I Live In My Truck But Want To Become A Millionaire

Summary

Summary of "I Live In My Truck But Want To Become A Millionaire" Episode from The Ramsey Show Highlights

Release Date: December 9, 2024
Host: Ramsey Network
Length: Under ten minutes

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1. Introduction

In this compelling episode of The Ramsey Show Highlights, Stefan shares his challenging journey of financial loss and personal struggle. Hosted by Dave Ramsey and featuring insights from George, the episode delves deep into the intersection of financial responsibility, personal growth, and the importance of family.

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2. Stefan's Financial and Personal Struggle

Stefan initiates the conversation by opening up about his precarious situation:

Stefan [00:06]: "I lost everything. And I am driving a semi truck, working for a really big company, and I've been in trucks for a lot of years now... I made a lot of money in entrepreneurship, but I handled it wrong."

He reflects on his past entrepreneurial success and subsequent financial mismanagement, leading to his current state of living in his truck. Stefan candidly discusses the impact of his financial decisions on his family life:

Stefan [00:41]: "I have a four-year-old daughter... I was chasing money and getting past poverty. But the more I try to not be like that, I found myself getting evicted the same way and losing any amount of money that I have."

Despite having no major debts or bills, Stefan acknowledges a void in his savings and stability:

Stefan [01:14]: "I have no bills right now, which I kind of feel as a good thing... But I know I could be a millionaire."

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3. The Importance of Prioritizing Family

George steps in to commend Stefan's bravery in seeking help and emphasizes the significance of fatherhood:

George [02:16]: "What I'm witnessing here is maybe the highest form of bravery, which is a man who loves his kid and wants to do right and wants to do something different."

The conversation shifts to Stefan's daughter, who resides in Maryland with her mother. George urges Stefan to consider relocating to strengthen his bond with her:

George [03:26]: "I think you're supposed to be attached to your daughter... You need to go be down the street from your daughter and here's why."

Stefan explains the complexities of co-parenting long-distance and his commitment to his current ministry in Charlotte:

Stefan [03:02]: "We prayed about it. We co-parented with God in the middle of it too... I'm supposed to still be here attached to the ministry that I'm at."

George remains firm, highlighting the irreversible impact of absence on their daughter’s emotional well-being:

George [05:18]: "Four-year-olds are basically a giant nervous system. They need their dads."

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4. Financial Strategies and Advice from Dave Ramsey

Dave Ramsey provides a structured financial plan to help Stefan achieve both his financial and personal goals:

Dave [06:20]: "What do my finances need to look like to where I could take a pay cut to go move across the country to be with my daughter and it won't destroy my finances."

Key Financial Steps Proposed:

1. Establish an Emergency Fund:

   • Dave [07:10]: "Once you have six months worth of expenses... that's your emergency fund."
   • Stefan is encouraged to save approximately $20,000 in a high-yield savings account to safeguard against future uncertainties.

2. Invest for Retirement:

   • Dave [07:36]: "Once you have that emergency fund, let's begin investing 15% of your income into that retirement program."

3. Save for Future Housing:

   • Dave [08:13]: "Begin saving up in another high-yield savings account for that down payment for whatever's next."

4. Implement a Budget:

   • Dave [09:15]: "Create your free every dollar budget today. The simplest way to budget for your life."

Stefan, earning approximately $4,000 monthly with minimal expenses, is positioned to save a substantial portion of his income:

Stefan [06:46]: "Maybe $650 of it."

Dave [07:08]: "So you're telling me right now in front of America, living in the truck, that you could put away $3,400 a month into a savings account? Let's do that."

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5. Conclusion and Next Steps

As the episode wraps up, both Dave and George reinforce the importance of immediate action and prioritizing family over financial ambitions. George emphasizes the emotional rewards of being present in his daughter's life:

George [08:48]: "Figure out a way to be around your daughter as soon as possible, as often as possible... you're going to have something that millions of dads don't have, which is a daughter who wants to come home."

Dave underscores the practical steps Stefan must take to secure his financial future, thereby enabling him to make meaningful life changes without compromising his financial stability.

Dave [09:15]: "Create your free every dollar budget today. The simplest way to budget for your life."

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Key Takeaways:

• Prioritize Family: Personal relationships, especially with children, should take precedence over financial pursuits.

• Financial Discipline: Establishing an emergency fund and investing for the future are crucial steps toward financial stability.

• Actionable Planning: Creating a budget and setting clear financial goals can empower individuals to make significant life changes without financial strain.

• Seek Support: Reaching out for help and accepting guidance can be transformative in overcoming personal and financial challenges.

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This episode serves as a poignant reminder that financial success is intertwined with personal well-being and relationships. Stefan's journey underscores the value of balancing ambition with the responsibilities and joys of fatherhood.

Transcript

[Stefan]

Brought to you by the EveryDollar app.

[Dave]

Start budgeting for free today.

[Stefan]

I am. I am in a weird position. I lost everything. And I am driving a semi truck, working for a really big company, and I've been in trucks for a lot of years now. I'll say about five years. I made a lot of money in entrepreneurship, but I handled it wrong. I had a four year old daughter. I have a four year old daughter, and when I had her four years ago, I just was trying to make money and get rich and I just didn't handle money right. I just. I think from just generational curses, no one in my family has been able to really get past poverty. I was chasing. Chasing money and getting past poverty. But the more I try to not be like that, I found myself getting evicted the same way and losing any amount of money that I have. So I'm kind of positioned where I just want to. I want to get ahead and I want to do money right. I want to do money God's way. Not just get Rick, get. Get rich quick, but something that sustains and something that, you know, I can give consistently, I can tie consistently. I can just be a better father. And yeah, so that's where I'm at. And like I said, I have no bills right now, which I kind of feel as a good thing, kind of being positive about it. But I know I could be a millionaire. And I just.

[Dave]

How do. How does one have no bills?

[Stefan]

Well, with. Outside of like, when I say no bills, I mean like no major overhead, vehicle payments, house payments, rent or anything right now. Okay.

[George]

No.

[Dave]

No debt. You're not renting. Where are you living?

[George]

In his truck.

[Stefan]

In my semi truck.

[George]

Yeah.

[Stefan]

Hey, Stephan, Stefan PD Coming up in February.

[George]

Can I tell you how proud I am that you're making this call? That's a hard thing for you to have just said out loud that you told me and George in it. What I'm witnessing here is maybe the highest form of bravery, which is a man who loves his kid and wants to do right and wants to do something different. And it's not even as much as change your family tree, but you want to go till a new plot of ground and plant a new tree because it starts with you. And you shot out of the cannon for five years and it went sideways on you. And it's real easy to fall back into old patterns in the neighborhoods we grew up in. And it's real, real hard to stand tall and make a phone call and say, I'm stuck. Can I just shout you out and say, I'm proud of you, man.

[Stefan]

Thank you. I appreciate that.

[George]

If more men would make the phone call you made today to their friends, to their neighbors, to their counselor, to their ministers, the world would change it within the week. But they won't. But you did. And I'm proud of you. Okay. Where's your daughter right now?

[Stefan]

She lives in Maryland with her mom. How.

[George]

Why aren't you in Maryland with. With doing what you can down the street to be in her life.

[Stefan]

So, long story short, ministry here in Charlotte. Me and her mom met in Charlotte where we went to school together. And I just, I prayed about it. Prayed about it. We prayed about it. We co parented with God in the middle of it too. You can be in that. And we just believe that I'm supposed to still be here attached to the ministry that I'm at.

[George]

I think you're supposed to be attached to your daughter. My brother as well.

[Stefan]

Yes.

[George]

No, no, no. Listen to me.

[Stefan]

I heard God say leave.

[George]

Maybe. Maybe he's talking through me. You need to go be down the street from your daughter and here's why. I spent my career with 18 to 25 year old young men and women whose moms and dads had, quote, unquote, different calls in their life that didn't include them. And I'm not saying that you don't work. I am saying you go find what you gotta do to be in your daughter's life so that she sees her dad.

[Stefan]

Can I throw this at you?

[George]

You throw anything you want. That's right.

[Stefan]

Her mom, her mom, they moved back home when she had her. When she. To Maryland, when she had. When she had Raylan, my daughter. Now they're actually looking to move back to Charlotte. That was another part of it. She was always ready to go back to Charlotte. Scouting her on two feet too.

[Dave]

When is that happening?

[Stefan]

Within the next year. I will say that happened. That's one thing that kept me, you know, keep you going. Because it isn't easy co parenting far away. By far. It's really hard.

[George]

I don't want to be a jerk, man. But you're not. You're not doing much co parenting. How old is this little girl?

[Stefan]

My baby's four. Just to give you a little bit on that. When I was doing great and making a lot of money, this is the longest gap I've been not seeing my baby. I would spend a lot of my money getting my baby driving, driving those six hours, get my baby, have her for two weeks at a time, go get her again a week later before she started school. Because, you know, you just started pre K, so it's not like we had any systems in the way. I do everything I can to get to my baby.

[George]

Except you do everything except go be with your baby. So here's what George and I are trying to tell you. I want you to build a life from the inside out, not from the outside in. And you're using words like co parent, but you haven't seen your four year old. And four year olds don't do FaceTime. Four year olds do touch, they do presence, they do stillness. Okay? Four year olds are basically a giant nervous system. They need their kids, need their dads is what I'm telling you. Okay? And I don't want to get in the middle of your theological theology and what prayers you've had. Whatever. What I know is when you make a kid, your priorities in your life changes. I'm not saying that you stop working. I'm not saying that you don't work really hard, that you don't. You're not a full entrepreneur. You don't try to make money. That's what I'm saying. I'm saying it dictates where you live. And if you and mom can't make it work, then you all figure out how we're going to live by baby. Okay? That's not why you called, but maybe that is why this call ended up getting through all the people trying to call. I want you to figure something out. And it might cost you money in the short term, but you will have something that millions of dads don't have, which is a daughter who wants to come home. Okay? You're playing a 25 year game with this daughter now that when she's 30, when she's 25 and she thinks of her dad, her shoulders will drop and she'll exhale and say, dad's home. Okay?

[Stefan]

Yeah, yeah.

[Dave]

So my new goal would be what do my finances need to look like to where I could take a pay cut to go move across the country to be with my daughter and it won't, you know, destroy my finances. So I would have a very clear goal of why we're getting on track. You said you don't have a penny in debt, right?

[Stefan]

No.

[Dave]

How much do you have in savings?

[Stefan]

Nothing. I just started this job.

[Dave]

Okay, so that is your next goal. You said you have no bills. How much are you making per month?

[Stefan]

About 4,000.

[Dave]

So how much of that 4,000 do you actually need to cover some expenses like food or whatever insurance, you name it.

[Stefan]

Maybe, maybe 650 of it.

[Dave]

So you're telling me right now in front of America, living in the truck, that you could put away $3,400 a month into a savings account?

[Stefan]

Absolutely.

[Dave]

Let's do that.

[George]

Game on.

[Dave]

And once you have six months worth of expenses, unless expenses are fake right now for you. But let's say you had real life expenses, you were renting a place, let's base it on that. Say it was three grand a month, six months, that's 18. Maybe round up to 20. Once you have 20 grand saved up in a high yield savings account, that's your emergency fund. That is your never go into debt again insurance policy. And once you have that now we can begin investing. Does your employer have a retirement program?

[Stefan]

I'm going into law enforcement. They have great ones.

[Dave]

Great. So once you, once you have that emergency fund, let's begin investing 15% of our income into that retirement program. And then beyond that, I would be looking to go, I'm going to own a house one day. I'm probably not going to live on the road for the rest of my life, hopefully. And so I would begin saving up in another high yield savings account for that down payment for whatever's next. Maybe it's a deposit for somewhere to rent for a while, but those would be my next goals for you financially of okay, what can I tactically do right now? And so having a savings account is your next day.

[George]

Do what?

[Stefan]

I should be saving that money into those kind of high yield savings accounts now.

[George]

Right now, yeah.

[Dave]

Your A1 is the emergency fund. Six months of expenses. Your next A1 would be retirement 15%. Beyond that, let's begin saving up for down payment, deposit, all of that for housing. And that will put you in a position to where you're not stressed out if you have to do a cross country move, if you have to take a pay cut, you know how to live on less than you make. That's the key. You're really good at that part. But now let's make good use of that 3400 because otherwise it'll slip away into snacks and lifestyle and who knows what else.

[George]

And dude, I'm telling you right now, Stefan, I would have a conversation with mom tonight. I'm not going another 60 days, even if I have to get another job. They're hiring law enforcement agents everywhere across this country. I'm not going another 60 days without with forcing my daughter to live without a dad and calling that God's will right now it's not true. Figure out a way to be around your daughter as soon as possible, as often as possible.

[Dave]

Create your free every dollar budget today. The simplest way to budget for your life.