Transcript

You Can’t Make the Same Money Mistakes and Get Better Outcomes | January 28, 2026

From The Ramsey Show · Episode page · Watch on YouTube

· 2 h 7 min · 24,973 words · 460 timestamped sections

This is the full, timestamped transcript of "You Can’t Make the Same Money Mistakes and Get Better Outcomes | January 28, 2026", an episode of The Ramsey Show published January 28, 2026 (2 h 7 min, about 24,973 words). It mentions 14 people, works and ideas, including Ramsay Show, George Gamble, Rachel Cruz, Dave Ramsey Show, Dave Ramsey.

What this episode is about

The main topic explores the financial lessons and common pitfalls to avoid for better outcomes in personal finance. The hosts, George Gamble and Rachel Cruz, emphasize the importance of transforming one's financial habits while engaging with callers about various business ventures, including a unique entrepreneurial effort in paranormal investigations.

Key takeaways

  • Diving into the paranormal business? Just remember, ghosts may haunt you, but partners can haunt your wallet!
  • A 60K job vs. 20K from ghost hunting: when chasing money ghosts, clarity beats ethereal dreams.
  • Partnerships over a spooky business? Write your 'haunted' contract before things get really eerie!
  • From word of mouth to the afterlife: in business, true success is more than just ghost stories.
  • In investing in your passion, remember: sometimes the scariest ghosts are financial ones lurking in partnerships.

Who speaks in this episode?

What is discussed, and when

  1. – 15:00: Rachel Cruz, George Gamble, Ramsay Show, Christian Brothers Automotive
  2. – 30:00: Every Dollar, Dave Ramsey, Xander Insurance
  3. – 45:00: Fair Winds Credit Union, George Gamble, Ramsay Show, Rachel Cruz
  4. – 1:00:00: Dave Ramsey
  5. – 1:15:00: Xander Insurance, Every Dollar, Dave Ramsey
  6. – 1:30:00: 529 plan, Roth IRA, Rachel Cruz, Fair Winds Credit Union
  7. – 1:45:00: Every Dollar, Every Dollar app, Ramsay Show, Fair Winds Credit Union
  8. – 2:00:00: Ramsay Show, Every Dollar, Dave Ramsey

Notable quotes from "You Can’t Make the Same Money Mistakes and Get Better Outcomes | January 28, 2026"

  • Normal is broke and common sense is weird. So, we are here to help you transform your life. From the Ramsey Network and the Fairwinds Credit Union studio, this is the Ramsay…
    about Ramsay Show · at
  • To last. And the best way to keep it running for the long haul is to take care of it with people you trust. That's why I'm proud to welcome Christian Brothers Automotive as the…
    about Christian Brothers Automotive · at
  • How's it going, guys? Rocking and rolling. first off, you guys are awesome. I've been working with you all for maybe like going on two years about to be debtree this year and…
    about Smart Investor Pro · at
  • Never paid a dime. And so I had to deal with that. And luckily I had Xander ID theft. And so they stepped in and helped clean this mess up. But I found who the people were cuz I was a sleuth.
    about Xander Insurance · at
  • At the end of the 10 years, it's going to be a balloon payment. And I know this kind of goes against a lot of the Dave Ramsey I guess principles. But I wanted to see what you…
    about Dave Ramsey · at
  • So the A1 is college and maybe a car if you're going to help with that. And so, there's a few ways you can invest. I love the 529 plans are a great option for college saving…
    about 529 plan · at
  • And on top of that, with the new Secure Act 2.0, you can roll over up to 35 grand into a Roth IRA for them. And so, there are more options. And I'd rather you have the money and not need it than not have it. And now they're turning to.
    about Roth IRA · at
  • Hidden margin. And you'll feel like you got a raise. So don't live normal when you can live like no one else. You can start every dollar for free in the App Store or Google Play. Jade is in Boise up next. Jade, welcome to the Ramsay Show.
    about Every Dollar · at

Who and what is mentioned in this episode?

People

  • George Gamble — Person · Host / main speaker · 3 mentions · first at
    Primary on-air host in this episode, introducing the show, guiding callers, and delivering sponsor reads and Ramsey guidance.
    Transform your life. From the Ramsey Network and the Fairwinds Credit Union studio, this is the Ramsay Show. I'm George Gamble, joined by best-selling author Rachel Cruz and…
  • Rachel Cruz — Person · Co-host / referenced best-selling author · 5 mentions · first at
    Co-host alongside George, providing Ramsey-style guidance to callers (business pricing, debt payoff, housing decisions) and referenced as a best-selling author and co-host of another Ramsey show.
    Studio, this is the Ramsay Show. I'm George Gamble, joined by best-selling author Rachel Cruz and co-host of another show we do together, Smart Money Happy Hour on the Ramsey Network. The number to call is88255225.
  • Dave Ramsey — Person · Referenced expert / brand figurehead · 4 mentions · first at
    Referenced as the namesake and guiding authority behind the Ramsey principles discussed (e.g., debt avoidance, investing rules, cruise event). Not the active host in this segment but central to the show's identity and advice framework.

Products & tech

  • Smart Investor Pro — Product · Financial tool · 1 mention · first at
    Mentioned as a tool used by a caller for financial management.

Concepts & topics

  • 529 plan — Concept · Financial strategy · 3 mentions · first at
    Discussed as a savings option for education.
  • Roth IRA — Concept · Financial strategy · 2 mentions · first at
    Discussed as a retirement savings option.
  • ESAs — Concept · Financial strategy · 1 mention · first at
    Mentioned as an alternative to 529 plans for education savings.
    Ball rolling. And once you kind of get into that and open those doors, there's a lot of different options. looking at ESAs, looking at 529s, looking at, Roth IAS, and then even…

Media & podcasts

  • Ramsay Show — Media · Hosted content · 5 mentions · first at
    The main podcast/show where the discussion takes place.
  • Dave Ramsey Show — Media · Hosted content · 1 mention · first at
    Alternative name for the Ramsay Show.
    Needs right now, I guess. Rachel, here we are. Jake is going to kick us off in Detroit. Jake, welcome to the Ramsey Show.

Sponsors

  • Every Dollar — Product · Sponsor · 8 mentions · first at
    Budgeting app promoted as a tool for financial management.
  • Every Dollar app — Product · Sponsor · 3 mentions · first at
    Budgeting app promoted as a tool for financial management.
    Hidden margin. And you'll feel like you got a raise. So don't live normal when you can live like no one else. You can start every dollar for free in the App Store or Google Play. Jade is in Boise up next. Jade, welcome to the Ramsay Show.
  • Fair Winds Credit Union — Company · Sponsor · 6 mentions · first at
    Financial institution mentioned as a partner.
    Normal is broke and common sense is weird. So, we are here to help you transform your life. From the Ramsey Network and the Fairwinds Credit Union studio, this is the Ramsay…
  • Christian Brothers Automotive — Company · Sponsor · 2 mentions · first at
    Auto repair service promoted during the show.
  • Xander Insurance — Company · Sponsor · 3 mentions · first at
    Insurance company mentioned in the context of providing services.

Full transcript with timestamps

Brought to you by the Every Dollar app. Start budgeting for free today. Normal is broke and common sense is weird. So, we are here to help you transform your life. From the Ramsey Network and the Fairwinds Credit Union studio, this is the Ramsay Show. I'm George Gamble, joined by best-selling author Rachel Cruz and co-host of another show we do together, Smart Money Happy Hour on the Ramsey Network. The number to call is88255225. And I'd be remiss not to mention this this crazy winter storm that has hit our area, Nashville, very hard. So, thinking and praying for all of those that have been affected by this.

For sure. A lot without power. We made it here through the ice to provide this show. It's what America needs right now, I guess. Rachel, here we are. Jake is going to kick us off in Detroit. Jake, welcome to the Ramsey Show.

How's it going? Great. How are you? How can we help? Doing all right. Um, so, uh, me, my cousin, and our friend, we started a company. Um, and we do like paranormal investigations and things like that.

Paranormal investigation. We're talking ghosts. Yes. Okay. Wait, what? Real life Ghostbuster.

Yes. So, um, I give you like a basic what we do. We kind of just like go into people's homes and and confirm that there's a presence there. Um,

shut up. How do you do this, Jake? Um, so it's a number of things. Uh, it depends on, you know, where we're at. um you know what what kind of person we're dealing with as in like we know what what the spirit is because sometimes you get understood the basics of what you know you know what paranormal investigating was built on opposed all the fancy equipment. We do have a bunch of equipment but it it depends on

like detects like orbs and stuff. Yeah. So uh I know about orbs. I've done I've done a ghost tour in my my

you called on the right day. Rachel is all she's about to pay you. Okay. So, sorry. Sorry. This is this is a business you started with your cousin.

Yeah, my cousin and then our friend. Okay. Okay. So, three of you. When did you start the business?

Um, we started a business in August of 25. Okay. And how much have you guys made from this business so far?

Um, so based on what we're looking at, we're looking at between 10 and $20,000 a year.

Um, between the three of you, that's going to be split. Yeah. Okay. So now my my question is is that is there a possibility cuz obviously we can't do a full-time offer of $20,000 a year even if it was just one of us. Um so my question is is number one is it possible for me to do this full-time and number two if it is what are the steps to making this a full-time thing.

Okay so let's talk about it regardless of what the business or hobby is. Let's talk through this how to do this wisely. We always tell people you want to get the boat close to the dock. Meaning, we want this business to be generating enough income to where you clearly can go, hey, if I did this 40 hours a week and we scaled up, I could definitely replace my income, if not get a raise.

So, what are you making now? Um, right now, uh, my full-time job, uh, around $60,000 a year.

Good for you. So, let's say the business, you were like, "Hey, we can see a path where this could make 180K this year after expenses. is we could we could pay ourselves 180k, 60 grand each to make this work. Would you all go all in on it?

No, absolutely. Okay. Okay. So, with the partnership side, Jake, that's the that's the money side. And I will say there partnerships can be very difficult and the fact that you guys have three people who are going to have ownership in this company. um you guys need to write out very very very very clearly kind of this um almost contract between you all when the worst case happens because for a lot of people in partnerships the worst case happens and that's everything from um addictions um affairs divorces uh I mean you go death yes someone

wants out and they want to buy out you got to buy out their share now how does that work

all of it so you got to go through like in like a lot of detail. Think of like crazy situations and say, "Hey, if this plays out, here's what this looks like for us." Um, and you want to be very upfront and very clear and to know that you and and I hate to be Debbie Downer about partnerships, but when you go into something like this and you say, "Hey, we're going to commit so much time and energy into it and I'm doing this with a family member and a good friend." there's a a chance that that um relationship doesn't survive if something happens to the business.

Cuz here's what happens. Likely one of you is going to be working harder or at least think you're working harder than the other ones. And so then there's resentment. You go, "Well, I feel like I should get 50%. You guys should get 25 each cuz I'm handling all the business. I'm doing all the sales." And so that's where you guys need to get very clear on what the roles are, what the boundary lines are between your your KAS, your key results areas. And so if you do it that way, this could be a fun hobby that turns into something. What's your current game plan? Like how do you get customers?

Um so uh it's really word of mouth and we have social media but it's not really you know social media social media isn't really you know big or anything. Um but it's really word of mouth. So if we um like we did an investigation at uh a pretty big uh barbecue restaurant uh near us um and that got us a few other people. Um now as for what you were saying with the uh with people having you know written out roles. So um I am the I I I consider myself a lead. It just is how how it is. So, but most of the time I am scheduling. I am, you know, finding new customers if possible.

I, you know, looking for anything new. So, you're like customer acquisition, new business.

Yeah. Okay. Yeah. What about the other two? Um, my cousin, she is the the merchandise person. Oh,

we got merch already as well as what was that? You got merch like t-shirts and hats. What are we talking? Uh uh so um Holly, we we go to like a third party place where they create it and and we don't buy anything. They just they sell it and we get a little bit little

Got it. Like a drop ship situation. Okay. Yeah. All right. And then third person, the friend.

Uh yeah, he is the equipment tech. Um so what he does is if he wants to he well, first of all, if anybody asks questions, he's the guy to ask. Um he's like the

Yeah. All without him, this whole business kind of dissolves. Well, no, not mean all of us know all about the equipment. It's just I I have him making having him ask answer all the questions because um basically to keep the workhold off of myself and my cousin.

So, uh him and I know all about the equipment. My cousin still knows about it, but she doesn't know.

Gotcha. Okay. But um uh basically what his job is is number one to explain the equipment to people if they have questions. Number two is that if you want if he finds a new piece of equipment his job is to learn as much about that piece of equipment as possible. Bring it to the company and say here here's this it cost this this amount of money and it can do this this and this and this you know we I think we should buy it and then we have a discussion about it.

Okay. Most important question. Have you guys found any paranormal activity? Oh yeah.

And then what happens? Do you get like a reward? Uh, you get paid the same amount whether you find something or not.

It's a good question. Um, yeah. So, basically how I work is is it's kind of like, you know, a money back guarantee. Um, so if you go in here and uh so we we charge anywhere between $50 to $110 to$160 per per house depending on, you know, what we're looking at, what the dangers are. Um,

you said $160 on the high end. Yeah, I think you guys need to up your prices, man. This is serious work.

If you want to scale it, you need to look at all the factors here and you need to get enough people in the pipeline where you can go, "Hey, if we did this full time, we can make this work."

To the point that you're having to turn people down cuz you don't have time for it.

That's how you know this is going to work. But for now, leave it as a hobby. Continue to try to grow it. I would start a YouTube channel and really make this a media company.

That's a good point. And it's been what, six months? They said since August. August of 25. So, yeah, we're talking six months still early on. So, yep. I would just take your time. Don't rush into anything and don't go into debt for this equipment. Save up and pay cash.

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10% off up to a $250 value. See store for details. George is up next in New York, New Jersey. George, welcome to the show.

Are you with us? Uh, thank you. Thank you. Sorry about that. Oh, absolutely. Oh, yes.

What's going on? How's it going, guys? Rocking and rolling. Um, first off, you guys are awesome. Uh I've been working with you all for maybe like uh going on two years about to be debtree this year and everything like that working with the Smart Investor Pro in Maryland. So

Oh, good. Amazing. Um I had a quick question for you. Um hopefully uh this is your area expertise. If not, then hopefully you can guide me in the right direction. I um before I was working with you all, I you know I was ignorant to a lot of stuff. So, I had um got mixed up back in maybe 2016 with a um a guy from my gym. Uh long story short, uh he's he was running an LLC supposedly and um I was investing into a highinterest savings account.

Um so basically I got scammed. Long story short, he got me for 38 grand. Oh no.

And then I hired lawyers lawyers and everything like that. Um, so I all in all I was out maybe like 40 about 45 grand.

Oh my gosh, George. Awful. I'm so sorry. Was it like a Ponzi scheme kind of thing or like a like

or he would take your money and invest, you know, put it somewhere else thinking he would make a difference and then he ended up not and lost all your money.

Exactly. Oh man. So I um, you know, again, this is before I met you guys. I wish I would have met you guys sooner, but um, that's done. So, it's kind of a thorn in my side because I'm trying to figure out whether I should continue going after him because um I already went to court. We already got the judgment. He didn't show up and everything like that. Um you know, he got served and everything. But the thing is, you know, I had to learn about the law because the judgment is just basically for people right now because he got rid of all the Yeah, exactly.

If he doesn't have assets, he got rid of all doesn't have income you can garnish. There's not much they can do.

Basically, that's basically what what I want to do. You say you've been chasing for 4 years. Who who has actually been the person trying to track him down and

and get him to pay? Uh uh I hired a um a debt collection company and then um at first it was you know it was free and everything like that because uh you know they would you know they get paid I get paid kind of kind of deal. So then after maybe like a year or two, then they want they asked me if I wanted to like increase the some some kind of excuse they gave me and it was like another two grand or whatever I think to to push stuff forward because this is during the pandemic.

Yeah. So to push like paperwork for it and so that added to the money that I'm out and I wanted to see if you guys think I should just count it as a loss or just you know cuz without assets, you know, now that I know that it's just

Yeah, that's my fear. You spent 25 grand chasing this guy down and then it turns out you don't get a dime from him. Well, now you just lost another 25 grand. So, it may be time to emotionally write this off and call it a stupid tax and move on.

Yeah. If it's been four years, I mean, this is this is weighing on you. It's living rentree in your head. And I think it's time to move on.

Oh, yeah. People do all kinds of dumb moves and lose 40 grand. You know, I went 40 grand in consumer debt back in the day. And so I'm going to chalk it up to a life lesson that was hard to learn and never let it happen again.

Got you. Okay, I figured that. I'm so sorry, man. Sorry, George. I'm like like when I I'm like a dog who's like, I want to I want to get this

you on justice, right? I want to go full John Wick, man. You know, but at some point

and it was $38,000, you know? It's not $3,800. Like that's a lot of money. It's a lot of money. But the crazy thing is is I do think once you emotionally

kind of just get over it, right? You detach and you're like, "Okay, I am moving on." Um, you start to really really see what you can do and what you have the power to do as you're experiencing now on baby step two, George. Like you're getting yourself out of debt. Like that money will come back, right? Like you will be able to turn all this around, but it's just emotionally having just to to let it go, which sucks. Sorry you're dealing with that. That makes sense.

Maybe this will get you debt free faster. If you allocate all of your energy and focus and resources towards that, I think you'll feel a whole lot better and it'll be a fun story you share with your kids one day when you're a multi-millionaire.

Okay. Okay. Yeah. Best of luck, my friend. That's brutal, Rachel. That reminds me when I got scammed long ago, fraud happened. People opened up AT&T accounts, Verizon accounts under my name, social security number, past address. horrible.

Racked up 1,700 bucks on both accounts, never paid a dime. And so I had to deal with that. And luckily I had Xander ID theft. And so they stepped in and helped clean this mess up. But I found who the people were cuz I was a sleuth.

You found who it was? Like the individuals? Yeah. And I really wanted to go full, you know, wishbone on the case and go, I'm going to investigate. I'm going to bring them to justice. And then I just I'm like, what am I doing? What am I doing?

Just Nancy Drew. I don't know how dangerous these women are. Yeah. Was it women?

It was two women. No way. still have their names here like in America. They were in Boston in the Boston area. I lived in Tennessee at the time, but they opened these accounts up in Boston. So,

George. Yeah, there you go. I'm not going to I'm going to I'll leave that for future investigations but

goodness gracious. It's hard. It's a hard pill to swallow when it happens. All right, Dominic is in South Bend up next. Dominic, welcome to the show.

Thank you. What's going on? So, I've heard you guys speak about zero credit score and buying houses with manual underwriting.

I purchased a home years before hearing about you. So, having a zero credit score when buying my next one

won't be an option. Sure. You have a credit score now due to your mortgage payment,

correct? Is that alone going to be enough to maintain a good enough score or what's the

Have you made your mortgage payments on time? Yeah, that's great. you likely have a a great score.

So, there's no need to open up new credit accounts and credit cards to try to increase it. When you go to get another mortgage, they're just going to look at yours and go, "Okay, is your debt to income ratio good? Do you have a history of on-time payments?" And they'll grant you that. So, unless you have you checked your credit score, is it in the tank or is it solid?

No, it's solid. I just I wasn't sure if just a mortgage alone would be enough in the future.

Yes. Or if they needed more history. No, you'll be good. And if you ever have questions about it, you can always contact, you know, Church Hill Mortgage and they can walk you through what they actually look for, but you're this the score is the score. That's what they're looking for. And so they're not going to say, "Well, you don't have enough types of debt." That's all factored into your score. And so if your score is solid, you're going to be fine. And once you pay off the mortgage, then 6 to 12 months after that, your credit score will disappear again.

Okay. Until you'll go back through that process. But you're on you're on the path, man. Good for you. How long until you pay off the house? I don't think I'll pay it off.

Not with that attitude, Dominic. What's left in the morning? My first home. I still owe

160 on it. Okay. Cuz you're saying you'll probably move homes, move houses before you paid it off. Gotcha. Gotcha. Yeah.

Okay. Yeah. Yeah, I know that's a but it's a good question because we do talk about people not having to worship at the altar of you know the credit the the FICO score the credit score because you can actually get a house called you know through manual underwriting but if you have a bad credit score and you go and apply for a mortgage they're going to pull your credit score regardless that will hurt you. Yes, if you have one that's undetermined then you can do manual underwriting. If you have a bad credit score when you go and get a mortgage and as you're getting out of debt, George, for a lot of people, consumer debt,

your score will lower as you, you know what I mean? Like as you're starting to get out,

that's how stupid the credit score game is. You're like, "Wait, I'm doing good things. I'm knocking out debt." And they're like, "Yeah, but we don't like that."

I know. We'd rather you keep it around, pay it perfectly. Yeah. Yeah. So, on baby step 2, you guys, if you're paying off your debt and then you try to go and get a mortgage, which is not part of the, you know, that's baby step 3B, but if you try to do it earlier and they pull your credit score, it may not be great because you're paying off your debt, your consumer debt.

But very few people, and here's they always go, "Well, what about once I'm out of debt?" I'm like, "Well, then you still need to save up your emergency fund and then still save up your down payment." And so, you're talking potentially years of not having a score, which is fine. So, your credit score will not be in the tank as long as you actually close all accounts. Yes. Yes, if you still have any accounts open or you still have a credit card open, that will show up on your credit report and keep your credit score alive. So, make sure when you pull that credit report, nothing is active. And then 6 to 12 months later, there's no real exact timeline, but that's what I've experienced and many that I've talked to. Your credit score just becomes indeterminable. It doesn't actually go to zero.

Yeah. It's not actually technically a zero credit score. We just like to say that because it sounds cool.

That's fun. Z What's your credit score? Zero. Zero. I don't have one. That's the real flex. And that's honestly how they operated back in the day, like in our parents' day. The credit score has only existed since the '9s. So before then, you're like, "Well, how do people get homes?" Well, they looked at your actual tax return. You had a relationship with the bank,

and they looked at your income and savings. I went, "Okay, your other bills, if you pay on time, what, you know, if you're a trustworthy um borrower that they can lend money to, like they looked at you as a person, which is what manual underwriting does anyway,

instead of the computers going, "Good credit score, give them a loan." And so, it's really not that difficult. I've done it myself. I'm alive to tell the tale. So, it's worth pursuing to become completely debtree and then do it the right way.

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Code Ramsey. Exclusions apply. Well, you guys asked and we listened. The Live Like No one Else Cruise is back by popular demand. This is your moment to celebrate your debt freedom with Dave Ramsey and all of us Ramsay personalities in the Western Caribbean. Worst places to be right about now.

And look what I brought today. Didn't even mean to. Live like no one else tumbler.

This is the tumbler we all got from the cruise. Yes. So tropical. Huge. Take me back.

I know. Look at all these leaves. See? So, that was like a swag drop, I think we did in some of the rooms. All the rooms.

I know. You get fun surprises on this cruise guys. So much swag. So great. So, come share your story with Dave. Swap jokes with me. Sing karaoke with Jade. I don't know what Rachel's going to be doing. Maybe shopping.

Shop with Rachel at some of the cruise. Get some accutra and souvenirs. And if this is for a specific person, this is not for everyone. It's for people who are on baby step four or higher. meaning you've paid off your debt. You have the emergency fund. We want to celebrate that progress. Join us March 14th through the 21st, 2027. You've got time to budget and save. You can get your deposit locked in. And right now, you can save up to 300 bucks this week only when you book by February 1st. Cabins are limited and you can lock in your spot with a $600 deposit. Click the link in the show notes or go to ramiesolutions.com/events if you want to learn more. and George.

Um, the cruisers that went back last year, they got this email about a month ago.

We gave them first dibs. There is some, uh, spots filling up because a lot of them are coming back, which is so fun. So, you need to, yes, if you want your cabin, do it. And a lot of people didn't know we did the cruise until after. They're like, I wish we had known. I wish we had known. So, you know, now you know it's happening.

If you've heard our voice, you know. There we go. Join us. It's going to be a good time. Tommy is in Colorado up next. Tommy, welcome to the Ramsey Show. Hey, thank you guys. How are you guys doing?

We're doing great. What's your question today? Hey, so I me and my wife just bought a house um in August. And turns out that the HOA has about a million dollars in deferred maintenance. Their solution is to do a $5,000 special assessment and then hopefully increase dues going forward.

Mhm. We're wondering if it's a good idea to stay or maybe try and cut our losses and get out of this situation.

Wow, that's pretty aggressive over a onetime $5,000 fee. What do you know that we don't?

Um the couple things is um the total amount to get back to zero would be a $20,000 fee.

Okay. So, there might be more assessments in the future. There might be more in the future. And then we live in a high fire zone, high fire danger community in 50-year-old houses. We lost our HOA coverage this year and we are being covered by excess insurance and we're expecting that to probably go up to almost 75 cents of every dollar that comes and produce.

Was this disclosed to you, Tommy, when you guys bought because you just when did you say you bought? Just uh like in August, what' you say?

In in August. Yeah. Yeah. Yeah. Yeah. Um there was nothing to disclose. Um, at best we maybe could have dug into the documents and found it, but the HOA is not in very good shape.

Well, do you like where you live right now aside from these fees? Um, we really like the house. Um, but yeah, we're just concerned about the money. Um, it was mentioned that the HOA if this does not pass, which it's a community vote, we could head towards bankruptcy as a community.

Yikes. Okay. What's the HO fee now monthly and what will it go up to? 300 $340 a month. Um and then there's no consensus about the raises would be um

the documents are extremely limited uh to 3% a year, but that's not enough to keep up.

Okay. Well, the bad news is you got to pay this 5,000 assessment no matter what. Even if you sell, it's going to come out. And so you're not going to get out of that. So, what you're really asking is, is it worth it to live here long term knowing it's going to get more expensive to live here?

Yes. Yeah. What's the uh what's your mortgage payment percentage-wise to the income you guys bring home?

Um just shy of 30%. Just shy. Okay. Okay. And if and because these dues, you know, the HOA and insurance and all that, we kind of wrap into our 25% rule of of what your percentage should be from a mortgage standpoint to income. Um, so I'm wondering as these start to notch up, if you know, if you start to get to be, yeah, over 30%, 35%, I mean, all of that, then there gets to a point that you can't afford to live there anymore, right? Uh, but I feel like that would take a lot in order for that to to continue to raise.

Um, I just factored in just the mortgage. If I were to factor everything else in, it would be closer to 40% currently with the HOA insurance.

Is there is there room for your incomes to grow? There is. Okay. I would hold off personally. I don't think this is like we got to get out right now.

Uh, I would hold off since you enjoy where you live. This is just a part of living in society, unfortunately. And HOAs get a lot of hate for a valid reason. And assessments are are part of the annoyance. You're like, I already pay so much to live here. Now you're just going to throw five. It's like the mafia. It's like, give us five grand or else. And you have no way out of it. And so long term, if you see the writing on the wall, if three years from now your income hasn't gone up, and yet all of your dues keep going up, the assessments keep showing up, that could be a sign, hey, it's time to move. But the longer you wait, the better off you are ROI-wise on this purchase of the home.

The sooner you sell, the more of a loss you're going to take because you got to pay realtor fees and you probably don't have much appreciation at this point. So, this could be a way more than a $5,000 loss just to get out.

Yeah. Now, we were estimating 25,000 loss to get out. Yeah. So, I I don't want to, you know, eat 25 grand to save five. And I think you're going to know a lot in 12 months, right? After after a year, I just I think that a lot will kind of shake out and you guys will kind of see where you're at. And then to your point, George, you could look up, you know, and say, "Okay, let's stick it out for another year. Let's see where our incomes are at that point. See what the HOA is doing, you know, and you can make you can make the call, yeah, in three years or so." But I probably wouldn't go any less than three just because of everything attached to it feewise.

And if you want to live in a non-HOA community, you're going to have to go probably further out and it may not be a home that you love. And so this is a trade-off of living where you want to live. HOAs are everywhere. All right, Mark is in Sacramento up next. Mark, welcome to the show.

How can we help? Yeah. Um I told your screener, uh I'm just about I'll be 63 next month and I got a whole term uh whole life insurance.

Okay. that I've been paying into. Oh god. Since before I was 30. Oh wow. You made someone very wealthy.

Well, my brother's the one that signed me up for it. That hurts even more business anymore.

Yeah. So So my cash value is up well over $40,000. The policy itself only pays out 160.

Yeah. And I'm married. My wife is 64. You know, she's obviously the beneficiary. And from what I understand from listening to your show that should I pass away, my wife will get the 160 and and all the cash value is just

goes to the insurance company. Yeah. It's horrible. Yeah. In most policies, that's how it's structured, which is insane. I'm with you. Um, at 63, you might have a hard time getting term life in place now, but it's it's worth looking into and to see, you know, it's going to be expensive, but your whole life policy is also very expensive. What are you paying per month?

Oh god, it it went up this year like over 200 bucks. I'm paying 1,700 bucks a year.

Oh my goodness. How much do you guys have in retirement? Are you self-insured to where if you didn't have this policy in place, your wife would be okay?

That's something. Me and my wife uh not including our house are at about 1.2 million.

Okay. You might be at a spot and you can consult with a you know financial adviser to see, hey, is this worth keeping around? Because if you just put 1,700 bucks in a savings account, you might be better off than continuing to pay this with 160k payout.

Well, that's what I'm you know. Or or what about taking out the cash value? Yeah, I mean that's another option. you you surrender the policy, take the cash value, invest that plus your 1,700 bucks a month, you'll

probably be better off. You'll get to 160 pretty fast as long as you're still with us. And I hope you are.

Well, okay, that's my question. Um Mhm. I would run the numbers. This might be something you keep around for now until you're very sure that if something were to happen, you are self-insured. But 1.2 2 million based on your expenses, you might go, "Yeah, we can easily drop this and get this money out of here with what we already have." Exactly.

1,700 bucks on top of your 40k. That'll add up fast, my friend. And I'm so sorry that your brother hosed you into this. I don't know what your relationship is like.

30 years ago. 30 years ago. It's all water under the bridge. Hey guys, George here. Listen, just because it's 2026 now doesn't mean 2025's ideas all go away. Some things are timeless. Like if you want to win with money, it's still the same playbook. Budget like your money depends on it. Avoid debt like $10 lattes and build wealth on purpose. But here's the truth almost nobody tells you. Most banks make money when you lose yours. They want you swiping, overdrafting, and racking up fees because that's how they stay rich while you stay broke. And that's why I tell people to go with Fairwinds Credit Union instead. They actually want you to win with money and become debtree. And their smart bundle gives you a no fee checking account, a high yield savings account, and my favorite, the new Ramsay branded debit card that says, "Debt is normal. Be weird." Right on the front. It's not just a piece of plastic with your money

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Anna is up next in Seattle. Anna, welcome to the show. Hi, thank you. What's going on? Okay. So, I bought a house in August. Um, briefly, I'm a divorced single mom. I have two kids. I basically used my divorce settlement to buy this house. I put a big down payment. Um, and even now, I am struggling with um having a pretty high um uh mortgage payment with my with my income. Um, and I don't think it's sustainable. And I'm sort of going back and forth on, you know, what is it the best decision? If it wasn't, you know, it's done now, but what could I do to kind of help myself move forward? Um, I bought a house and I thought I would have some money left over, but in I had to pay off my car in escrow, and that added an extra like $18,000 in order for me to get my debt to income ratio low enough to be approved. So,

that increased the amount of mortgage you needed, which increased the payment. Mhm. Yeah.

Yeah. So, tell us the ratios. What is your mortgage payment and what is your after tax monthly income?

So, my mortgage is um 38.80. Excuse me. Just I don't know 30 38.90. Let's say that. That includes all of the homeowners insurance and um insurance and uh property tax. So, they they put it in there.

So, um yeah. So 30 38 3,800. Um and my net pay is $6,225 a month. Oh yeah. So it's

I make I mean I I make 103,000 but I live in Seattle and it's a very expensive.

So we're talking 2/3 of your takehome is going toward the mortgage and that's not leaving a whole lot left to live and put food on the table let alone accomplish any financial goals. Are you getting child support at all, Anna?

Yeah, I get I get um I get $850 a month for two kids. Okay. And that's on top of your 6,200.

Yeah, that's on top. All right, that helps a little. So, yeah, we can count that. Yeah, we kind of count all income coming even in even if it is child support or alimony.

Um Okay. So, that gets you to like 55%. Now, does that include the take-home pay? Are you Do you have any deductions coming out like health care premiums, 401k?

Um I I pay my health care I my kids healthcare are on their dad's and I pay I have to help pay for that. Um mine my deductions are just the typical t taxes just tax stuff. Okay.

And a 401 I do I do contribute to 401k. How much what percent? Um I believe I I I think I meet my company match. I think it's four%.

Okay. So, you're likely investing if you make 100K, we're talking four grand. And so, you wouldn't include that for the 25% parameter, which also helps your number. So, now we're down to like 50ish%, which is not great, but at least we're kind of we can see the forest from the trees here. Is there room for your income to grow?

Um, there's a little bit. Um, I mean I don't I wouldn't say anytime soon. Okay.

No. But when did you buy this house? Like the line of work I'm in I bought in August.

Okay. It's only been half a year. Yeah. It's similar to to our last caller. Six months. Because there's not going to be a ton of equity. already I mean it's uh I I already well I mean I don't know how accurate you know looking at red fin etc is but I mean there is there is already equity in the house you know

what would you get if you sold it after after you know net of fees and all that

I mean I don't I don't I haven't calculated the fees but I bought it for uh 730 and it's I mean it says it's worth between 820 and 9 something. Yeah, I

I'd be shocked in six months for one 15 grand. Zillow's always Zillow and Redfin, they're not always accurate. I know. I know. So, what you could do, Anna, just to gather information as you're thinking about this because it is a big enough um question financially for you

is to get a realtor and have them just pull some comps in the area and just see. I mean, you know, maybe it's gone up a little bit. Um, I mean, I don't know, but after you factor in maybe a little bit of equity, but then all the fees and the realer fees and all that when you sell the commissions, like once you factor it all in, you you may end up losing money if you end up selling, right? So there might be

a reason to hold it and to stay in it for maybe two years or so and it's going to be uncomfortable because it is eating up so much, but at least to get some equity uh back in so that you can make a better long-term decision because it probably was um I mean I I would feel like if I went through something like that and having kids, you want a place to land. You want something that you're like, "Okay, this is our home. We're building this new life, right?" And so like I could see it almost being an emotional decision and not always factoring in like, okay, what is this actually going to feel like in real life? So, I don't fault you for that. It makes sense, but we also want to get you into a place where you can start building walls and you have some breathing room cuz, you know, going through a divorce, I'm like, that's that's in of itself extremely stressful.

And then you put on top of a financial strain, which so many single moms, they I mean, you were in the boat with so many people. Um,

which is so it's so hard, so heartbreaking having to raise these two kids too along with everything. So, have you done a monthly budget to see how much is actually left over or if you're going into the red each month?

Um, I mean, I I'm working on it. I I mean, a big part of why I got divorced was because of my financial incompetence,

because of yours. Um, because of mine. So, what what went on there? Just um just not keeping up with details, spending whatever you want. Like, what does that look like?

Yeah. like hidden like hidden debt. Um you know I'm working on it. I'm actually in a like a DA program which is helping

good. Um so I I I was completely out of debt and now I have I have debt again. Um home cost or you know you know obviously because I I kind of living outside my means but I do I do know some places I can tighten. I do have kind of a side job. I teach classes and I can more.

Um have you cut off all access to debt? Have you frozen your credit? Yeah, I don't I don't use my I don't use my credit cards. I mean, the other question I had is I do own my car and my car is worth, I'd say, $18,000, but I could easily, if feel, you know, sell it and then get a car that is, you know, combat good for my kids and for me and for commuting, but and you probably you're not going to free up a down payment and then you're going to downgrade a car and you might have, you know, eight grand, but that doesn't solve that mortgage problem.

Yeah. your car is not the issue at this point. So, I would I would hang on like Rachel said for, you know, 2 years and then see where you're at. Nothing is like you're not going to miss a mortgage payment. You're just sort of skating by right now in survival mode and it is going to be uncomfortable. And that's where the budget is really going to help you cuz now whatever is left over after that mortgage payment comes out, you have to be very intentional with

and that's where a budgeting app like every dollar will help. So, I'll we'll make that our gift to you to help you figure all this out. And when you fill out that every dollar budget, you'll list your income for the month, include the child support, and then below will be all of your expenses.

Yep. Um Yes. So stay on the line and Christian will pick up. And uh George, I vote that Anna cuts up all of her credit cards tonight.

Absolutely. You said you don't use them, but you still have them. I think I think you just cut it off at the source since you know it's an issue, right? Just in general, it's been Just cut it off at the source. And listen, if you hate it, I know I only

If you hate it, I promise they'll let you back in. You can get another one. Yeah. I only have I only have one and I paid I pay a lot off one is all it takes every month.

I'll tell you that you can still do some damage. I'm not kidding though. Don't I would cut it up and actually use a debit card. Force yourself to use your money because there is something even if you pay it off every month. There's something about in the moment taking care of groceries, your whatever it is, when you pay it, it's done. There's not a bill coming and it actually factors in psychologically and you end up actually spending less when that's the case. And so I would try it, Anna. You're you're kind of on this whole new journey. Um this whole new chapter, this whole new life, right? And so

do something so different. You're the kind of person who doesn't swipe the credit card, who uses her own money

because she doesn't have one, right? Cuz she cut it up. I love it. I love that challenge, too.

I I I should Sorry. I can I go Let me go back. I I have one credit card I pay off every month. My other credit card I don't use it. I had a I opened it because I used it for moving fees, etc., you know, some new things in the house and get some appliances and it had a 0%.

Well, I would cut it up, pay it off, and close the account. And I want you to try no debt, Anna. Like, hardcore. And it's extreme. This is extreme in our world today, but be so hardcore with it and be so extreme and do it for 6 months and see how you feel. Cuz I'm telling you, there is a freedom there. You don't even realize the burden you're carrying. So, if you keep doing what you've been doing, you're going to keep getting what you've been getting. So, do something so extremely different with your money and see the results.

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a month compared to traditional insurance. So make a change that fits your budget and your values. Check out chmin ministries.org/budget to learn more. That's chmin ministries.org/budget. Welcome back to the Ramsay show in the Fairwinds Credit Union studio. I'm George Camel joined by Ramsey personality Rachel Cruz. We're taking your calls at88255225. Katie is in South Carolina up next. Katie, what's going on?

Hey, thank you guys so much for taking my call. Um, I hope y'all are well. We are. What's going on with you today? How can we help?

So, I mean, I I might sound crazy for saying this, but I just can't shake the feeling that we're charging a little bit too much money. And I guess I'm looking for a way to justify my guilt or you know try and figure out how to process you know how fast do we want to grow and how should we scale our company.

Okay. So we is this your husband? Yeah. My husband started this business before we got married and I kind of joined him after that. We've been in business for about 11 years.

Cool. What kind of business is it? It's a a trucking company. So we we do some hauling.

Wow. Well, that business has really taken off, hasn't it? Yeah. What do you guys uh bring in?

Uh so last year we brought in 290,000 sales and then after, you know, paying everyone and expenses, we profited about 120,000

and that's as a household. So that's your household income for the year. So that's not the household income. Most of that stayed in the business. Um you that that was just what the business profited. We paid ourselves about 50,000. Oh wow. And that's together. That's total that came to you guys. Wow. All right.

Yep. Correct. So where did this price hike come into play and why? Yeah. So we our pricing is very simple. We just match what the competition is around us. We don't have a lot of competitors. Um and you know, we're one of the few people that do our specific type of hauling in our area. Um, so we really have just always kind of matched what market price is, but I'm kind of looking at a case by case, job by job, and realizing that the range of profit we have on each job is is super wide. So sometimes it's, you know, a small amount of profit, but a lot of the time it's quite large. Um, so I'm just kind of, you know, when I brought up the idea of restructuring how we do our pricing and, you know, taking it from super simple to trying to be a little bit more specific so we can afford to help some people that usually say, "Oh, no, you're too expensive." Well, you know, if we were willing to make 40% profit on that job

instead of 60, maybe that person would have said yes. Um, do you feel like you need more business? Do you feel like you need more business? Well, so our work is very seasonal. The demand in season is so high, we can't keep up with it, but then during the off season, it's not really a thing. Um, so we, you know, we obviously slow down a lot. And that's we're blessed that, you know, able to work very full-time, overtime, 6 months out of the year is enough for us to live off of. And then the rest of the time we can work on side gigs or spending more time with family, which is great. Um, so yes and no. We definitely don't need more work. We can't handle it in the summer, but the idea is obviously to grow, so we can do even more during the summer, if that makes sense.

Got it. So, is there a moral profit margin in your mind that it's like anything above this, it's immoral to charge?

Well, I don't have a specific number. It's more the concept of, you know, is it is that even a valid question?

Well, I mean, if you look at prices, is his reasoning, hey, everything's gone up. Everything costs us more. fuel, insurance maintenance tires labor permits, like that's all gone up. And so it's not like he's tripling the cost just for fun.

And you guys are bringing home 50 grand as a household. And it's a specific type of service that you said. There's not a lot of competition and high demand.

Yeah. I mean, and not a lot of supply, which means you can charge more. And it's not like you're hurting anybody. They're happily paying you for this service that they can't do themselves.

Yes. the more I say it out loud, the know the more I know I'm kind of making my husband sound like a superstar in business. But, uh, you know, I just always back to I always go back to the few cases where people have asked us for help and, you know, we give them our price and they're like, "Oh, you know, that's way over budget." And in my head, I'm saying, "I really know I could have helped this person out. I could have met their needs."

Sure. And I, you know, I chose not to because I wanted to keep that profit high.

Yeah, I hear you. So I wonder if because you know even here at Ramsay for instance like we give stuff away a lot whether it's tickets to a live event books you know um and some stuff it's like very nice coaching you know one-on-one coaching that we'll pay for people's sessions like yeah

we will um have life with an open hands business-wise but we're only able to do that because we are making a profit on the other end that is feeding a thousand people that work here and their families and all of it right so so there there is room to be if there is room to be generous I would talk to your husband about that and say hey you know and I hate to this sounds so like legalistic and I don't mean to be this like for formulaic about it but I don't know K I'm just thinking like four different situations you know throughout the summer when you guys are in high demand and people like we need you but I can't afford that pricing you know are there four times that you can say and you guys agree on that like hey I just feel something in my spirit that I'm supposed that I'm supposed to extend some grace to them and help them.

Yeah. Um and so that way you're at least in the practice of doing that when you feel led, but it's not changing the whole structure of the company because I don't feel like you guys are

doing something wrong or immoral to George's point. And okay, you know, you're you know, you you guys are bringing home 50k a year out of this.

We're far from being greedy here. Yeah. Yeah. Yeah. It's not like you're making, you know, 5 million and you're like, "Oh my gosh, I feel like we're overcharging everyone."

Most of your customers are making more than you. And so that's the other thing to think about here is you guys also need to put food on the table and you have financial goals and there's nothing wrong or immoral about making money. Have you screwed anyone over? Have you lied? Have you cheated?

Right. No. Yeah. Absolutely not. And so it's okay to say this is what our service is worth and we're going to charge it. And if you can't afford it, that's not a slight on them. It's just saying hey there's you need to go somewhere else that you can afford.

And so I can't I can't get everything that I want. There's things that I can't afford and I don't expect that business to go, well, can you just bring the budget down for me?

This is not a charity. If you want to start a charity, go for it. You can open a nonprofit and do all kinds of charitable giving.

Yeah. But I wonder could she kind of like scratch the itch a little bit within it, right?

I like your idea of saying, "Hey, there's going to be a customer that comes our way that I just my heart grieavves for them and I want to help them." And that's totally great to say, "We want to be generous to this many customers a year or when it comes up, we're gonna give some people a break." But I don't think you also need to go, well, whatever your budget is, we'll try to meet that because that's how you go out of business.

Yeah. I mean, any industry, Katie, there's going to be people that can't afford, you know what I mean? I'm like, I was just think about I don't know. That's why I thought social media. I'm like, people that, you know, need help with social media. There's people that do that as a job that that charge insane money because they're really good at it or people that are starting out and don't charge much. And I, you know, you couldn't afford, you know, the highends. That's okay. It's a service they provide. And just because they charge a lot,

you know, doesn't make them a bad person. It means they're probably really good at their job or they found this niche area of life, which is what you guys have done. So,

so nothing bad, but I would say lean into when you can. Um, and it's not the whole business model, but if there's moments to say, "Hey, I I want to be generous in this instance." You and your husband get on the same page with that. And maybe that'll kind of help free up your spirit some in that generosity.

Think about it this way. If you guys charge more and you make more, that gives you the freedom to be more generous when the time comes without it being a loss for you. And so I I think there's nothing wrong with that. And listen, if you charge too much, you'll go out of business eventually. And so you'll know when the price is right, when you have the right amount of supply and demand happening. And so I'm I don't think anyone's right or wrong here. I think we need to meet in the middle and understand you want to be generous and he needs to pay the bills. Both of you are right.

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Matthew is in Denver. Up next, Matthew, welcome to the show. Hey, thanks for taking my call. How are y'all doing this afternoon?

We're doing great. How can Rachel and I help? Um, so I just uh I was going to get some advice. Um, I was my wife and I are looking uh taking a $100,000 loan from my father uh to buy an 8-unit rental property. Um, and I just kind of wanted to see what you guys thought um based on the details of the property and everything else.

Uh, yeah, let's hear it because not not uh super excited about this as of now taking out a loan but

from your father-in-law but um yeah, give me your your numbers. What are you thinking? Okay. So, uh I got a $900,000 property um at 3% interest owner finance. Um and so it's going to be $100,000 of my money, $100,000 loan from my dad. And then um the owner is willing to do $100,000 of inind money is what she calls it. Um and that uh includes repairs and improvements on the property uh for a period of 10 years. Um, and then she's also willing to mentor my wife and I uh for two years uh the first two years that we own the home. And then at the end of the 10 years, it's going to be a a balloon payment. And I know this kind of goes against a lot of

the Dave Ramsey uh uh I guess principles. But I wanted to see what you guys thought because I I think it might be a good opportunity for us to

kind of get a business and and start moving that way. Do you guys own a home currently? A primary home? Uh yes, we do own a home currently and we have uh no debts or payments at all besides that house.

Oh, besides the house, what's left on that mortgage? Uh 190,000. Okay. And what's your household income?

Uh we make around 135,000. Uh and there's a lot of room for growth there. Cool. How did this idea come up of the eight unit and then your dad loaning you the money? Who brought it up? Um, so we met this woman um at a graduation um and we we had owned a a single family home investment property and we got to talking to her and she and we I kind of told her that we're we're real estate investors and she's like, "Oh, well, I got a deal for you. My husband and I are trying to uh get out of this property because her husband is uh is pretty sick and um they're just trying to move down to Arizona. And um so that's kind of how this got brought up. And then she is the one that's kind of structured this deal.

Sounds like it. So she knows your dad and was like, "Well, if he ponies up 100, you pony up 100, we can make this work."

Um and I'll mentor you for two years from Arizona. Yeah, she's kind of curtail related to my wife. U not by blood or anything, but uh

Matthew, I just see 85 ways this could go sideways. It's not It's not worth it. It's not. I mean, from the way the loan structured with the balloon happening in 10 years, um, all this borrowing from family, uh, going into a $900,000 investment property, um, that you don't have the money for, you got I mean, do how much y'all have saved? How much cash do do you and your wife have?

Um, so I have $100,000 for the down and then we have about $250,000 in the markets right now.

Okay. Why don't you c Why do you have to borrow money from your dad? Take your money out if you're going to do the deal. I wouldn't do the deal, but don't don't borrow money from your dad. You have $350,000.

Okay, got it. And I I don't know. I guess my thought is if I could keep it in the markets and make 10%. Whereas I could pay my dad back uh 10% on the money that he loans the company.

I mean, you're needing the stars to align with this. You need eight tenants who pay on time with no risk there. You need to pay dad back. You need to make money in the markets. There are so many variables here that could go wrong. And

if all this just tanks, you're screwed, right? If the market tanks, you're screwed.

Yeah. You can't find renters, you're screwed. If the market goes down, as Dave always says, if if Trump burps and the market, you know, goes down.

He was like, "We're going to invade Greenland, the stock market got spooked." That's right. Yeah. And so you just don't know.

I mean, yeah. But here here's the parameters that are under house, Matthew. Yeah. The underlying principles are we never recommend you buy investment property until your primary home is paid off. Number two, we never recommend you borrow to invest in a rental property. Always recommend paying cash. And number three, we always tell people never borrow money from family.

And so there's a lot of principles here that are being violated all for the sake of a quote unquote good opportunity.

And can I I'm going to say this, Matthew, and I don't want it to be rude, but you guys had one single residential investment property. Correct. you and your wife.

That is correct. And you tell this lady that you're you're you're real estate investors. Um which I guess technically you are. You have one investment property. And I think she saw ding ding ding. Here's my ticket out. I got to get out of this horrible situation I'm in cuz my husband's sick. And again, I don't think it's like ill will on her end. I just think she thought, "Oh my gosh, here's a guy who's probably doing all these like deals that you see on TikTok and he's he's got eight VBOs and here, you know what I mean? And he'll do it. I bet I bet I bet I could offer him this and we'll we'll structure the loan where it works for him so I can get out of here."

That's what she saw. I mean, honestly, she didn't list it. She didn't go and go to some, you know, um, investment firm that has, you know, 18 different investors around the country that go and buy property. You know what I Like, no, no, no. She found you and your wife and you thought you hit the hit a great deal and you hit a horrible deal. Not good. Not good.

Okay. Okay. Thank you. I appreciate the advice. I really do. Not what you wanted to hear. I know. But

sorry, Matthew. So, listen. What you and your wife did though with I would pay off your house, but but I I'm all about I think I think having investment properties is amazing. My husband and I do. My I mean I think it's I think it is great. You just have to start slow. Like the first one Winston and I got this was gosh probably 10 years ago. It was a short sale condo in this like kind of like sketchy part of Nashville, but it's what we did. But we got a deal. We saved up, you know, we we bought it for really not a lot. Had to go do a a lot of work in it. We sold it probably gosh seven years later when Nashville was on and it was amazing. I was like this is great, right? Like you have to start slow.

Start small. Don't start with a millionoll 8 unit property cuz you're about to take on all those people. Like that's going to be a huge headache. Like get some things under your belt. Start small and then start to work your way up, which is not as flashy, not as exciting, but it is it is peace. That is a peaceful way to do this and not create chaos cuz you guys are setting yourself up from chaos and maybe to ruin a relationship with your dad if this goes bad too. I've rarely seen it where they go, "Yeah, I borrowed money from dad. It worked out perfectly. Paid him back and he was happy. I was happy."

Usually it becomes, "Well, dad wants a piece of the pie now. He wants his money back cuz he needs to retire,

which means I need to sell the property. Oh, and he wants appreciation and so he wants that too on top of his 100,000 on top of interest." And it just always ruins

Yeah. or he gets sick and he needs 100 grand back, you know, and I don't know. There's just a there's a lot a lot of things. So, I would I would hold off and just go slow and

and it's not exciting. It's not exciting, but it's worth it. What is the 250 invested for? What is that earmarked for?

Um, what do you what exactly do you mean by like what am I saving that for? Yeah, you said you had 250,000 in the markets. I'm guessing that's non a retirement just in a brokerage account.

Uh, yeah. So, it's a mix of uh IRA and then uh just a personal brokerage account and that's just uh saving for retirement is kind of uh what I've been doing and kind of learning to trade it on my own and with the help from a financial investor and stuff. So,

okay. I was going to say if you have liquid money that is really earmarked for nothing and you want to take it and throw it at the house, the non-retirement portion, you could do that and speed up the process, free up a mortgage payment and then you can stack cash fast.

And you guys are amazing savers. So then, yeah, stack up some cash and get 300 grand here, you know, like save that over the next five years or whatever your income is and then go buy a rental property with cash and that's it. You know what I mean? Like you can you can do this slow walk in it, but do it in the right order. Pay off the house. Uh if you have the money, I would pay off your primary home. And

the key is stay away from this is reducing risk. And right now we're just adding more and more and more risk. and your first real investment property to be a $900,000 8 unit just feels like we're biting off a lot here

for the purposes of helping this woman move right with her ailing husband. Yeah. I mean, eight different families, eight different situation. I mean, that's a part-time job right there of what you just signed up for as a landlord. So, there's not passive income. It's a lot of work. A lot of work.

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We are headed to Detroit next to talk to Caitlyn. What's going on, Caitlyn? Hi. How are you guys? I grew up listening to you guys. So, it's amazing I'm here.

That's fantastic. How old are you now? You grew up I mean, this is a long time.

Yeah. My dad used to have you guys on the radio. I used to do the um you know, putting every dollar in the individual envelope,

but I'm 24. So, nice. Fantastic. So, great. Well, thanks for calling in. Yeah, of course. So, my question is, I just graduated with my masters. It took me 5 years and I um ended up getting uh most of it covered with with um volleyball scholarships, but now I have $50,000 in student loans. And I ended up getting a job out of college that pays 50,000, which obviously is a lot less. It's I mean it's more like three grand every month. So, I'm just calling in to kind of see how I should attack that and what I should be doing, you know, in the future to kind of get these loans paid off as soon as possible.

Yeah, it's a great question, Caitlyn. Are you living at home or where are you? What's your living situation?

Yeah. So, my living situation, I pay 1,251 for my rent. Okay. And it doesn't include an utilities. I I just moved in, so I don't know exactly how much my utilities are going to be, but I have it kind of conservative at like, you know, um like a 150 hopefully.

Yes. And you said you're bringing home 3,000. Yes, 3,000 every month. 3,000. Do you see your income going up? I know you just started. Um but I'm just thinking, you know, your your rent is close to 50% of your take-home pay, so it's eating up a lot of your income. So, just to be able to pay these loans off faster, I would want your income up. So, from either either if it's from your primary job, um or you're probably gonna be taking a second job, Caitlyn, I hate to say it. Um but but right now in life, that's what I would do. And I I whether you're waiting tables or doing whatever you can at night after your job. Um a few nights a week can make a big difference.

Yeah. That could be a thousand bucks a month. You can just throw all of that at your student loans.

100%. Yeah. And that's kind of been where I' because I'm very obviously I went to a business school. I'm very like entrepreneur like um kind of minded. But it's a little hard right now because I feel like I'm just, you know, looking at a million different things to do. And I I I'm trying to like center myself on what should I actually be focusing on to potentially, you know, start a brand or, you know, bring in some extra cash or something like that.

Yeah. Yeah. Well, your focus right now is just solely knocking out that debt because getting rid of that will give you the flexibility to actually pursue those things and not be a hindrance cuz right now you need that financial foundation of no debt and an emergency fund. Then we can start building toward this business. So, what did you get your masters in?

So, I got my masters, it was an MBA, so just in business administration. Okay. And what are you doing right now for work? What kind of work is it?

Finance. Okay. So, there's probably a lot of room for growth. Yes. In the finance world.

And I'm hoping that NBA pays off, right? That that that it puts you more marketable. I mean, seriously, though, because some people are getting jobs out of college at 50 grand without an MBA.

Yes. And I definitely understand that. And I I also hope it does as well. I'm I got my undergrad in marketing, so it was kind of a big switch to go into finance. So, I was kind of willing to take a lower paying job in order to kind of get my um you know, foot in the door credits or whatever up. Yeah. Exactly.

Gotcha. Yeah. So, I think um yeah, if there is something that you could start on the side that doesn't cost a lot, that's going to bring in more than waiting tables or, you know, delivering you know, food or whatever the whatever the side gig is that you are going to have. If you find a way to make more doing something else, that's great. we actually do find that you tend to make more in your skill set like if you have a specific skill. Um you know even if it's like helping coach volleyball or not coach but even uh like do personalized um sessions like with girls at the local high school like parents will pay big bucks you know when it comes to sports. So I'm like if there's if there's kind of a little niche there that you could make more doing there um and be able to charge more than again if you're just waiting tables or something.

Um, but yeah, I would be getting an extra job or two and I would try to bring in I mean, if you could cut this in half, like right because if it was $1,000 a month that went towards this debt, that's 50 months.

That's over four years. And we want that cut in half. Like could you bring in two grand a month, right? Extra beyond your job. Um, and if your primary job, you know, you get a raise maybe in six months or a year, like that extra raise goes straight to pay this debt off. like everything is so tunnel visioned towards paying off this debt cuz just like George said, when you don't have the when you don't have debt and then you have some savings in the bank, that's going to give you so much flexibility in what you get to do in life. I mean, the options and the freedom you have.

Okay, that makes sense. Thank you. Do you have any other debt outside of the student loans?

Uh, I don't. I only have Well, I do. I have 2,000 for a medical thing that just happened, but I'm kind of waiting right now on the insurance to see if that's going to be covered, but that's about it.

Okay. No car loan, no credit card debt. Oh, I have I'm leasing a car, but Kaitlin, I thought you said you've been listening.

Guy, you grew up with us. Caitlyn, you should know. How many times have you heard Dave say it's the most oper most expensive way to operate a vehicle?

I know. And he calls it a fleece. It even has its own nickname. Yes. What car is this? Tell me exactly the make, model, and year of this vehicle.

So, it's a Chevy um it's a Chevy LT 2025. And the reason why I leased it was because I was I had my car paid off and everything. And then it completely broke down and it wasn't fixable. It was very old. So, I was kind of in between work at that time and I you know, all my friends were on spring break. I didn't have anybody to take me. There was no Ubers. So, I had to make a very, you know, um, quick call. And that, in my opinion, felt like the best thing to do because I didn't have any money saved for another car. Um, and Ubers were I mean, like I said, we didn't have Ubers where I was going to school. So, that's like I know I talked to the dealer about potentially, you know, getting um

There's no getting out of a lease. I mean, you're going to find someone to take it over or have the full amount in order to buy it out,

which payment is only it's $400. So, it's it's not good, but it's not, you know,

that's a lot of money out of your 3,000 take-home pay. I mean, what's the And you don't get and you don't get to keep the car at the end, you know.

Yeah, that's so No, but this is a good this is a good lesson, Caitlyn, because I want you Well, I I I want you to know that it wasn't a great decision. Like, do you look at it now and you're like, "Oh man, I probably like if anything, I could have taken a $5,000 loan out from the bank and at least gotten a $5,000 car and paid that off soon, right?" Like, there's there are and again, we wouldn't have endorsed that, but there are other things that you could have done in the situation. And when you get painted, this is true for anyone, into a corner and you feel like this is my only option, that's usually when we make really bad financial decisions. And some people do that with a car situation, some people do that with a house. they go and buy a h you know a house and they're like oh my gosh I feel like it was the the only thing it's the only house we could have bought or um you know or the school or college it's the

only college I had to do it I didn't have the money so I had to take out the loans it was the only way like when you paint yourself in a corner of having just one option usually debt is going to end up having to be the solution and so I do from from here on out I would love for you to start thinking of like okay I'm not going to be pinned in a corner I'm going to think about options A B C and D and I'm going to look at Okay, here are all my options. It's a bad option, good option, uncomfortable option. Oh, this is a really easy option in the moment. Probably not great long term. You know, you look at all the benefits. But when you have multiple options in life and you force yourself to have multiple options because there are there always are. Uh you make better decisions. So, just remember that going forward, Caitlyn, if I was 24, I wish someone had told me that because sometimes I don't make great ones.

Yeah. No, thank you. That's so nice. Thank you. These are expensive lessons to learn now, but I'm telling you at 24, if you figure this stuff out and you knock out this debt fast, from 26 or 27 onward, you are going to build so much wealth and have the ability to be an entrepreneur. But the problem with entrepreneurs is their risk meter tends to be broken. And so they're willing to take quote unquote risks for a quote unquote opportunities, which usually means leveraging a whole bunch of debt, hoping it all works out. And unfortunately, we take the calls from the entrepreneurs who say, "My business failed and apparently they still want me to pay back these SBA loans."

I know they don't just forgive them just because the business failed. And so, doing it with less risk is always going to give you the the best ability to survive.

Yeah, you're such a go-getter, Caitlyn. Just steer all that energy in the right direction financially, and you're going to do incredible. But you got to rein that in and keep listening to us and actually

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Austin joins us up next in Knoxville. What's going on Austin? Hey Rachel and George. How are you today?

Doing great. What's going on with you? Good. Living the dream of course. Love to hear it.

Um so my wife and I um we started the the Ramsay plan a few years back. Um and just started chipping away at it. um kind of dive into that deficit and we you know we've since had a family um we we we chipped away at it and snowballed our debt and got to baby step number five. And so with the three kids, they're getting to the point where we're getting a little nervous um because we don't have anything for them saved dedicated just to them. So we were looking at different ways to get the ball rolling. And once you kind of get into that and open those doors, there's a lot of different options. um looking at ESAs, looking at 529s, looking at, you know, Roth IAS, and then even within those, there's different layers for each one of those buckets. And there's a lot of variables in the equation. So, and everybody has obviously the unsolicited advice because we have three daughters.

So, once they see, oh, you you better start saving for college or for weddings and all this stuff. And um so, I guess the fear is, you know, we want to do something, but we don't want to make a decision now that our girls might pay for later on, right? So, um we want to Um, 9, seven, and five.

Okay, nice. So, we've got a decent timeline here until college, adulthood, weddings, and so the A1 is college and maybe a car if you're going to help with that. And so, there's a few ways you can invest. I love the 529 plans are a great option for college saving, ESA also, but there's more limitations to that as far as your contributions. And then you can invest outside of that. And so, you can do that in a brokerage account in your name. That's personally how I like it because you retain control. What scares me about some of these investment accounts for kids is they get control no matter what when they turn, you know, 18 in most states. And so you give a kid compound growth, it's hundred something thousand. If I'm 18, I'm going to blow that.

You're like, hey, this is this should be for a down payment for your future home or your wedding and they're like, I'm going to

I'm buying a Lamborghini, right? Your girls will probably never do that, Austin. But to George's point, it's it is Yeah. Yeah. That's right. That's right. Uh there is less control when it comes to that. Um, and at 18, yeah, that's a lot to give depending on, you know, how much you have saved. So, yeah. So, the 529 is a great starting point for the for the college fund. That's what we're that's what my husband and I are doing. Our kids are very similar ages. They're 8, 10, and five or six now. Gosh, eight 10.

Time flies. Um, so yeah, we do five we have 529s for for each of them. And then we've just kind of created an account in general. Um, I think it's even just like a an index fund honestly that we just throw money in each month that we kind of save and it's kind of earmarked kind of for them in the future. So, whatever that looks like um to be able to help them, you know, and and what they need um weddings and yeah, I mean all all that kind of stuff that just gets so expensive and depending on when it hits, you know, it could all be at once too.

You never know. So, um so that's kind of what we look at on it the the options with the 529. I know there's a custodial option, right, where we have more control as the parents. um versus them. At the same time, if they don't go into uh secondary education, they want to do something else or they get, you know, full rights to whatever. Um I know there's options there for that money, but if you make, you know, the unqualified withdrawal, we're paying a penalty. Um there's just there's a disadvantages when we start to look at it on

Yes, there can be. So, the good thing is it grows taxree, which is great. And then if you get a scholarship and grant, you can actually pull money out with these with

you pull it against the scholarship. So, if you get a $10,000 scholarship, that's $10,000 you could pull out of the 529. And on top of that, with the new Secure Act 2.0, you can roll over up to 35 grand into a Roth IRA for them. And so, there are more options. And I'd rather you have the money and not need it than not have it. And now they're turning to student loans and parent plus loans.

Sure, that's the reality for most people. They go, "Well, I don't want to invest because what if we don't use it?" And then they don't do anything. And so if I'm you, I'm going to open a 529 plan for each kid and then open a brokerage account in my name like Rachel said and just put money in there and that becomes the future gift money, wedding money, whatever.

Yeah. And in their name, Austin, my parents did this when um with Roth IAS once they start working like when we start when we were teenagers and we actually filed taxes under our name.

Yeah. Once they've earned income, they have earned income then you can open up a Roth IRA in that. Yes. In their name. And um and what's wild is my Roth, which I I'm trying to think when mom and dad opened that for me. I think I was probably 15. It's when I started working at

I thought you'd be like four years old. They're like, "Well, Rachel's off." No, no, no, no, no. They they did it the right the legal way. I really did go earn an income. But they um and I think they even helped fund it. I mean, honestly, like because it wasn't a lot of money. Um but they

as long as you earn that level, they can fund it. So if you made seven grand that year, they can

they could use their own seven grand. Yes. Exactly. In it. Um, so yeah, it wasn't a ton and yeah, it was definitely not even seven grand, but what's crazy is starting that at 15 versus my husband started one after we got married and just, you know, just a 10-year period, like the difference in the compound interest. It's pretty wild. So, you could do that later, too, for the girls. Um, as you're thinking about this, I have a feeling you're going to have a lot of options, but yeah, but you're not a big fan of the ATMA, right, George?

No, I just don't like the idea that the kids are going to have control at 18, cuz I just don't know what they're going to turn into. I hope they're wonderful, sweet children and they're gonna be like, "We want to give it to the old folks home, but there's a chance stay below it prodigal son styled." So, I like retaining control personally. So, I would do both 529 plan and the brokerage account really hedges your bets. And it's okay to not be fair. You know what I mean? The 9-year-old should have more dumped in than the 5-year-old because they have four extra years of saving and compound growth on their side.

Mhm. So, it's okay. It's more of a lump sum to start versus a higher percentage or both.

If you have the money, I mean, if you've got 10 grand just sitting burning a hole in your pocket, you can frontload that 529.

And what's wild too, Austin, is you, we did this with our um our smart vest pro, they can do a map. It's not 100% because we don't know the future, but they can look at the rate of which tuition has increased

and how much money you have in to see and say, okay, you know, are you overfunding it? Are you not? I mean, they can kind of help you balance. And even Austin, if you guys wanted to underfund it some, right? And you didn't you knew like, okay, we may only have, I don't know, 30 grand in it per kid or whatever. Um, even though college is going to be double that because we're going to do something else over here. But to George's point, you have to invest somewhere else the difference just in case they do go to school. But if you're scared they're not going to use it or whatnot, um, you could underfund it a little bit and invest somewhere else and use that money

and just be prepared to help cash flow. That's right. You have to go to cash flow or they're working part-time to help pay. They're also working on scholarships and grants. So, it's a great problem to have if all of your kids get full rides and the money sits there and you can change the beneficiary at any time.

That's it, too. It can be passed down. So, your girls could even keep that 529 and give it to their girl, right? Their kids crazy about it is like you it can stay in.

It grows in perpetuity. Yeah. There was one call we took, what was that last week, George, about the the dad. Um, it was a it was a man. He was like 40 and he had a call. I don't know. It was a call still. It was something like that. and he ended up saying, "I don't want to cash it out. I'm going to keep it

for like a generational endowment basically." And he did the math and it would pay for like 10 kids collegees like the next generation down because of the growth like which is just wild. So even that's something you know you can think of high level too.

Awesome. Like you said lot a lot of options there and that's where it was kind of like a little overwhelming for us. So we wanted to kind of throw out a lifeline to see if anybody had any good

uh that I keep it simple. I hope we help narrow down your focus to those two things. One for college, one for non- college.

And then I throw in the Roth once they start working. That'll be later down the road.

Get them working. That 9year-old's uh, you know, might be coming up. These kids these days, they're always doing side hustles.

Yeah. Taxes on them. Yeah. They're going to become, you know, worldrenowned YouTubers by 11 years old.

My gosh, that's true. That's what everyone's fear is. They're like, everyone's going to just be like influencers and YouTubers. No one's going to go to college.

So much money. So, it's a real fear cuz I do think college is due for a reckoning where families are waking up going, why would I go to school unless you need to unless you're becoming a, you know, a lawyer, a doctor, a nurse, a teacher, things that require that degree.

Yeah. Otherwise, don't just go to burn some time. I know. As much as Rachel loved her college experience.

No, I did. I know. But I do think and again, I don't know where I sit with this. my kid. I'm I'm not at this age where my kids are having to make these decisions right now, but there is something when you're 18 to still be in a structured type environment if you have the money. Again, I'm not saying like like don't go take out crazy student loans and not know exactly what you're doing. Yes, you want a game plan, but there's something about those years that you're still in a system

that helps you kind of like stay on track. A little safe bubble to mature and grow and learn some social skills.

I know they're still so young. It's just a very expensive way to do it if you're going to go into crippling debt. So, always cash flow. You can go watch Borrowed Future uh for free on our YouTube channel. It's a documentary we did on the student loan crisis and higher education. Worth the watch with your kids.

Welcome back to the Ramsey Show in the Fair Winds Credit Union studio. I'm George Camel joined by Rachel Cruz this hour. The number to call is88255225 if you've got a question or you want to join the conversation. Jason is in Phoenix up next. Jason, welcome to the show.

Hey guys, thanks for taking my call. Much appreciated. Absolutely. What's going on today? I uh my family and I are working our way through the baby steps. Um we're on baby step two, but there's a lot of uncertainty in our life uh revolving around two kind of central areas. One, uh the employer I work for is kind of cutthroat and the assessments are pretty strenuous each year. I do pretty all right, but you know there's always that uncertainty every year. And then two, I was diagnosed last year with a chronic disease uh that will progress with time.

And um I'm sorry. I uh I am my wife is a stay-at-home mom. Uh we're a family of five. And uh there's just a lot of uncertainty in our life. So I've been trying to think about things things like the rate at which we pay off debt versus the rate at which we can start some other investments besides retirement um slashstart doing the 529 for our kids. And I just wanted your input on how to juggle the baby steps with those year-by-year uncertainties.

Wow. Well, I'm so sorry to hear about your diagnosis. Is it something where they can sort of give you a timeline of here's how it will progress? You know, is this life-threatening? Like, is it something you can manage? What does that look like?

Um, it's a long-term progression. Um, it's multiple sclerosis. Um, and so it definitely could be slow, but it also could be,

but you could live a long full life still. Yeah. Yeah, I could. And medicines are really great these this in this day and age for it. But, um, it's still an uncertainty there and the background sort of stacked on top of the uncertainty with the employer on a year-by-year basis. I just wanted to know if you guys would say that in this kind of a case we may want to invest in some 529 at the same time first or you know something like that.

Well, I probably wouldn't just because um I think with the the there's no guarantee that you're going to lose a job. And if you did lose this one, you'd have to replace it anyways, right? I mean, so there would have to be um you know, income coming in. And so how much how much debt do you guys have and how much do you make a year? Uh I make about 170 a year and uh we got about um 80 grand in student loans. Okay.

Um to pay off and then a 266 mortgage. Okay. Um and how long have you been with the company?

Uh almost three years now. Okay. And is it And the other thing is that Go ahead.

The other thing is that the company has great health insurance, like one of the best in the country. So, my medicines are incredibly expensive and losing the company would mean losing co-ay assistance and stuff like that.

You'd be paying like hundreds and hundreds a month out of pocket just for the medicine.

Is there something obvious in the assessment coming up, Jason, that you think um that you really could be terminated or is it just this kind of like lingering fear of like, uh,

it's a ling it's a lingering fear. Um, I uh it's kind of subjective every year based on your supervisor. Uh, my supervisor likes me, but I don't think he assesses me of the highest quality as say the previous supervisor I did. It's just sort of a personal bias.

Okay. Um, and so I I I don't think I have any issues to worry about really right now. But

yeah, when is the assessment? Um, it comes up Well, it's conducted in April and May and then I find out the results in July. In July, I find out the results.

Okay, gotcha. Yeah. Yeah, I mean if there's nothing obvious um besides just that it's just a tough you know they make tough calls really quick or you know besides that

I would I would stick with the baby steps because I think h not having the debt

is going to get you guys freed up from not just that payment but also the risk of of having this bill that's just lingering and if I if you guys are able to you know cutting the lifestyle which I'm sure you've done cuz I think you guys have been working on baby step two um you know cutting everything down what cuz you're making a you make a great income and I'm just wondering if you can get this thing paid off. You know, if you guys lived on 80, could you pay this off in a year?

Yeah, I was trying to run the math on that. Um I think the most we can squeeze out of it if you just said like the groceries, mortgage, and basic bills. Um I think the most I could squeeze out would be about four about 4K a month. Uh okay.

Our groceries are bill is a little high. Well, especially with my diagnosis, I have to eat a pretty good Mediterranean diet.

Okay. Yeah. I can't just live on rice and beans. U because diet is a big issue with the progression of this disease, too. They've learned.

Okay. So, um, so this might take a little longer. A year and a half is what we're talking

for you to knock out the student loans. Yeah, that's what I'm thinking. Like year and a halfish kind of time frame.

Do you guys have any savings right now? Uh, I mean besides retirement, yeah, I got about seven grand, but I also have some potential lawyer fees coming up dealing with my dad's probate. I'm sort of saving that for just in case.

Okay. Yeah. And I'm okay with you having a little bit. Yeah. Oh, I'm sorry, man. Y'all had a rough go.

Um, yeah. I would just make it an aggressive goal to get that paid off and then to get that emergency fund and then you'll be jumping right back into retirement and kids college. You know, I think a two-year difference isn't going to be massive. I think you guys will be you'll be fine. Um, and then if something switches with the job or if something does happen in July, that's when I would pause everything, stop paying aggressively on the debt, see if you can find, you know, something new, obviously, because you're going to have to, you know, support your family in some way. Um,

on the defense side, do you have long-term disability insurance? No, I was actually in the process of getting term life insurance. And, uh, thank you so much for asking me this. This is another point. I was in the process of getting term life insurance uh when the diagnosis came through. So, I was denied.

Uh but I do I But these are two different things. So, you've got long-term disability, which is you had you've not passed away, you just are unable to work and you're still alive. Do you have that in place through your employer or does they do they offer that?

No. No, I don't think they offer the disability one. um they do have a life insurance and then I also picked up accidental death because I have to wait 5 years after my diagnosis to circle back around to try to get term life again. Okay.

Uh they require a 5-year assessment to see how you progress kind of thing. So, um but no, I I've been thinking a lot about the long-term disability insurance after listening to you guys. And I just asked the guy who I do insurance with the other week if we could look at that. He hasn't been able to get back to me yet. But I like I look at that as almost even more improbable than ever getting regular term life insurance because you're talking about a long-term thing and this is a something that's chronic, right? So,

I'm not sure I would qualify for that ever anymore. Yeah. I mean, there there are some guaranteed issue policies. They're just more expensive and it's not going to cover a whole lot. The policies are going to be much smaller the face value. But there's there there are certain things you can do and I would keep pushing to get any coverage you can

those five kids and your wife protect your family. But man, this is one of those this is going to be your your why as to why you're going to become debtree even faster as to why you're going to save like a like a madman to make sure that your family's taken care of. And um man, I hope that this is something that you end up managing and you live a long life and your family's taken care of and those kids go to college debtree. Um, I'm praying that for you.

I appreciate that a lot. Wish me the best on this journey, man. You're amazing dad, Jason.

The fact you're even thinking about this right now in the stage that you're in and what what's going on is impressive. So, keep fighting the fight, man. We're rooting for you. All right, let's cut to the chase. It's easy to get discouraged about crazy house prices and interest rates, but when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions. Ramsay trusted agents aren't just experts who guide you through buying or selling. They're people you can trust to have your back from the first call to closing day. Find a Ramsey trusted agent near you at ramiesolutions.com/agent.

That's rammissysolutions.com/ the Ramsay Show question of the day is brought to you by Y Refi. If your private student loans are in default, it's time for a plan. Yrefi helps you refinance defaulted private student loans into a low fixed rate payment so you can get back on the baby steps and start making progress. Go to yrefi.com/ramsey. That's the letter y refy.com/rramsey. May not be available in all states. Today's question comes from Natalie in Wyoming. My husband and I do not agree on where money should be saved. I was putting money into a savings account until we got married last year. I have around five months of expenses in that account. My husband says it's losing value due to inflation and thinks that any money we save should go into gold or crypto. While I understand his logic to to a point, I do feel uncomfortable with it, especially the crypto. My logic is if an emergency happens, we have

immediate access to it. I appreciate that he wants to invest for our future and protect our wealth. Does he have a point about the savings account or should we leave it where it is?

Oh boy, this is way beyond just where should we put our savings? This is a fundamental disagreement on what is an investment.

That's true. That's so true. Let's separate it. All right. Let's talk about the emergency fund first. Your emergency fund should be liquid and accessible in a savings account and ideally a high yield savings account which helps you at least keep up with inflation.

Yeah. So, he was right to that point. I agree. Yes. You don't want it just sitting in checking or a normal savings account making 0% interest.

Yes. So, yeah, I'm right. Yes, he's correct. But then you are also correct that this is savings. This is not an investment. We see this as insurance. So your emergency fund is like insurance. It's there when you need it. And so to your point that if something comes up, you have to be able to get to it. So yes, you are exactly right. When you put it in something that you can't get to,

I mean, golly, god forbid, crypto or gold that you're going to have to sell, let alone even just the market, right? It takes a little bit to get the money out and all of it. So there's something about the ease of that emergency fund being there. But then also we want to invest which is a different category

that is completely different and clearly he's he's been online too much if he's going we got to put all our money in gold in crypto the US dollar is going to crash or maybe the stock market did you know 23% last year and everything's actually just fine and so I'm not going to trust the fear-mongerers telling you to put all your money in gold or crypto if you want to use some fun money and he wants to do that on the side that's fine but you need to be investing 15% of your income into legitimate tax advantage age retirement accounts in mutual funds. If you have that as a foundation, a fully funded emergency fund, you're investing 15%. If he wants to use some fund money cuz he's spooked and he wants to buy some gold or crypto, he can have at it.

So, I think we're having very different discussions here and we need to just be clear on what this money is for and where we're going to store it safely.

Good question. And if you want a great uh high yield savings account, our friends at Fairwinds Credit Union have a really great smart bundle you can check out. Just go to fairwinds.org/ramsey / Ramsey and you can get their high yield savings account along with their no fee checking and the Ramsay Bee debit card. Fantastic. Great question. All right, Marissa is in Philadelphia up next. Is it Marissa or Marissa?

Uh, it's Marissa. Great. Nailed it. First try. What's going on? Um, so my question is, should I slow uh my family down on baby step two uh to start putting money towards life insurance for my husband who does work a high-risisk job um and or for both of us.

I have context like that. Yeah. How much debt do you guys have? Um so our mortgage is just under uh 500 and then we have about uh 44 in school loans and then we are at about 90 in other like personal credit.

Okay. And when you say you know putting money towards life insurance what have you looked into and what has been the the cost? So, my husband's uh employer does offer um life insurance, but it's not nearly enough to, you know, keep me and my uh my current child and future child who's expected in about two weeks uh a

congratulations. Thank you. Um so, that that's not nearly enough to cover our our debt and to keep me afloat if something happens to him.

Yeah. Um I've kind of noodled with um the the Xander like kind of not really committing to anything just estimates.

Um for my husband we're looking at about uh 70 to 100 a month to take out enough to cover our 10 month our is it 10 months or 10 years of expenses.

Okay. Um 10 times your income. Yeah. 10 times the income on like a 15 or 20 year term policy.

Yeah. Okay. Um, and then for me, um, we're looking at 30 to 50 a month. So, I'm looking at like 150 to, you know, almost 200 a month. Yeah.

Um, and like where I'm still working on getting us out of being in the red every month with budgeting and baby step two.

Okay. Yeah. Well, life insurance is something I would get. So, I would figure out where where else we can cut in order to make this happen. What's your income? What are you guys bringing in? Um, so together we bring in um about base 200 a year. He is paid hourly and it's kind of tricky to like guess. Um, but he makes about almost double what I bring home. And um, my husband travels for work and I am I work from home but I'm like the stay-at-home

parent. So like I do all of the the house making. I deal with our our kids. It's a lot.

Um, how are y'all in the red though, Marissa? Making 200 a year. Uh we have debt that we have uh we so we've been married a few years um but we are just kind of getting around to like actually financing not financing uh consolidating our money. Um but uh honestly we just weren't budgeting. Yeah. We just weren't budgeting and we've decided that we can't keep living like this. So

good. Well good for y'all. It's kind of your we call it your I've had it moment that you've had that you're like we yeah we make 200. What are we doing? Why do we feel broke? Uh, how do we not have enough? So, I love that. Do you guys have the Every Dollar app?

Um, we've looked at it. Um, but we are we've not I've not taken the step to actually set it up yet.

Okay. We're going to give that uh to you for a year. That's our gift to you guys as a It's a It's a little bit of a a baby a baby gift, we'll say.

Yeah, I like that. A push a push present. That's what they call it these days. That's right. Yeah. The Every Dollar app is your I hope you get a better push present. I think if you do this budget together, you're going to go, "Oh my gosh, we're bringing in, you know, $10,000 a month, $12,000 a month. Where is it all

2,000 at restaurants?" You know what I mean? Or whatever. Like, it's just crazy what you can spend when you're not watching. Like, so I think you will tighten up that lifestyle. It's going to be a big change for you guys is to live on nothing. You're going to live on nothing. Like, try to make a budget where you're, you know, an $70,000 income, right? And then everything else, 130 goes to this debt and gets it cleaned up, which you don't even need that much. I mean, yeah, you guys will be out so soon. You really will. You have such a great

You got what, 134,000 in consumer debt? Um 90 plus the 44. Yeah. Okay. Is there anything you can sell in there? Are there cars involved?

Um, we we both have cars that are paid off, actually. That's one thing we don't have.

Wow. What makes up the 90 in personal credit? Um we have so we financed some um home improvement things. Uh that's about uh 10. Um we have about 20 in personal credit card and then there not to jump down a rabbit hole. There's a work credit card that has racked up debt that we're trying to fix

that we are on the hook for unfortunately. Yeah. Okay. And then it's 44 in school uh student loans. Oh, is that 44 part of the 90

or is that on top of is it on top of Oh, okay. So, it is it is 130. So, you're right, George. I mean, so yeah, if you guys could live on 70,

you know, and throw everything at this debt like, you know, you guys can make some money,

which means we are not doing any investing right now. We are making sure we're not getting big tax refunds. We are not eating out and obviously not going on vacation with a newborn. You know,

we're not shopping. We're not going into Target. We're doing nothing. nothing but to get this debt paid off. And again, at Mercy, I really think you guys will will see some big progress. You know, I will um give you this though. We call it STORC mode. When you are expecting, we do say to pause everything and save up as much cash until you and baby are home and everything's good. So, if you guys want to start I we're going to give you every dollar. So, I want you guys to make a budget tonight so that you guys can get ready for February and start acting like, hey, we're going to we're going to live on a tight budget this month. But instead of that money going to debt, I would just put it in a savings account for now um until you're good. And then once you have once you come home and baby's good and you're good, take whatever has been in that savings for the the next two months, which again I'm hoping is like four, you

know, eight grand or something, throw it at the debt once that happens. So um and do not sit on the fence with this life insurance. Get it done today. I know it's 150 bucks a month, but you need it. It's a non-negotiable in the baby steps. xander.com or you can call 8003564282. They'll take care of you.

If you've been paying off debt, working the plan, and have reached baby step four or beyond, you've done the hardest part. Now it's time to celebrate. The Live Like No One Else Cruise is back March 14- 21, 2027. Join all the Ramsay personalities and me as we sail to Halfoon Key, Cosml, Jamaica, and Grand Cayman. Cabin sold out last time and they will again. Lock in yours with a $600 deposit at Ramseyolutions.com/events. That's ramseyolutions.com/events.

If you're sick and tired of working so hard and got nothing to show for it, that is normal, unfortunately. And normal is broke. You don't have to live that way. Our Every Dollar Budgeting app helps you find extra money every month and builds you a personalized plan to beat debt and build wealth. And in just 15 minutes, you'll find thousands of in hidden margin. And you'll feel like you got a raise. So don't live normal when you can live like no one else. You can start every dollar for free in the App Store or Google Play. Jade is in Boise up next. Jade, welcome to the Ramsay Show.

Thank you. What's your question today? Okay, so my husband and I are newly wides. We've been married about a year and we have like a huge budget we've combined. I'm afraid we overextended when we purchased our house when we got married. Um, but I'm just trying to figure out how to combine our multiple retirement accounts that are kind of spread all over.

How old are you? I want some. Okay. Um, I'm 48 and he's 55. Okay. And I think our 30-year mortgage will have some working till he's 85, unless we do something really smart.

Well, yeah. Yeah. I hope we do something about that. No need to keep it around for 30 years.

And so, what you're talking about retirement accounts specifically? Yeah. And we also have a lump sum of 70,000 coming in soon. So I feel like I have four options with that 70,000 and I want to be really smart with that.

Okay. What's your household income? Uh so we gross about 200,000 and I feel like we bring home about 130 of that.

Great. So about 10k a month, a little over that. And do you guys have any debt outside of the mortgage? Uh just one car for 40,000. Okay.

Okay. And do you have any savings right now? Anything cash liquid? Yeah, we have 6,500 in an HSA account for medical expenses and about 15,000 set aside for our emergency fund.

Okay. So, we'll have 70 coming in plus the 15. When does the 70 come in, Jade? Did you say? Um, I think 50 will come in in about two months and 30 will come in or 720ish will come in in about four months from now.

Okay. So, you'll have everything um by April April May. Yes. Okay. Yes. Cool. And have you guys actually combined your finances as far as a checking account goes? How are you handling that?

Yes. Okay. So, let's give you the game plan and we'll talk about the retirement portion. So, in the baby steps, currently you guys are in baby step two, which means we're knocking out all consumer debt. So, right now for you, that'd be the $40,000 car loan. And the good news is that 50 grand is going to knock out that loan instantly.

Okay. And that was my one of my first option choices is take that and put it there.

I know there's more fun things you probably wanted to do with that, but that is the the right thing to do because it frees up a giant payment. What's the car payment?

Uh$8.25. Woo. You just got a raise. Great. Great. Great. Great. So that leaves you, you got 85 total coming your way. 40 goes to the car. That leaves you with 45K and a majority of that will be your emergency fund of 3 to 6 months of expenses.

And they have 15,000 already of that. Yeah. And so you're going to be golden. You'll be through baby step three by the time all this money comes in, which gets you to the point where you guys are investing 15% of that awesome $200,000 income. That's 30 grand a year you'll be putting into retirement accounts going forward. tracking.

Yes. Yes. Okay. Yes. Now, when it comes to retirement accounts, you were talking about combining. Those retirement accounts will remain in your own name, separate.

I mean, like I have Percy from a state job and then he has a bunch in like crypto and then I have a bunch in one from like two prior jobs. I have some in Fidelity, some in Prior Job, and some in um yeah, Vanguard, some in America, and some like So,

okay. So, it's just there's there's funds all over the place, and you're just trying to simplify your life.

Yes. So, we have 10 different retirement places where money is being held. So, I'm like,

Yeah. Yeah. It's a lot. Yeah. I if I'm in your shoes, I would be contacting a Smart Ver Pro and saying, "Hey, help us simplify." Now, every account that's in your name is going to stay in your name. that when it comes to retirement and same for him. But what you can do is then kind of pull the money into one place for like, hey, I want to put it all in fidelity. Well, they can help you kind of roll all of that over the things that make sense to roll over.

Okay. When we talk about being balanced now, he pretty much went 100% crypto and I went 100% ETFs.

Oh boy. Um, so do is like is that balance? That's what he thinks is balanced is yay, we're like 50/50 almost of crypto to

like as long as one of us has our head on our shoulders, we'll be good. Yeah. No, his his risk meter is is broken if he's putting a 100% of his investing in crypto.

Yeah, I would not be doing that. He's he's gambling. That's pure speculation. And again, I'm not mad at crypto. If you love crypto, put some fun money in there. But you guys need to be investing 15% of your income into tax advantage retirement accounts with things with a proven track record like mutual funds, ETFs. That's fine if you want to do that. But putting it all in crypto is not balanced at all. Even if it's on one person,

okay, that's a different battle. He had about 300,000. Would you say about 15% of that is like the crypto play? You're saying he has 300,000 in crypto?

No, but if you had 300,000 total in investments, how much is it okay to have in cryp? I mean, we we generally say don't have more than about 5% of your world tied up in in those things that are more speculative,

right? So, it depends on your net worth. You know, 10 grand in crypto for someone might be a whole lot and for someone else it might be, you know, chump change for compared to their net worth. So, it's all about ratios there. But I think you guys have an alignment issue more than a financial issue.

What does he say, Jade, when you kind of bring up that? Because I mean, does the crypto make you nervous?

It makes me really nervous, but he thinks that it'll make him be able to retire a millionaire. So,

what if I told you he can still retire a millionaire and not even touch crypto?

Cuz what's really happening is he wants to shortcut it, which I mean, he's 55. He's no, you know,

no spry chicken here, but there's still a level of I want to get there faster and therefore I'm willing to take shortcuts and potentially try the get-rich quick route.

So, yeah, and it may not be a battle you win. I don't know, Jade. I don't know what your tolerance is for um Yep. for that kind of risk, but if I were you, um

I just wouldn't count on that money being there in retirement. Exactly. You have to play that game.

Yes. So, so I would for your sake just say, "Okay, well, if you like if he's just like gung-ho and he's not moving anything, it's not very loving to you." I would say number one. Um, but number two, making sure that yes, what income that you, you know, the 15% you put in uh to the ETFs or whatever it is. Um, run there's um a calculator on ramseyolutions.com and you can run some numbers and just look at those and see how that makes you feel, right? and and you may be, you know, moving up in your job too and doing incredible and you're like, "It's great. We'll have $4 million for just my stuff." I mean, I don't I'm making up numbers, but you know, you that you'll be great. You'll be fine. Even if his, you know, crashes out and who know who knows what's going to happen with crypto. That's what's hard about it is that there's no long-term track record that we can look back and see what's been proven with it. And so

again, I'm not mad that he has some in it, but I wouldn't I think we're I think he is not diversified at all. I mean, that's like the

not even the definition of diversification. And most financial planners would tend to agree, which obviously they're in the market. They probably have a reason to their job, but still it's

it might take a third party like that. Knowing this helps with knowing that with the 30k left after paying off the new car that we probably shouldn't put any more of that in crypto.

No, I would not. Yes. Yeah. Going forward, I would do that. That 30k of your 200k, that 15% should be going into actual retirement accounts into mutual funds.

So, that would be the game plan. Perfect. The next question I had though and where I wanted to like a big thing is we did buy um a $640,000 home. Uh the average home price in our market is about 550. There's not very you know. So if we were

what percentage of your mortgage what percentage of your mortgage, Jade, is going to um Oh, sorry. What what percentage of your mortgage is from your um income each month? Um our

how much is your mortgage payment? Payment is is 4,000. We'll just refinance um to from 7.2% interest to 5.875.

So it's high. But if you guys can keep up with that income, you'll be okay. But I would not let that mortgage sit around for 30 years while he continues to accumulate crypto. And that is my fear is he will be 85 going why would I put down on the mortgage? I can keep investing in crypto. It's going to be a hard conversation.

When you're tired of feeling stuck with money, there's just one solution. To get different results, you have to do something different. No one accidentally wins with money. You have to have a game plan, and that begins with our getstarted assessment. Go to ramseysolutions.com/start. Answer some questions and we'll show you what steps to take next. Don't stay stuck. Take control of your money starting today. Go with ramseysolutions.com/start.

Our scripture of the day, Luke 14:11. For all those who exalt themselves will be humbled, and those who humble themselves will be exalted. CS Lewis said, "Humility is not thinking less of yourself, but thinking of yourself less." Poetry right there. That's good.

Great quote. All right, let's go out to Dave in Denver. What's going on, Dave? Hey guys, thanks for having me. I'm a I'm a loan officer for mortgages. My question is I often get clients and they they come to me needing a mortgage most often older clients in this situation and one spouse has passed away. I have access to their assets or see what they what they have and it's a vulnerable situation and really they don't need a mortgage. What they need to do is sell some of their assets to get a to get a home to downsize. I'm just looking for advice on how to bridge that gap with that and how to properly communicate that to them.

So, you see this going to a dangerous place and you're like, "How do I help these people when my job is to lend them the money that they're approved for?"

Yeah. And it's not overly dangerous sometimes, but like uh you know, they have one spouse maybe have their whole life collecting these assets. And so, when I come along, I say, "Hey, maybe you should look at selling some of these." That's kind of a well, you know, my husband or whoever put all this together, this whole wife, who are you to tell me to sell this kind of thing?

Yeah. You you feel like, hey, that's outside the boundaries of my job, but it's like your heart is aching for them to be like, hey, you really need to go do these things.

Yeah. So, I'm looking for words of wisdom on how to appropriately navigate that.

Well, I think you have the right heart. That's the most important part is is your motive and your spirit and the tone in which you deliver this. Um, but I think just starting with, hey, I want to make sure this house fits your life, not just your approval amount. And as I'm seeing it here, I can see the assets over here. I can see what the mortgage payment's going to be. I think things are going to be tight, unless you make some moves, make some sacrifices here. And you could offer, hey, one recommendation you could pursue is selling these assets, which could do XYZ.

Yeah. Yeah. And then it's just, it's not you telling what they have to do. It's just saying, "Hey, I try to I treat people how I want to be treated and I can see all of your information here and this is what I'm seeing."

Yeah. And it's kind of a, you know, for them, take it or leave it kind of thing, but it's almost for your conscious, you know, you're like, man, I see this and I just want to say it out loud. Um, but at the end of the day, they're going to be the ones, you know, making the decision. And if they don't take that advice and they do something else, that's okay. That's, you know, they're adults and they can do that.

At least you're sleeping well at night knowing that you said your peace. Oh, yeah. Absolutely. And I'm just trying to figure out how I sprayed the D the Dave Ramsey throughout my entire career.

Yeah. Love it. I love it. It's hard cuz you like, well, Dave says, but you can't do that. It's not going to work. And instead, you you sort of get to the root of it. You say, "Hey, the families that I see thrive when it comes to buying a home. They have margin outside of their mortgage payment to live and to save and to have fun and go on vacations." And right now, what I'm seeing with your payment, it's going to be a lot of your income taken up by this payment. And so you can go, hey, here's the approval amount, but here would be a let's run the numbers and see what would be a comfortable amount. And then you can kind of get to the principles without saying, well, Dave recommends 25% of your take-home pay on a 15-year fixed rate mortgage. You know,

they get to choose the wisdom at that point. Yeah. Big Dave, I'm little Dave. That's Big Dave.

Little Dave. Big Dave. I like it. That's true. It's all You know what, Dave? I mean, honestly, that's it's really it would be so impressive and it would actually um garner a lot of trust, I would think, from the people you're working for because in some situations, I'm assuming, you know, you're asking for them to pay less for a home, you know, and that's money out of your pocket, too, right? If they choose that,

less loan, less origination fee, less commission, all of it. Yeah. I mean, all of it. So, there's something um I don't know, really trustworthy for you to say because you're not you're not doing it the other way to be like, "Hey, you should spend more here with me so I can make more." In some of these cases, it's it's the opposite. And so, um they shouldn't be offended by that, right? There's I mean, yeah, there's um I don't know, a lot of kindness in you even doing that.

Yeah. Well, thank you. Absolutely. Thanks for actually being uh, you know, serving well and serving your customers well and being one of the good guys in the mortgage world. That's fantastic. Rachel, I've got a friend in the mortgage world and he knowing what I do, he's like, "Dude, you would not believe

the debt to income ratios people show up with." You're like, "This is bonkers." Like, no one should be giving them this loan.

And sadly, a lot of the banks, you run it through the computer and it goes, "Yep, give them the loan.

That's fine. Yep. Yep. We'll just do it." And the bank doesn't always care about the reality of your financial situation. wild cuz that's part of what got us into the biggest housing disaster in '08 is because of that kind of stuff, too.

Lending people money shouldn't. I know. Keep on doing it, though. Oh my gosh. All right, let's go out to Brian in Alaska. Brian, what's up?

Hi. Uh, can you hear me? Yes. Loud and clear. Okay, sweet. Uh so I am uh in an interesting situation um where I actually live in uh my dad's second home or my parents second home here in Alaska uh while my family lives out of state. Um and I'm curious. I'm I feel like I'm getting a smoking good deal on uh rent here. You know, I just rent a room, but it's way cheaper than I could rent anything else in the area. How long should I stay here um saving up for a house? Um, you know, how how long should I let this good deal ride as long as they're willing to give it to me?

Yeah, it's a good question. Uh, how old are you? I'm 28. 28. Okay. Are you married?

Uh, nope. Single. Single. Okay. Any debt? Consumer debt? Uh, I owe $12,000 on an airplane. Um, but that's in like a leasing company that I own.

Okay. 12,000 on. And that is that it? No credit cards or car loans? Nope. Okay, great. And how much?

No credit card. And how much do you make a year? Uh last year um so I started a new job last year in 6 months. Uh I made about 55,000. Um and then this year uh for the for the whole year, um my guess is about 120 to 140.

Good for you. Okay. And how much money do you have saved? Um, I currently only have like $3,000 saved. Um,

how long have you been living in this or your dad's place? Uh, so I've been living here about 3 years. Uh, I actually used to own half of it and then I sold out um my half to um my stepmom. Um, that paid off a lot of my debt and uh and was able to give me a down payment for this airplane that I I lease out.

Okay. So, this airplane, is this a a business you have where you basically rent out the airplane?

Yep. Okay. What do you make from that? Is that on top of your 140? Uh, that that's uh completely separate. So, I make about $40 an hour every time it flies. Um, and right now it's pretty much just all going back into the business for improvements for the for the airplane. Got it. I'm paying the the principal for um I get a loan from a friend of mine. Um basically zero interest um that uh that I pay the principal out of my my personal funds and then the what the airplane makes just kind of gets circulated back and then making improvements for the airplane.

Okay. Gotcha. Okay. So yeah, the whole living, you know, with parents or on their property or whatever, you know, for a period of time, I'm totally fine with it. I think after a while, um, there needs to be a point that you, you know, go and you're on your own and you're living, you know, on your own doing your own thing. So, what worries me is, and I know you just got this job six months ago, you said, so I'm not going to harp on it too much, but you've had a, you know, you said, I'm getting a great deal, all this, but you only got $3,000 saved. So there's a part of me that's like, you know, if people have this idea, I'm going to go live really cheaply at my parents, but then they don't take what they would have paid in rent or more of what they're saving and actually save it. You know, they end up spending it on restaurants and going on trips and stuff. And so then it ends up being this point of like, okay, you

weren't using it actually to benefit yourself or to get you further financially. You were just using it for lifestyle in the moment. So, if you're doing this, I want you to be really, really disciplined and you make a great income. And so, honestly, Brian, I mean, you're a single guy. You're living in Alaska and basically no rent. If you if you could live on, I don't know, 40 grand a year or something crazy, like you could bank so much money,

not only pay off this airplane, but you could have six figures saved up. Yes. You know, by the end of the year, maybe into a little into

really quickly. And I would I would use that for a down payment on a home cuz as soon as you can get something in your name building equity, that's the best route for you, Brian. So, I'm okay with it for a little bit, maybe a year or two, but I would be so disciplined in that to actually put that money and that savings towards your future and a future home for yourself.

I would just say, "Hey, Dad, I'm going to be out on my 30th birthday." And that's the plan. And you go, I'm going to save up like a madman until then. I'm going to live off a,000 or 1,500 bucks a month, and the other 67 grand is going to go into savings for that house. Build for your own future and independence and you will not regret it. That puts this hour of the Ramsey Show in the books. Remember, there's ultimately only one way to financial peace and that's to walk daily with the prince of peace, Christ Jesus.

Questions about this episode

Who speaks in "You Can’t Make the Same Money Mistakes and Get Better Outcomes | January 28, 2026"?

Dominic (Guest), George Gamble (Host), Rachel Cruz (Guest), Jake (Guest), George (Caller) (Guest), Tommy (Host), Jade (Guest), Dave (Caller) (Guest).

What is "You Can’t Make the Same Money Mistakes and Get Better Outcomes | January 28, 2026" about?

The main topic explores the financial lessons and common pitfalls to avoid for better outcomes in personal finance. The hosts, George Gamble and Rachel Cruz, emphasize the importance of transforming one's financial habits while engaging with callers about various business ventures, including a unique entrepreneurial effort in paranormal investigations.

What is mentioned in this The Ramsey Show episode?

14 people, works and ideas are mentioned, including Ramsay Show, George Gamble, Rachel Cruz, Dave Ramsey Show, Dave Ramsey, 529 plan. Each one on this page links to its own page with every episode that mentions it.

How long is "You Can’t Make the Same Money Mistakes and Get Better Outcomes | January 28, 2026"?

The episode runs 2 h 7 min; the transcript is about 24,973 words in 460 timestamped sections.

More from The Ramsey Show

About this transcript: the episode's spoken words as captioned on YouTube, split into timestamped sections. Reclip.Me locates every person, work and idea in the text, keeps the time it is first named, and quotes the words around it verbatim. Last updated January 28, 2026.