusions or what's known as wrong, shall
You just gotta, keep that man. Is it just straight up the truth now? So you know
Number of whole lot, the number of millionaires made became million
Because I bought whole life, life insurance precisely zero, not one
the number of them at least their cars, because this is what wealthy people do not now not some dead or at least cars, but now
of them told us that I was anything but a mistake. You go
the dumbest thing you ever did with money, they would say alleged car about all. I policy
I think that these are things that kept me from building, while it's what's so much simpler and more boring than you ever thought its it is. It is
put money in your for one k, national funds or pay off your house. The problem,
it's too boring dave, it's just really pointing to sex. Your approach. Make it real complicated to a lot of math on a board. Roque will need a whiteboard and I need to be to dance around, and I need to do a double back flip and get a
Emily partnership double twist off the high board and you have to come up with,
This complicated crept cause. That's what we're Bobby people do. Not, I doubt
then less than they make they invest and they pay off their house, and if you want real money, what they really do, build and sell a company. That's that's the american way, that's pretty cool
that's, where most of your billionaires come from. Now, if you want to study that forbes four hundred they're all today billionaires and that's a thousand million, that's a different category- that's not a one to five million dollar! That's a thousand million you're not going to get billionaire with your four o. One K, boys and girls- mathematically impossible. Okay, but you know so there's some other tricks involved. Some things involved, but none of them are this stupid, but anyone can become a millionaire. Is so much simpler than social media is where you're getting your financial information, even though we're on there I'll just tell you to struggle this? Is the ramsey show.
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thank you for joining us america. This ramses George campbell host of the george camel youtube show where snark is an art form,
yeah. You gotta check this out. It's a lot of fun, we're having a great time the freedom to choose and virtual gift of yours. Snark thing. Thank you. You ve got
down and I highly respect people with a heavy loveless nor it takes it could takes intelligent, oh yeah, you can't not just anybody can do at this level, so
it professional professional, grateful
it backs bananas and they're, saying I'm like a young dave, ramsay well yeah. If you
worth much better here, my age with hair, this
what you get it, that's what you'd get Jesuit accept. Well, I will more and more of a blunt instrument. Yours is varies.
a very harshly for its find out. It's a scalpel, snark speaking
which the government is added again. You were telling me
while you were gone, things happened, walls,
Where do I go? I don't know where you are a jane and I were hosting the show and I swear. I got fourteen hundred people sent me this on instagram and there was big
headlines on the news.
Biden, administration, made big changes to mortgage rates and the high credit good credit borrowers. We're going to pay the bill
to allow the riskier borrowers to get discount.
As we are borrows you're getting a better rate not done at the pain.
charges much
and this is socialized mortgage, so that the people
Get a good job are gonna support to people that didn't do a good job
where they are by having a higher rate on the good job people and a lower rate on the badger people is the shout work that sounds about right, so you know things somewhat: socialism Amelia, yes,
and there's progression. There's misinformation too. So the law-
score foams through there.
Paying more for their mortgages, but the
yep has shrunk,
to do that they have increased the right for the good score folks, they ve decrease the right for the bad score folks, but the punch line is that the actual rate change on all.
these people is somewhere around an eighth of a percent extra.
Here is what we are actually going to see in the address. What we're seeing according to the mortgage industry? Ok, translation,
washington just announced, but they
Poor people, freedom
well my ridge rouble,
and once again they did absolutely nothing. I might they made a big day boots.
it's as if they were going into battle
They didn't even have a bigger it amounts to about ten bucks. A month per hundred thousand dollar change in your life is absent.
change your life. If you have a mobile,
at its core Joe Biden
change your wife, bull crap,
grab these peoples? Is the lesser evil evocative I'm gonna pay off your student loans win win
I tell Andrew
joe. When are you going to do this protocol? Should
how much time left
I am old, but he makes old a whole new thing, yeah wow
so here's the thing dave that people don't understand. If
follow the rams advice which Davis been preachin from the mountain tops for thirty years now, guess what this doesn't effect. Fifteen year loans,
which is the only loan issue. It doesn't effect. You got
you're following us. We tell you never take out more than a fifteen year mortgage
Never more than a payment of a fourth overtake on pay and always put it.
a down payment and this
programme has absolutely no effect on that at all by the way, if your zero credit score done affect you at all, you're gonna get the same great right. You always got, which is a premium rate.
A zero credit score
If you're doing the ramsay stuff, you avoided socialism.
If you can be made of the political stuff all day, but financially sleep easy at night philistine.
Mccoy low. You can't even really pissed off, because he really didn't do anything. It's too my plan to much meant it. If you're
pay attention to the actual dollars that these programmes
you're supposed to save you coming from washington, create the actual dollars,
Then you will realise that these people talked like they are doing something and they never do anything and that's true of the
public and stood by the way. Sherman
politics you live in washington. Your goal is to make a big deal out of nothing and act like you did something
that we all go? Oh, I love them, I'm going to vote for them again. They took care of me one of the board
Wait I got and I still think, there's a reddit entire reddit thread on hating dave. Ramsey on this was you remember when trump came out with the covert bucks and then Biden, we had Biden
also in both up and at it in
It's one of them. I can't remember, which was said they gave out thirteen hundred dollars you're going to everybody's going to get thirteen hundred dollars, and I was one
fox news. Instead of thirteen on our changes, your life, you really don't have a life,
hey dies out of town.
the white paper round
doesn't understand, listen!
thirteen hundred dollars changes your life, you know
of a life
You wanna get cancelled again dave you! When I try to do. I make my feed you this week. It might pay your light bill for a week, but at the end,
of the month. You're still
screwed, if you, if you got
the lottery quick.
By my house I got thirteen hundred bucks. You know I mean is that
dahmer crap! It's it's a very!
for a temporary band aid on a bigger problem. It lasts about a minute and a half, and so truly, if
magically it's not a philosophical statement is not at all rich boomer, don understand you stupid, but people seriously. That's just dumb
Guy thirteen hundred dollars mathematically doesn't change your life, a quarter of a pound
an eighth of four percent. Changing your mortgage one way or the other, does
change your life and
being wise in the way you're taking out a mortgage or you're not taking on a mortgage. It all guess how much it affected my
right now,
I am a mule to socialism because I d
borrow money. You don't play the game of the system and you'd have to win the stupid prizes of the system. Amazing, how that works? Well,
I'm serious
Yeah! I mean we announced when you know when we announced that we were going to forgive student loans right when we before election and then
promptly did nothing for a year and a half a year.
Eight months, but in
gosh prior to the mid terms
executive orders issued to forgive the student loans.
that's some timing as they get, and it says such there s, no doubt that with such he was very suzie
burgess someone I'm having aren't they dangle the care to try to get the vote in they do nothing and hears.
People call us and they say well dave. Why would I pay off my loans while what the government calls on only ten thousand dollars? And oh, by the way, have you noticed it has never freaking happened,
Did you notice that part.
did you notice it? It's like. I promised its political promise how all these
have to be before you understood. I have always it's not gonna happen. I mean at what we and we need it. We need
we need to distribute little vials of cynicism to this generation and let them becomes
call about washington, like the old people have
because we are suspect
thing they do there because it is,
all four show and not forego,
it doesn't change your life. I've been doing this a long time. I've been for thirty
I've been coaching american, how about wealth and for three
I still am waiting on Washington, the changed. My life
get up. Every morning I say long, Lord Jesus
one is washington. Gonna change. Mamma is even answer that one now he's not he's been visited. He still laughing. He just will ha ha ha.
It is a little trick, even if
a promise or something that actually happens like this mortgage situation. It's not changing your life
so if it's all over the news and foxes acted like its or social,
conspiracy coming otherwise darting point or draw near electronic means.
down the white house because by
and change the mortgage thing with us.
of a pan. Here
change, is like tin box and
we buy that gets up
fifteen year. Mortgage done apply to you, and so you know it's it's it's relevant
It didn't know it once again: hot air, no substance, you know that's just the it's just full
the chinese babbling, ambitious, hot air,
sub she's right down. It is more crap.
Well it's more reason to follow the ramsay plan because then follow it.
you have to worry about the next headlines, gonna be in the next mortgage right. You just
better Nikon aren't when I get a fifteen year, loan pay it off
and then by the oil slick from god and get rid of algae either so mean as
a case of savior. Ok,
shall you be mad at me if you're left you're a writer whatever just all of you get online right, but
the bottom line is if you're waiting on the white house to fix your life. Let me give you a hint. The secret
is not in the white house. The secret is in your house, get yourself a mirror, look in the mirror and go you the problem,
If you the solution, because that's where your help is going to come from boys and girls, it's not coming from the island of misfit toys. This is the ramsay chef.
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to learn more today
start. Camel Ramsay personality is Michael owes today in the lobby of roundly solutions on the dead
you stage, Brooke is weathers. I broke. How are ya hi area
better than I deserve. Where do you live pittsburgh?
Welcome to nashville, then much doubt occupied opera. Seventy eight thousand dollars, god
How long did it take about four years? Good for you?
and you're a range of income. During that time, twenties
It's thousand dollars up to seventy seventy thousand wow,
nice job. What do you do for a living? I'm a registered nurse. Ok
what was the twenty six that wasn't nursing and as a ticket agent at an airline? Okay- and you finish- nursing school and boom boom? Yes, so you've got a much much better career. Yes, not that ticket agent is a horrible thing, but you make a lot more money now. Yes, yeah good for you.
Seventy eight thousand was what kind of death a mere typical
I started off going to the university, not really knowing what I wanted to do changing my major. So a lot of the debt was about forty two thousand of living on campus and loans,
four thousand was between two credit cards and twelve thousand was a cart loan
so you're just fairly normal, yes broke yeah. I know
additional twenty thousand. I I paid cash for the rest of my nursing school.
broken. When are you going to do? When did you graduate nurses? Go about your bars and twenty twenty one?
ok so two years ago, so halfway through this program by income goes way up, yes and with noctis fit finish. It off, yes, I'm suspecting them, but majority of this was done in the last year. The majority yes, but I was still working on it when I was making like limited income, is good for you, so how'd you get tied into this ramsey stuff, and while somebody actually tried to hand me your book when I was working as a ticket agent, and it's honestly, I shall I set it on a shelf as a fifty fifty and you bothering me yeah yeah, it was like trying to give her a ticket, yeah and and eventually like
when I was working as an agent who, just just like living paycheck, a paycheck, I couldn't keep up with anything. I was always like getting down to zero. That's when I got the credit cards and I started put him my money on the credit cards and everything
And then I picked up the book again and I was like I really need to start paying off my debt. So that's when I started the baby steps and just work
gazelle, I intend since then we'll catch
up and really that's when it took off so. But you had to get to a point where you felt enough pain to go or I'll, try anything our ears as book. That's been collecting dust. Let's see what it has to say examined. It made sense to you. Yes, your customer randomly handed her nobody on tackling night. Yes, because ticket agents take more abuse than just about any body on the planet tat, it was a very hard for some nasty human being able to take it easy, I know, is doing in Washington DC totally out of the other, summarily nasty human scattered, some arrogant master. You here, sir, I'm sure he's. I have what for twenty seven thousand dollars a year, you took a lot of crap. I didn't well who
and let's go ahead and just say who were you working for which airline yeah? Oh, my gosh. I've worked for american airlines, that's okay! When he mad at america. It's not their fault, it's the customer. I mean but boys and girls if you're going up to the ticket agent in a you're, an american airlines version and you're really pissed off, because the pilot screw
up or the mechanics,
up in your flight is delayed. It is not the twenty seven thousand dollar your employs fall at the counter,
some class from being ice? Ok, now we would just took up for you with the old you they aren't you
the new eu is successful, notion that free, yes, I'm so proud.
Yeah and I also did like on the site I did. Albert eat store dash instead heart. I walked dogs for wag, cleaned apartments. I I went through like the apartment, complex, impound old things
if them and sold them, while in what order out I've, although side hustles, what made you the most money? Well,
being a nurse. I'm working full time you could get extra hours with yacht and also had a it's called pr and nursing. Where you can. It's like. You don't have benefits, but you can pick up extra and you get a higher hourly rate. So I did that at one point. I worked sixteen days in a row like yeah, just between, like
jobs,
It was the answer to your pr in big time passed basket for sure
yeah and I got to watch a lot of dogs too. That was one of my favorites. Some people would go away on their trips having fun spending money. I was getting to play with dogs that make some extra money. Two hundred is: what do you charge for dog sitting? Dog walking and it just depends any like
anywhere like an hour, walk like thirty dollars. It's amazing! It's like a weekend. Maybe like people are out there complaining one day, there's no work to do no side houses, I wanted to some from home and he went and busted your butt and was making twenty five thirty forty bucks an hour, yeah yeah. I did a lot of side hustle for you. Was it worth it so worth it? I'm just emotional right! Now, really is
it occurs to me that these rich people pay money to go to the gym.
I heard a walk their dogs
It's amazing just coming through exercises, free,
why is binding, we'll go to the gym and you can't get a parking spot close to the wood or you gripe bright, some in this backward. We are ok, just just yet.
Way to go in the outer feel to be free and liberty
it's just you have to wonder
areas that link you don't really relies like how great you're gonna feel on my whole, life has changed, and I know that my whenever I am a family like their life's gonna change to veil facing problems outside of money. What were those changes? You would say of here's. What I'm I've experienced. Only thanks to death
I'm just thinking that is we're talking about previously d. Think I care
ability and lake. Looking at yourself in the mirror and being like here, the problem you have to fix that you know you can't depend on anyone else and action
if something so funny to share and you're going to be kind of disappointed? But you know when they were offering the refund like if you paid off student loans during covert, which is what I took a big advantage of that zero interest. That's when I was really going to hammer instead of standing back waiting, that's good yeah, but what I did I I actually was like. Well, maybe I can get that twenty thousand they're going to pay it like. I just paid all this money off, so I got my money refunded back to me. Oliver, it hit my bank account and I was like oh my gosh, I'm rich, and I was like no not that
like debt. That's all that so my loans got reinstated. I had the money back to me and I just had
like guilt shadow like over my whole body and unlike,
What are you doing? You just met four years like putting up this
new character, like all these, like tat,
You didn't have before you like the sacrifice, the dedication that taking account of the saying no to people all this stuff, and I was like you are paying that debts and I wanna once it came back into my account. I would like to underline
the government you have to do this now, like there never gonna pay that answer them. The next day I painted nitrate of again. Yes, I did you know I like they're, not going to put every year where you got
it changed. You changed who you are, and so you change the way you talk to yourself, yeah, that's one of them, nothing's going to stop you now being no challenge or amazing or dark,
John bologna, though that I said, if anyone talk to me the way I talked to me, I would hit em we're not yet
but you knew trial the negative side, the opposite. So who was cheering you on my
best friend and my fiance were to really big cheerleaders. Some here with me today, but I
I actually had a lot more people telling me I was crazy, then I had supporting me, but I deduct for you own or hold you back. I just tune them out and, like I know, you guys are all broke and you have so much debt and you have like six credit cards and, like I'm, not going to listen to your friends or making fun of your financial plan, you're right on exactly good for you and soon they're going to be asking you hey what was that, oh by the way, Brooke Brooke? What was that thing? You were doing
for many make over night.
I had so much to talk about it and people to breathe like not wanting
Listen, I'm like if I could
took the younger me when the person like handed me, the book I probably would have like had them smack me in the head with it like. Can you do all of these steps? Because your life will change like it will truly change,
recommending matching report, my guys, like you
We are to get accused with something the bible we broke. I now good job listen well done. I ve got a copy of the baby such millionaires book for you, the total
make overbook, and so you can hand those out anna subscribe.
a membership to financial peace university we ve not been through.
Go and go through it if you have been given away and we want to continue
This journey and become a baby steps millionaire, and then we watch on the baby. Bbc million are our ok, you're gonna, be there
we'll be there, I'm proud of you how large I'm thirty actual
very, very well that breath from pittsburgh, partly ticket agent, partly successful
partly a dog walker? Seventy
thousand dollar paid off and for years, because she changed brook, I'm so proud of you count it down. Let's hear a debt,
grew three, two one
yeah? Maybe nothing is so poor that we can just change. You see that that emotion, oh you, can only get it now. This is what happens when you change your life, be not conform to this world, but be transformed
by the renewing of your mind. This is the refugee issue.
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chicago, hey bill. Welcome to the ram she show
dave, hey george thanks for taking my call real quick, just wanted to say thanks for what you and your team do it's a truly life changing. Well, thank you, sir. How can we help you?
I have two questions that might be related, but because I'm a little older or we're maxing out my four o one k:
should we keep doing that or do step six canada's writ
and how should we put towards college savings?
what's your percentage right now going to your investing
right now about twenty five percent of the gross heller? Ok,
If you look around back down older fifty god I'll be fifty next month, your ancient
time is running out where it was
nest Agora at right now
total retirement, two hundred and seventy three thousand thereof? Ok, so if we
dial that back, let's say to fifteen percent? How much more money that give you every month to put away for college and drove the house that
Give me an extra fifteen, an extra
about an extra fifteen hundred a month. Ok, no answer you! Let you boot wala! We just funded
knowledge and start playing down? The house gives you
we all care, how you're going to be okay on your wealth building site, but you need to get the house paid off and
of course he's gonna show for college or the next generations gonna be having.
Do you not consider student
which we don't even one on the table. That's not even an option.
Yeah.
Well they're kind of a little spread out. I got a seventeen year old and a nine year old, so I've got a junior who's, who's coming up to college and then I'm a you know: nine year old just got some time, so you're likely cash
when the junior cause you got
definitely we we do have about
five thousand so but held for him. A catalogue of some other than yeah that'll be gone in the year. Easy
depending on what situation has year and a half anyway. So then you've got the cash and the rest of it. And then we've got to start thinking about the nine year old. She doesn't put the squeeze on his lighter and-
yeah you're back into the microphone. How much of the fifteen hundred goes towards the
the college plan
and it's probably a lot of you- probably not putting a lot extra on the house but for five,
six should be done simultaneously. You're, not making growing on. By putting all
all of this into retirement.
Thing your college and nothing on the house, because of you
I don't address these other things that gonna come up hitch in the back of the head: yeah, okay, gotcha,
if you gotta get it all on. That's why we run four five and six simultaneous and once you have a paid for house and the kids college is covered. When now
a whole lot more money to catch up on wealth building as well, but you don't even have to because she's going to mean he's only fifty he's got two hundred thousand already. He keeps putting
percent around him more you're, just gonna have a million dollars a million and a half doll.
For a one came, I guess the sixty five now fifty near yeah. So
with what is putting in at fifteen percent without end, and then we take our kids collagen in fifteen years at the hospital.
Then he can be shooting a sixty five, probably worth for five million dollars. So, but if you do
do this, then you got a mess at college and heroic bump on six.
vanished rubbish, look down the threat of a mortgage, and so that's why we do. This is why we ve actually develop the system, as he said by the book
A book is not just some random series of thoughts. Its
highly developed and polished over thirty years of helping ten million people in our midst,
in our study, we also found that they get paid for houses and they paid off fast. They don't pay it off. In thirty years. Writing the code. Often
I read your ten point two exactly sir,
in chicago high susan, welcome the rams asia
Thank you very much for what I am.
To figure out if I should continue to trains. Baker grab go, I am finishing up, came down my debt or, if ice,
use. What I have said to
hey I mailed debt and then start over basically
studying grad school. I
I would like to go away to study creation and conservation. Probably our history could be human artifacts. Do then that's gonna cost one?
one idea to research. It looks like it canneries between twenty and thirty thousand, depending on the shore,
like it say, a passion area have you
look at what you make as a result of doing this,
so it can vary a lot. It depends on what type endless I've been using work and if that some are smaller, markets could be down to forty thousand. If you work at the matter, this new phony and it could be an excellent yours, what would you do now
right now I will occur airlines, repairing medical equipment when they damage it would make. Now. I
sixty thousand a year as january. I just got a motion that came with your aid. Awesome
and then I'd have a side job that is closer to the passion and I'm I got hired on by my alma mater to be an assistant in their collection and that started in february, and I make a between
Five sixty seven hundred a month depending on the number of hours I can work and how much that you have left,
I have forty seven thousand, even
Are the math that uterus gave me says that you're degree,
spence the term the money you're spending on your degree as I
turn on investment of increasing your income, a very
Two zero yeah defends an hour ago.
Answer me: smithsonian's, like a fairly
more percentage of the jobs
No! No! I don't it. Instead, I would be the you're you're making really more now than you would make an entry level job after getting the degree yes and so
spending twenty thousand dollars to get it agree to make the same
or lash is a zero rate of return is what I'm saying
yeah that others hundred over a hundred percent passionately. It's not a return on investment,
lie, which is ok but that just
should decide which one you want to do first, and that tells me get out a debt first.
But I have a goal: had I been pay our first and then go to grab your girlfriend pick out when you state the money to go after you get out of there
the money saved now
I have about thirty. Three thousand six hundred is
in savings at banal monica and I have a three thousand dollar tax return. Coming from the outset that I didn't industry, we should just two people work. What we call the baby steps and the four
step, is reduce all savings that you have down to one thousand dollars so may use attacks
in twenty six hundred dollars to throw at europe.
seven thousand hours were the debt and then
I put my budget on beans and rice, rice and beans, no life, I'm going to work all the time and I'm going to attack this
meaning forty thousand and get it paid off as soon as possible when its pay.
off. Then I will save up the money to get
degree to move towards your passion. That is
going to change your income dramatically? It might change it. A little
it changes negatively, but it might change it a little positively, but it's not going to get there's not going to be an aura. Why you're not spending twenty thousand to make two hundred thousand we're spending twenty thousand to get into your field? That's what you're doing this is the ramsey show the hey george Campbell here. If you love the shell, when you want a deeper dive on your money journey, we've got a weekly newsletter that gives you helpful articles and tips on following the Ramsay way, just go to ramsey solutions, dot com today to sign up for the newsletter again, that's ramsey solutions, dot com to sign up for our weekly newsletter, the hey it's james producer of the ramsay show. This episode is over but check the episode notes for links to products
services you heard about during this episode, thanks for listening
Transcript generated on 2023-05-19.