He Has Marriage Problems Disguised As Money Problems

Summary

The Ramsey Show – “He Has Marriage Problems Disguised As Money Problems”

Date: November 4, 2025
Hosts: Ken Coleman & Jade Warshaw (Ramsey Network)
Main Theme:
This episode dives deep into the fundamental connections between money issues, emotional well-being, relational health, and practical financial steps. Through real caller stories, Ken and Jade illustrate how many perceived “money problems” are often rooted in areas such as communication, teamwork, self-awareness, and the emotional side of money. The hosts also provide actionable financial advice and touch on the emotional journeys required to follow it.

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Episode Overview

Ken Coleman and Jade Warshaw field questions from callers dealing with debt, financial setbacks, emotional roadblocks, and big life decisions. The main throughline: many financial troubles trace back to underlying emotional and relational patterns—and winning with money requires both a sound plan and emotional buy-in from all involved.

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Key Discussion Points & Insights

1. When Money Problems Are Actually Relationship Problems

[00:38 - 09:01] – Marcus, Orlando, FL

• Situation: Marcus asks about consolidating $50k of debt and repeatedly mentions “communication issues” with his wife.

• Key Insight: Ken and Jade push Marcus to realize his main obstacle isn’t communication but lack of shared planning and teamwork with his spouse.

  • Jade (03:09): “There’s always going to be a reason...that’s why I don’t think this [credit-card juggling] is good for you. I think for you, feeling that pain is a good thing because you’re going to have to do this the old-fashioned way.”
  • Ken (05:22): “This is not a communication issue. Stop saying that...You’ve got some want to, but you don’t have any how to.”
  • Jade (06:46): “You have counted out your teammate...nobody wants to play like that.”

• Practical Plan: Hosts recommend Marcus and his wife create a joint budget (“every dollar” budget) together and start with vision (“where are we going?”), purpose (“why?”), and mission (“how?”).

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2. Behavior Change & the Emotional Side of Money

[09:43 - 13:15]

• Ken: “It’s not all math...You are a human being who’s trying really hard to be disciplined. And this is really hard to dig out of this stuff.”
• Jade: Promotes her upcoming book (“What No One Tells You About Money”), focusing on the emotional and relational journey behind true financial change.

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3. Young, Single, and Drowning in ‘Fun’ Debt

[14:32 - 19:40] – Jackson, Greenville, SC

• Situation: At 20, Jackson owes $52k from a truck, a side-by-side ATV, and a boat.
• Key Insight: Jade and Ken explain that keeping so much in depreciating toys is unsustainable on Jackson’s $60k income.
  • Jade (18:38): “You have too much money tied up in things with motors...If I were you, I’d probably hang on to the truck ... but the rest of it, I’d say bye bye.”

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4. Financial Catastrophe After Medical Crisis

[21:26 - 31:07] – Joshua, Denver, CO

• Situation: Joshua is in dire financial straits after a devastating accident; his disability insurance is inconsistently paying.
• Key Insights:
  • Navigating disability insurance claims is “a full-time job.”
  • Lean on advocates, get organized, and accept help from loved ones.
  • Above all: focus on the “four walls” (food, utilities, shelter, transportation) and communicate with your landlord/family.

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5. The Challenge of Large Families on a Small Budget

[32:52 - 42:11] – Kim, Detroit, MI

• Situation: Pregnant with sixth child, living in a two-bedroom house and needs a larger vehicle.
• Key Insights:
  • Ken: “There is no expansion of the house for [husband]. He’s going to a place called a coffee shop.” (35:05)
  • Jade: If you’ve had a $2k/month surplus for years but no savings, it’s time for radical behavioral change. Buy only what you can afford in cash, get creative, and lean on your community if necessary.

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6. Joining Finances After Marriage & Letting Go of the Dream Car

[43:51 - 51:37] – Shakira, Washington DC

• Situation: Newlyweds with $39k in debt, $23k car that’s “his dream.”
• Key Insights:
  • Ken (46:01): “This is OUR debt, not his debt.”
  • Jade: “Sacrifice is the name of the game ... you’re not getting out of this without it.”
  • Private sale of car recommended, quick wins toward debt payoff.

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7. Should I Sell Employer Stock After Big Losses?

[53:52 - 61:57] – Brittany, Portland, OR

• Situation: Company stock is down 60%; she’s emotionally conflicted over whether to ‘hold’ or ‘move to index funds.’
• Key Insights:
  • Ken: Advocates giving the new CEO a chance if she believes in the turnaround.
  • Jade: Advises Brittany to move all new vested shares immediately to index funds and considers moving what’s already vested.
  • Resolution: Brittany chooses to hold for now due to company loyalty but receives both perspectives.

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8. What to Do With a Windfall—Pay off Loans or Invest?

[67:52 - 74:02] – Luke, Philadelphia, PA

• Situation: About to inherit $85k and considering investing instead of paying off $56k in student loans (at 2.5% interest) due to “bar advice.”
• Key Insight:
  • Jade: “If you value getting away from [debt]...you’ll say, ‘there’ll be other time to invest. This is my chance to break free.’”
  • Ken: “You’ll be a multi, multi-millionaire either way, but why not clear the debt and invest the rest for the next 30+ years?”

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9. Supporting Adult Children Responsibly

[96:55 - 105:17] – Mary, Grand Rapids, MI

• Situation: Should she give her reliable car to her debt-free son (30, driving a beater)?
• Key Insights:
  • Don’t assume your grown kids need “better”—sometimes a beater fits their values.
  • If gifting, frame it as a genuine gift, not a rescue.
  • Ensure similar generosity across siblings for family harmony if you have another child.

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10. When to Downshift for Meaningful Work

[106:38 - 115:52] – Mary, North Carolina (Written Question)

• Situation: Financially set, but wondering if it’s okay to leave a lucrative but unfulfilling job before retirement.
• Key Insights:
  • Ken: “I’m never, ever, ever going to choose money over meaning...choose to work for contribution when you have financial peace.”
  • There’s a season for “provision over purpose,” but once needs and margin are met, prioritizing fulfillment is completely legitimate—and healthy.

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Notable Quotes & Memorable Moments

• On teamwork/marriage and money:
  • “It’s not a communication issue. It’s a teamwork issue because you have counted out your teammate.” – Jade Warshaw (06:46)
• On debt & sacrifice:
  • “You’re not getting out of this without sacrifice.” – Jade Warshaw (51:26)
• On emotional side of finance:
  • “Half of what we’re facing, Ken, is emotions. And that’s why this book is only about that.” – Jade Warshaw (12:12)
• On the myth of pure math:
  • “This money game...you can win, but it’s not all math.” – Ken Coleman (09:43)
• On community and humility:
  • “You have to get creative and innovative when you are in this situation. And people will feel for you if you just say, ‘We’ve been dumb...Help us.’” – Ken Coleman (41:32)
• Ken’s 3 Questions for Life Purpose:
  • “Who are the people I want to help? What problem or desire do they have? What are the solutions I get most fired up about?” (94:52)
• Meaningful work vs. money:
  • “There is no greater form of torture...than meaningless work.” – Ken Coleman (110:51)
• Emotional freedom from debt:
  • “When people let their student loans stick around forever, Ken, the amount of guilt associated with that is...crazy.” – Jade Warshaw (73:04)
• On teaching kids about money (“Mary”):
  • “You’re a great mom...I think these boys are blessed.” – Ken Coleman (103:00)

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Timestamps for Important Segments

• **[00:38] Marcus – Marriage disguised as money problem
• **[09:43] Emotional reality of getting out of debt
• **[14:32] Jackson – Young single debt for fun (“toys”)
• **[21:26] Joshua – Medical crisis & insurance headache
• **[32:52] Kim – Large family, housing and vehicle struggle
• **[43:51] Shakira – Newlywed finances, dream car dilemma
• **[53:52] Brittany – RSUs, emotional investing, company loyalty
• **[67:52] Luke – Inheritance: pay off student loans or invest?
• **[96:55] Mary – Helping adult children, family dynamics in gifting
• **[106:38] Mary (QOTD) – Leaving unfulfilling work with financial security
• **[110:51] Ken’s lesson: “No greater torture than meaningless work.”
• **[122:55] Amy – Single parent, sandwich generation, emergency fund priorities

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Tone & Style

• Warm, engaging, and authentic.
• Candid, direct feedback tempered with encouragement.
• Conversational, often lighthearted and humorous even amid heavy financial situations.
• Frequently offers emotional validation (“you’re not alone”) and practical next steps.

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Final Summary

The episode weaves together classic Ramsey method tactical advice—budgeting, snowballing debt, selling off liabilities, building an emergency fund—with a powerful focus on the emotional, behavioral, and especially relational side of money. Ken and Jade challenge listeners to see debt and spending as fundamentally connected to beliefs, habits, and family dynamics—and they both reassure and push people to have hard conversations, make sacrifices, and claim the personal agency required to build lasting financial peace.

If you’re struggling with a money problem, this episode powerfully argues: look deeper. The “numbers” are real, but the path to freedom starts at heart—and at home.

Transcript

[Dave Ramsey]

Brought to you by the EveryDollar app. Start budgeting for free today.

[Ken Coleman]

Normal is broken. Common sense is weird. So we're here to help you transform your life. From the Ramsey Network in the Fairwinds Credit Union studio, this is the Ramsey Show. I'm Ken Coleman, thrilled to be alongside Jade Warshaw who is just launching the pre sale of her latest book. Oh, we'll talk, talk more about that. And it comes up just about on every phone call. So good stuff there. You ready to go, my friend?

[Jade Warshaw]

Indeed.

[Ken Coleman]

All right, she's fired up. Let's go to Marcus in Orlando, Florida. Marcus, how can we help today?

[Caller]

Hey guys. How are you guys doing?

[Ken Coleman]

Doing well, sir. What's going on?

[Caller]

Well, I'm in a situation where I used, you know, those credit cards that have the promotional rate of 0% for 18 months to 24 months. So I did that, I did that about 18 months ago and it's almost that time where those high interest are gonna kicking. Start kicking in again. Yeah. And I have about, I don't know if I did my math right, but I think I have around 40,000 or 50,000 in total debt. But in the credit cards that have the 0% promotional period right now is only, only holds about. I think it's 12,000.

[Jade Warshaw]

Okay, so 12,000 is on the, the really bad card.

[Caller]

Yeah, zero percent right now, but it's about to expire the promotional rate. And I have like a 10,000 on a personal loan that's like around 14% interest. And then I have other, you know, like the car, I still owe 16,000, but. And then I have like a medical debt that I put on a care credit which is like 22%. So I know I can't transfer at all. But my question is, is it smart to, you know, try to do like big personal loans, I can consolidate majority or all of this debt or should I try to leverage the 0% promotional and just keep getting newer credit cards and keep repeating the cycle every year and a half?

[Jade Warshaw]

Yeah, in theory, mathematically, I could see why you would say that. Because you're thinking, hey, I'm going to move it to a place where there's zero interest. But you've already told us that your behavior would not support that, that decision. Right. Because you got a 0% and you had a certain amount of time to pay it down before it shifts and you didn't do that.

[Caller]

Right?

[Jade Warshaw]

Right.

[Caller]

Yeah, I couldn't do it because of reason. I don't just my teamwork with my wife is not the best.

[Jade Warshaw]

So listen, there's always going to be a reason. There's always going to be something that pops up. I can tell you that right now. That's why I don't think this is good for you. I think for you, feeling that pain is a good thing because you're going have to do this the old fashioned way, which is listing these out, smallest to largest. By the way, how much was the medical debt? Was that like 5? How much is that?

[Caller]

The medical debt is a total of about remaining 14, plus another 4,000. So about $18,000 is what's left.

[Jade Warshaw]

Okay. Okay. Yeah, 50. So, yeah, you're gonna have to list these out. Smallest to largest. That's how we do it. And just tactically, you're putting minimum payments on everything. And the reason you're doing that is because you don't want anything to go into default. You don't want 1-800-pay-me calling you. But then all the extra money you're gonna put towards the smallest. So tell us about what your income is and so we can figure out what your margin is.

[Caller]

Yeah, so I've been trying to do that, but I've been struggling to even get the $1,000 emergency fund. But I'm hoping that by end of next month I should have that already.

[Jade Warshaw]

What's causing you to struggle with that?

[Caller]

Oh, it's just kind of like that bad communication with. With my wife.

[Jade Warshaw]

Yeah, but what does that look like when you say bad communication? What is it? You say, we're saving $1,000. She says, h, no, and goes out and spends the money anyway. What's happening?

[Caller]

So I tell her my goal is for us to save a thousand emergency fund before starting to attack these credit cards. And she'd be like, okay, but then as we're going about our lives through the month and we run short on money, I tell her, like, we can't be spending. And then something happens, like, I don't.

[Ken Coleman]

Know, like, Marcus, Marcus, Marcus, Marcus, Marcus, Marcus, Marcus. Jumping in real quick. I'm not going to get in the way of the. Of you leading him.

[Jade Warshaw]

I need you to go on and get in there.

[Ken Coleman]

Well, I got to speak to something. This is about the second or third time in the call. You said we have a communication issue. You don't have a communication issue. You have a plan issue. You guys don't have a plan. In other words, when you say to your wife, hey, babe, I'd like us to get to baby step one and save $1,000, she goes, okay, great, but there's no plan by which we're going to do it. There's no change of behavior in order to meet the plan. There's no plan. So I just want to quickly jump in and say, you got to change your language because this is not semantics. This is actually what's frustrating you and maybe frustrating her is that we've got some want to, but we don't have any how to so the ball back to my colleague. But that's the problem. So you need to listen about how one goes about creating a plan and executing on the plan. This is not a communication issue. Stop saying that.

[Jade Warshaw]

I agree. I think it's a. It's more of a. Like Ken said, it's a plan issue. And are you in agreement on how we're going to do this? Do you guys have a budget? It doesn't sound like it if you're running out of money.

[Caller]

So that's, that's what I'm trying to. What I was trying to say. It's just that. So the plan that I had was, okay, here's his budget of how much we're. Lot of spend. But. So that's why I say this communication issue. Because when I say, okay, this is our budget, let me tell you why.

[Jade Warshaw]

Let me tell you why. I'm going to tell you why. It's because the same way that you're grown and you wouldn't like if somebody came to you and said, here's what you're going to do. You wouldn't like that very much, would you? That's, that's. There's your problem. Because somewhere in that your wife is going, I'm sorry, what? Right. You're bringing, you're bringing her the plan. You're telling her what we can spend. You're telling her that we're saving a thousand dollars. You're telling her, this is how we're gonna do it. But I haven't heard where. There's the two of you working together to decide together. Here's what we think we need to do. Here's how we're gonna do it. Here's what. Did you see what I'm saying? So I think that's where the breakdown is. If you're feeling it as a communication issue. It's not a communication issue. It's a teamwork issue because you have counted out your teammate and said, I'm just gonna run with the ball. And nobody wants to play like that. So that's. I think that's what you've got to get to the bottom of. You still haven't told me what your income is every month.

[Ken Coleman]

Doesn't know.

[Caller]

It's about 6,000 monthly. Okay, that's my take home pay.

[Ken Coleman]

About. We gotta remove that word.

[Caller]

It's a little bit more like 60. I mean, $6,000 and like $60.

[Jade Warshaw]

Okay. And that's from both you and your wife. Does she work outside the home?

[Caller]

Her monthly income is about. I'm sorry, it's 1600.

[Jade Warshaw]

1600. Okay. Yeah. You guys need to sit down tonight. That's your homework. I don't think you really do have a budget. Maybe you wrote something down once, but I don't think you have an every dollar budget. So we're gonna get you hooked up with that. And the conversation is, you take her out. Take her out on the town, and you start talking about the things that are important to you. A vision. Start with a vision. Start with a why and see if you guys can connect on that.

[Ken Coleman]

Here's the three. Can I jump in?

[Jade Warshaw]

Hit it.

[Ken Coleman]

You gotta say where. That's the vision. Vision is where we're going. Purpose is why we're going there, and mission is how we get there together. There it is. Three things. Couples. Where, why, how, Figure it out. Get on the same page or you're never going to win this game.

[Dave Ramsey]

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[Ken Coleman]

Based on regional analysis of Aldi versus select competitors. Prices may vary by location, product availability, and the market. Okay, can I get real with a lot of you right now? Watching and listening, and you're. You're trying this stuff out. You're trying, like, the baby steps make sense. You get it. But the reality is something's off. And it's not the math like you're working the budget, but life is throwing curve balls at you. And not only is life throwing curve balls at you, it just gets you down. It's discouraging because you make a little bit of progress, Jade. And then all of a sudden, you feel like you went backwards. You go, wait a second. I didn't go out and get a credit card. I didn't go buy a car. We can get some loan. Okay, I know there's a lot of people that are going, okay, Ken, you got me. All right, now here's the deal. You haven't failed, but you got to realize that this money game and the way we teach it, you can win, but it's not all math. What am I talking about? In other words, there's real life emotions. You are a human being who's trying really hard to be disciplined. And this is really hard to dig out of this stuff.

[Jade Warshaw]

Absolutely.

[Ken Coleman]

And Jade knows this. I mean, our debt free journey, nowhere near the length and the amount that Jade and Sam paid off. And that's why I'm excited, by the way, about our new book. It's titled what no one tells you about Money. Well, what is it, Jade? That. No, that's a really fun title. Okay, you hooked me.

[Jade Warshaw]

Nobody tells.

[Ken Coleman]

What are we not telling people?

[Jade Warshaw]

Nobody tells you that. The things that we're asking you to do, which is make changes with your money, it's very emotional. It's not easy. It's emotional to. To listen to this podcast. And now you got to go home and get your spouse in the same place that you're on. And it's conversation and argument and talk after talk. That is an emotional process. Right? It's emotional when we say, hey, you've got a ton of debt. You know what you're not going to be doing? Going to a restaurant, getting your nails done, buying anything new like that, that hurts our feelings, that makes us sad. It's tough when somebody calls in and we say, I'm sorry, your mortgage is too big a piece of your income. You might have to consider selling. Oh, my gosh, the disappointment, the guilt, the shame. Half of what we're facing, Ken, is emotions. And that's why this book is only about that.

[Ken Coleman]

That's right.

[Jade Warshaw]

It's not numbers.

[Ken Coleman]

The very first Ramsey book. Some of you been with us a while and you're going, why this money book? I'll tell you very simply, no other Ramsey money book has ever taken on with an honest, in depth look at the emotional side of money so that you know what you're going to face. For those of you who are facing it, she's going to hit it right there on the bullseye and you go, oh, I'm not alone. I'm not crazy. And more importantly, I can get my emotions in check and win with money. So that's why we think this so powerful. What no one Tells you about money is now available to pre order. Okay. And you can get it now for the best price, 24.99. And you're also going to get over $100 in free bonus items, including the enhanced audiobook. Do you sing in this at all?

[Jade Warshaw]

No, but I will say this, I'll be honest, I will say this.

[Ken Coleman]

Little disappointed.

[Jade Warshaw]

Well, I'll say this. All of the chapters or all of the sections are song titles. So it's kind of a little game there.

[Ken Coleman]

This is exciting.

[Jade Warshaw]

But more so than that, even if you're like, hey, I don't really Jade, care about the content of the book, if you just want tea on me and Sam, it is. The whole book is story driven.

[Ken Coleman]

This is true.

[Jade Warshaw]

So you're going to get story after crazy story.

[Ken Coleman]

Although there needs to be an app, there needs to be a bonus Ramsey episode for me and Stacy to talk about what we learned about you and Sam at a dinner with you. These are two of the most interesting people you've ever met in your life. That's all I can say. But back to the book. You get so many things, including the enhanced audiobook, early access to the ebook, you get an exclusive video, your financial checkup with Jade Warshaw, and also a three week online book club, access to that with live Q and A. You can get the book and all of the goodies I just went [e-mail] store ramseysolutions.com store and if you are listening, you gotta see this book cover. I talked about this the other day. Guns out, folks. Jade has been hitting the gym and the shoulders are in full effect here. I mean, unbelievable. To the point that I feel like I have to have my next book cover. I got to wear a sleeveless shirt and really rock the triceps.

[Jade Warshaw]

The point was to intimidate you into getting your money.

[Ken Coleman]

I'm already in the gym. No, but nobody's noticing. They're just like, wow, look at her arms. I'm just getting that out of the way, folks. She looks fantastic on the COVID but a lot of fun. It's a great book. Go get it now. Ramsey Solutions.com store Jackson joins us now in Greenville, South Carolina. Jackson, how can we help today?

[Caller]

Hey, I'm calling today just with a few questions as far as I'm 20 years old and I've gotten to a bunch of depth and I'm having fun. You know, when I was younger, I didn't have a lot of things I wanted. And now growing up and getting some money in My pocket. I've been buying a couple of things that I wanted. I'm currently $52,000 roughly.

[Ken Coleman]

Now is the 52 all with these toys?

[Caller]

Well, one of them is my truck.

[Jade Warshaw]

Okay.

[Caller]

So that's, you know, my way to get to work.

[Ken Coleman]

How much do you owe on the truck?

[Caller]

It's roughly 13,000 on the truck.

[Ken Coleman]

What's it worth?

[Caller]

I don't know exactly what the truck's worth. There's a few cosmetic things I need to fix on it from just using it over the years and, you know, towing things and doing other stuff with it. But I'm sure I could probably get close to that out of it.

[Ken Coleman]

What's your monthly payment that?

[Caller]

It's $390 a month.

[Ken Coleman]

Okay, well, I'm just. I'm pulling the facts here so Jade and I can weigh in. What other debt do you have? So that's 13 for a truck. What other, what other debt? List them out.

[Caller]

So the big one here is, is my side by side. It's $31,000 roughly in debt.

[Ken Coleman]

31 on the side by side? Oh, boy.

[Caller]

Yes, sir. And then about eight and a half thousand on a boat.

[Jade Warshaw]

A boat.

[Ken Coleman]

Man, you are. Do you have a woman in your life?

[Caller]

No, sir, I'm single. I'm 20 years old.

[Ken Coleman]

Yeah, baby, that's what I thought. 20 year old single dude. He's got all this income, he thinks, and he goes out and buys a side by side and a boat. I mean, you don't have that much time.

[Jade Warshaw]

Where do you live? Do you have a house to hold all this in a garage at the very least.

[Caller]

We've built. We've built a house behind my parents on our property.

[Jade Warshaw]

Who's we?

[Ken Coleman]

Yeah, who's we?

[Caller]

So me and my father built this house. We built it about two years ago, three years ago. And we built it behind their house on their property.

[Jade Warshaw]

Okay.

[Caller]

And I stay here and I help out with a lot of stuff that they need.

[Ken Coleman]

So you. Are you paying any kind of rent at all?

[Caller]

Yes, sir, I pay around 3 to $400 a month on rent.

[Jade Warshaw]

Okay.

[Ken Coleman]

Oh, boy. But you don't own it?

[Jade Warshaw]

You don't own that?

[Ken Coleman]

No.

[Jade Warshaw]

Your dad owns it.

[Caller]

Yeah, well, it will be mine eventually. I mean, we built it. It's not like we don't have to pay for it.

[Ken Coleman]

Like, are you and are you an only child?

[Caller]

No, sir, I'm the youngest of three.

[Jade Warshaw]

So is your dad.

[Ken Coleman]

It was either that. It was either the only child or the youngest. This is all starting to check out for me.

[Jade Warshaw]

Got it?

[Ken Coleman]

Yeah.

[Jade Warshaw]

So let me start with the idea that your current situation, it's going to be temporary. Like you living in this little offshoot of your parents house, $300 a rent. Well, it should be temporary.

[Ken Coleman]

I agree. I wonder if it will be, because.

[Jade Warshaw]

The minute he meets a fly young lady, a pretty young thing, he's going to be thinking, okay, you know, I want to get married one day, I'm going to move off of this site. Like so I just want to put that picture in your head that where you're at now is not going to be it forever. So how can we set you up to go towards the future? Fair enough. Yeah.

[Ken Coleman]

All right, so we have limited time with you.

[Caller]

Another reason I called.

[Ken Coleman]

What's your question? What's the core question?

[Caller]

So, so my question is, and going kind of in what she says, I want to get out of debt, but I do not want to get rid of anything because. And the reason I want to get out of that is, like she said, if I marry a young lady, you know, eventually.

[Ken Coleman]

All right, go ahead, Jade. How does he get out of it without selling his toys?

[Jade Warshaw]

Well, I mean, you've got two choices. What's your income?

[Caller]

So I make roughly 60,000 a year. That's without working overtime. And usually I work a good bit of overtime.

[Jade Warshaw]

So here's the problem. Usually I might find a way and say, hey, if you could, you know, work extra and pay all this stuff off, like keep it. But in your case, you have too much money tied up in things with motors and those things tend to go down in value as you're probably already seeing. You're, you're right side up in your truck so far, but you can probably see your side by side going down. You might even see that your boat's going down. You make 60 and you got $52,000 of deb, that's way too much. So if I were you, I'd probably hang on to the truck since you only owe 13 on it and the rest of it, I'd say bye bye.

[Ken Coleman]

Oh, bye.

[Jade Warshaw]

Bye bye.

[Ken Coleman]

Oh, very nice. I don't even know what a side by side is.

[Jade Warshaw]

I don't either, but I know it's something that you drive on.

[Ken Coleman]

I'm gonna look it up on the.

[Jade Warshaw]

On the prairie and on land.

[Ken Coleman]

So there you go.

[Jade Warshaw]

Okay.

[Ken Coleman]

Oh, it's a fan. Okay.

[Jade Warshaw]

Okay. That's different. Okay.

[Ken Coleman]

Yeah, you definitely don't need an off road golf.

[Jade Warshaw]

No, I mean you must let me put it like this. You must sell the side by side. That's got to go today. What's it worth?

[Caller]

So right now as it sits, it's probably worth around 25 to 26,000.

[Jade Warshaw]

Yeah, gotta sell that today. And what I would do you do have some time, save up the difference so that you can break even on it and sell it and then, yeah, I'd probably keep the truck. I don't think you're going to get anything much cheaper than that. And you're even on it. I think I'm okay with that. But you got to get rid of the boat. You're 20 years old. You don't need a boat. Rent a boat.

[Ken Coleman]

Ah, that's tough, Jade. I might let him pay off the boat. Get rid of the side by side. Come on, man.

[Jade Warshaw]

Well, he's definitely got to get side by side.

[Ken Coleman]

Who needs an off road golf cart?

[Dave Ramsey]

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[Ken Coleman]

All right. Joshua is up in Denver, Colorado. Joshua, how can we help today?

[Caller]

How you doing today, sir?

[Ken Coleman]

Good. How are you?

[Caller]

I'm doing very well. Thank you so much for taking my call. I was in a really, really bad car accident and at the end of June, I worked for Lockheed Martin. So luckily I, I get to at least be on disability. But we're running out of money massively fast. And I'm just horrified that I'm going to let my family down and that I'm going to just make problems for us that we're not going to be able to overcome.

[Jade Warshaw]

Okay.

[Caller]

And I'm not really sure what to do.

[Ken Coleman]

All right, well, we're going to walk this thing through with you. Okay, first of all, so Sorry that you've gone through this. How are you doing physically?

[Caller]

Well, I was not breathing, unconscious and bleeding out when they put me on the flight for life. They told my mother and my fiance that I would be lucky if I was a vegetable. And then I also had some other pretty serious complications a couple months later. Almost died twice in the last five months.

[Dave Ramsey]

Oh, my God.

[Ken Coleman]

So how are you now?

[Caller]

I have a surgery tomorrow. My left arm doesn't really work. I definitely got some unfortunately significant brain damage from it. But like, I, I can't be anything but grateful. Like, the Lord has done more than enough to save me and I. I'm in debt that I could never repay to him.

[Ken Coleman]

Awesome.

[Caller]

I guess I'm doing okay.

[Ken Coleman]

Okay. So have you. Did you get married or are you still planning to marry the fiance?

[Caller]

I actually had set up a camping trip for both of our families so I could ask her father to actually marry her for officially right before the crash. And then the crash happened. So I'm trying to figure out how to ask her father to marry her. But yeah, I absolutely intend to marry this woman. She's absolutely the best thing that's ever happened to me.

[Ken Coleman]

Okay. All right. And then, because the reason I asked that question, you said you're worried about letting your family down, but as it stands right now, the only person you're responsible for is you. Correct?

[Caller]

I also have my daughter. I was. She's not my biological daughter, but I have full custody of her and she, she is my daughter. She's my baby girl.

[Ken Coleman]

Totally get it. How old is she?

[Caller]

She is about to turn 15.

[Ken Coleman]

Okay, and do you two live. Do you two live together? Sir, do you own a home or are you renting?

[Caller]

My mother actually owns the home that we. Or renting currently.

[Ken Coleman]

Okay, that's, that's really good news right now. And then how long is there a limit on your disability payments from Lockheed Martin or from insurance, whatever your situation?

[Caller]

I don't, I don't really know how that works. I'm on short term disability. My doctor was saying I need to transfer to long term because he doesn't expect me to recover for a while because. Okay, there's a lot.

[Jade Warshaw]

Yeah.

[Ken Coleman]

And so what income? What do you have right now? We're going to start walking through some numbers. What income are you receiving right now?

[Caller]

They have intermittently provided me like $615 per week, but they denied my claim while I was in the ICU and I was in a coma, so I couldn't really do much about it.

[Ken Coleman]

No.

[Caller]

And it really set a lot of things back. So, like, they didn't do any back pay on it or anything, so there was a big hole in finances. I'm pretty much out of money. I think I have a thousand dollars left. It's not even a thousand.

[Jade Warshaw]

When you say they denied it, was that first. When you were first trying to collect it, they denied it. And now. And now they're paying it out, or have they stopped paying it out now?

[Caller]

So they. They have to, like. Or every month they are going in. Re asserting that I'm still messed up. I guess it's currently going back through that whole process. So they're going to reach out to my litany of doctors at this point, but.

[Jade Warshaw]

So you're currently receiving nothing? Is that what you're saying? You're currently receiving nothing? Say it again.

[Caller]

Yes, ma'. Am.

[Jade Warshaw]

Okay. Okay. And I'm. I'm guessing you have no savings, no nothing?

[Caller]

Not anymore.

[Jade Warshaw]

Okay. I was gonna say earlier that possibly there was an elimination period, that maybe that's why in the beginning they were denying you. Waiting for that period to.

[Ken Coleman]

To.

[Jade Warshaw]

To go by before they started making these payouts out. I think the only thing. How, how long has it been since the wreck? You said June or July is June 30th.

[Caller]

So it's been almost five months. Exactly.

[Jade Warshaw]

Hmm. Yeah. But they. If they were paying you at first and then they've. Every month you said they stop and make sure that you're still fit for. For eligibility, basically.

[Ken Coleman]

And who is they? Is it the. Is it the insurance that you had through Lockheed Martin?

[Caller]

It's Sedgwick.

[Ken Coleman]

Okay.

[Caller]

But it's through Sedgwick and New York Life. And I have to verit. Or not verify, but do everything through both companies.

[Ken Coleman]

And you have anybody at Lockheed Martin that's essentially your advocate in HR that's helping with this kind of.

[Caller]

It's really hard, like, because hr, the HR lady that I have been in contact with, she can't really do much.

[Ken Coleman]

Right.

[Caller]

It all goes through Sedgwick. Kind of powerless.

[Jade Warshaw]

And what's that process? Is it just you submitting a letter from your doctors? What is it that they're asking for that you're not able to provide?

[Caller]

So they have to reach out to all my different doctors and surgeons and verify all of the different portions of the claim? I guess I don't. I don't really understand what they're doing, but yeah.

[Ken Coleman]

Do you have someone like your mom, a friend who's also helping you with this and being a bulldog on insurance.

[Jade Warshaw]

That'S what you need.

[Caller]

Helping me as much as she can. And my fiance is helping me as much as she can. But we're all kind of illiterate on this stuff, so it's not, well, very helpful.

[Ken Coleman]

And here's the problem. Neither one of us are insurance experts. And so the only way we can guide you today on this insurance stuff is tell you what we would do and if it were, if I was in your shoes. I've got a fiance who loves me, I got a mom who loves me. And it's like they, they may be illiterate, but let's become as literate as possible. But let's go find an advocate, let's go find somebody at the insurance company who is either gonna become a champion for you or they learn pretty quickly. I'm gonna hear from these people 17 times a day because unfortunately we are in a. And if this doesn't piss you folks off about our healthcare insurance, I'm holding myself back because I wish I could get every Republican and every Democrat in Congress in this studio right now to listen to this young man. Cuz this is the biggest bunch of CR that I have ever heard in my entire life. For him to be going through this. Jade.

[Jade Warshaw]

I understand.

[Ken Coleman]

And having to do this and call.

[Jade Warshaw]

Us and he's coming in and out of comas and they want him to turn in paperwork.

[Ken Coleman]

Yeah. And after that we gotta go verify with doctors all the time. This is just what's wrong with.

[Jade Warshaw]

By the way.

[Ken Coleman]

I'm just gonna say this while I'm on it. We wanna know why people get angry in this country and do dumb things. This is why. I'm just gonna leave that there. This is ridiculous.

[Jade Warshaw]

The only other thing I can think of is that your short term dis for maybe six months or so and that part is up and you have to transition it. That, that, that's the only thing I'm thinking might be happening. Which is why they might be asking for a whole new set of evidence that you're still.

[Ken Coleman]

Yeah, but this is a full time job. Unfortunately, it's a full time job.

[Caller]

I spoke with at Sedgwick last said that short term disability through them will go for up to 12 months.

[Jade Warshaw]

Oh really?

[Ken Coleman]

Okay, well then they need to pay. They need to pay on time.

[Caller]

True.

[Jade Warshaw]

That is, yeah, it could have if it, it might be six to 12 months. Right. And so at the six month period they might be saying, okay, we're reevaluating. I really think to Ken's point, things like this are a full time job. And it's something that when you call, you record the conversation, you take notes on the conversation, you get the lady's number. So every time you call, you're talking to the same lady. Do you see what I'm saying? You don't have the ability to do that right now. So your fiance is gonna have to step up big time and help you with this and advocate for you. Because like you said, I mean, you're dealing with brain damage. You're dealing with a surgery tomorrow. It's going to be hard for you. Now let's talk about your four walls, because that's the most important thing. Luckily, you're renting from your mom, let her know what's going on. And no one's going to take your place from you, right? So you've got security there, utilities, food and transportation. It doesn't sound like you're going anywhere unless somebody's driving you. So I think that you're okay. It sounds like you're surrounded by people who love and care about you, you and you're gonna have to lean on them during this time. You're not able to go out and work like you once were. And you're up against some real challenges. And in, in this case, sometimes people are the only thing that are there to help you in times like this.

[Dave Ramsey]

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[Ken Coleman]

Attorney advertising Guardian Litigation Group LLP not available in Minnesota and Oregon. Results vary and no specific outcome guaranteed. Debt settlement may negatively affect credit and not all creditors will negotiate or settle. Savings vary and may Be taxable. Please review our website terms for more information. Let's go to Detroit next, where Kim is waiting on us. Kim, how can we help today?

[Caller]

Hi. I am expecting a sixth baby soon.

[Jade Warshaw]

Wait a minute.

[Ken Coleman]

Did you say sixth as in the number six?

[Caller]

That's the one.

[Ken Coleman]

Wow, you are a hero.

[Jade Warshaw]

I know. That's right.

[Caller]

I am Wonder Woman.

[Ken Coleman]

What's gonna be the age range?

[Caller]

We have an almost 12 year old down to a 1 year old.

[Jade Warshaw]

Holy moly.

[Ken Coleman]

Would you like me to get on the phone with your husband and tell him to leave you alone?

[Caller]

I mean, if you wouldn't mind, that'd be lovely.

[Ken Coleman]

Tell him to rewind the show today. Hey, pal, leave her alone. She needs a break.

[Caller]

Well, in his defense, he was gearing up to get a vasectomy and we just didn't get that far.

[Jade Warshaw]

So you love each other. What can you say?

[Ken Coleman]

Have we made that appointment, though? Is that on the books?

[Caller]

Oh, I wish, I wish. I don't know what he's doing, so.

[Jade Warshaw]

Kim, you're a good one.

[Ken Coleman]

You are. All right, I'm sorry. I'm having a little fun here. I always represent the American people. I say what they're thinking. Okay, how can we help today?

[Caller]

Right, so two of my biggest concerns right now is the fact that we lease a car through my husband's work and we only have the one car and it is a seven seater, so not going to fit six kids. My other issue is the fact that we're essentially in a two bedroom house and running out of space very quickly.

[Jade Warshaw]

You think you're in a two bedroom house?

[Caller]

Yeah, well, my husband, he works from home and so he uses one of the pseudo bedrooms as an office. So my thought is we can plunk him as quickly as possible into the basement where we anticipate getting at least two bedrooms put up and his office built down there. But there's a lot of work that has to get done to the basement before, like, rooms and things can be added down there.

[Jade Warshaw]

How many square feet is this place?

[Caller]

It's only 1400. It's not a lot. It's. It's manageable.

[Ken Coleman]

Do we have. Okay, hold on, slow down. Do we have the money to be able to make these? Okay, so we have. I thought that was the case. So here's the deal. There is no expansion of the house for him. He's going to a place called a coffee shop.

[Jade Warshaw]

What. What kind of work does he do and what does he earn?

[Caller]

So he. We. He makes about 75 a year. And. And the problem Is like, sometimes he's on the phones and stuff like that. So, like, he has to be in, like, a quiet secluded area.

[Ken Coleman]

There's all kinds of sidewalk.

[Jade Warshaw]

Is it.

[Caller]

There's the back alley for Volkswagen.

[Jade Warshaw]

So a what service?

[Caller]

It's like a customer service for Volkswagen.

[Jade Warshaw]

Okay. How long has he been doing that for?

[Caller]

About six or so years now.

[Jade Warshaw]

Okay, and do you do any work other than working from the home? Do you do anything outside to get a check?

[Ken Coleman]

How could she?

[Jade Warshaw]

I don't think so. I'm just asking.

[Caller]

I fill as much space as I can when I. When my husband's not working. I'm walking dogs. I'm grooming dogs. We. We do boarding at the house just to add some extra income.

[Jade Warshaw]

You do boarding at the house where there's no bedrooms for the children to sleep.

[Ken Coleman]

I have a great idea. I have a great idea. For you guys to make more money, you guys need to be on the phone with some reality show producer, because I feel like. I feel like your life is a reality show waiting to happen.

[Jade Warshaw]

Oh, man.

[Caller]

I told my husband we would make a really great sitcom.

[Jade Warshaw]

I know you would.

[Ken Coleman]

Six kids and 60 dogs.

[Jade Warshaw]

Yeah.

[Ken Coleman]

I'm exhausted already just talking to you.

[Jade Warshaw]

Okay, well, I like your hustle spirit. I like the fact that you're like, hey, I'm gonna get money doing what I can. I love pets, so invite them over. What do you. I mean, on a good month, what do you make from your side hustling?

[Caller]

So from grooming, I do about 2000. With boarding, I do about a thousand. Walks are harder for me just because it's more of me out of the house. So usually it's like maybe a couple hundred bucks a month or something like that.

[Ken Coleman]

You're pregnant with your sick. Stop walking the dogs. Okay, so what is the core question you called with today? Because now we have a pretty good idea what's going on.

[Caller]

I'm trying to systematically. I feel like the car is going to be the biggest thing far as what we need to do first. But, I mean, I looked at places that could offer us a car that's going to fit everyone, and they're looking at, like, I mean, if we put no money down, we're up to like, $700 car payment a month right now. We paid 275 for this lease, and I'm like, I don't know how to find a car that's going to fit everyone with, like, zero money. I mean, we're on baby step two right now, so I don't know what.

[Jade Warshaw]

Other debt do you have?

[Caller]

It's about 30,000 in consumers. So there's like 8,000 on one card that my husband has that went to collections. We have another 5,000 that went to collections that he has.

[Jade Warshaw]

And what was this money spent on? Is this just you guys surviving?

[Caller]

No, it was that my husband spent it on.

[Jade Warshaw]

On.

[Ken Coleman]

On what?

[Caller]

On garbage.

[Jade Warshaw]

Okay.

[Ken Coleman]

Yeah, because hold on, I want to pause for a second here. Okay. You guys are making enough money.

[Caller]

Yeah, yeah.

[Ken Coleman]

Between his 75 and let's call it your 24 that you guys don't need to be spending money on credit cards. It's not like you need that money to live. You guys are just being ridiculously careless.

[Jade Warshaw]

Yeah. And truthfully, you don't. I mean, Ken is right. You're doing all right. But you don't have a lot of margin for error here. I just kind of calculated. So what's he bringing home, like 4, 800amonth?

[Caller]

Yeah. Give or take.

[Jade Warshaw]

Okay. And yours is too, sorry, you're 6,800amonth, which doesn't sound bad, but you got. There's set. There's eight of you guys, so that, that goes fast. What are you paying? What do you pay for mortgage?

[Caller]

1450.

[Jade Warshaw]

Okay, that's fine. And do you have like an actual budget? Could you tell me today, like, here's the margin at the end of every month that we have.

[Caller]

We have like about $2,000 margin after all of like the necessities.

[Jade Warshaw]

Great, great. So the key to this is you're going to have to save up to get something because you already know that debt's the problem. Right. So you can't turn around and go into debt on another vehicle. How often are all of you piling in the car to all go to the same place?

[Caller]

So because I'm predominantly a stay at home mom, I'm the chauffeur, so, like, the kids are with me a good chunk of the day, except the older two who are in school. But because it's also our only car, if we go see family, if we go do anything, we're taking everybody.

[Ken Coleman]

Well, but guess what? Guess what we're not doing. We're not going to see anybody. We aren't going to go do anything until we get this thing right. Size.

[Jade Warshaw]

Yeah, I think so.

[Ken Coleman]

Everybody's coming to you. My goodness. I think you got a good case to make.

[Jade Warshaw]

I think so, too. Now, this lease, when is it up?

[Caller]

I mean, it's up any minute. So like we could return it today and they'd be happy with us. But the only problem is, so right now we're paying 275amonth on the car, which is all fine. And well, that includes insurance tags every year, all of it. And they're not no longer making the car that we have with the three row seats. So we can't get that same deal. If we return it and get another car, we'd be looking at paying closer to 450 on the next lease.

[Jade Warshaw]

Understood. How, How, How? Because here's the biggest problem is this. And I know it's easy to focus on, like the micro problems, like the lease. The biggest problem is you've had $2,000 of margin for the last five, six years that he's been working on Volkswagen, but you don't have any money saved.

[Caller]

Saved.

So I can tell you what happened with that. Well, yeah, but it doesn't.

[Ken Coleman]

I'm saying it doesn't matter at this point.

[Jade Warshaw]

That is the point is that that money has gone to things that are not paying off debt, not saving up for the future. So today, this is the thing that's on fire. You guys have got to save up, start saving that money. And in the meantime, if you can extend this car, if that's possible, I would say do it because you got to have something to drive, and you don't have anything. You don't have any money. So that would be my first thing is see what you can save up. What can $8,000 get you? What can $7,000 get you? And you're gonna have a beater for a while after you get out of this lease, because that's what you can afford. Yeah.

[Ken Coleman]

Does your husband, is he mechanical by any chance?

[Caller]

Minorly. Yeah.

[Ken Coleman]

Yeah, I get it. Me too. I can barely put gas in a car. But here's. I'm gonna get creative if I'm You. Right. You know what I'm doing? I'm finding somebody in their local community, their church, who's like really good at working on Chevy's or Fords, and they live in the.

[Jade Warshaw]

Okay.

[Ken Coleman]

And I'm going to go find me an old Suburban, you know, something in the early 2000s. No, seriously, that's got, that's got enough. Enough seats. And we're going to.

[Jade Warshaw]

We're going make it happen.

[Ken Coleman]

We're going to go get a $5,000 suburban and find a good mechanic who isn't going to rip us off, who will give us a deal. My point is you have to get creative and innovative when you are in this situation. And people will feel for. If you go, hey, We've been dumb. We've got some debt we're paying off. We got a six kid on the way, husband's gonna go get snipped soon. We're solving that problem. We need this and we share the problem and we go to the local community, wherever it is and we say, help us.

[Jade Warshaw]

Yeah, you know a good church home, put the word out, you don't make.

[Ken Coleman]

Excuses and go, well, we gotta go down this. And I know you're not, but I gotta tell you, I'd have hubs watch this back on YouTube. And I'm not knocking you, my friend, but you gotta step up.

[Jade Warshaw]

You must.

[Ken Coleman]

You're the one that went out and did this on credit cards. Now you need to go out and not sleep and work and pay this off. Go get yourself a car. My goodness. Step up. You got six kids.

[Dave Ramsey]

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[Ken Coleman]

See boostmobile.com Ramsey for details. Welcome back to the Ramsey show in the Fair Winds Credit Union studio alongside the incomparable, the fabulous Jade Warshaw. I'm Ken Coleman. So excited that you're watching. The phone number for you to jump in is 888-2552-258882-55225. Shakira is joining us now in Washington D.C. shakira, how can we help?

[Caller]

Hi, how are you both?

[Ken Coleman]

We're having a blast today. What's going on with you?

[Caller]

So me and my husband, we recently got married back in June of this year and we both had a little bit of credit card debt. I recently read the Total Money Makeover and it's been something that we've been speaking about doing. We already have our thousand dollars saved up and we kind of figured out we're doing the snowball right now with all of our, all of my husband's debts and altogether just my husband's. We have around 39,000 in debt. But the next thing that's not including our cars. So the next thing that we want to tackle as we do the snowball is looking at our cars. He currently owes around 17,000 on his car. And I owe about 6,000 on my car. Car payments is all for the both of us. It's about $1,000. And so we're just at, like, a crossroads as far as what we want to do moving forward. If it's get. Just sell our cars, get some money to pay off the debt, and then just kind of get rid of all of our debt within, like the next, hopefully two years or if we should just. Because he. I had. I had mentioned to him to just turn in the cars, get what we can, and then buy something that doesn't include a payment. But he kind of doesn't want to let go of his car. It's something that he has dreamed of having for a very long time.

[Jade Warshaw]

When you say turn in the cars, what do you mean by that? Do you mean just take whatever the dealer will give you for them or are you talking about trying to, like, repo these?

[Caller]

No, no, no. Take whatever the dealer will give it to give us for him and then buy another car. That. But without a payment.

[Jade Warshaw]

So what if you just. If you're willing to sell the cars, why not private sale them so that you can get more from the sale.

[Ken Coleman]

Yeah.

[Jade Warshaw]

And do it right.

[Caller]

That's. That's something that we. We've. We've kind of. We've kind of mentioned. But where he. That is, where he doesn't want to get rid of it is he has brought up the point of refinancing his car.

[Ken Coleman]

No, no, no, no. Okay, let's. Let's. Let's back up. Let's back up. Okay, first of all, if you read Tony total money makeover, you may have not seen it. It. Okay. But I want you to start talking about your debt, not his debt. My debt. You guys just got married. I know, it's new. Congratulations, by the way. But this is. Now we. This is not his debt. So I just want to mention that it's very important that you guys are unified on this. It's our debt. Now, just a point of clarification. I got the money on the cars. You got 6k left on your car. He's got 17k on his. But you said. I thought that in addition to the cars, we have 39,000. You said his. I'm now saying we.

[Jade Warshaw]

I thought she said 139.

[Caller]

No, no, no.

[Ken Coleman]

How much is 39?

[Caller]

No, so his. So all of our. Our debt combined is around 39.

[Jade Warshaw]

Okay.

[Caller]

Includes the car that went in.

[Ken Coleman]

I'm sorry, that includes the cars.

[Caller]

Without the cars. That's Just credit card.

[Jade Warshaw]

Why are you writing it?

[Dave Ramsey]

So.

[Ken Coleman]

So look, hey, this is shocking. You got one male talking, two females and I'm the only one that's clear on the numbers. This is, I'm sorry, write this down. America. This is, is shocking.

[Jade Warshaw]

I'm trying to follow the pathcrums here.

[Ken Coleman]

So we've got 39,000 in addition to 6,000 car. 17,000 car. Is that true or false?

[Caller]

True.

[Ken Coleman]

All right, I knew it. All right, now what is the 39? I need you to break it down for us.

[Jade Warshaw]

Credit cards.

[Ken Coleman]

I know, but I still want to hear the numbers. So walk us through it. Smallest to largest.

[Caller]

Yes, sir. So we have a personal loan that has $10,000 on it. We have another card that has 12,000, another that has 11,000, another that has 1,000 and then the rest are just kind of 800, 500, 400.

[Ken Coleman]

Okay, and what is your combined income please?

[Caller]

My husband makes around 57,000 and I am going to be getting a new job soon because in my current role I don't make enough at all. I make around, I want to say 12,000 a year.

[Ken Coleman]

Okay. What is that? That's not even a job.

[Caller]

Yes, it's almost, it's, it's full time but it's part time pay.

[Ken Coleman]

Why are you the sweetest person I've ever met in my entire life?

[Jade Warshaw]

Why would you do that to yourself when there's full time jobs with full time pay that you could get?

[Ken Coleman]

Well, she is working on that. So that's good.

[Caller]

Yes.

[Ken Coleman]

What will you make? Do you have any idea? She said she's about to get a new job. We need to quickly move through this. What do you think you're going to make? Do you have an actual job on the horizon?

[Caller]

I've been applying and while I do that, I sometimes do a little teaching on the side with like subbing and things like that. And that can earn me about a paycheck of about like $1,000.

[Ken Coleman]

Do you have any kids?

[Caller]

No, sir.

[Ken Coleman]

Okay, can I just share something with you, Shakira? You need to be working. You need to quit this full time job that has part time pay. That's about the most ludicrous thing I've heard all week and I'm a real fan of yours. So I'm not picking on you, but I hope you hear how really silly that sounds. So you need to go get you a full time job somewhere. I don't care if it's at Target or Walmart or wherever. And you need to be working another job because we have two potential incomes, no kids, and we can knock this debt out. Okay? This is all possible. Okay, so we got to. First, let's get our income up. And then, Jade, I'm handing it to you to talk about what we're doing on budgeting the snowball. Take it away. What do they do next?

[Jade Warshaw]

Well, I. I am wondering about the $17,000 car. What's it worth?

[Caller]

It's worth around, I want to say 23,000. My husband said it's a. It's a 2022 Ford Bronco. That's his baby.

[Jade Warshaw]

No, it's not his baby.

[Ken Coleman]

It's actually a piece of crap. Have you seen the test ratings on this? It really is.

[Jade Warshaw]

I gotta go back to the. It's his baby because there's actual real people at home who are struggling financially, y'. All. You should be his baby. Do you see what I'm saying? Make sure he listens to this car, this call. He needs to sell it because there's $5,000 in equity there that you guys need today. Do you see what I'm saying?

[Ken Coleman]

And not to mention, what's the payment on that?

[Caller]

It's around, I want to say like 6, 6 90.

[Ken Coleman]

Okay, so now we just found. Let's round it up for fun. Now we just found 8,000 plus dollars. Yeah. In a raise.

[Jade Warshaw]

So he could essentially, if he was really. If he's really down to get this cleaned up, he could essentially take that 5, $6,000 from selling this car. You guys could quickly save up another thousand or so with it. He's driving a $7,000 beater, and now you've just repocketed almost $700 a month.

[Caller]

Yeah.

[Jade Warshaw]

What about that?

[Ken Coleman]

And you're paying off those three small credit cards in three months minimum, just with that payment. But now that you're working harder than you've ever worked before, you're busier than a one arm wallpaper hanger. That's how busy you are.

[Jade Warshaw]

That's bus.

[Ken Coleman]

Poor guy. Trying to hang wallpaper with one arm. That's a lot of work. All right? That's focused. So, like, this is. You guys can knock this out. I'd keep your $6,000 car because that's. That's reachable pretty quick. And you pay that off. So he's got a $5,000 car, and you've got a $6,000 car that we're going to pay off. This is all doable, but you guys got to get super serious.

[Jade Warshaw]

Sacrifice. Sacrifice is the name of the game. You're not getting out of this without sacrifice. There's no getting around it. That is part and parcel to this whole debt free deal. Can't get around it. There's no easy button.

[Ken Coleman]

Yeah, but no more Shakira. A full time job on part time pay. What are we talking about here?

[Jade Warshaw]

You got to respect your. Your time more than that.

[Ken Coleman]

Oh my gosh. Hey guys. You know those too good to pass up holiday promos? Well, they can be great. But with every spin of the digital wheel, the newsletter, sign up the coupon code, you're giving away your day. You think that info just stays with the store? I doubt it. It goes into the corners of cyberspace where data brokers grab it, repackage it and sell it to spammers, scammers and generally bad people. The FTC just reported consumers lost over $12.5 billion to fraud last year. And that's not just a number. That's your money, your time and your privacy. And that's why I recommend Deleteme, your digital cleanup crew. The Deleteme privacy pros dig through hundreds of these data broker sites. They scrub your info and they keep it gone. Gone. Which means fewer weird robo calls, fewer spam texts. And it's the gift that keeps on giving because it's an annual subscription. And Ramsey listeners can get 20% off those annual plans. @joindeleteme.com Ramsey with code Ramsey at checkout. Do it today. That's joindeleteme.com Ramsey code Ramsey. Hey folks, if the show is helping you out, we'd love for you to help us out. There's no better promotion in the world than real people who say hey, I'm listening, I'm watching this. So share a like and a subscribe on whatever platform that you're enjoying the show. We would appreciate it so very much. Thank you. Brittany is up next in Portland, Oregon. Brittany, how can we help today?

[Jade Warshaw]

Hi there.

[Caller]

So I have been working at a company for about five years now and as part of of my compensation, I receive equity grants every year with a four year vesting schedule. And I have basically just been letting those shares vest and then they move into my brokerage where I've just been holding onto them. Unfortunately, over the last few years the stock has essentially tanked. It's down 60% from its all time high which occurred in November of 2021. And as a long term investor, I don't need the money. But I've been slowly watching the of that position decline and decline and I feel like I'm at a point now where I'm wondering, should I cut my losses and sell out of what's vested and move that money into either a broader index fund or should I try to see it through? Right now the total value of the position is around $150,000, which is about a third of my overall brokerage account. Yeah. And the total, the average loss on that is about 30%. So it's painful, it's emotional, and I can't make an unemotional decision about it. So when you guys can give me some unemotional advice.

[Ken Coleman]

Yeah. So first question I have is, I thought I heard you say you're a long term investor. And so this is all gravy for you, this company stock, you're doing your own investing and so you know you're going to be fine long term. Correct? Did I hear that?

[Caller]

Yeah, that's my hope. That's the goal. Yes.

[Ken Coleman]

All right, then the next question that I would have, and I'm answering this as if I were you, so I have no emotion in this. So I'm going, okay, what would I do? All right, so what I would do is I would say what do I know? Know? And let's not look at opinion pieces in the media, but to the best of our ability, let's look at what the company's saying. Let's look at what we can learn from insiders in the building. There's a reason why that stock has gone down. True or false?

[Caller]

True.

[Ken Coleman]

Might be a few big reasons. Is that, do you know what the reasons are?

[Caller]

I have some suspicions. I have some, some solid leads and solid hunches which are, you know, we, we moved away from our core competencies, started investing in things outside of space. We've had a CEO transition. New CEO has been in place for about a year.

[Ken Coleman]

And what? Pause, pause, pause, pause.

[Caller]

Yeah.

[Ken Coleman]

So what his new CEO said about it, because the board brought him in to fix this problem primarily. I know that without knowing what this company is or what they do. I know that. So what is he saying publicly? What is the board saying? Because you can go look this stuff up. That's public information. So what are they saying?

[Caller]

Yeah, you know, we have a turnaround plan in place. I think the expectation is we're going to continue to see softness both on top line and bottom line for at least the year. But the expectation is that by fall of 2026 our new products should be in market. And there's a lot of optimism around that new product. I think the biggest question continues to be around tariffs. We're incredibly susceptible to tariffs.

[Ken Coleman]

Exactly, exactly. All of this smells very good to me. I don't, I don't have any suspicion about this at all. I think this is, I think this is a hold position for you.

[Jade Warshaw]

I disagree. I think, I disagree.

[Ken Coleman]

Tell us why. I'm actually intrigued to hear why you would disagree with that. Very sensible position.

[Jade Warshaw]

I have two sides of it, so it's possible that. So this is, I mean, this is not your money. It's not like you're investing in this stock. This is stock that they're giving to you. How quickly after it, I mean, how quickly can you move it over to something else? How quickly could you move it to an index fund once you've received it? How long does it take for, to vest?

[Caller]

So it's a four year vesting schedule, 25% per year. And then like I said, I have 150k that's fully vested, just kind of sitting in the stock. I can move out of that as quickly as tomorrow.

[Jade Warshaw]

I mean, if you wanted to sit on what's currently there, it wouldn't bother me. But moving forward, what I would do is the moment it vests, I'd move it to an index fund because. Or I'd move it elsewhere because I don't want money invested in single stocks, especially in a company that's very soft right now. I, I just would never tell somebody to invest their money there. Therefore, I also wouldn't advise somebody. I understand it, but it's the same principle. I wouldn't necessarily advise somebody to leave their money there. Now that's why I said if you want to keep the 150 there for now and see if it regains, but going forward, I would move.

[Ken Coleman]

Yeah, I don't have a problem with that.

[Jade Warshaw]

Do you see what I'm saying? So, yeah, I was just talking about.

[Ken Coleman]

The, what I was addressing increasing my losses going forward. That's fair. And I don't disagree with Jason on that. What I was addressing is what you called about. I thought to say, what do I do with this current stock that has lost all its value? And if it were me in your situation, I agree with what Jade's saying in the future, but I'd say on this particular thing, I'd, I'd give the CEO a chance. Let's see if, let's see if a year from now they can get some of that back and then, then you can, then you can move it. That's, that's all I'm saying. And that's a unique situation. This is such a unique home call in that situation. I'd probably wait and see if the company can turn things around for that reason. But I also wouldn't have the first problem if you said, I'm out.

[Jade Warshaw]

I was going to say, if I were in your shoes, I don't think there's any problem with you doing what Ken said or doing what I suggested. If I were in your shoes, I would probably move it because I'd be like, I just don't want it in single stocks, and I've already taken a loss. I've already taken a hit. I'd rather this be diversified. That's just what I would do in order for. For you to stomach it is why I said what I said, which is, hey, leave what's there, but going forward, make sure you quickly move, you know, as soon as it best. I'm just trying to. This is an emotional thing, Ken. You know?

[Caller]

It is. I was just trying to work through.

[Jade Warshaw]

The emotional side of it. That's all.

[Ken Coleman]

And that's why, again, the only reason I said what I said is because her emotion is where it is. And so it's like, you're not relying on that money.

[Jade Warshaw]

Yeah.

[Ken Coleman]

This is what I would call found money. And I'd go, if you're emotional about it, ride the roller coaster a little bit longer. See if they get it back.

[Jade Warshaw]

And that's so funny, because I'm the exact opposite. I'm like, it's not your money. So there's really no reason to be emotional. I just move it and go. Whatever. It's. I have $150,000. How do I want to invest?

[Ken Coleman]

I think you're.

[Jade Warshaw]

The way I think of it, you're.

[Ken Coleman]

Playing with house money.

[Jade Warshaw]

It's house money.

[Ken Coleman]

So I'm a little bit more aggressive.

[Jade Warshaw]

Oh, so we're betting.

[Ken Coleman]

I'm not bet. Yes, she is. In this case, she is. She's going. If she holds.

[Caller]

Yeah.

[Ken Coleman]

And doesn't move it, she is betting that the CEO. CEO and the new leadership and the analysis could end up.

[Jade Warshaw]

I wouldn't take that bet. I would take it.

[Ken Coleman]

And that's your prerogative.

[Jade Warshaw]

It is.

[Ken Coleman]

She got two pieces of advice. I know you got two pieces of advice, Britney. What are you gonna do?

[Jade Warshaw]

Brittany, you tell us.

[Caller]

Well, I think the good news is that it doesn't sound like there's a wrong decision here. You know, there's not clear something that I'm doing wrong. And so, you know, as an employee of the company, I think I'm gonna try to be A little loyal. Have faith, have optimism.

[Jade Warshaw]

Interesting.

[Caller]

Gonna hold. I do, I do believe in the company. I do believe we're in a rebound. We always have in the past passed.

[Ken Coleman]

So I'm going to poll the audience in the lobby.

[Jade Warshaw]

Don't forget going forward that it's a single stock. Just don't forget that going forward.

[Ken Coleman]

All right, now, just for fun, we got probably 30, 40 people in the lobby. Lobby, raise your hands if you would go ahead and get out of the stock and cash out. Raise your hand.

[Jade Warshaw]

My guy right there.

[Ken Coleman]

One guy.

[Jade Warshaw]

One, one loyal. One loyal guy.

[Ken Coleman]

Now let's see how this one goes. If you would hold a little bit and wait at least a year. The Ken position, raise your hand. Oh, it's overwhelming.

[Jade Warshaw]

Listen, I gotta tell you betters, you guys are risky business.

[Ken Coleman]

It's rare that I'm right. And so I'm going to soak in this one.

[Jade Warshaw]

Lap it up, Ken.

[Ken Coleman]

I tell you what, I've been married 27 years. I have three teenagers. I'm never right. You know what I mean, people? Thank you very much. There's one guy that's giving me a polite golf club. No, but in all seriousness, I think, Britney, you're very wise. You're not doing anything wrong. No, it's not her money, it's not your money. So you decide what you want to do with it. But I like that. It's a really interesting call. And in that situation with a public company, the proof is in the pudding. And here's what I know about public companies. If this guy doesn't get it right.

[Jade Warshaw]

The next guy, then they're going to get somebody. There will be a next guy who gets it right.

[Ken Coleman]

And so that's where my mindset is. So I'm thinking long term, plus play in this unique situation. But I loved your advice too. I, I, it's hard not to take advantage of that. And by the way, to fully come back to your, your point of view going forward as she gets new stuff. I, I love that idea of going, moving it over. Thank you. Thank you very much.

[Jade Warshaw]

I'll take it from here.

[Ken Coleman]

And I'll take it. So I would do that as well. I want to stipulate that. Yeah, I just was so stuck in my other position then.

[Jade Warshaw]

Now I, none of it was wrong.

[Ken Coleman]

No, no, no, no. So a very interesting stuff. And what a benefit to people who, who have that option. I know stock options are very nice. Hello. I got a friend. I got a friend who shall remain nameless who just recently left a massive company.

[Jade Warshaw]

Oh, yeah.

[Ken Coleman]

And he cashed out. And boy, oh, boy.

[Jade Warshaw]

Cha ching.

[Ken Coleman]

Oh, boy. He had a good day, folks. I had a good day just hearing about it, and I didn't get anything from it.

[Jade Warshaw]

I think that's a good friend right there.

[Ken Coleman]

The afterglow of his stock cashing was so nice that I even felt good.

[Caller]

Afterglow.

[Dave Ramsey]

There you go.

[Ken Coleman]

Afterglow. Dave, we got a lot of calls on this show where life happens. One day someone's healthy, they're working, providing for their family. Family. And then a curveball hits.

[Dave Ramsey]

You know, we hear it all the time. A car accident, a cancer diagnosis, a heart attack, and suddenly everything changes.

[Ken Coleman]

Yeah. And that's why you've always said that having term life insurance from Zander is essential because it protects your family if the worst happens.

[Dave Ramsey]

Yeah, that's right. You need 10 to 12 times your income in coverage. No gimmicks, no whole life junk, just straightforward term life protection. But there's another piece that people often overlook, and that's long term disability insurance.

[Ken Coleman]

Yeah, it's important to understand the difference between them. Life insurance steps in when you die. Disability insurance steps in while you're alive but can't work, so it replaces a large part of your income so the bills still get paid while you get back on your feet.

[Dave Ramsey]

Now, if your employer gives you free disability insurance, great. Take it. If it's discounted there at a better price, take it. But if not, Zander can help you find the right plan. Whether you're single or married. It's not optional. If you're going to be out of work for a while, then you need to make sure the money's still showing up.

[Ken Coleman]

And that's why Zander is our go to. They make it super simple to get the right coverage at the best price. No pressure, no upselling.

[Dave Ramsey]

I've trusted Jeff, Zander and Zander insurance for over 25 years, and so is my family.

[Ken Coleman]

Don't wait. It's fast, it's easy, and it could make all the difference. Go to zander.com or call 800-356-428.

[Dave Ramsey]

Protect yourself, protect your income, protect your family.

[Ken Coleman]

Anna is up next in Lexington, Kentucky. Anna, how can we help?

[Caller]

Hello?

[Ken Coleman]

Hello?

[Caller]

All right. Me and my husband, we got ourselves in a pickle. We're spinning fast. Young and dumb, you know. But that's okay. That's okay. God redeems, right?

[Ken Coleman]

Yes.

[Caller]

So essentially we. We have about. I'll just see the numbers. Actually, it's about 106,000 in debt. That's outside of Our mortgage, and that's totaling up to about, like, 33,700amonth. But our house is for sale and be left over with about, I believe, about 12 or 13,000 left over. If we sell our house at this price, kind of like knock it all over the way and then keep on doing what we're doing about, like, strapping down and paying off our debt. So, yeah, we just want to hear your thoughts on that.

[Ken Coleman]

And, like, where are you going to go after you sell your house?

[Caller]

Yeah, so we really saw the Lord calling us back to Knoxville. That's where we were before. And we bought this house. Like, we weren't fearful about it at all. It's beautiful. It's gorgeous. Right? But. But it's really isolating. And we work from home. We have two beautiful boys. We have a nanny that comes in, and. Yeah, we just feel like we should be back in Knoxville for a ministry since.

[Jade Warshaw]

And so you're not selling the house.

[Ken Coleman]

But you didn't answer my question. You're selling the house in Lexington because you're called back to Knoxville. Where are you going to live, and how are we going to pay for it?

[Caller]

Oh, rent. Rent. So we want to rent.

[Ken Coleman]

Okay.

[Caller]

Yeah, we can't buy the. We can't buy the house in cash or anything, and we don't want to get in that same situation. So. Okay, we'd rent, and we'd be looking at about 2,500amonth for rent we make when we're in Tennessee because of the income tax. We'll make about 10,500amonth.

[Ken Coleman]

Okay. So very good income. And is that just his income or both of you?

[Caller]

I wish maybe one day. No, that's both of ours. So he makes about 100 or 100,000 in a little.

[Ken Coleman]

Are you still there? Oh, we lost.

[Caller]

Yeah, we just feel like we should be backing up.

[Ken Coleman]

Okay. Anna, are you in a storm shelter? Are you driving? We. We're losing you.

[Jade Warshaw]

No.

[Caller]

Oh, you're losing me.

[Jade Warshaw]

Yeah. It sounded like you went in the janitor's closet.

[Ken Coleman]

Okay, so your question is what to.

[Caller]

Do with housing in cash?

[Ken Coleman]

I tell you what. I tell you what. We're gonna put in on hold.

[Jade Warshaw]

Yeah.

[Ken Coleman]

And let's see if we can get a better connection there. Let's go to Luke in Philadelphia. Luke, how can we help?

[Caller]

Hey, guys. How's it going?

[Ken Coleman]

Good. How are you, sir? What's going on?

[Caller]

I'm doing good. So I'm gonna be receiving an inheritance from my grandfather next month. Gonna be around $85,000. I'm very blessed with that. My question is, is being a Ramsey fan, I know that Dave always says to pay off the debt. So I was planning on paying off my student loans. They were about 55, $56,000. But I was talking to my friends in a bar. So this is where all bad ideas start.

[Ken Coleman]

I like where this is going, though.

[Caller]

But he gave me some good advice. He was saying that I should invest in, I think in like a low secure. I'm trying to. I don't really know this. The stock stuff, but he was saying to invest it into a, like a low security stock investment plan. So, like the government, I guess. I think it's the government fund at like four and a half percent. And I use WireFi for my student loans, so they're down to two and a half percent interest rate. So I'm trying to, like. I'm kind of. I'm kind of leaning towards that because, you know, keeping the inheritance for as long as, like, Ken is very appealing.

[Ken Coleman]

Wait a second. Yeah, so if I hear you right, you're kind of leaning toward your buddy's advice in the bar that you can't even say to us in a coherent way.

[Jade Warshaw]

Well. Cause he didn't hear it in a coherent way. He heard it. That's what I'm saying. Yeah.

[Ken Coleman]

So you're early.

[Caller]

It was. It was only six in the evening, so we weren't that belligerent yet.

[Ken Coleman]

But, I mean, I hope you hear yourself. Whether you were inebriated when you heard it or not, you couldn't repeat it to us in a very coherent way. And that doesn't really matter. Matter. My point is, you got to see the irony in calling this show to ask us if. If you should take your buddy's advice that you can't recall over paying off the debt. I'm gonna. I'm gonna see the balance of my time and hand it to the lady and see what she says because she. I know what she's gonna say.

[Jade Warshaw]

Well, Luke. Yes. You know, everybody knows what I'm gonna say. But I want to frame it to where it's you making the choice and not. Not me. Because it doesn't. It's gotta be you making the choice. So you have to ask yourself, yourself, what's. What do you value? Do you value? And what. How. How do you see yourself managing money? Because if you're a person who says, you know what, debt's not good. I don't like the way I feel when I'm in debt. I don't like being Slave to the lender. I'd like to have better sleep at night. I don't like this thing, you know, over the shadow, over my life all the time. If you value getting away from that, then you're going to say, there'll be other time to invest. This is my chance to break free. But if you say, you know what? I don't really have a problem with debt. I don't mind borrowing money. It doesn't really bug me. You know, it's fine for me to leverage somebody else's money to get what I want. Like, if you're that person, then you might say, well, yeah, I'm just going to take this money and invest it. If you ask us, we're going to tell you all day, every day that debt is not the way. It's stealing from you. It's stealing your monthly payment, even at 2.2 and a half percent interest. It's stealing your piece. It's stealing your future. We're gonna tell you that. But if you don't value that, then it doesn't matter what I say, you're still gonna get off the call and do what your, you know, your buddy, six drinks in, told you to do. You see what I'm saying?

[Caller]

I get what you're saying. Yeah. The way he will. I mean, I need to hear this from you in a bar and six drinks deep, then I could really believe in it.

[Jade Warshaw]

Maybe.

[Ken Coleman]

So listen, you could pour yourself a tall one while we tell you this. I don't know if that helps.

[Jade Warshaw]

Let's think of it like this, okay? So you've got 85. You could essentially do both. You could pay off the 56 cent thousand. Just think for a minute, Luke, how great that would feel for that to be out of your life, because how old are you?

[Caller]

I'm 26.

[Jade Warshaw]

26. They're gone forever. Now you've got the rest of your working life. Another 26 to 30 years to not only keep the other. The other 10 or so that's left, right? The other 15 that's left. You can go ahead and invest that. Let it sit. Do what your buddy said. Well, don't do what they said. Invested in mutual funds. And then, then you have the next 30 years to invest 15% of your income and build wealth. You're going to be a multi, multi millionaire. Okay, so why not do both, right? Why not clear out the debt and be a multi multi millionaire?

[Ken Coleman]

I'll drink to that.

[Jade Warshaw]

I'll drink to that.

[Caller]

This is why I called, because I was like, you Know, Luke, you're leaning towards your friend in a bar.

[Jade Warshaw]

And how much do they have? How much money do they have?

[Caller]

They make. They do. They do better than me.

[Jade Warshaw]

But yeah, ask them to show you proof.

[Ken Coleman]

I don't listen. I don't mind that you're getting advice from your buddy in a bar, but it better be good advice.

[Jade Warshaw]

I want to know that they are killing it.

[Ken Coleman]

So, my goodness. Yeah. Pretty straightforward answer for us. And I think what you nailed is what I don't think people think about until they start to listen to us or watch us and then hear us say it the same thing over again. And I'm going to bring it back to you. You having written a book, what no one tells you about money, and that is the psychology.

[Jade Warshaw]

Yes.

[Ken Coleman]

Nobody looks at that on a tick tock or Instagram.

[Jade Warshaw]

Well, it's an emotional thing when you talk about building wealth, especially when you have this opportunity in your hand that he's got $85,000 in his hand that he didn't work for. Somebody just dropped it and it's like, oh, my gosh, this is my moment. And here we are saying, put it on your debt. That is like, buzz kill, right? It feels terrible. That's why I framed it up on his values. Because here's the truth. Truth. The truth is, is it the worst thing in the world he could have done to take that 85 and just drop it in an index fund? Oh, come on. There's a lot dumber things he could have done. That's not a bad move when you think about it. He's still doing something, you know, smart. He's investing it. But when we're talking about good, better, and best, the best move is to clear out your debt. Pay off, you know, pay that out, get that done. It's not chasing you. It's not haunting you. And people don't consider the emotional side of that to finally have. Have peace. When people let their student loans stick around forever, Ken, the amount of guilt associated with that is. Is crazy because you're like, man, here I am with these student loans. He's going to get married one day. Maybe he already is. And his wife's going to have to be married into that. Then he's gonna have kids one day. His kids are gonna have to, you know, feel the stress of that. So when you're. The quicker you're able to deal with this.

[Ken Coleman]

That's right.

[Jade Warshaw]

The better.

[Ken Coleman]

Because here's the dirty little secret, Jade. You know this and I know this. Most people don't Want to admit this. Many people like this, Luke. If they don't, if they don't do this and take care of this, they're gonna wake up in their mid-50s with student loan and then do the math one day of how much interest they've been paying. And now you're talking about severe stomach pain. There's pain and ain't no medicine to take care of that. So I love the advice. That's just one of the things she takes on in the fabulous new book. You can pre order it today for the absolute best price of $24.99. Get over $100 worth of goodies. It's called what no one tells you about money until warshaw came along. Ramseysolutions.com store is where you can get it now before it hits bookstores everywhere. Jade, you know this, but I got to tell a lot of these folks that the all new every dollar is here. And it's more than what we have been telling you it is. That's what it was.

[Jade Warshaw]

That's right.

[Ken Coleman]

It's a great budgeting app. But I sat with the team today and you, you ready for this?

[Jade Warshaw]

Tell me.

[Ken Coleman]

It's so fun. I was going through a full demo of it. You know what this is? This is everything. Every dollar is everything you would get if you called this show, but a whole lot more. Let me explain.

[Caller]

Yes.

[Ken Coleman]

They are going to interact with you. This app interacts with you, finds out where you are and then you know that you can actually get a free 10 minute coaching call.

[Jade Warshaw]

I've been trying to tell people.

[Ken Coleman]

And the most you're going to get if you call this show is eight minutes. And it's truly probably not eight. After I yammer on for a minute, it's probably seven. And I was blown away that it's free right now. And that's not gonna be free because I'm gonna tell you, once Dave figures it out, it's not gonna be free.

[Jade Warshaw]

You think so?

[Ken Coleman]

But It's a free 10 minute call. That's if you even need it. But I kid you not, people go, is every dollar just a budget? No, it's not just a budget. It is literally like calling this show. You get real digital advice, you're gonna answer these questions, you're gonna get real legitimately awesome specific coaching and then you can get a coach if you want. A real life coach.

[Jade Warshaw]

That's right.

[Ken Coleman]

This is unbelievable. So they're going to help you find a minimum of $3,000 right out of the gate. I'm. I'M looking at this data today. So that's what it is. Jade, what, what do you add to this? You've been on this game for a bit.

[Jade Warshaw]

Every dollar is exactly what you need. But let me tell I'm going to take it a step further. The dynamic duo that you need, you need every dollar because that's going to do the coaching, it's going to do all the practical stuff, make you stay on the baby steps numbers. But then you need to pick up this book that goes with it. Cuz that's going to give you.

[Ken Coleman]

Would that be your book, Jade?

[Jade Warshaw]

You get the practical side and then you get the emotional side with this. This is what you need with your every dollar. I'm just saying what she did. It's a pairing.

[Ken Coleman]

It's like see what she did.

[Jade Warshaw]

Wine and cheese. Cuz.

[Ken Coleman]

Cuz every dollar is going to tell you what to do and how to do it and then Jade's book is going to come alongside and go, hey, when you're in the middle of this, here's how you keep doing, here's how.

[Jade Warshaw]

You'Re going to fit. Yeah.

[Ken Coleman]

Keep your emotions in check.

[Jade Warshaw]

Do them both.

[Ken Coleman]

I love that. It's very good. Start every dollar for free. Free today in the App Store or Google Play. And since she mentioned it, you can pre order Jade's new book, what no One Tells yous About Money. Same place, ramseysolutions.com store. And there you go, the one two punch. And I would do what she says. It's not good when you don't take it from me. Pat is up in Kansas City. Pat, how can we help today?

[Caller]

I am completely out of debt this month. Paid off my home.

[Ken Coleman]

Wow, congratulations.

[Caller]

Yeah.

[Ken Coleman]

How much is the house worth?

[Caller]

Well, I, I'm not sure. I think on Zillow it shows it at like 550.

[Ken Coleman]

Oh, it's probably worth more.

[Caller]

I don't know how real that is.

[Ken Coleman]

Well, you know who find out from a good realtor. But congratulations, you're. You're in that neighborhood. You're in that neighborhood. That's, that's awesome to be in a half a million dollar range. Good on you.

[Caller]

Yeah. So now I've got about another nine to ten years of working.

[Ken Coleman]

Okay.

[Caller]

And I have a business and so I need to start because I've been self employed pretty much my whole adult life. I've invested in businesses and lost and built back up. And lost and built back up. Now I can finally put money away for retirement and so far I've got about 185 in stocks and some small Roth IRAs. What's the business wise about from this point on?

[Ken Coleman]

What's the business?

[Caller]

It's a mechanical company. Heating, air conditioning, plumbing.

[Ken Coleman]

Do you plan to sell it?

[Caller]

I don't know. I don't really have a plan, an exit plan. I kind of thought that I would just manage it and, you know, get some income and then just shut it.

[Ken Coleman]

And then just shut it down or.

[Caller]

Or sell it. I don't have a plan right now.

[Ken Coleman]

Well, that's why I'm.

[Jade Warshaw]

That's part of your retirement.

[Ken Coleman]

Yeah, my friend, like in your case, that needs to be a big part of the plan, given that you don't have much in retirement money put away, but you have paid off your house, which puts you in a great situation. So you're actually not as bad a shape as you think. But this is probably one of your best opportunities. Let's just let me walk through some numbers with you, if you don't mind. What, what is. What's your. What was your. What do you anticipate? Well, let's do the two. Two questions. What was your gross revenues last year? 2024. In your business?

[Caller]

Last year was 1.21.

[Ken Coleman]

Okay, great. And what are you anticipating that it will be in 2025?

[Caller]

It'll be about 17 1.

[Ken Coleman]

Okay. And how much. How much are you netting?

[Caller]

Honestly? Honestly, I'm not sure I'm not much of a business.

[Jade Warshaw]

What do you, what do you pay yourself?

[Caller]

Is it just myself one? Right. I have a partner who does not take a. Who bought into the business about in 2022, which I did that because I always needed a good, always wanted to have a business person because I'm a technician. That's what I do. Right. And I've grown the business. It's almost 20 years old. I've grown it and lost it and growing it, you know.

[Jade Warshaw]

Sure. But what do you pay yourself?

[Caller]

I pay myself 175.

[Jade Warshaw]

175. And after you pay yourself, does. Does anything remain in the business as just kind of retained earnings every year? What. What's left over.

[Caller]

Maybe 100,000.

[Jade Warshaw]

Okay, good job.

[Caller]

You know, I had to get myself out of debt in the business, too, so I've been. I've paid off a lot of debt.

[Ken Coleman]

Do you employ. So you don't employ anybody?

[Caller]

No, I have 12 employees.

[Ken Coleman]

That's what I thought. Okay. Because on 1.2 million, I'm going, well, where's the rest of that money going? And so, so, okay, so you don't. You don't have a firm grasp on your numbers, which is okay today, it's not okay tomorrow. So whoever's running the books, whether it's your business partner or your, or your, I don't know if you have a CPA doing your books, you need to get yourself in the numbers. And, and you don't need to ask, shucks, I'm just a technician anymore. It's no, this is part of my retirement. And so I want to see where we are and, and what we can do here as it relates to investing money. Where is the business itself? What is its potential growth path over the next, let's call it 10 years because that's the number you gave us. You've a goal of 10 years. So where can that business be in 10 years? And let's talk to that business partner. And I'm sure that partner is probably fine exiting when you exit, if not sooner. So let's get a real plan in place and because all of a sudden, you know, it's reasonable to believe that this business could be, you could exit for 3 to 5 million dollars with some really good work done over the next. I don't think that's a crazy number.

[Jade Warshaw]

I don't think that's crazy given what you're saying. As long as you keep trending the.

[Ken Coleman]

Way you've said, and I'm speaking in general terms here, if we continue to grow the company, no debt, especially, I.

[Jade Warshaw]

Was going to say especially that there's no debt on the business. That's great.

[Ken Coleman]

So that's a pretty nice chunk. How much, how much does your owner, I mean, excuse me, how much does your partner have in the company? How much equity?

[Caller]

Well, he's 49, I'm 51.

[Jade Warshaw]

That's.

[Ken Coleman]

How much money did he put in for 49?

[Caller]

He put, he put in 300,000. Now, now when he did that, you know, I've grown since, I mean I've had it up to about 2.6 million and come back down and. But since 2020, it was like 600,021, 750, 22. When he bought in, in 22, we did about 800,000, then 23amillion. So we've been going up every year.

[Ken Coleman]

Good.

[Jade Warshaw]

Well, I think you're fine to answer your initial question where you're like, hey, I've got 10 years to save for retirement. Retirement. Ken pointed out you've got this wonderful asset in the business. Yeah. You guys need to decide a 10 year plan of what that's going to be with your Partner, obviously it sounds like you've got majority vote on whatever that is.

[Ken Coleman]

Do you have a very good tax. Do you have a good Tax Pro?

[Caller]

I think so. I mean I need a.

[Ken Coleman]

You need a smartvestor Pro. If you don't have a Smartvestor Pro, you need to click on that link on our website and go interview some people and get somebody and sit with them. I'm talking like next week interview. I always recommend interview. At least two or three SmartVestor pros. Go with the one that you feel does the best job explaining things to where you understand what you need to do and why you should do it. The one that you got the best chemistry with. This is a relationship. And let's look at our long term. What do they say you need to be doing? What's the most you can do personally and through the business? Have them look at the whole thing. I'd also get a tax pro and let's look at your tax situation and let's maximize everything we we can because we're aiming with a 10 year bullseye on, on making and keeping as much money as possible. That's why I'm recommending the Tax pro as well.

[Jade Warshaw]

And even if you only invest from the employee side, you as the employee, you as the employee. Right. Just the 15% like we recommend, you're still going to be at a million bucks.

[Ken Coleman]

Yeah.

[Jade Warshaw]

If you're just investing 15% of your $175,000 income. That's right. So that's the good news.

[Ken Coleman]

So you're in good shape plus a chance to exit it. So yeah, lock and load, man. Focus. Let's Crush the next 10 years personally and professionally. And I think you're going to find that you're in plenty good shape. Thanks for the call.

[Jade Warshaw]

Hey you guys, Rachel Cruze here. Look, I know you want to do better with money, but let's be honest. Life seems to be getting more and more expensive and lately you hardly have any breathing room in your budget to do anything but cover the basics. You work way too hard to feel broke. Our EveryDollar budget app can help you free up margin fast.

[Ken Coleman]

Most people find an average of $3015.

[Jade Warshaw]

Dollars in their first 15 minutes of using the app.

[Caller]

Think about it.

[Jade Warshaw]

That's thousands of dollars just sitting right there in your budget waiting for a job to do. With EveryDollar, you'll find the margin and the motivation you need to start making real progress fast with your money. Start for free today. Download the EveryDollar app for free today.

[Ken Coleman]

Welcome back to The Ramsey show in the Fair Winds Credit Union studio alongside Jade Warshaw. I'm Ken Coleman, triple 882-55-5225 is the phone number if you want to jump in. Let's go to Vincent, who's waiting in Las Vegas. Vincent, how can we help today?

[Caller]

Hello.

How are you guys today?

[Ken Coleman]

We're well. How are you?

[Caller]

I'm better than I deserve, as Dave would say.

[Ken Coleman]

I've heard that a time or two. What's going on?

[Caller]

My question is that I live a very simple life, and now it's gotten to the point where I'm struggling to really get full effort and attention in work and other aspects of life when I feel at this point pretty confident in the amount of money I have in my savings and emergency fund. And I more or less already have everything I want in life. How old are basic needs? I'm 22.

[Jade Warshaw]

Some accomplishment.

[Ken Coleman]

This begs a few questions.

[Jade Warshaw]

All right.

[Ken Coleman]

How much cash do you have?

[Caller]

About 80,000.

[Ken Coleman]

And how much in savings or retirement? Because I think you mentioned savings or some type of investments. What do you have?

[Caller]

Yeah, so between the 80,000 is between cash, checking, account, Charles Schwab account account, which is ETFs and gold.

[Jade Warshaw]

How much is the. Break it down. How much is the ETFs and how much is the gold?

[Caller]

Gold, I think, is about 3,000. And then the ETFs is, I think, about 20,000. And then in high yield CDs, I have about 40,000, I believe.

[Jade Warshaw]

Okay.

[Caller]

And then in checking, I have about 20,000.

[Jade Warshaw]

And the checking. Would you just call that like a rainy day fund?

[Caller]

Yeah, that's just where my paychecks go. And that's where I make most of my daily expenses.

[Ken Coleman]

Okay, what are your monthly expenses? Just give me a number.

[Caller]

Yeah, yeah. So my income is about 6 to 7,000amonth. And then after. After taxes and my basic expenses, I probably have about 3,000 left from the 4,000 thousand.

[Jade Warshaw]

Okay, that's great.

[Ken Coleman]

That's great. But it's nowhere near the. The guy who presented at the start of the call going, hey, I've got everything I need. I'm 22. And I'm just having a hard time being motivated because I don't see the rest of the math that would add up to that.

[Jade Warshaw]

Well, I. I think I might get it a little bit. I'm not saying I agree. I just think I understand where he's coming from. At 22, you're doing awesome. So I can understand you thinking. Thinking that like, like, man, what's. I. I don't have any, you don't have any debt, right? Like I don't have any debt. I got 80,000 in assets. Do you, do you own your own place or do you rent? Tell us about that.

[Caller]

I, I rent a studio apartment and it's significantly below market value due to friends and family rate from a connection I made at.

[Ken Coleman]

Okay. I, I'm, I'm, I'm so confused on. Honestly, I'm really confused by your response.

[Jade Warshaw]

Well, I didn't get to finish my, my point was if your measuring stick is for a 22 year old, then I think, yeah, I think you're doing great for a 20 year old.

[Ken Coleman]

But that's not how he presented the target. You said you were having a hard time being motivated.

[Jade Warshaw]

I understand. I'm getting to it. I'm saying like I see where you're saying, but you have now you have to look up and look out because for a 22 year old that's great, but you're gonna age and there's going to be other things that are going to pop up. So that's why I asked you about where you're rent or where you live and you said you're a renter. So already that's telling me, okay, well that means that at some point you're going to want to be able to buy. And so that's already a huge financial goal that you can set your sights on. Then you said, okay, well here's my income right now at 22. I think that's a wonderful income. But soon you're going to, you know what I'm saying? There you have to. You're looking at where you are today and that's why you're feeling like. I feel like I got it in the bag. But if you look up and out, you're going to say, oh, okay, there is more for me to reach towards. Do you see what I'm saying?

[Caller]

I, I do see what you're saying and that's often the advice that I get from some people I talk with or, or professionals I've talked with. And why don't you believe them really? Because I don't really have a, any desire to like buy a house someday. There's no reason to buy a house if I'm just going to be in it by myself. I just need one bed bedroom.

[Jade Warshaw]

You know, you don't want the security of having a fixed that, that biggest asset or that biggest line item on your budget. You don't want that to be fixed.

[Caller]

Not really. Because there's, you Know, other expenses and repairs and taxes that, that come with it.

[Jade Warshaw]

Sure, but you've got all the money in the world to pay for it. It sounds like. It's not like that would break you.

[Caller]

I mean. Yeah, but to me, I don't really see a difference between having that or just having it. Between. Between, you know, high yield CDs and stocks and gold, you know.

[Jade Warshaw]

Can I ask you why? Why then you care about the high yield, the CDs, the stocks and the gold? What we're. What's the motivation behind that?

[Caller]

I wouldn't say I care about it. I would more say that I have excess income at the end of each month, sometimes more, due to a bonus from work or something. And I put that into something that is going to give me some return. But it's also so very liquid if, you know, one day I wake up and decide I want to do something, I guess.

[Ken Coleman]

Okay, what's. What's at the root of your question? I don't think we're. I don't think we're addressing or that you got it out. I'm not sure. What is the reason for calling today?

[Caller]

I guess the reason for calling is, is that I already have a roof over my head and food on my table and clothes on my body and I don't turn on my car and wish I drove a nicer car or go to sleep at night and wish I had a bigger bedroom or eat food after work and wish I could, you know, eat a nicer meal because I already could do all of those things. And I don't. I just put it towards saving.

[Ken Coleman]

I understand that's leading to something. So that. Or so what. What is the point?

[Caller]

The. The point is that I. I don't know, I guess, where to spend money where I enjoy it, because I feel like wherever money I've spent, including taking international vacations or buying nicer clothes or jewelry or. Or even spending it on gifts for other people, I feel almost all the time that my life is basically the same as if I was just doing the absolute basics.

[Jade Warshaw]

And you're completely indifferent to all of those things, is what you're saying.

[Ken Coleman]

I get what you're saying. I just don't know what you're asking. And so I don't. I'm just curious. You called us.

[Jade Warshaw]

Are you making more of a statement? Are you here to make more of a declaration?

[Ken Coleman]

What's the question? Is there a question?

[Caller]

I guess the question. The question is, I guess, how can I change my mindset to the point where I'M giving half effort. And in my job that I do. And, you know, for example.

[Ken Coleman]

All right, so that's a whole different.

[Caller]

Or brushing my teeth. But I don't know how to accelerate that, to give 100% effort because. Well, first of all, you're not talking to many professionals.

[Ken Coleman]

Okay, okay, let me. Let me jump in. Okay. What I'm hearing is a guy who's describing work and what comes from the work as only a paycheck. And I don't really care about all the stuff I get for the paycheck. And I talk a lot about this. I've talked a lot about, thought about this for years. And I think what's missing is this is not about working to make money for you. I get it. I appreciate that point of view. It's very pure. I love it. But you're asking the question, Ken. I think you're saying I'm not very motivated. And what about that? Now, here's where this comes in. You've got to be doing work to make a contribution that you care about. So I would start looking into what are the results that I ultimately want to put into this world. You're going to have to keep bringing in an income. You're not in that kind of shape, and you didn't say you weren't, but you're only 22, and. And there's a lot of work left for you just to take care of yourself and do basic investing. But I understand you're going, I'm not working to have stuff. Then you need to start to shift your mindset to, I need to work to make a difference. In other words, what is the contribution I want to make in the world of work? And that's going to provide motivation for you. So I'll give you three questions that you need to answer over the days ahead. Here they are. Who are the people that I want to help? Be specific. What problem or desire do those people have? And then third, what are the solutions to that problem or desire that I get most fired up about? Here's what you're gonna find multiple opportunities to go to work and do something that matters deeply to you. And then it's not about the money. The last thing I would say for somebody like you is find a way to give a lot away. And then say, oh, if I'm making money to give money away, there's great purpose there.

[Dave Ramsey]

Hey, guys, Dave Ramsey here. Winning at money is 80% behavior and 20% head knowledge. What to do isn't the problem. Doing it is in her brand new book, what no one tells you about money, Jade Warshaw dives deep into the reasons you've been so stuck. This book exposes the real emotional fight with money and shows you how to win that battle. Pre order now for $24.99 and you'll get over $100 of free bonus items. Get your copy [e-mail] store.

[Ken Coleman]

Okay, everybody, and I mean everybody, needs insurance. However, it can be very hard to find pros who aren't just looking to make a buck off of you, sell you something you don't need or a junk policy. And that's why Ramsey Trusted is where it is. And it's such a lighthouse to so many people. And our insurance, the Ramsey Trusted insurance program vets pros for you. So these are people that are out there in the marketplace and Ramsey vets them to make sure you're not dealing with sleazy business people. And they've been interviewed and coached to make sure that they're market experts who have your best interest at heart. And if they don't do that, we kick them out of the program. And so that's why we call it Ramsey Trusted. You can go to ramseysolutions.com coverage to find the type of insurance you're looking for or connect with a Ramsey Trusted agent and get keep in mind, this is not just a one way street. In other words, we're not looking to just be making sure we have the right coverage. We want to make sure we don't have too much coverage and thus can save you money. And if you're listening on YouTube or podcast, you can click the link in the show notes to get connected over there. Grand Rapids is where we're going now. Mary is joining us there. Mary, how can we help?

[Caller]

Hi. Hey. Thanks for taking my call.

[Ken Coleman]

Sure.

[Caller]

So I'm 64 years old, still working. Well, I retired once, but I went back. I'm a school teacher, single parent. I have two sons. My oldest son is 30 and he's. Well, he's doing okay, but he drives a junky old car and I get worried about him in it. He's kind of struggling financially and I'm. The question is, should I give him my, my car and me get a new one and you know, I'm getting older. When do I stop helping my kids?

[Jade Warshaw]

Did he ask you to help or are you just observing this and you're assuming he needs your help?

[Caller]

Yeah, he did not ask. He, he's a good guy. He doesn't ask. But I. You know, so it's me thinking, I think I can afford a car. Should I. And I hear. I've heard Dave say it's good to help your kids, you know, when you can. I don't know. I guess.

[Ken Coleman]

Why is he struggling financially?

[Caller]

Well, he went to college, had a couple jobs, didn't like him, and now he decided he wants to be an emt. So he's doing schooling to be an EMT and just kind of working great.

[Jade Warshaw]

Is he single?

[Caller]

I don't know. He's single, yeah.

[Jade Warshaw]

Okay.

[Ken Coleman]

And this is not a work ethic issue, Correct? He's always been employed. He's hopped around a little bit, but he's got some character. Is that what I'm hearing?

[Caller]

Yeah. Oh, he's. He's a worker. In fact, he's got some money saved, maybe, you know, in a Roth ira. And he's responsible.

But I.

[Jade Warshaw]

When you say.

[Caller]

I just hate seeing him in that junkie car.

[Jade Warshaw]

When you say junkie car, what is that? Because maybe what's junkie to you is just a cash car that he likes to drive because he doesn't care about cars and car payments.

[Caller]

That's. Oh, that's for sure. He's kind of a. But, you know, very frugal.

[Jade Warshaw]

Oh, good.

[Ken Coleman]

And he has no debt.

[Caller]

No debt.

[Ken Coleman]

Well, what's the car? Answer her question. Do you know what it is?

[Caller]

It's a 2007 Honda Fit.

[Jade Warshaw]

Okay. I. You know what? I'll be honest with you, Mary. I think that he has different values than you do, possibly. And if you tell me that this guy is debt free, he's got some money saved in a Roth ira, he's studying to be an EI emt, and he has a older car with no payments. I'm hooping and hollering for him. I'm like, way to go. Good job.

[Ken Coleman]

So. No, no.

[Jade Warshaw]

Yeah. I wouldn't. Now, now, let. Let me flip it real quick. Let's say I don't know your financial situation, Mary. Let's pretend that. I mean, you. You did say you're still working. Let's say you've got a couple million bucks, you've got your teacher's pension, you're going to retire, no problem. And you were thinking of getting a.

[Caller]

New car, and that. That is. That is the case.

[Jade Warshaw]

Okay. And you were thinking of getting a new car anyway that you're paying cash for. And you're like, hey, what do you drive currently? What would be the car that you're giving him?

[Caller]

It's a 2013 Toyota and no payments, right? No, it's paid for. I have no debt. Yeah, My children have no debt because that's how.

That's how we roll.

[Jade Warshaw]

So if you wanted to offer it to him and say, hey, I'm getting a new car. Car, would you like to have this? I'd love to give it to you as a gift. I don't think there's anything wrong with that. But if you couch it in, you need this car. I mean, like, if. If the. If the spirit around it is you're struggling, you need this gift, please, for the love of God, take this car. That might not feel great, but if you really are just looking to be generous and you want to offer it to him, I don't think there's anything wrong with that.

[Ken Coleman]

I love this line of questions.

[Caller]

That makes sense.

[Ken Coleman]

I like how you're digging, partner, but I. Now I'm gonna dig.

[Jade Warshaw]

Dig it.

[Ken Coleman]

I thought I heard you say multiple kids. Is that true?

[Jade Warshaw]

Two sons?

[Caller]

Yes.

[Ken Coleman]

Two boys. Is this kid the one we're talking about 30 old? Is he the youngest?

[Caller]

No, he's the older one.

[Ken Coleman]

Okay, I'm just going to tell you as a. As a. As a father of multiple kids, you know where I'm going here.

[Jade Warshaw]

You do one, you got to do the other.

[Ken Coleman]

I just think there's weird. I think there's. I'm not. No. I'm not that guy. I'm not one that says you have to do for one that you do for the other. I'm not. I'm not. Not a hard line on that. But I am acknowledging here, and I'm bringing it up for sake of conversation, because you've met the financial test. Jay did a fabulous job checking on all that. And my initial answer was no, because he didn't ask for it, and he's finding his way. But now I'm going to question the psychology here. If you do this and then the younger son, I just think you have to think about that. I'm not even going to say what you should do, because I think you're a wise, wise woman. I'm just going to bring that up. And I'm not going to say that you got to do for the youngest what you do for the oldest. And I love your mom heart. I totally feel all of this. That's why I'm bringing that part up. I'm not even going to say what the position is.

[Jade Warshaw]

Well, then let's ask. What do you think would happen with the youngest son if you gave the oldest son your 2013 pay to. For car.

[Caller]

Well, I was trying to be brief, so there's even more to it. So I've given both my kids. They've been given all their cars. And just so you know, I mean, I'm a widow.

Right.

My husband died 10 years ago, and I'm proud of both my sons. They both went to college and, you know, graduated. They're hard workers. They know debt. So my one son has. The younger son has my newer old car. Right. And the older son has the older hooptie.

[Jade Warshaw]

Oh, okay. So this is just part of the routine.

[Ken Coleman]

Oh, well, then I change. I wish. Okay, well, Mary, you're so sweet. Do it. I didn't. We didn't know all this. I appreciate you wanting to be brief, but this is the background that we need. And I think with all this, I'm changing my entire position and go, mary, you can give him the car today if you want.

[Jade Warshaw]

Yeah. And then in seven years, when you buy a new car, you'll give the. The old one to the other side.

[Ken Coleman]

I feel like these boys are. These boys are blessed.

[Jade Warshaw]

Yeah. And you're a good mom.

[Ken Coleman]

You're a great mom. My goodness, Mary.

[Caller]

Well. Well, say. Well, I mean, I just. I worry. I worry about him. And my dad says I really take. Take what he says to heart that when the kids need help, they can need help when they're younger. And I think, well. Well, is that like this giving them a card? I mean, I guess it would.

[Ken Coleman]

I do think there's a statute of limitations, and I don't know what it is. Yeah, I do think it's like. I'm not sure I'm giving them another one after 30. I mean, this is. You've been very generous, but I don't know that I. Keep this up the rest of your life.

[Jade Warshaw]

Maybe. But if they're responsible, I can totally see. See, like, as a parent, I could totally see, I don't know, being done with something and being like, well, maybe I'll just give it up, you know?

[Ken Coleman]

I don't know. At some point, I want to go, mom, you're the best. I should probably pay for my next car, cash, like an adult. But there's nothing wrong here.

[Jade Warshaw]

No, there's nothing wrong.

[Ken Coleman]

There's nothing wrong here.

[Jade Warshaw]

You said none of them are knuckleheads. None of them are, you know, entitled. That's all we were trying to sniff out.

[Ken Coleman]

I just hope my kids aren't listening to this show, because I'll tell you who's not getting in a car from me. Who I'M getting in their initial.

[Jade Warshaw]

Oh, okay.

[Ken Coleman]

You feel me?

[Jade Warshaw]

Okay.

[Ken Coleman]

Real quick. We got about a minute. Go ahead.

[Caller]

Okay.

[Jade Warshaw]

So.

[Caller]

So. Thank God. My husband left us well off. And I've got a pretty good net worth being north of a couple million.

[Jade Warshaw]

Good.

[Caller]

And I. I'm like one of these people, too. I've just worked my whole life. I'm having a high hard time buying a new car, feeling like, oh my God, when can you afford to buy a different car? I'm so cheap.

[Ken Coleman]

You can afford when you have your net worth.

[Jade Warshaw]

Yeah, you can afford to buy one today. And I probably wouldn't spend more than you know. If it makes you feel better, no more than half of what your teacher's salary is a year. I mean, you could.

[Ken Coleman]

That's what I'm saying. Your teacher salary is basically whatever Mary wants to do. You're so set. You know, when I was. Do fine with you, Mary. You're so good. Get yourself a fun car.

[Jade Warshaw]

Get. Get something nice, red.

[Ken Coleman]

Like something fun. Like what's fun for you, Even if it's an old classic.

[Caller]

A Toyota Prius. Wouldn't that be fun? They're cute, the new ones.

[Jade Warshaw]

If you say so, Mary.

[Ken Coleman]

It's your money, Mary. If you think the Prius is fun, knock yourself out.

[Jade Warshaw]

Send us a picture of you getting inside.

[Ken Coleman]

That'll be fun.

[Caller]

Oh, my God.

[Ken Coleman]

You're the best, Mary. Do it. You. You've earned it.

[Jade Warshaw]

You have.

[Dave Ramsey]

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 from the first call all the way to closing day. To find a Ramsey trusted agent near you, visit ramseysolutions.com agent ramseysolutions.com agent.

[Ken Coleman]

Our question of the day is brought to you by Y Refi. If your private student loans are in default, it can feel like the end of the road. But why Refi helps you find a way forward with a low fixed rate payment plan that fits your Life. Go to yrefi.com Ramsey that's the letter y r e f y.com Ramsey not available in all states.

[Jade Warshaw]

That's right. Today's question comes from Mary. Another Mary. I've. We've had three Marys today.

[Ken Coleman]

Is that right?

[Jade Warshaw]

One in the lobby, one on the line, and now one in the words.

[Ken Coleman]

Is there a song, Mary, Mary or something?

[Jade Warshaw]

I was thinking Ms. Mary Mac, Mac, Mac. All dressed in black. Yeah. All right. Anyway, today's question, our why refi question of the day comes from Mar in North Carolina. She says, I'm struggling with a question about the stereotypical golden handcuffs. My job pays well, but to be honest, I'm not motivated to be there anymore, Ken. I struggle with a lack of purpose, Ken. I'm about four years away from retirement. Retirement. And because of your advice, I do have a six to eight month emergency fund. I do have over 1 million in retirement funds and I do have a paid off home. Way to go, Mary. Do I push through the last few years to keep stockpiling money or should I look, Ken, for another job that will certainly pay less but enjoy more?

[Ken Coleman]

I would go with look for another job that you enjoy more. But let's not assume, let's not only look at something that pays less. In other words, it sounds like she has an idea here. And so before she locks in on the well, I'm going to enjoy it a whole lot more, but it's going to pay a whole lot less. Let's just see can we have good pay and good enjoyment. Let's at least exhaust all options. And you know, listen, I've always taken this position and Dave doesn't like it sometimes. He'll always go, well, if you can find just as much money and look, the data bears itself out, you know, money is not what drives meaning. And in this case, if you can't find something that pays similar, I would be fine with her doing this. I absolutely would. Because of the stage of life that she's in, she's fine financially. She didn't say she's going to stop working. So yeah, I think that when someone presents like this, I'm never ever, ever going to choose money over meaning.

[Jade Warshaw]

I want to pull that thread more because obviously she's, I mean she's set right, she's got the paid off home, she's got the nice retirement, she's got everything. Six months of emergency, all that. At what point can, can one make that transition in your mind of yeah, I making a ton of money, but it's just, just not, it's not hitting right for me, Ken, you know, at what point can that person kind of do what you said and seek out the meaning even if the money doesn't?

[Ken Coleman]

High level. The answer is what we teach. When you have financial peace, in other words, when you live like no one else, later you can live and give like no one else. One of the things we don't talk a lot about on the show. Probably enough. And I'll say this and indict myself on this. No one else but live like no one else is the ability to walk away from a job like this that Mary has and take a job that pays less.

[Jade Warshaw]

I agree.

[Ken Coleman]

But still have plenty of margin in her life and she's now choosing to work for contribution. And I think that's the answer when you have enough peace, or we could call it margin. When you have enough peace and space in your life to make a decision like that and it is overwhelmingly good for your soul because you have enough.

[Jade Warshaw]

That you can do that.

[Ken Coleman]

And you know again. And I'll tie this into the big picture on money. The fourth largest group of net worth millionaires in a Ramsey study, the 10,000 plus millionaires that was behind Dave's book Baby Steps. Millionaires were teachers. So these teachers aren't making a ton of money, but they're making enough money based on the lifestyle. Lifestyle that they have chosen to live.

[Jade Warshaw]

And they're doing the right things with the margin they have.

[Ken Coleman]

So in Mary's case, I'm all for it. And so the answer is when you have peace, you can dial back, you can downshift.

[Jade Warshaw]

Yeah, I think that's, that's hard for people to.

[Ken Coleman]

It is until you work a job like Mary does and she goes, I honestly. Four more years of this. Yeah, four more years. When I don't need to.

[Jade Warshaw]

Right.

[Ken Coleman]

Yankee, younger, younger ones to. I'll draw a really. Okay, I'm glad you brought this up. Last thing on this. We'll move on. I want to draw the most extreme example. This I can. For those of you who are going, I don't know, Ken, that sounds a little, a little fluffy. It's not fluffy. One of the forms of torture we've seen throughout history is meaningless work. And we saw this in World War II where in prison camps, prisoners would move one pile of rocks from one side of the prison yard to the other. And if you're not familiar with that concept, read Viktor Frankl's work In Search of Meaning. And the idea here is that that was a form of torture to do work that absolutely had no redemptive value. Hard, painful. And that is to break down the soul, not the mind. And the most tortuous thing you can do to somebody is to remove their meaning. So I'm not trying to be dramatic here. I'm just simply saying I think that's so good. That's why, why I teach what I teach. If anybody's ever wondered why is Ken, talk about purpose and doing what you're wired to do? Because I do believe that we are souls and we have spirits and the spirit leaves the body when it doesn't do what Ephesians 2:10 says, which is that we are created for good works. And so that would be my last statement on that.

[Jade Warshaw]

Man, I like when I say something that gets this King Coleman out because this guy right here, here, he's got, he's got a lot to say.

[Ken Coleman]

Well, I think if you wonder why someone feels, you know, meaningless and depressed at work, it's because they're doing something that they got no enjoyment.

[Jade Warshaw]

Now there is a, I mean I, I hear the listener right now where it's like well but you guys would tell a stay at home mom who wants to stay home that maybe it's a good idea for her to work while she's in debt. Right. Like there's a line where we're saying to kind of bite the bullet. A short term sacrifice for a long term gain. So there is, there is a time and there is a short time period.

[Ken Coleman]

That's right.

[Jade Warshaw]

Where it can be worth that sacrifice because you know, it's not indefinite.

[Caller]

Right.

[Ken Coleman]

Well let me just step into your example. A stay at home mom working part time to help pay off debt is about as meaningful and purposeful work there is.

[Jade Warshaw]

And that's why we do that.

[Ken Coleman]

Doesn't mean she's called to do part time jobs. She's called to be a stay at home mom. And I, there are Virginia viral clips on Instagram of me on this show saying loud and clear, there's not a greater calling in the world than a stay at home mom. I am all for that. And that is as important as a job as there is on the planet. Now let me also say because shockingly that will go viral. People go. Way to go Ken. Thank you. And then working women will come in there and attack me. My mom was a working mother. My wife stayed. Stacy worked for half of our kids lives. I'm for working women outside the home too. So let's just everybody relax. But to your point, the greater point is why am I working?

[Jade Warshaw]

Right.

[Ken Coleman]

And if you are only working to pay off debt, that's purpose. Yeah, we, we listen to debt free screams all the time.

[Jade Warshaw]

But there's a, where people make more money. They're not not just working to pay off debt, they're working because they see a vision.

[Ken Coleman]

Well but yeah, but to pay off debt to then live like no one else. But my Point is, is that you need that. There is purpose in a short term goal in work, but there's also great purpose in going, hey, I don't have to work anymore, but I want to make a contribution. And there's two types. There's two results from work, okay? One is provision to take care of me, to take care of my family, to take care of my, my loved ones, take care of my responsibilities, whatever. Those are the bills. And then there's contribution. And in our world, we don't teach the contribution. We teach provision, provision, provision. And in a Christian worldview, which I unashamedly hold, I don't think you can be a whole person. I don't think you can have a truly purposeful, meaningful sense of self if you don't do some type of work even in retirement.

[Jade Warshaw]

I feel that I agree wholeheartedly and.

[Ken Coleman]

I'm okay with everybody going, by the way, if I want to retire and walk away, Ken, is that okay? I go, sure. I for one am not going to do that.

[Jade Warshaw]

But you're going to do something. You're going to volunteer, you're going to help out with the grandkids.

[Ken Coleman]

I'm going to do something.

[Jade Warshaw]

Girl Scouts. You're going to do something.

[Ken Coleman]

I'm. Well, the Girl Scouts will keep me away and I appreciate that.

[Jade Warshaw]

I'm talking about you.

[Ken Coleman]

I know I couldn't resist. You left it right there for me. But yeah, I think that, that we are made to work and that doesn't mean made to break our backs when we're 85. But I do think make a contribution as long as you can. That's a pretty meaningful life. So great question there, Mary. Really fun stuff.

[Jade Warshaw]

Really good.

[Ken Coleman]

You took me down the rabbit hole.

[Jade Warshaw]

I did. I threw you the pitch and you.

[Ken Coleman]

But a worthy, a worthy conversation for all of you to say, hey, what do I want my life to look like after I've lived like no one else?

[Caller]

Sam.

[Ken Coleman]

Our scripture of the day comes from Psalm 119:66. Teach me knowledge and good judgment, for I trust your commands. And our quote today, Simon Sinek experts are the ones who think they know everything. Geniuses are the ones who know they don't. Classic Simon. Little wordplay. I like that Simon can spin anything and sound brilliant. Yeah, this is brilliant. Guy flips all these phrases. I love Simon. Brian is up in Scranton, Pennsylvania. Just fun. What famous show was headquartered in Scranton?

[Jade Warshaw]

I was already playing the theme song in my mind, but I was like, this is so like the office.

[Ken Coleman]

Fantastic. Poor people at Scranton, they can't get past it. Let's go to Brian. Brian, how can we help?

[Caller]

We love not being able to get past.

[Jade Warshaw]

Do you.

[Ken Coleman]

So it's not like an eye rolling thing when idiots like me bring it up?

[Jade Warshaw]

No, you love it.

[Caller]

We love it. Actually my, my daughter learned the theme song on the piano for my birthday and played it for me and I cried.

[Ken Coleman]

That's really sweet, Brian. Thank you for sharing that. That's so fun. Well, we're here for you today. How can we help?

[Caller]

All right, so my wife and I have had a couple large expenses come up this year that we've dipped into the emergency fund for a sewer line backing up a refrigerator died. So as we've been like replenishing our emergency and it's. I just feel like it's taking quite a long time and we haven't been like, we haven't gone back to like the baby step 3 type intensity. Like no vacations, no eating out. Like we've kind of continued our baby step four, five and six life. And I just wondered if, if that's okay that we, that we didn't revert back to like bare bones, scorched earth.

[Jade Warshaw]

I think it depends on what's left in the emergency fund. Are you at like the three, you were at the six month point and now you're at the three month point or are you like down to like the one month point?

[Caller]

We, after the two major expenses which were earlier this year, we went down to probably like two months and we're, you know, we're replenishing it for sure it's back up there. But we've always kind of written been comfortable with, with a three month emergency fund just, just because I'm, I've been so. I'm always eager to, you know, be investing and you know, saving up for the next kid's car, you know, something like that. So.

[Jade Warshaw]

Yeah.

[Ken Coleman]

How far away are you?

[Caller]

Our marriage? We've been comfortable with three months.

[Ken Coleman]

How far away are you? You said you were down to two months, so you only got a month to replenish. Yeah.

[Caller]

Well, I'll put it this way. Our emergency fund we let ride at about $11,000. It went down to three or four, I'd say and we're back up to close to nine.

[Jade Warshaw]

Can you not do this in one month? Next month? Can you just not pop $2,000 in there next month?

[Caller]

I.

We might be able to, but like other things have come up non emergency things that have, that have kind of taken away from replenishing it quicker. Like what Regular car repairs.

Yeah.

Like when. Whenever a vehicle goes into the shop, it seems to be, you know, hundreds more than we expect. We pay it. We pay it with cash.

[Jade Warshaw]

Yeah. What do you mean? What's your monthly income between you and your wife?

[Caller]

Let's see. I'm drawing a blank. It's 90,000 a year before taxes.

[Jade Warshaw]

Okay. I want you to get this saved up sooner than later for two reasons. One, you only had three months to begin with, so let's hurry up and get that stacked back up. Two is, do you both work or is it just you?

[Caller]

She has a couple side gigs that Maybe bring in $500 a month on a good month.

[Jade Warshaw]

So then. Yeah, that's.

[Caller]

It's mainly. She homeschools our kids, so it's mainly me working outside the home.

[Jade Warshaw]

Yeah. I want you to. I do. I want you to. Going back to your initial question of can we go a little bit slower at our 5, 6, 7, 4, 5, 6 pace, or do we need to go with intensity? Because you're the only one working bringing in a livable wage, and because it was only three months to begin with, I would get intense on this and get it stacked up because every moment that you don't, you are in a position of vulnerability.

[Caller]

Yeah.

[Jade Warshaw]

Final answer.

[Ken Coleman]

I. I agree with Jade, and I'll just give you a personal answer. When I have to touch the emergency fund, it irritates me to the nth degree. And Stacy Coleman will tell you it is. It is. It's. It's Gazelle.

[Jade Warshaw]

Yeah.

[Ken Coleman]

It's like. And I'm. You know, I mean, it's a lady's point.

[Jade Warshaw]

Yes.

[Ken Coleman]

As soon as we touch it the next month, I'm trying to get it back instantly. I just. There's a certain thing. I got so in love with that concept when we first heard it of the emergency fund, that there's a. It just.

[Jade Warshaw]

It feels great having that there.

[Ken Coleman]

And I'm talking, like, even if you. It's like. And I try to never touch it. That's the other thing. We are always. I'll manipulate the monthly spending to try to not. You would think the emergency fund wasn't there. That's how much I like the emergency.

[Jade Warshaw]

Fund we have an emergency fund for. The emergency fund is in a whole different high yield. That's like no one ever. It's like a vault. Scrooge McDuck vault.

[Ken Coleman]

Mine takes 24 hours to get it.

[Jade Warshaw]

Yeah, that's right. And then there's.

[Ken Coleman]

It ain't easy to get it.

[Jade Warshaw]

Yeah.

[Ken Coleman]

You know, and so you got a.

[Jade Warshaw]

Chisel to get to it.

[Ken Coleman]

And by the way, I'm not saying you shouldn't use it, but I'm at a stage of life where when we have the emergency, we're mostly taking care of that. But I'm telling you, I don't like to touch the emergency.

[Jade Warshaw]

But.

[Ken Coleman]

So my answer is always going to be, you better get Gazelle to fill it back up.

[Jade Warshaw]

Fill it back up.

[Ken Coleman]

That's about sleep.

[Jade Warshaw]

I agree. I agree.

[Ken Coleman]

I sleep better knowing that, that if.

[Jade Warshaw]

We had to tap into three quarters of our emergency fund for emergencies, I would be a wreck today.

[Ken Coleman]

I promise you. I'd be in my kids room selling stuff. They would. What was going on? You know, like, you'd be like, hey, we have a full emergency here. What's the emergency? The emergency fund needs to be replenished.

[Jade Warshaw]

Yeah, we're all going to work. Everybody in this house is getting a job.

[Ken Coleman]

I mean, that's a little. It's a little extreme, but it.

[Jade Warshaw]

No, I hear you.

[Ken Coleman]

Pays off.

[Jade Warshaw]

Well, it's crazy to think, you know. Well, I can't. I'm launching into stories. Never mind.

[Ken Coleman]

Yeah, I took too much time on that one. But that's how I am. Let's go to Amy and female Phoenix. Amy, how can we help?

[Caller]

Hey there, guys. Thanks for taking my call.

[Ken Coleman]

You bet. What's up?

[Caller]

It's almost almost along the same line here. So I am a solo parent and I'm in sandwich generation. I have a nine year old and then my retired mother who lives with me and everyone depends upon me, okay, for their lives. I'm very careful with insurance. I always have like life insurance and I actually just got a million dollar term with Xander.

[Jade Warshaw]

Great.

[Caller]

I am canceling my universal whole life. That really doing much for me. And I also have a whole life policy I took out on my daughter because I was using that as like an investment. But I also have learned it's not an investment. But I thought, okay, hey, it just goes towards her education. Right. I've decided that right now. I think what is going to help our family out more is that I make sure everyone's provided for because education can be sorted out down the line. And we would be going to community colleges. We live in a really good area where we could drive to community college and have great education. So my emergency savings. Okay, so I'm in zero debt. I'm 50. I have 20,000 in my emergency fund. I am making more money now than I have ever in my life.

[Jade Warshaw]

How much?

[Caller]

And I have this year I'm at 122.

[Jade Warshaw]

Way to go. Way to go, mama.

[Caller]

And 2026, I should net 190, guys.

[Ken Coleman]

Fantastic. Okay, we got about one minute, so get to your questions.

[Caller]

Yeah. So should I get the refund I'm getting back from? The whole life is going to be around 13,000.

[Dave Ramsey]

Okay.

[Caller]

Should I fund my emergency fund to get it up to the 50,000 that it should be at? Should I use that towards the down payment of a house that we're not in yet? Or should I just max out my Roth IRA for 2025 and 2026 using that money?

[Jade Warshaw]

The 50,000. Is that three months or six months expenses?

[Caller]

That's six months. That's six months.

[Jade Warshaw]

Knowing that you want to buy a. A house, I'd be okay with you doing three months and then hitting the. Hitting the ground running on the down payment. I'd be okay with that. And then once you get the house, if you want to stack it up to six, I'm okay with that.

[Caller]

Okay. That's where I was at. Where? I don't know. I. I just know that if anything happens to me, these people have to be provided for.

[Ken Coleman]

You've done it.

[Caller]

It takes a while. It takes a while for insurance to kick in. It could be. It could be delayed up to two to three months before they pay out. I've seen this happen with my father, with. We've had a lot of death in our family.

[Jade Warshaw]

That's true. But you'll have. You'll also have $50,000 sitting there, which will be something in the interim.

[Ken Coleman]

You've done a great job. I am with Jade. I think she gave you the right advice. Move forward on it. You've done a great job. Thank you for the call. Remember, folks, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of peace, Christ Jesus.