Brenda (2:33)

I mean, I think we listed too high okay. But then again, we were going off of the comparables, you know, the appraisal report and, and what? You know, I don't know. I think the market over here, the people that can afford that price tag, they're looking for way more square footage. So while that house is very nice because it's remodeled, we poured a lot of money and swim tears into it. It's a two acre property. It's got, you know, that country feel with Starbucks five minutes away. So all the amenities. But I think people are looking for more palatial homes in that area because we're surrounded by those types of homes.

Jade Warshaw (3:15)

Got it, got it.

Brenda (3:16)

Original. There's a lot of new development out here, a lot of incentives.

George Camel (3:22)

So what are you hoping it sells for at this point?

Brenda (3:26)

We have it at 995. And like I said, we've been with this under contract with a contingency offer for 40 days already.

Jade Warshaw (3:36)

I mean, because they're, they're in the same situation. They're making sure their deal goes through. Right. So that has the potential to have a major domino effect. And I would not say. And George, you know, chime in just that, the fact that it's taking 40 days, I wouldn't necessarily say that, oh my gosh, this thing's not going to happen. Because the truth is, yeah, your buyers are now waiting for their contingent. You know what I'm saying? Somebody might have made a contingent offer on their home. So this, this does have some issues. Now what you could ask is if your Realtor can say, hey, if we go under contract with someone, is there a way to say we're also open to other offers until there's. And then like put a stop loss on it. You see what I'm saying? And say, hey, we can.

Brenda (4:21)

But most of the time people, we have had open houses still, but because a lot of people on many of the apps like Redfin and Zillow and whatnot, it is showing us under contract, it's showing us pending.

Jade Warshaw (4:35)

Right. But you don't.

George Camel (4:36)

You can make it as accepting offers.

Jade Warshaw (4:38)

Exactly. You can make a deal to where it's not like that, to where it still looks like it's open for anybody to make an offer and then ask your Realtor to, to say, okay, now we need to put a stop loss on this. Like you have 60. If you, it's, if it's a contingency, you have 60 days or you have 90 days. That. And then after 90 days we get to go to the next offer. That way you're always making sure you have people, you know, prime in the pump here and you can make this go faster. The other thing is, have you had the same realtor the whole time? Because I might be thinking about kicking that one to the curb and getting the Ramsey trusted realtor.

Brenda (5:10)

Well, I actually did contact the Ramsey realtor not too long ago and he said at this point, because of your situation, your best better off sticking with the same person because there would be a delay if I switch to a new agent.

Jade Warshaw (5:25)

What kind of delay? What's that mean? Tell me.

Brenda (5:28)

Well, he means that pictures and the listing itself would take a few weeks for it to get going again.

Jade Warshaw (5:35)

Yeah. You'd have to do new pictures. You can't take the old guy's work. But if you really feel like, I mean, you're the one calling us, right. Saying something's not right. And they are the professional, not you. So they should be getting to the bottom of this a lot faster. Not us. Not you having to call into a radio show for us to tell you what a realtor should have been telling you, basically is what I'm saying.

Brenda (5:55)

Yeah.

George Camel (5:56)

And my guess is let's say you guys walk away from this with, I don't know, $900,000 net.

Brenda (6:02)

Yeah.

George Camel (6:02)

Or is there still a loan to pay off?

Brenda (6:04)

Yeah. We have to come out of pocket for any difference that may.

George Camel (6:08)

So you're telling me on June 1st, the entirety of that loan is due.

Brenda (6:12)

They gave us till June 4th because that was when escrow was supposed to close. But they haven't been able to secure buyers.

George Camel (6:21)

But you, how are you going to come up with that amount of money even if you sold this house?

Brenda (6:26)

We have a savings. Obviously we would have rather not 100.

George Camel (6:32)

Okay. Can you negotiate an extension with the lender? That would be your best bet right now.

Jade Warshaw (6:37)

Yeah.

George Camel (6:37)

To attempt that.

Brenda (6:40)

I mean, I've already asked and nobody seems to get back to me on that.

George Camel (6:44)

Well, otherwise it's going to go through foreclosure.

Brenda (6:47)

Yeah.

George Camel (6:48)

Because your house is the collateral here. So that's even scarier. So I'm wondering if they would work with you and say, hey, we can give you this much right now. Would you be willing to file an extension buying us another month so we can close?

Jade Warshaw (7:01)

Explain the situation, especially knowing that you're under contract, I would think, and then.

George Camel (7:06)

Put pressure on the buyer to say, hey, we need to close by this date in the contract, no matter what.

Brenda (7:13)

Well, my, my question is also, is it better to just terminate this contract and go back on the market?

Jade Warshaw (7:19)

Why Even why would you take the only fish on the line off the line?

George Camel (7:25)

What I'm telling you is you can open it up and say, still accepting offers. So it would say, like contingent, still accepting offers. You can still get more offers. And if a buyer can close fast, that's your ticket out of this.

Brenda (7:37)

Offering anything.

Jade Warshaw (7:38)

40 days.

Brenda (7:39)

Like.

George Camel (7:39)

Well, they won't offer anything if it says it's under contract.

Jade Warshaw (7:42)

Yeah. And you do have an offer.

Brenda (7:45)

Active kickout is what the description on all of those says. The agent added that little piece.

Jade Warshaw (7:50)

Right. But they need to change it to where it shows as totally open. And that is. That is 100%. My husband and I have done that. It's possible to do that. And I also want to encourage you that. 40 days for the contingent offer, if it's taken them 40 days, let's pretend to. That your contingent offer saw your house, loved it, made an offer, and then the next day put their house on the market. Right. It's not uncommonly what happened. Exactly. And what I want to give you hope for is that the average time for a house to be on a market before it sells is 50 days. Okay, so you're at 40. You've got a fish on the line. Don't throw it back because it's squirming a little bit. Just. Just keep reeling it in. And while you reel it in, make sure that your house is showing as available on all the different apps out there so that people know your realtor should know to do this. And if not to be getting all. All up in their grill about this.

George Camel (8:40)

George, you got to fight, fight and claw your way out of this thing. Don't go through foreclosure. No more hard money loans.

Jade Warshaw (9:00)

Hey, you guys, health insurance costs are.

Brenda (9:03)

Only moving one way, and that way isn't down.

Jade Warshaw (9:06)

And if higher costs aren't, wait times to see your doctor are longer.

Brenda (9:11)

And it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system.

Jade Warshaw (9:17)

Is working against you, try a biblically based alternative to health insurance.

Brenda (9:22)

Christian Healthcare Ministries. CHM is a health cost sharing ministry that's helped hundreds of thousands of families.

Jade Warshaw (9:28)

Like yours take care of over $11.

Brenda (9:30)

Billion in medical bills since 1981. CHM has also helped them stay true to their values and avoid miles of red tape. And CH support goes far beyond meeting financial needs. They also help meet spiritual needs.

Jade Warshaw (9:46)

Members become part of a family who.

Brenda (9:48)

Will pray with them and for them when they experience a medical event. So listen, y' all, there's a better.

Jade Warshaw (9:54)

Way to take care of healthcare costs.

Brenda (9:57)

CHM programs start as low as $98 a month. So learn more today and join@chministries.org budget. That's chministries.org budget budget.

Jade Warshaw (10:23)

Straight to the phone lines we go. We got Randy in St. Louis, Missouri. Randy, how can we help you out?

Brenda (10:32)

Kind of going through a really bad time right now. I'm at the beginning stages of a divorce. Found out about an affair, and I need to know what to be doing financially right now. Everything's been split up without me knowing. But another curveball is about three weeks ago, I was diagnosed with terminal cancer.

George Camel (10:52)

Oh, my goodness, Randy.

Brenda (10:54)

So right now I just don't know what to be doing right now. You know, I'm at peace. I know where I'm going to go if this happens, but just kind of everything is just. Last couple months has just been completely just flipped upside down and I need to know what to be. Thankfully, my job is pretty flexible. I can work, make my own schedule, trying to work as much as I can, but some days I just don't feel well enough. Yeah, don't have. We've gotten. We had gotten about 35, $40,000 of debt paid down, but I still have a little bit and I still have about 10,000 and medical debt. So I just need to know what to be doing right now during this time.

Jade Warshaw (11:36)

Okay. This is a lot. You just found out about this diagnosis. How long ago?

Brenda (11:42)

About three weeks ago.

Jade Warshaw (11:44)

Okay. Have you started treatment or not yet or how.

Brenda (11:48)

I just. It's. It's terminal and I'm about to lose the insurance. So that's another curveball.

Jade Warshaw (11:54)

So when you say there's. They're not even attempting to treat this, is that what you're saying?

Brenda (12:00)

I won't have insurance and out of pocket. It's. I can't afford it. And they tried to get me in the programs. I made too much to get any kind of assistance. So even with treatment, the survival time is about nine months. So there it's.

George Camel (12:20)

Are you still on your wife's insurance where you're saying that will end when the divorce goes through?

Brenda (12:24)

That once the divorce goes through, which she's really pushing for, I will no longer be on the insurance.

Jade Warshaw (12:29)

Okay. Do you have kids?

Brenda (12:32)

No.

Jade Warshaw (12:33)

Okay. I think that my debt and my bills is the last thing I'm thinking about. If. If I found myself in your shoes. I know this is a money show.

Brenda (12:43)

Right now because I think what I'm thinking is if. If I do pass and we are divorced, I Don't want my family, like my parents, to have to worry about that debt. I think that's. That's what I'm thinking of. Right.

George Camel (12:54)

Well, they won't if their name's not on it. They're not going to be liable for your debts. Your estate will pay the debts.

Jade Warshaw (13:01)

So whatever you have that's a value will be sold. Sold to pay your debts. And whatever doesn't get paid is just.

Brenda (13:07)

A washout because we don't consent to. We've done it. We don't have a lot saved up. I have a small life insurance policy, but obviously right now my wife's the benefactor, and I've been told I can't switch it as long as we're legally married. I don't know. That's just what the lawyer told me.

Jade Warshaw (13:24)

Yeah, I don't know. When you say small, how much is it?

Brenda (13:28)

$250,000.

Jade Warshaw (13:29)

Oh, 250. Okay.

Brenda (13:31)

It's 250.

Jade Warshaw (13:32)

And upon divorce, you can't switch the beneficiary.

Brenda (13:36)

I can upon divorce, but I don't. It's just. Yeah, I'm. I was kind of wanting to switch it beforehand just in case and have my parents be the benefactor just to make sure that, you know, all that's taken care of and that they're taken care of. But I've spoken to two different lawyers. I seem to be getting, like, different answers. So I'm just really kind of confused right now.

Jade Warshaw (14:01)

At the very least, I'd want to speak to somebody about designating some of it just for your last, you know, for burial and funeral and all of that. If you can specify, maybe even in your will, that of that 250x amount is even for her to know. That way, the executor of the will will make sure that she carries that out. Possibly that might be a loophole. I'm not a lawyer, so I don't know. But that could be a way that you could at least make sure those costs are not put upon your parents and that you're taking care of that through that money.

Brenda (14:34)

Because they're. Yeah, because they're going to be going through enough. I don't want to burden them with anything else.

Jade Warshaw (14:39)

That's right.

George Camel (14:40)

Is there a way to.

Brenda (14:41)

Thankfully, they took. Thankfully they. I was actually, I. When I. When this happened, I pretty much was kicked out and I was gonna live in my car, but thankfully they said no way. So I've actually been able to live with them to keep costs down. But, you know, so they've been really my Parents have been great through this, but yeah, it's not something that they should have to be doing with this. But I'm just kind of, you know, just really overwhelmed by everything that's gone on and just, you know, a little bit just frustrated that I don't know what to do.

Jade Warshaw (15:11)

Of course. Of course you would feel that way. Like, I mean, 100%, this is a lot. This is a curve. This is a huge curveball. And it's.

Brenda (15:19)

Yeah, it's.

Jade Warshaw (15:21)

Yeah, I don't have to tell you, but yeah, it's rough on the camera.

Brenda (15:25)

Because I'm only, I'm only 37 years old, so it's like, you know, I'm not, I'm not an old man. So it's like.

George Camel (15:30)

Yeah, I'm trying to think through some creative things you can do here. Could you do a legal separation and that way you could stay on the insurance for the time.

Brenda (15:41)

He doesn't want to do that. She wants, she wants, she wants the divorce. She doesn't want to do legal separation, anything like that. She wants a divorce.

Jade Warshaw (15:49)

Does she know about your, your health?

Brenda (15:54)

Yes.

George Camel (15:54)

And she just doesn't care?

Brenda (15:57)

Pretty much. Okay.

George Camel (15:59)

How long have you guys been married?

Brenda (16:01)

16 years.

George Camel (16:02)

Okay, so my guess is in your state, I don't know the laws, you'll need to look into that. But there's probably going to be an equitable distribution of the assets and the liabilities. So likely you guys would just split the debts. And so if that's the case, what is the total debt you guys will have?

Brenda (16:22)

Pretty much she's debt free. Like I said, I've got about 1500 on a credit card and about 9700 in medical because I've had a lot of medical issues, so it's that. So pretty much outside of that, like, I don't have a car payment.

George Camel (16:39)

What about a mortgage?

Brenda (16:41)

No, we didn't have a mortgage. Yeah, we were renting.

George Camel (16:45)

Okay. So there's nothing to split, nothing to sell. You've already moved out?

Brenda (16:49)

No. Yeah, my parents house and she's already gotten her own. Her own place.

George Camel (16:55)

Okay.

Jade Warshaw (16:56)

Yeah. Randy, if I'm you. If I'm you. Go ahead.

Brenda (17:01)

I'm sorry, but I think she's wanting to with this so she can pursue with the other person that she's been with. So that's why she's wanting to get this done so she can marry this other guy.

George Camel (17:16)

So I'm guessing it's going to be impossible for you to find health insurance with this condition now.

Brenda (17:22)

Yeah, it's preexisting I've looked, and the only place that would cover me the premium was like eighteen hundred dollars a month, and I just can't afford that. And that's the only place they even would take a chance on me. But I mean, unfortunately, what I have is I have a glioblastoma, which is pretty much about the worst you can get as far as brain cancer. And even, Even if they could do surgery, it's pretty much. It's pretty much a terminal diagnosis. And they say without treatment, maybe four to six months. But even with treatment, it's not a lot of people even last a year. So unfortunately, as this progresses, I won't even be able to work anymore.

Jade Warshaw (18:07)

Yeah.

Brenda (18:07)

Because you know, it's going to affect my motor skills and everything. So it's. Yeah, man, Dude, I am.

Jade Warshaw (18:17)

I'm praying for you now and I'm going to keep praying for you. I don't think the Lord is going to let you out of my spirit anytime soon. So just know, man, our thoughts and prayers are with you. This is a tough, tough thing to go through. I. I admire you for trying to get the financial things in order so that your family is not feeling the burden of it. And, you know, but I would say at this point, man, go. Go enjoy life. Go live to the fullest. Make sure that you're around your loved ones and don't spend your days fighting this. Don't spend your la. Like, fight the cancer, but don't fight people. You know what I'm saying? Like, this is not the time you want to spend tangled up in a divorce war over assets and all these things. Let her go on and be with old boy and you just enjoy your time on this earth.

George Camel (19:08)

Yeah. And if you, if you do rack up any, any more debt, what's going to happen is your parents would get a bunch of death certificates and they would give it to all of your creditors and lenders and they would just wipe the debts. And so I'm not as concerned with you, like, racking up a bunch of medical debt and your parents having to cover it. They're going to give them the certificate and I eat the cost of that and write it off. And so I'm, again, I'm with Jade on this one. You can do all the things you can to protect your finances, but right now, man, I mean, you've got a timeline and you got to live. And so I wouldn't go into crippling debt for fun, but I also wouldn't try to, like, just grind my way out of this. Fifteen hundred dollars in credit card debt in the meantime. Yeah, you got a lot going on. I would just take care of random things.

Jade Warshaw (19:47)

Yeah.

George Camel (19:48)

So sorry. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid, listening to the show on a battery powered radio. All of your data collected by every company you've ever done business with lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards, they all store your info online, making them ripe for a cyber attack or data breach. That's why I've been telling people for almost 25 years they need an ID theft protection plan. And the only one I've ever recommended.

Brenda (20:51)

Is from Zander Insurance.

George Camel (20:53)

They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team. Visit Zander.com or call 800-356-4282.

Jade Warshaw (21:29)

You're listening to the Ramsey Show. Let's do that Ramsey Show. Question of the day. It's sponsored by Y Refi. Hey, if you're buried in defaulted private student loans, just remember you're not alone. Reach out to Y Refi to see if they can build a custom plan to help you dig out. Visit yrefi.comramsey today. That's y r e f y.com ramsey. It may not be available in all states.

George Camel (21:51)

Today's question comes from Lucas in Missouri. What is one of the biggest financial mistakes you've made? How did you feel in the moment and how did you work through it to recover? Dang. Lucas turned it on us.

Jade Warshaw (22:04)

It's getting, it's getting Maury Povich Curiosity from Lucas.

George Camel (22:08)

Yeah, we, you know, people see us at this desk, Jade in the studio, and they go, wow, these people have never made a mistake in their life. But we have made mistakes with the zeros on the end, as Dave would say.

Jade Warshaw (22:18)

I know that's right. I, I, I feel when the callers call in, usually I'm like, yep, done that.

George Camel (22:25)

Like it's been there, paid the stupid tax. So now, biggest financial mistake I've made. I'll go, I'll go first. I was underinsured. I was on my dad's insurance when I first started here at Ramsey for car insurance.

Jade Warshaw (22:37)

Okay.

George Camel (22:38)

And I got into a little wreck right outside the office and the lady was, fine, let me make that very clear. But you had the cops rolling up the fire trucks, the ambulance, and now every employee at Ramsey is looking out the window seeing me sitting on a curb like, oh, my God.

Jade Warshaw (22:53)

Walk of shame. Curb of shame.

George Camel (22:54)

I thought that was the end of it. I thought, all right, this is why you have car insurance. They're gonna fix her door. A few months later, I got served a lawsuit at my doorstep of my house.

Jade Warshaw (23:06)

Oh, thank God it was at home and not at work.

George Camel (23:08)

Yeah, that would have been way more awkward. And she. This lady was suing me and my dad for $375,000.

Jade Warshaw (23:16)

Holy moly.

George Camel (23:17)

Which, you know, 23 year old George didn't have close to that. He had like $3.

Jade Warshaw (23:23)

Yeah, yeah.

George Camel (23:24)

And so it turns out we were underinsured. She was suing our insurance company, her insurance company. And long story short, she was an ambulance chaser and ended up walking away with 50 grand from the insurance companies.

Jade Warshaw (23:34)

You didn't pay.

George Camel (23:35)

It hit our limit, but they didn't go above that. But if they had gone above the limit, I would have been on the hook. My dad would have been on the hook.

Jade Warshaw (23:41)

Yeah.

George Camel (23:41)

For however much she could have gotten from this lawsuit.

Jade Warshaw (23:44)

I mean, you're. Okay.

George Camel (23:45)

So you're. And it took years, by the way, to settle this. So that's looming in my life, living rent free in my head. And I was so stressed out about this that it was going to decimate not only my life, but my father's.

Jade Warshaw (23:54)

Yes.

George Camel (23:55)

Because I was on his insurance. And so that very next day, we upped the insurance.

Jade Warshaw (23:59)

Is this why you have a heart for insurance?

George Camel (24:01)

To this day, yes. This is why I'm such an insurance nerd. Because not having it can wreck all the wealth you're trying to build.

Jade Warshaw (24:06)

100%. Oh, man.

George Camel (24:10)

So that's the big one. On top of, you know, going into student loan debt and credit card debt, all the normal fun stuff that you do.

Jade Warshaw (24:15)

Listen, George, those are the stories that the people are here for. I never heard that before.

George Camel (24:18)

I get heart palpitations. Just reliving well, I bet.

Jade Warshaw (24:21)

Okay, speaking of heart palpitations, I'll tell you mine. So I. I thought about this, and you guys already know, like, if you've been listening, you know, I had full scholarships and I still took out student loans just to live on that. That's probably my dumbest, like, financial mistake as far as, like debt products and things like that. But really I was thinking about this because I saw the question of the day during the break, and this is probably the dumbest thing I've ever Done financially, like, long term. Well, you know, George, Sam, and I used to work on cruise ships, and week, every week, we'd fly somewhere different abroad, not throughout the United States. Like, abroad. Like, you go to China, and then you go to Japan, and then you go to Sri Lanka, and then you go to Alaska. Right? You're always going. But we were broke, and I'm talking about broke broke. You guys know we had the debt, and we would go. We would go fly literally with, like, dollars in, like, $10 in our account, like, dollars. And, like, we'd be in the girl in the airport, like, splitting a pretzel, like, broke, broke. But we were out making money so we could pay off this debt. And we just got. I think you just. You can get used to anything. So I just think we were used to not living on the edge. Live. Yes. Living on.

George Camel (25:29)

Living on a prayer, it sounds like, basically.

Jade Warshaw (25:31)

And so one time we'd gone to Argentina, and it was our first time, and we didn't know. So certain countries, when you. When you come in and then exit, you have to pay a fee that's called a reciprocity fee. And it feels like a scam. Every. Every country is different. And the fee was 25 per person. When I tell you we didn't have it, I'm telling you we didn't have it. And we were, like, standing there looking at each other like, do you have it? Because I don't have it. Like, we were about to spend a night in Argentina. Luckily, y' all. This is so desperate.

George Camel (26:04)

I just smacked panhandling for 50 bucks to get.

Jade Warshaw (26:07)

No, it was one of those points where it's like, okay, I've got, like, $18 on this card. You can try to run it. And I hope it'll go through. I'm okay. If it ends up on an overdraft, Just. Just try it.

George Camel (26:18)

Get me out of this country.

Jade Warshaw (26:19)

Do you know? It went through. And I. I shout like, I praised the Lord so hard because, man, it was just one of the. And, yeah, we got hit with the overdraw, all that stuff. But that was one of those aha moments that I was like, oh, God, like, we're broke. And we almost ended up, like, locked up abroad.

George Camel (26:37)

That would have been a much more wild story.

Jade Warshaw (26:39)

Well, let me tell you about being.

George Camel (26:41)

A European citizen right now.

Jade Warshaw (26:42)

Let me tell you about being an Insta instead. Istanbul. Gosh, I can't talk. Istanbul at gunpoint. I'll tell you that story one time. That has nothing to do with money.

George Camel (26:50)

That's. I Think we need an after show. Ramsey After Dark for that. You got kids listening.

Jade Warshaw (26:54)

I know, man.

George Camel (26:55)

That's scary.

Jade Warshaw (26:56)

So we've all done dumb stuff. Whether it's like a one moment kind of thing or like an insurance thing or just long term. Just living on the edge like we talked about. So you're not alone.

George Camel (27:05)

Just don't make the same mistake twice. And if you can avoid it.

Jade Warshaw (27:09)

That's right, because now when I go to Argentina, I got deeper pockets.

George Camel (27:13)

Yeah. You come back a different woman. You're getting the Argentinian steak now.

Jade Warshaw (27:17)

Okay.

George Camel (27:17)

All you can eat.

Jade Warshaw (27:18)

I know. That's right. Give me the plant based variety. Let's go to the phone lines. We got Annie, who's in Mobile, Alabama. Annie, how can we help today?

Brenda (27:25)

Hi.

Jade Warshaw (27:25)

Hi.

Brenda (27:26)

Hi. Thank you so much for taking my call, guys.

Jade Warshaw (27:28)

You bet.

Brenda (27:29)

So my husband and I have 40 years of life invested with one another. But our interests are starting to diverge on how we imagine our retirement. We live in the south, as you said, Mobile and summers are cruel and they're brutal. My view is that I'd like to relocate to a more moderate climate where there's more senior activities. But this requires us to sell our home and more than likely move to a much higher cost of living. The problem, which is not really a problem, is that we have eight in our family. We have four dogs and three cats and a husband. So I can't move.

George Camel (28:08)

Which one do you like the most out of those? I just pick one and move.

Brenda (28:12)

Oh, I'd like to do that. But I'll tell you what, that's my husband's favorite too, so.

George Camel (28:19)

So you guys have to take the petting zoo with you wherever you go.

Brenda (28:23)

We do. And so a townhome and a condo is out of the question. My. My dear husband, now he wants to stay, he wants to age in place. We have a nice home and he wants to travel maybe the three months out of the year, go and find a nice AirBN. My concern is how viable each of these will be with our finances.

Jade Warshaw (28:44)

What's your nest egg?

Brenda (28:46)

Pardon me? Our nest egg is. So we have about $800,000 in investments. We have a military pension of $6,300 per month. We have a VA amount that comes into $2,400 a month. We have a government pension that comes in at 700amonth. Wow. And without taking our Social Security, if we wait until we're 6,770, we'll have about 5,000 per month. Adding on top of that.

George Camel (29:13)

That's great. So right now you almost have 10 grand coming in.

Brenda (29:17)

Guaranteed income a little bit like 11 or 12. Yeah.

George Camel (29:20)

Wonderful. And so you don't need to touch the investments.

Brenda (29:24)

No, but we're not. We're not yet retired, so my husband is still working, and so he's bringing money in that we're setting aside 3k every month on top of that.

Jade Warshaw (29:32)

How old are you?

Brenda (29:33)

And I'm 61.

Jade Warshaw (29:35)

How old? How. How long does he plan to work until you guys choose one of these retirement paths?

Brenda (29:43)

Work is fulfilling for him. So we're thinking 67.

Jade Warshaw (29:47)

Oh, wow. And do you think that. Okay, regardless of which way you go, are you okay with waiting till 67 to start living that life, or do you guys want to start living that life simultaneously? What does that mean?

Brenda (30:01)

What it means for me is that he's more of a homebody, and I'm okay if I can take off maybe a month of the summer and maybe go do a little traveling. On your own day until we're. Yes, on my own. I'm used to that.

Jade Warshaw (30:16)

He's not.

Brenda (30:17)

He was a flyboy at one time, and he's traveled all over the place, and so he's not necessarily interested in doing too much traveling. I think he wants to find a place and just chill out.

Jade Warshaw (30:26)

Yeah, absolutely. I think we do have a little bit.

Brenda (30:29)

We do have a little bit of a debt. I have zero debt in the sense. Oh, the only. The debt I have is mortgage.

Jade Warshaw (30:34)

Okay.

Brenda (30:35)

And our mortgage, how much is about 200. And, well, I owe about 225.

Jade Warshaw (30:41)

Okay. For the clock. Annie, let me get you at this. So the most important thing that I'd be looking at is getting that house paid off before you guys retire. That's going to give you the freedom to choose one of these paths. The idea of moving somewhere more expensive where you might have to take on a bigger mortgage, I don't like that idea. I want you to be mortgage free, so whatever you do, make sure it's debt free.

Brenda (31:10)

Foreign.

George Camel (31:16)

Do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?

Brenda (31:22)

Yes, I have George. Sketchy and never trust him.

George Camel (31:26)

And that's why we recommend delete me. They help with that?

Brenda (31:28)

Yeah, they do.

Jade Warshaw (31:29)

Delete me actually goes in and removes.

Brenda (31:31)

Your information from data broker websites. And it is an incredible service that everyone needs.

George Camel (31:36)

And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means Your info, like your email address, your home address, your kids names, your name, everything is just out there for scammers and spammers to find.

Brenda (31:50)

So much.

George Camel (31:50)

But delete me will delete your data, hence the name. It's gone. They'll wipe it out for you so you can sleep easy.

Brenda (31:55)

That's right. And then once they remove your information, then they're going to send you a detailed report telling you where they found your information, when they removed it, how many hours they've saved you.

Jade Warshaw (32:06)

I mean, it is incredible.

Brenda (32:07)

So detailed and it's beautiful.

George Camel (32:08)

Get this. So far they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.

Brenda (32:19)

Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.

George Camel (32:25)

I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to JoinDeleteMe.com that comes up to less than nine bucks a month. Super affordable.

Brenda (32:36)

Again, that's JoinSlateMe.com Ramsey. Make sure to check it out, you guys.

Jade Warshaw (32:57)

Graduation doesn't come with a gps. I wish it did, but a lot of students are walking into the real world with no clue on what direction they should actually go. So the Get Clear career assessment is part of the find the work you're wired to do student edition. And it's here. It's here for you. It will help your student get clarity and build a real plan that they can be confident in, whether it's choosing a major, choosing a trade, or getting their first job. The good news Is it's only 34.99. And this assessment will help them identify their strengths, while the book part of it will help them understand the results and figure it out what's next. So again, the get Clear assess assessment, the career part is the career assessment. And then find the work you're wired to do. Is the book part okay? And this is really, really, really great. You can get a copy today@ramseysolutions.com store or if you're watching on YouTube or podcast, you could click the link in the description to help you so that you can get started. George, I wish I had that when I was.

George Camel (33:56)

I would have. I wouldn't have floundered as much. Just sort of soul searching and wasting years at college hoping I'd figure it out once you graduate. Yeah, and that could have saved me some heartache because I took the Get Clear career assessment and it's Spot on. It's like everything I'm doing now, but that took me a decade to figure out. So I could have fast tracked that. Who knows where I'd be now?

Jade Warshaw (34:16)

Jade, I knew people who went to school just to buy themselves time to.

George Camel (34:20)

Go on their eat, play, love journey at the tune of $200,000.

Jade Warshaw (34:24)

Man, oh, man, they sure did for.

George Camel (34:26)

An art history degree.

Jade Warshaw (34:27)

Oh, all right. Hopefully Seth didn't do that. Seth from Coeur d' Alene, Is that right? Idaho.

George Camel (34:31)

That sounds right.

Jade Warshaw (34:32)

All right, let's go with Coeur d' Alene. Did I say it right, Seth?

Brenda (34:35)

Yeah, Coeur d' Alene, Idaho.

Jade Warshaw (34:37)

All right.

George Camel (34:37)

Yes.

Jade Warshaw (34:38)

All right, social studies for the win. How can we help today?

Brenda (34:43)

So I am about to get married, and I'm trying to get my financials in situated before going in there. I have about $31,000 in debt. She knows about that. It's from trying to start a business. Didn't quite work out. But anyways, I'm. I've done the financial peace course, and I'm on step two, trying to get the debt paid off. And I was looking at some debt consolidation programs where you stop paying your credit cards and you start paying into this program and then they negotiate for you. And it sounds really good because they, you know, they're saying less interest and less, like, total dollar amount. But I just. I'm trying to wrap my head around it.

George Camel (35:31)

It sounds too good to be true.

Brenda (35:33)

Fishy. Yeah.

George Camel (35:35)

Yeah. No, you are spot on, my man. Did you. Were you just Googling, like, how did you even find this? Or did they find you with a targeted ad?

Brenda (35:45)

I think it was a combination of Google and, you know, Facebook popping up, some message or something.

George Camel (35:52)

But, yeah, okay, yeah, you're. You're spot on. So what they do is they don't eliminate your debt. They just delay it. They restructure it. There's upfront fe, there's ongoing monthly fees, a percentage of the debt reduced, and then exactly what they'll tell you, hey, stop paying your payments, let it go into default, let your creditors come after you, and then later on down the road, hopefully, maybe we can settle for less and get you out of this mess. And we'll do it for you. Hey, relax. Relief is on the way. The relief is in the name. It sounds amazing, right?

Brenda (36:21)

Yeah.

George Camel (36:22)

But here's the problem. Creditors might refuse to negotiate. It tanks your financial world. So if you go to rent a place or do anything financially, your credit score is shot, your debt settlement offers might get rejected. They could come after you and sue you. So this is not a fun ride. And you can do all of this yourself by just paying off your debts and negotiating the debts if they are in collections on your own.

Brenda (36:43)

I gotcha. Okay.

George Camel (36:45)

So you don't need someone else and you don't need to pay them to do it. You need the debt snowball method. That's going to walk you through how to do all of this. So hang on the line. I'm going to send you financial Peace University. Watch all nine lessons along with your your lady and get this stuff dialed in and say, hey, I know I've screwed up. I've made some mistakes. I want to clean it up. Would you go on this journey with me? And I think it's going to help both of you get set up for success 100%.

Jade Warshaw (37:08)

Hey, thanks for the call. We've got Alicia. She's in Augusta, Georgia. Alicia, how can we help today?

Brenda (37:15)

Hey, George. Hey, Jade. So excited to be talking to you guys both.

Jade Warshaw (37:18)

Yeah. Glad you're here.

Brenda (37:22)

So my question is if I should continue renting out one of my homes in San Antonio, Texas for another year per my Realtor's advice, or if I should sell it. I have three homes currently that I have no business owning. I found the Ramsey show unfortunately a little bit too late. So I'm active duty, military, and I bought my first home in 2020 in San Antonio when I was stationed there. And I currently have renters in that house and they pay about 7 or, sorry, $2050 a month. And my mortgage is 1700 on that. And then I have the second home that I bought because my husband and I were expanding our family and we decided to get a second home. And I owe. We purchased it for 375,000 in 2023, and we owe 348,000 on that one.

Jade Warshaw (38:25)

Where is it?

Brenda (38:26)

Our mortgage is. It's also in San Antonio.

Jade Warshaw (38:29)

Okay.

Brenda (38:30)

Our mortgage is 3250. We got a very high interest rate. And the rent, we tried to sell it last year because we got notified of a PCs. Unfortunately, I was three months postpartum and the military ended up moving me unexpected leave to Georgia.

Jade Warshaw (38:48)

Okay.

Brenda (38:48)

So we tried to sell it and we weren't able to get any buyers. And so our Realtor said, let's just go ahead and put it up for rent. The highest we were able to get was 2,600. So although we're making about $350 off of the first house, we're losing about $600 on the other house. And her advice is that we continue renting it for another year.

Jade Warshaw (39:12)

Because of course, it's her. It's not her money.

Brenda (39:15)

Right.

Jade Warshaw (39:16)

Listen, it doesn't matter what she said. It's. It's. She's not the one who has to sleep in your bed at night. Right. It's really easy for other people to tell you to keep burdens that are not their own. Right. I mean, that's essentially the problem is. What's the problem?

Brenda (39:34)

Her market analysis is she says that we're only going to be able to sell it currently for about 330,000, even though we purchased it for 375. So my husband and I decided we wanted to try and sell it, and we are aware that we would probably have to come to the table with $40,000 out of pocket. But she seems to think if we hold on to it for another year, let the market go up.

Jade Warshaw (40:00)

That is speculation.

George Camel (40:02)

I love that. Just the optimism. Let the market go up until Trump burps and decides to do a tariff and then undo a tariff, and then the housing markets back down. The Fed's not moving rates.

Brenda (40:12)

Rates.

George Camel (40:12)

I mean, we all thought that a year ago.

Jade Warshaw (40:14)

Yeah. I mean, what will you make if the. The first property that. That's +350. What's that one worth? If you were to sell it today, what would you pocket?

Brenda (40:23)

So we have about $71,000 in equity in that. We do plan on selling it next year. We. We renewed the lease with the current tenant.

Jade Warshaw (40:32)

Okay. And you keep. That's for one year. Okay. So for that reason alone, that's the only reason that you might push this a year is because you don't want to break the lease. Math there is pretty simple. You sell that one, you take the money, and if the other one is still upside down, you clear the balance with that, the money from the previous sale. And then whatever is left, you. You put it on to whatever baby step you're on.

Brenda (40:55)

Right, Right. That's exactly what we were wanting to do, but I just. I just wanted to hear it from you guys, I guess. So do you think it's a good idea to go ahead and move forward with the sale of the home that we're upside down on and just come to the table.

George Camel (41:12)

But do you have 40,000?

Brenda (41:15)

We do.

George Camel (41:17)

How much do you have total? That's liquid.

Brenda (41:21)

So we have about 50,000 in a high yield savings and about 24,000 in our checking account at any given time because we have three mortgages that get pulled every month. So we try to Keep a decent amount in there.

Jade Warshaw (41:33)

Is any of that your three to six? Like what? Of that is what tagged as an emergency fund.

Brenda (41:39)

The high yield savings is where we would deem our emergency fund.

Jade Warshaw (41:44)

Okay. Yeah, I'd 100 liquidate that because you're. I would 100% that do that because in many ways you're in baby step two. Right. We're clearing out this debt and my guess is you probably have other debt laying around as well.

Brenda (41:56)

We don't. So I paid off my car. Once I started listening to the show, I immediately paid off my car. My husband is retired from the military and his truck, his $60,000 truck was just sitting in our driveway. So we sold that good. And bought a little $8,000 car for him to cruise around town in. So we have no credit card debt and no. No other consumer debt houses.

Jade Warshaw (42:21)

Listen, you're on the right track. I think what George uncovered is great. You've got the money sitting there. Sell that second house today. And as soon as you can, sell the other San Antonio house so that you're not long distance landlord.

George Camel (42:33)

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Brenda (43:02)

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George Camel (43:03)

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Brenda (43:23)

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George Camel (43:30)

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Brenda (43:34)

Including Ramsey Solutions, that rely on NetSuite to help tackle some of their biggest challenges. And right now, you can download the CFO's guide to AI and machine learning.

George Camel (43:44)

At netsuite.com Ramsey that's free at netsuite.com.

Brenda (43:50)

Ramsey.

Jade Warshaw (44:03)

Thanks for hanging out with us here on the Ramsey show on the Ramsey Network. This is a live show about your life and your money. You get to call in, you get to be the subject of discussion. We won't make fun of you. You might feel a little bad sometimes afterwards, but I promise you, you'll leave with the next.

George Camel (44:19)

We just want to tell you the truth. And sometimes the truth, it hurts. It hurts before. It will set you free.

Jade Warshaw (44:24)

A little sting there. But if you want to get involved, you can call in. The number is 888-825-5225. And we will get you on the line. If you didn't know, I'm Jade Warshaw. Next to me is George Camel. Let's get it started. Jeff in Columbia, South Carolina is on the line. Hey, Jeff.

Brenda (44:42)

Oh, hey. I have a problem. I can't get rid of my Fidelity Rewards credit card. And basically what it does is it takes 2% of all my purchases and put it. Put you in my brokerage account. Okay. And I cannot cut that thing up with all the reward points I get.

George Camel (45:03)

How much are you getting? 400,000. Where are you at?

Brenda (45:07)

Well, actually, well. Well, I run it through all my business expenses. So I have two. I basically have one for my personal business. But I mean, I do. I mean, I have about, on average, a little bit more, a little bit less. A million charges a year. So I get about 20, 22,000 a year for each.

George Camel (45:24)

Okay.

Brenda (45:24)

Two percent back. And then that goes into the brokerage account. And, you know, I buy index funds, you know, ETFs, and I mean. And I've been doing it for 20 years. The first one I got that card is 1%. Now they jumped up 2%. And it's just.

George Camel (45:45)

Why do you want to cut it up?

Brenda (45:47)

Well, I don't. I mean, I follow everything that, you know, Dave Ramsey steps to, you know, has about no debt. I don't have any debt.

George Camel (45:56)

Good.

Brenda (45:56)

You know, and I just can't. So I know you guys don't typically recommend having credit cards, but I can't give that one up. This would be the only call you ever call it that would say he got the best of the credit card companies.

Jade Warshaw (46:10)

Is there a debit card that could do the same thing? Have you looked into it?

Brenda (46:15)

I have, but I just gotten fell in love with that one Fidelity Rewards card. And it goes straight to the brokerage account. I don't want airlines. I don't want cash back. I want it to grow.

George Camel (46:26)

And, you know, what do you make a year?

Brenda (46:31)

Well, after I pay the alimony and child support, depends on year to year. About 150 to 160.

George Camel (46:37)

Okay. And what's your net worth?

Brenda (46:42)

Probably 3.2, 3.1 million.

George Camel (46:45)

Way to go.

Brenda (46:47)

Yeah.

George Camel (46:47)

No debt to speak of. No mortgage or anything?

Brenda (46:50)

No, no. I just try to pay everything in cash. I mean, but.

George Camel (46:54)

And you run. You said you run a million dollars Worth of expenses through your business?

Brenda (46:59)

Yes.

George Camel (46:59)

Wow. What kind of business are you running?

Brenda (47:02)

It's. I design and sell, drive on docks for jet skis and boats. And I, I have been noticing the last few years I get a lot of pushback from my vendors about the credit card. But, but I, you know, I'll say, hey, hit me up with the, I try to negotiate. A lot of times they'll give me 2% back if I pay in 10. So if I have a 3% credit card, if they charge me 3%, if I pay in 10 with the credit card, they're giving 2%, you know, back. So basically I'm paying 1%. But the best thing about those reward cards is they're not really taxed. I mean, the money you get from them. Yeah, not now. So it's tax free. But I mean again, if I, you know, the net worth I have, I'm pretty sure I'm more of a saver than spender. So it's just, it's more habit than anything else. Yeah, you know, if I go on cruise, of course I'm gonna get the cheapest room or I, I never fly first class. I mean, I'm still driving a 10 year old SUV and you know, even my kids, they're older now. So. Dad, you know, you need to get a new car. It's like, no. Why? It still runs, you know.

George Camel (48:08)

Well, that's how you built your wealth. That, and that's what I want to encourage you with, is you have been able to do this not with the help of the credit card companies, you have done it with your own sheer discipline and willpower. And the rewards are nice, but they have not made or, you know, destroyed your wealth. And I don't think the way you're living, it's probably not going to hurt you that much in the future. So there's a lot of angles with the, the credit card, you know, argument. And the latest one that is very compelling for people like you is to understand where these rewards are actually coming from. Have you looked into that?

Brenda (48:44)

Well, where they're coming from, basically from. Honestly, all from my business.

George Camel (48:49)

No, I'm saying the $20,000 the credit card company gives you what is funding that? And there was a recent Fed study that found there's an annual redistribution of $15 billion from less to more, educated, poorer to richer, from high to low minority areas. And all of that is due to the fact that essentially broke people are subsidizing your rewards. And this is not a moral high horse. Like I don't think you're a bad person if you get rewards. But I'm saying if you're looking for a reason to cut them up beyond, well, I think I'm winning. Why shouldn't I keep doing this? It's just a predatory gross system and industry, and it's not one that I personally want to take advantage of, even if I wanted to and could.

Brenda (49:32)

I understand. I completely understand.

George Camel (49:34)

So. But are you going to be the target problem, calling in saying, hey, I'm at $40,000 in credit card debt and I'm excited about my rewards. I just think you could be more successful, at least as successful, without the credit card. So here's a good test. Don't use the cards for 30 days and see if it changes your personal spending. See if it changes the way you run your business. And if it doesn't change anything, you do you. That's how I feel personally.

Jade Warshaw (49:58)

But yeah, I mean, I mean, the thought is there are, I know there are debit cards that'll give you cash back. He'd have to be. Instead of, you know, floating that cash flow, he'd have to pay the cash flow up front, but. And then he. I don't know if they link directly to his investments. He might have to then take the money and invest it.

George Camel (50:15)

But it sounds like he's doing anyways. Yeah, but I mean, the, the, this is the outlier where it's like, okay, he's running a business, running a million dollars of expenses. It's a different situation.

Jade Warshaw (50:26)

There's a lot more cash to be had, I suppose.

George Camel (50:28)

But even then, there's not a single credit card that is being used to run this company.

Jade Warshaw (50:32)

Yeah.

George Camel (50:33)

And so Ramsey is running a whole lot more than a million dollars of expenses. And we are not, you know, tempted by the allure of a 2% rewards card. I, I don't own a credit card. I cut mine up back in 2013. And I'm telling you, something mentally switched in me.

Jade Warshaw (50:50)

Yeah.

George Camel (50:50)

To where I was excited about my Discover cash back and my American Express, you know, Delta Sky Miles. It changed the way I was thinking, and it changed where I was headed. And so my goals were no longer, let me see how much rewards I can get. It was, what am I doing to take control of my money, to build my own wealth, to create my own rewards through budgeting and spending more wisely.

Jade Warshaw (51:11)

Yeah.

George Camel (51:11)

And because of that, my investing rate and savings rate increased, my spending decreased.

Jade Warshaw (51:18)

Yeah. Yeah.

George Camel (51:18)

And so people don't think about how much more they could make than that. 2% just by getting on a budget. And could you cut 2% of your spending this much month if you realize I'm only using my own money? Absolutely. Because we found that when you use a credit card, you're going to spend upwards of 12 more, 20 more, 100 more than the person next to you using cash or a debit card.

Jade Warshaw (51:38)

That's right. Especially depending on the purchase. Things like, like I've seen the studies where going through the drive through, like the percentage more that you spend or buying concert tickets or, you know, and those are the things that we tend to put on credit cards. Right. It's like, oh, you know, Taylor's, Beyonce's in town. You know, she's only gonna do, you know, cowboy Carter one time. So I'm just gonna, you know, go ham. And then you end up spending way more. You get tickets that otherwise you would never have considered getting. But because it's on the plastic, you're like, hey, let me on, let me on on the floor.

George Camel (52:09)

Here's the the tldr. When it hurts less, it costs more. That's psychology. That's human nature. You can thank the fall of man for that, but that's how it goes. And so the more friction you add to your spending, the better off you're going to be, the more frictionless it is. Use other people's money and you pay it back later. You're going to make very different decisions.

Jade Warshaw (52:27)

I'm going to need you to break down TLDR too long.

George Camel (52:31)

Didn't read. That's my version of Spark Notes.

Jade Warshaw (52:33)

Okay.

George Camel (52:34)

I can't believe I taught Jade Warshaw something. That's pretty cool.

Jade Warshaw (52:44)

Foreign.

George Camel (52:51)

This show is sponsored by Better Help. More and more people are becoming aware of the need for mental and emotional health resources. But so many of those same people still say they avoid getting therapy due.

Jade Warshaw (53:02)

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Brenda (54:08)

That's better help.

George Camel (54:09)

H E-L-P.com DeLoney Buying and selling a home is a big deal and you want an expert in your corner fighting for you to get the right deal at the right price. That's why we only recommend Ramsey trusted real estate agents. They're handpicked pros who know their stuff, listen to your needs and have your back. Back from the first call all the.

Brenda (54:33)

Way to closing day.

George Camel (54:34)

To find a Ramsey trusted agent near you, visit ramseysolutions.com agent ramseysolutions.com agent all.

Jade Warshaw (55:02)

Right, George, it's time to chop it up a little bit.

George Camel (55:05)

Let's do this.

Jade Warshaw (55:05)

People want to know. They want to know the raw and the real. Am I doing all right? Where do. Where should I be for my age? Is what people want to know. Like am I doing okay financially? Yeah. How are other people my age doing? Where do I fall in line?

George Camel (55:19)

And I make these videos for my YouTube channel, the George Camel YouTube channel, and they're the top videos. People want to know what is the average net worth by age? That's a big one. So I thought we can cover the high level here so that people listening can just figure out where they stand.

Jade Warshaw (55:34)

We want to compare ourselves.

George Camel (55:36)

Yes. And let's make it clear your net worth is not your self worth. If you are below this, you're above this. You're not worse or better than anyone. Okay. You're still a fallen human being and we still love you. But it's good to just go, where is it? How we do in America. That's what we're going to call this segment.

Jade Warshaw (55:52)

How we doing America? How you doing?

George Camel (55:54)

And it's gonna get dark real quick, as you'll see.

Jade Warshaw (55:56)

Oh, boy.

George Camel (55:56)

So net worth by age. We're gonna start for the folks in their 20s.

Jade Warshaw (55:59)

Okay.

George Camel (56:00)

The average net worth, $113,000, which is impressive.

Jade Warshaw (56:05)

Well, can wait. Can I roll it back before we do this? Let me roll it back. Can you explain net worth? Explain net worth first. So these folks know what we're your.

George Camel (56:13)

Net Worth is your assets minus your liabilities. So everything you own minus everything you.

Jade Warshaw (56:19)

Owe, and that's cars, homes, all of it.

George Camel (56:22)

So for someone in their twenties to have an average net worth of 113 grand is impressive. Yeah, it is, because we're talking and that means you have probably paid off your debt, you've got equity in a home. Now we got to talk about average versus median. This is where it's important.

Jade Warshaw (56:37)

Please.

George Camel (56:37)

Average is skewed because you have the crazy high highs and crazy low lows. So this average number is skewed by people who are crazy high. Maybe some trust fund babies. Now we're going to move to the median. So we go from 113 grand to the median net worth for folks in their 20s. $7,600. That's more like it. That's more accurate.

Jade Warshaw (56:57)

That feels right. Because this is like I maybe avoided debt or I had time to pay whatever debt I had off and now I just have my old car and I just started contributing to a 401k.

George Camel (57:09)

So median is a more accurate measure because it's simply the number in the middle of the list from the smallest to the biggest number. So that's the number two. If you're going to try to use the measuring stick, that's sort of the suck bar.

Jade Warshaw (57:20)

Yeah. Median.

George Camel (57:21)

I would say the average net worth, that's more like. Okay, that's a healthier number to look at. But the median net worth just go from above. That I'm doing. Okay. So a goal to aim for.

Jade Warshaw (57:31)

You said the suck bar.

George Camel (57:32)

The suck bar. That's what we call it.

Jade Warshaw (57:34)

Okay.

George Camel (57:34)

Let's be honest. 7,600 bucks.

Jade Warshaw (57:36)

I'm with you.

George Camel (57:37)

I'm with you. I mean, we can do better than that. As you exit your 20s.

Jade Warshaw (57:41)

I thought there would be some negatives on here. I'm surprised I didn't see any like minus signs.

George Camel (57:45)

Well, that's the truth. When you think about the median being 7,600, it's not that far from being in the negative.

Jade Warshaw (57:50)

Yeah.

George Camel (57:51)

So a goal to aim for in your 20s. I'm just going to throw out kind of a BHAG, a big hairy, audacious goal. 200 to 250 is like you get an A plus.

Jade Warshaw (58:00)

Wow.

George Camel (58:00)

From George. For long term wealth.

Jade Warshaw (58:03)

That is a. That is an A plus.

George Camel (58:04)

So good goals in your 20s, get out of that consumer debt and if you can get into a home, great. But usually that's going to happen for people as they enter their 30s. In today's world, with how expensive homes are.

Jade Warshaw (58:14)

George, I'm concerned with where this is going. I'm afraid people are going to be in a deep, dark pit with this.

George Camel (58:19)

I know, I know. I'm here to just. I'm okay, keep going. I didn't come up with this research. This is just reality.

Jade Warshaw (58:25)

Just smile when you say it.

George Camel (58:27)

Yeah. In your 30s, average net worth 317 grand. Media net worth 35 grand.

Jade Warshaw (58:33)

Got you.

George Camel (58:33)

Okay, so that's 30 to 39. I think that's good. You know, life's picking up speed. You probably have maybe some. You're married, kids, a mortgage by this point and you're 30 to 39. But your income is usually higher.

Jade Warshaw (58:45)

True.

George Camel (58:45)

And so you're saving and investing should become priority. And if you still have lingering debt, you got to get serious because you still have compound growth on your side when you're this young.

Jade Warshaw (58:55)

That's true.

George Camel (58:55)

You've got another 30 plus years of working career to invest.

Jade Warshaw (58:59)

And that's the hope.

George Camel (58:59)

Take advantage of that. So an A plus goal for, from my book, 4 to 500 grand by the time you exit your 30s. That's a pretty decent net worth. Think about that. You know you've been Investing in your 401k for a period of time. You've got some home equity now. You paid off the debt that this is. If you're following the baby steps to.

Jade Warshaw (59:17)

A T and you're 39, not 30.

George Camel (59:19)

Exactly. There you go. Now in your 40s, average net worth, 791 grand.

Jade Warshaw (59:26)

Okay, okay, okay.

George Camel (59:27)

Median net worth, 125 grand.

Jade Warshaw (59:29)

Got you.

George Camel (59:30)

So this is an interesting one. That's a big gap we found in our millionaire study where we studied 10,000 millionaires. The average age was 49 years old. So this isn't far off the average net worth 791. And you're 40. So to have a million dollar net worth by age 50, I think personally that's a good goal to reach for because that tells me you're right there in that millionaire study data. Now, in your 50s is, climbs up to average net worth of 1.4 million and a median net worth of 288. So 288,000 is the median there, which again, that scares me because if you're heading into retirement and your net worth entirety, home equity investments, everything is a quarter million. We got some catching up to do.

Jade Warshaw (60:12)

You gotta catch up. Yes. This tells me you can, but you just don't have. You won't have as much money as you would have had, but you could still have enough.

George Camel (60:19)

You can still retire with dignity, but you're gonna have to work longer than you want to.

Jade Warshaw (60:22)

Yes, that's right.

George Camel (60:23)

You're not living a super comfy retirement life.

Jade Warshaw (60:26)

You're correct.

George Camel (60:26)

So target net worth in my book by your 50s. If you had a million by 40s, I would say let's start climbing up closer to 2. So 1.75.

Jade Warshaw (60:36)

Yeah.

George Camel (60:36)

To 2 million total net worth. Not just investments, but everything. Home equity investments, cars, all that. By the time you're 50, I would say you're gonna do just fine. And then finally we get to the 60s. Average net worth 1.7 million. Median net worth 439,000. And this is where people are hoping to retire, to be able to. Now they might work because they want to.

Jade Warshaw (60:56)

Yeah.

George Camel (60:57)

But I don't want you to have to work because you have to. That's a very different place to be. And so median net worth of 400 grand scares me. In, in your 60s?

Jade Warshaw (61:05)

100%. Yeah. In today's world. Yes.

George Camel (61:08)

That tells me you have put everything else in your life first and you've not put on your own mask or.

Jade Warshaw (61:13)

You thought Social Security was gonna get you.

George Camel (61:16)

That's a scary one. Or you've been signing up for parent plus loans and trying to pay off your kids debts, your own debts. Keeping up a lifestyle you couldn't afford, not investing into those retirement accounts. And so a good action step in your 60s as you head into retirement, get the house paid off. Make sure that your investments are strong enough to last you another 20, 30 plus years.

Jade Warshaw (61:35)

Yeah.

George Camel (61:36)

And so how do you improve your net worth at any age? It's simple. If your net worth is assets minus liabilities. Let's get rid of the liabilities column. Get rid of your consumer debt which will increase your net worth. Next, get into a home when you can financially afford it.

Jade Warshaw (61:51)

When the forced savings.

George Camel (61:52)

Yes, that's a forced savings plan. The home will appreciate in value over time. And we found that 68% of millionaires have a paid for house. And that's a wealth building machine as part of your net worth.

Jade Warshaw (62:03)

It really is.

George Camel (62:04)

And then your primary home doesn't produce income and so you need income outside of that. And that's where the investments come into play. So aim to invest 15 of your monthly income and if the earlier you start, the more compound interest has time to build. And here's what we found in the retirement accounts. 80 to 90% is all contra is all growth.

Jade Warshaw (62:23)

Yeah.

George Camel (62:24)

That's only 10 to 20% is what you put In.

Jade Warshaw (62:26)

That's right.

George Camel (62:26)

So when we say, well, Jade, you could have a million dollars, we're not telling you to try to save a million dollars. We're telling you if you save 200,000 over the next 30 years, it will grow to a million. People don't understand growth. The power of compound growth.

Jade Warshaw (62:39)

Yeah. Which is why you really did say it, like, in your 30s, there's. If you're in your 30s now, there's so much time to take advantage of this. Like, now is not the time to, like, kick the can down the road, really get serious. Because that time is really going to be your best friend when it comes to compound growth. And let me just, let me talk to the people. Because some people heard this, they're deflated. Yeah, man, they're a sad sack right now. And because it does, you're like, man, why, why did you have to compare me to the. These other folks who are doing so much? But a word, George, on comparison, because I do think that there's, like, comparison in a bad way, and I think there's comparison in a good way. And the way that I like to think of it, George, is be curious, not critical. Right. Like, this is not a time for you to be, like, so critical on yourself that you feel bad, but be very curious about about how these people that George is talking about have achieved this. And so it really is about. Instead of being like, well, it must be nice, you know that. I mean, that is how we all.

George Camel (63:34)

That explains most of the comment section on the Internet.

Jade Warshaw (63:36)

Yeah. Let's be, let's be curious, let's be inquisitive, and let's ask the right questions. Because the truth is, if they did it, you can do it. It's just, how did they do it? We're probably going about it the wrong way. So for me, when I saw, like, I'm in my 20s and 30s with a negative net worth because at least none of these are negative, I'm like, okay, let me look at someone who's doing this and ask the right questions into Ramsey Solutions. How do I pay off my debt? How do I get in a position where I can build $1,000 of savings? How do I become a person who makes good habits and follows their budgets? How did you build that business? How did you, you know what I'm saying? So start looking at the people in your life who might be hitting the arrows on some of these medians and average net worths and start asking them the right questions. Listening to the show and folks like George Camel is a great place to start.

George Camel (64:24)

Yeah, I went from negative net worth to millionaire in 10 years. So don't underestimate how much you can accomplish over a long period of time.

Jade Warshaw (64:48)

Hey, guys, what's up? It's Jade Warshaw. And look, if there's anybody who knows about student loan debt, it's me. My husband and I had $280,000 of it, but we were able to dig ourselves out. And you can, too. If your student loan payment and interest rate are burying you, refinancing could be the solution. Now, I recommend contacting my friends at Laurel Road today through their own online application. You can get an initial rate quote in less than five minutes. And if you have a more complex situation, you can schedule 30 minutes to talk to an actual human being. Thank goodness Laurel Road makes it simple. There are no fees involved and you could save thousands over the life of your loan. Remember, you should only refinance if it makes sense in your situation. So if you're looking for a low rate or. Or a shorter term so that you can pay off these student loans fast, talk to my friends at Laurel Road about their competitive interest rates and how you could actually get a lower rate by signing up for autopay. Listen, nobody's coming to save you from your student loan debt. If you want it gone, you can't mess around. Go to LaurelRoad.com Ramsey to find out more about student loan refinancing. Again, that's LaurelRoad.com hey, what's up?

George Camel (66:08)

Dr. John DeLoney here. The new dates have dropped for the money and marriage getaway over Valentine's day weekend in 2026. This is your chance to hit pause on everything in your life and reconnect with your spouse over a long weekend in Nashville, Tennessee. Me and my friend Rachel Cruz will be digging into topics like sex, money, communication and more. This weekend is happening on February 12th through the 14th and early bird. Prices start at $749 per, but the prices will be going up soon. Get your tickets today@ramseysolutions.com events.

Jade Warshaw (67:00)

If you're tired of living living paycheck to paycheck and wondering where the heck's your money's going, your first step is to get on a budget fam. Our team is hosting a free budgeting training this month. You'll learn step by step how to make and stick to a budget using my favorite budget of all time, the only budget I ever use. Every dollar plus, you can get the biggest budgeting questions answered. It's in a Live Q A format. So it's you asking the question and hearing back in real time. The spots are limited though, so if you want to sign up, you can do that for free. Free@everydollar.com webinar. Get involved. Let's go to Cassie in San Diego, California. Hi, Cassie.

Brenda (67:41)

Hi. My question. Thank you for taking my call. My question is how do I settle a repo?

Jade Warshaw (67:47)

Okay, tell us. Tell us the backstory.

Brenda (67:50)

So my car, in reality, it got me. And I'll be honest, it got me into this position because I had a gambling addiction. I've. I'm in baby step one, which I saved $1,000. But now with my car getting repo, how do I settle it? So I just want. I mean, that's the only thing I have on my credit.

George Camel (68:13)

What was the connection. What was the connective tissue from the gambling to the car getting repoed?

Brenda (68:19)

So I was. Instead of making my payments, I was thinking I can go to the casino and double it to make payments and things like that.

George Camel (68:28)

Oh, my goodness.

Brenda (68:29)

Yeah.

George Camel (68:30)

Have you gotten control of the gambling addiction? What are you doing to resolve that?

Brenda (68:36)

So keep myself occupied. Disconnected completely. Everything with the. Everything with any advertisements that used to go to my email block that.

George Camel (68:48)

Have you gone to Gamblers Anonymous?

Brenda (68:51)

I have a not.

George Camel (68:53)

Okay. I just want to make sure that we've resolved the root problem here before we just fix the repo, which we can help you with that. What are you driving another vehicle now?

Brenda (69:03)

No, I'm not.

George Camel (69:04)

Are you working full time?

Brenda (69:07)

I am.

George Camel (69:07)

Okay. Is that remote or how are you getting transportation?

Brenda (69:11)

The bus.

George Camel (69:13)

Okay.

Brenda (69:13)

I don't have a problem. Luckily I'm fortunate that I'm able to. To get transportation. That leaves me close to work.

George Camel (69:20)

Good. And what is your total debt, including the repo deficiency balance?

Brenda (69:26)

The total, total debt on the vehicle is. Based on the information is 19203.

George Camel (69:33)

That's what you still owe.

Brenda (69:35)

That's what's owed. And I got. When they got repoed two weeks later, not only I got that letter, but I also got some letters from. I guess they were. When it was sold, they were going through the. Through this place where they have to pay and they weren't paying. So I was. I got that notice and I started opening all my letters and I saw that the car was sold for 3,000 and so they hadn't changed, I guess any information for the new owner and so getting billed as well for the toll road. So I did reach out to toll road. They did get confirmation, you know, that the car was Sold with my information. The letter that I got, but the vehicle to the 19,203. I got that letter. I didn't get a letter saying it was already. It was going to be sold with dates or any information. It was just sold two weeks after that for 3,500 around there. And so now, now they're charging me, they're asking for that 19,000.

George Camel (70:41)

So because you owed like 24,000, whatever it was, 22,000 on it.

Brenda (70:46)

Correct.

George Camel (70:47)

Originally, they sold it for three. You owe the rest. Have you, have you reached out to the company?

Brenda (70:53)

I have not. Because I want to make sure if getting that information over the phone, what is, what are my options? Like, what do I. I mean, is it something that.

George Camel (71:02)

I mean, you're. You're going to have to. You can attempt a lump sum settlement and see if they would take less.

Brenda (71:07)

Okay.

George Camel (71:07)

You know, let's say you come up with, I don't know, $7,000. They might be willing to take that as a lump sum settlement as paid in full. And the key is you want to get any. All of this in writing, the full settlement terms, the exact amount due, a statement that the payment will, you know, satisfy the debt in full. And that will allow you to make sure that you don't get screwed on this.

Jade Warshaw (71:30)

I mean, they're gonna, they're gonna take you for a ride. You're gonna have to beat them over the head over and over. And at the end of the day, it's like, listen, guy, I don't have any money. My car got reposted. What you're getting are my last dollars and this is it. There's no more where that came from. Right. That's the attitude you've got to have.

George Camel (71:45)

And when they do this, they, they kind of know there's very little likelihood they're getting their money back.

Jade Warshaw (71:50)

Exactly.

George Camel (71:51)

And so. Okay, but you can at least clear this and move on with your financial life if you can come up with a settlement amount to make this go away. And that's going to take a little bit of time. What are you making right now full time?

Brenda (72:03)

1667.

George Camel (72:04)

Okay, good.

Jade Warshaw (72:06)

And what are your other debts?

Brenda (72:09)

So I, that's all I have for now. I do rent, 1300 on my rent. That includes electricity and water and everything.

George Camel (72:18)

Great.

Brenda (72:18)

So transportation. Transportation. Right now I'm getting just the cost, so it's like 75amonth. So, you know, with food and everything, I think I can definitely come up with that.

Jade Warshaw (72:32)

Is it just you or is there kids or.

Brenda (72:35)

No, no, it's Just me. That's why I have reached out, because I figured I can do it because I'm now I'm alone to where I don't feel too obligated or my responsibilities with my children. My children are adults now, so.

George Camel (72:51)

So you clear this repo debt and you're completely debt free.

Brenda (72:54)

Correct.

George Camel (72:55)

That's amazing.

Jade Warshaw (72:56)

How quickly could you stack up half of this?

Brenda (73:01)

Half of the 19,000.

Jade Warshaw (73:03)

Yeah, 7,000 or 8. You know, how quickly could you do that?

Brenda (73:07)

I can probably do that in the two months because it's take home. I'm looking about for like almost 4k a month.

Jade Warshaw (73:15)

Okay, good.

George Camel (73:16)

So you could. You're saying you could put away. I mean, you said your bills are likely, what, 1500 to 2000amonth total. So you could save up about 2,500amonth. Let's say you did that for three or four months. Months, that's, you know, eight or ten grand. And then call them up and say, hey, listen, this is everything I have. Would you be willing to settle in full for this amount? And then don't give them access to your checking account, get it all in writing, and instead do like a cashier's check or a money order to solve this and then move on and make sure you've dealt with that underlying gambling problem so this doesn't come back to haunt you in another form of debt. But I hope we're moving forward to the future.

Jade Warshaw (73:52)

I know that's right.

George Camel (73:53)

That's tough.

Jade Warshaw (73:54)

Repo.

George Camel (73:54)

I've seen those videos of cars getting repoed, like at a gas station. They just roll up real quick and just drag that car away. I mean, it's heartbreaking to watch.

Jade Warshaw (74:02)

Yeah, it's. I feel like the emotional toll on that is just as painful as the financial tool. Right?

George Camel (74:07)

Yeah.

Jade Warshaw (74:08)

Oh, my goodness. All right, let's take another question. This one's going to come straight from the interwebs, as Dr. John DeLoney would say. Let's go with Morgan from Instagram. She says, when entering baby step five, George, which is saving for kids college, how much do you save for each kid?

George Camel (74:25)

Oh, one of my favorite questions. And I truly wish there was like a magic. Well, I. Exactly what college is going to cost, especially for the college your child will get accepted to and go to or want to go to, because here's what I found. People say, well, Jade, I don't want to save for college because what if they don't go and I go. What if they do go and now they go 150,000 into student loan debt when you could have saved and had the power of compound growth, the power of this, you know, tax free growth in this 529 plan or whatever college savings plan you choose. And so how much to save? We're going to ballpark it based on, on, you know, the state school costs in your area plus inflation. And there's calculators, you know, we have one on our website that can help you figure this out. But again, it depends on where your kid goes. They could go to the community college and pay five grand a year or they might go to the out of state private college and pay 75 grand a year.

Jade Warshaw (75:14)

That's true. But the weird thing, and it's not weird, but the difference between baby step five versus some of our other steps is we tell you baby step one it's a thousand dollars. Baby step four, we tell you it's 15%. Right. We're giving you all these percentages and this is the one outlier where we're kind of saying he, hey, she loves your own adventure. Pick it for yourself, whatever you have left over. And I will add this caveat, George. You know, some folks, they're like, I don't really want to cover the bill. Like I'm more focused on retirement right now or I'm more focused on, you know what I mean? And there you don't have as much margin as you thought that you would have to spend on that. And I would say that that's also okay too. You know, it's not required that you pay for your kids college. I would say the only requirement there is to make sure that you have, have conversation. Yes. And set very, very clear expectations for both of you. And it's out in the open. So they know, hey, there's no fund here. You got to get a scholarship or you've got to work.

George Camel (76:08)

I would rather have too much versus not enough. Cuz now with the new Secure 2.0 act, you can roll 35 grand over to a Roth IRA and you can also change the beneficiary so you can bless another kid. Maybe you or your spouse want to go back to school. Maybe it's niece, a nephew. The range of who you can make the beneficiary is pretty amazing. And so I want to have six figures personally for each kid.

Jade Warshaw (76:29)

And honestly, if you did overfund it and you were like there's too much and I want this money, the fee isn't that bad.

George Camel (76:35)

Yeah, you pay a 10% penalty. Listen guys, I've heard just about every excuse for why Folks think they can't get ahead with money, so let's go ahead and settle this right now. Now you get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget. The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for.

Brenda (77:15)

Every single dollar coming in and every.

George Camel (77:18)

Single dollar going in out every single month.

Brenda (77:21)

And guess what?

George Camel (77:22)

It's free.

Brenda (77:23)

So no excuses.

George Camel (77:24)

Download every dollar in the App Store or Google Play today.

Jade Warshaw (77:41)

We're so glad you're here listening to the show and enjoying the. The show. And I hope if that's true, you're also sharing the show. You're telling some folks in your life about, you know, the things we talk about here on the show and how they've affected your life. That's really the best thing that you could do for us. If you are considering yourself a fan of the Ramsey Network, tell somebody about it. You could, you know, drop a link in a text message and send it to somebody or email them or really, just word of mouth. George, that's awesome.

George Camel (78:06)

Sharing is caring.

Jade Warshaw (78:07)

Sharing is caring.

George Camel (78:08)

You know, when you love something, you can't help but tell people about it.

Jade Warshaw (78:10)

Yeah. What do you love right now? What are you listening to? Watching? Oh, I'm putting folks on the spot.

George Camel (78:15)

There's a new show called Number One Happy Family USA that is about a Middle Eastern family post 9 11. It's an animated series. It's hilarious. Very. It's true to, you know, okay. My. My family growing up.

Jade Warshaw (78:26)

Okay. Love that.

George Camel (78:27)

So it feels very relatable to me. How about you?

Jade Warshaw (78:30)

I've been watching the NBA finals and I'm enjoying that. Or, you know, playoffs, I should say.

George Camel (78:35)

But it's good.

Jade Warshaw (78:36)

It's not a podcast, but I would suggest it and I'm sharing it with you, my friend.

George Camel (78:40)

Share my honest feedback about the NBA. I don't like the squeaks. I have sensory issues and I don't want to hear the squeaks.

Jade Warshaw (78:48)

Shoes on the. On the pavement.

George Camel (78:49)

Too many squeaks.

Jade Warshaw (78:50)

Okay. Okay.

George Camel (78:51)

You know, so that's my. That's my. If they can make shoes that are squeakless, I'll watch.

Jade Warshaw (78:56)

I don't know that there's anything they can do about that.

George Camel (78:59)

Come on, guys, get on it. Nike.

Jade Warshaw (79:01)

I'm sorry. Oh, boy. Let's go to Randy. He's in Greensboro, North Carolina. Come on and raise up. What's up, Randy? Randy?

Brenda (79:09)

Yes. I just want to know Yalls opinion. Is it morally wrong for. For me to sell my wife's wedding set? She's been past three and a half years, and I was gonna start to cleaning out the house for the first time.

Jade Warshaw (79:23)

Oh, wow.

George Camel (79:24)

I'm so sorry, Randy. Three years ago, she passed.

Brenda (79:29)

Yeah.

George Camel (79:29)

Yes. How old was she?

Brenda (79:32)

59.

George Camel (79:35)

So sorry. And so you. Are you needing to sell these rings for financial reasons, or is this just like a. You want to kind of grieve in your own way and heal and move on through this?

Brenda (79:48)

Well, no, it's not really that. It's just kind of, you know, the house is not paid for, and I thought I had it appraised. A ring appraised at 6200, and I thought that would go a good way towards paying off the house. And there's. We didn't have any children together, and. And she's not really close, you know, no close to any girls in my family.

George Camel (80:09)

So it's not like this ring would get passed as an heirloom of. With a lot of sentiment to, you know, a daughter or something.

Brenda (80:16)

Right.

George Camel (80:16)

Wow.

Jade Warshaw (80:18)

I don't think there's anything morally wrong about that.

George Camel (80:21)

No. I mean, at the end of the day, stuff is stuff. And if it's. If, you know, the sentiment can be different for everyone, it might not be in the wedding band. It might be in the memories. It might be in a photo. It might be. Be in a thousand other things. And so if that's something that you feel like will help you get the house paid off, and that's your own way of leaving a legacy from the life that you guys build together. I see nothing wrong with that.

Brenda (80:43)

Okay. I appreciate y' all taking my call.

Jade Warshaw (80:45)

If you. I would say this, Randy, before you do it, just take a moment, as much as you can, and imagine how you'll feel if today you let go of that ring and it was gone. How would you feel that would be. My only thought is, does that feel better for you, or does that feel like ugh? Because if it feels a little bit like ugh, like, I don't think I do it just for that reason, not because of anything moral.

Brenda (81:11)

Okay. Well, it kind of does make. Make me feel bad to think about it being gone, you know, how much.

George Camel (81:19)

Further do you have on the house? I'm just wondering, you know, I know this will help you make some progress, but is this, like, I'm not going to be able to retire because of this. How much further do you have to go?

Brenda (81:28)

I. I got laid off about two years ago, so I'm not working now. And. And I haven't taken my Social Security yet because I was letting it build up as much as it could. It goes up 8% a year.

George Camel (81:40)

How are you living?

Brenda (81:42)

Well, I get a survivor's benefit from. From my wife's passing.

George Camel (81:50)

And that's enough to cover all your bills?

Brenda (81:53)

No, I take seventeen hundred dollars out of my Social Security out of my retirement fund.

Jade Warshaw (81:58)

Okay.

George Camel (81:58)

Okay. What's your total nest egg and what's left on the mortgage?

Brenda (82:02)

There's $65,000 left on the mortgage and I have about 200, I mean 300 in total. $50,000. Everything, every penny.

George Camel (82:13)

I have. In other words, 350 grand to your name. Does that include the equity in the home or is that just your nest egg? Investment? Investments.

Brenda (82:21)

There's no investments.

George Camel (82:22)

What's the house worth?

Brenda (82:25)

Around 280.

George Camel (82:27)

Okay, so your total net worth is about a half a million, give or take.

Brenda (82:34)

Yeah. Yes.

George Camel (82:35)

Okay. And you are not going to be working. Are you done?

Brenda (82:40)

No, I'm done. I worked it. Well, that was another story. Worked at. Worked a 60, 70 hour week job my whole life.

George Camel (82:49)

Okay. I'm just wondering, are you going to have to work? As you know, is this going to be enough to cover your bills with Social Security, the survivor's benefit, does that run out at a certain point or is that forever?

Brenda (82:58)

It runs out when I take mine. I haven't taken mine, my Social Security yet.

George Camel (83:02)

Okay.

Jade Warshaw (83:03)

And what's the difference between the amounts? Will yours be more or will it be less than hers?

Brenda (83:08)

It'll be more.

Jade Warshaw (83:09)

Okay.

Brenda (83:11)

January 1st, mine should be $4,000 a month.

Jade Warshaw (83:14)

And will that be enough to cover your lifestyle pile?

Brenda (83:17)

Yes. Yes.

Jade Warshaw (83:18)

Okay. Yeah. With this ring, I don't think there's anything on fire. My guess is you could look around if you really needed the $6,000. You might could look around the house and find other things worth value that you could. You know what I'm saying? That you could sell to accumulate that money. That's not as dear to your heart as those rings. I mean, at the end of the day you can do what you feel is best. But. Yeah, if I, if it was still like heart wrenching for me to part with it, I don't know that I would. Would.

George Camel (83:45)

It wouldn't be the first thing I did.

Jade Warshaw (83:47)

No.

George Camel (83:48)

And so I can't even imagine though walking through that scenario.

Jade Warshaw (83:52)

No, I'd be. Listen, if Sam Wara tried to sell my ring. I would haunt him from beyond the grave. I'd be like, not you, Sam.

George Camel (84:00)

Get that ring back from that pawn shop.

Jade Warshaw (84:02)

Give me the ring. Yeah.

George Camel (84:03)

Oh, my goodness. But here's the other thing. It's not going to make a huge debt in the mortgage, you know, 65 left.

Jade Warshaw (84:08)

Yeah.

George Camel (84:09)

It'll get rid of, like, 9% of what's left. So there's still a lot left with no. No current income happening. And so I would want to go into retirement with no mortgage. That would be my goal for our friend Randy. I don't know currently how he's going to do that without decimating the nest egg.

Jade Warshaw (84:24)

Yeah. Yeah.

George Camel (84:25)

So that's another problem to solve.

Jade Warshaw (84:27)

Yeah. I have to pick up some. Some more work here or there, which I feel like he could do.

George Camel (84:32)

Yeah.

Jade Warshaw (84:33)

He still seemed like a young. A young. A young guy. All right, let's talk to. You know what? Let's go back to these social questions because I really liked these. Jordan. George. Okay, so fun. Let's take it to you. Decide. Facebook or Instagram?

George Camel (84:44)

Oh, gosh. I think Facebook. I like. I like what the boomers are doing.

Jade Warshaw (84:48)

That tells me a lot about having a good time. That tells me a lot about you at a core level. All right, Shannon from Facebook asks, I told my teenage daughters they need to get jobs for their spending money this summer. One daughter refuses to work. I was thinking about giving her just 20 a week. Would that be okay? Or should I just stick to my guns about the whole job thing?

George Camel (85:08)

Oh, see, this is why I chose Facebook. The juicy stuff is happening on Facebook.

Jade Warshaw (85:12)

It is.

George Camel (85:13)

Wow. Okay. Teenage daughters, and you got to get a job. She refuses.

Jade Warshaw (85:18)

Refuse to work.

George Camel (85:19)

Now she's going, well, if I give her 20 bucks a week, does it feel like I'm giving in?

Jade Warshaw (85:23)

Yes.

George Camel (85:23)

Well, you can have free money anyways for spending.

Jade Warshaw (85:26)

Well, there is a big difference between 13 versus 17, I do think. But either way, I still think I.

George Camel (85:33)

Don'T know the ages here. It feels like a lot to make a judgment call, but we're Talking about about 80 bucks a month for what, two months now with summer.

Jade Warshaw (85:41)

Yeah.

George Camel (85:42)

It's not that long. So it's 160 bucks total. I would say. Here's what I'm willing to do. You can have 20 bucks a week or eight. I'll give you 80 bucks a month for these two months. But nothing above that. You're gonna have to work if you want to spend anything above that. Oh, that's a fair compromise.

Jade Warshaw (85:57)

Ooh. I disagree. I think I would say if you work, I will supplement your pay with the $20.

George Camel (86:03)

How week this I'll match. Anything you make, you make.

Jade Warshaw (86:08)

Now wait a minute.

George Camel (86:09)

Now we're talking.

Jade Warshaw (86:10)

That feels like a lot.

George Camel (86:13)

Well, I imagine they also want to like save for a car. Like they probably have some bigger goals.

Jade Warshaw (86:17)

That's true.

George Camel (86:17)

I, I, maybe I'll match it into a car fund.

Jade Warshaw (86:20)

Here's what I don't like. Here's what I don't like about it. The daughter, she used some pretty strong language when she said, my daughter refuses to work. That's where the, the, the, the hard headed part of me would come out and be like, oh, you refuse? Okay, I refuse. Like I feel like I would get very.

George Camel (86:36)

Yeah. And I'm trying to also put myself in the teenager shoes. I don't think I was working every single summer. As soon as school got out, I was working a full time job. Also.

Jade Warshaw (86:44)

I was, I worked, I did work my summers.

George Camel (86:47)

Forced thing. Was this forced child labor?

Jade Warshaw (86:49)

No, I, I, well, my parents just didn't hand out money. My parents have never handed, just handed us money. And so I was like, I got to get a job at Kroger. They, they would hire me and so I went there and then the next summer I, I did that two summers and I worked at the YMCA one summer. Like we just.

George Camel (87:05)

You were hustling.

Jade Warshaw (87:06)

We're hustling, man.

George Camel (87:07)

That's, I was out there skateboarding, you know, But I was a simple man. A 711 Slurpee could tide me over for hours.

Jade Warshaw (87:12)

That's all you needed.

George Camel (87:13)

Just a nature I can get by for the day.

Jade Warshaw (87:17)

Thanks for listening.

George Camel (87:36)

Hey, what are you still doing here? You know the rest of the show's happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network, it's completely free and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck. But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right, go on now. Don't make it weird. Okay. I got nowhere to go, so you need to go. Okay, bye bye now. All right, this is, it's getting weird over there, guys. What do we do?