Your Income Is Your Greatest Wealth Building Tool

Summary

Podcast Summary: The Ramsey Show – "Your Income Is Your Greatest Wealth Building Tool"

Introduction

In the January 2, 2025 episode of The Ramsey Show, hosts Ken Coleman and George Camel delve into the pivotal role income plays in wealth building. Throughout the episode, they address a variety of listener questions, offering expert advice on budgeting, debt management, career decisions, and financial planning. The episode emphasizes the importance of disciplined financial behavior and strategic income utilization to overcome monetary challenges and achieve financial stability.

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1. Managing Spending Behavior and Debt: Charlene's Story ([00:44] - [08:36])

Caller: Charlene, a single mother earning $88,000 annually while working part-time, struggles with overspending in her "food and spending" budget category. Despite having a seemingly strong budget, she experiences buyer's remorse and consistently exceeds her allowances, leading to mounting personal and student loan debts totaling $23,000.

Discussion Highlights:

• Behavior vs. Budget: Ken Coleman identifies Charlene's issue as behavioral rather than purely financial. He emphasizes the need to address underlying emotions driving discretionary spending.

  Ken Coleman ([05:53]): "I don't think this is a money problem. I think this is an emotion problem. And you're medicating."

• Discipline and Prioritization: George Camel advises Charlene to prioritize debt repayment over non-essential spending, likening a budget to a workout plan that requires commitment to be effective.

  George Camel ([06:15]): "Your budget's great, but it's just a plan. If you don't follow the plan, the plan's useless."

Conclusion: Charlene is encouraged to shift her mindset from viewing extra income as "spendable" to treating it as a tool for eliminating debt. The hosts commit to providing her with additional resources to build financial discipline.

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2. Navigating Student Loan Mismanagement: Aaron's Challenge ([14:48] - [30:01])

Caller: Aaron from Fort Myers, Florida, faces issues with Mohela, his student loan servicer. Despite agreements indicating a 0% interest rate during his loan's administrative forbearance, Mohela incorrectly applies interest, costing him $1,800. Aaron contemplates paying off a smaller loan while battling the mismanagement on the second.

Discussion Highlights:

• Fighting Loan Servicers: Ken Coleman urges Aaron to persist in resolving the issue, suggesting documenting interactions and escalating complaints to higher authorities or media outlets.

  Ken Coleman ([24:06]): "I would aggressively pay these down. I wouldn't even wait till you have all the money in full."

• Alternative Strategies: George Camel recommends focusing on debt repayment over disputing small interest amounts, arguing that reducing principal faster outweighs the hassle of fighting the servicer.

  George Camel ([26:19]): "The faster you pay the principal down, the less interest you're going to pay."

Conclusion: While Coleman emphasizes holding Mohela accountable, Camel advises Aaron to concentrate on extinguishing debt promptly, suggesting that the time and energy spent disputing minor interest charges may not be worthwhile.

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3. Career Choices vs. Family Business Stability: Lucas's Decision ([32:17] - [35:25])

Caller: Lucas from Oregon grapples with returning to a stable job offering $72,000 after assisting his father's unstable company. With recent home purchases and the need for a dependable income, Lucas seeks guidance on prioritizing career stability over familial obligations.

Discussion Highlights:

• Self-Prioritization: Ken Coleman and George Camel advocate for Lucas to prioritize his financial security and career advancement over the uncertain prospects of his father's business.

  Ken Coleman ([34:32]): "I think you have to do what is best for you. If you do not, you will resent your dad."

• Emotional Considerations: The hosts acknowledge the emotional difficulty of leaving a family business but stress the long-term benefits of personal financial stability.

  George Camel ([35:04]): "He needs to get someone who can help this business or he needs to figure it out."

Conclusion: Lucas is encouraged to return to his former employer for greater financial security, highlighting the importance of making tough decisions that favor personal stability over familial expectations.

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4. Handling Overpaid Taxes and Wage Garnishment: Emily's Situation ([35:38] - [41:04])

Caller: Emily from Ontario, Canada, was overpaid $6,000 in taxes and is facing potential wage garnishment. Unsure whether to allocate the surplus towards debt repayment or save it, given uncertainty around garnishment timing and amounts.

Discussion Highlights:

• Debt Repayment vs. Savings: George Camel advises Emily to apply the overpaid funds towards accelerating debt repayment to reduce future financial strain.

  George Camel ([36:34]): "I'm okay with using this money to expedite your goals, knowing that I'm going to need to ratchet down my budget later on."

• Strategic Planning: Emphasis is placed on prioritizing debt reduction to minimize interest costs, aligning with overall financial health goals.

  Ken Coleman ([37:01]): "What's your total debt you're trying to pay off?"

Conclusion: Emily is reassured to use the overpaid tax funds to pay down her car debt more rapidly, thereby reducing the impact of future wage garnishments.

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5. Building Wealth as a Young Professional: Simon's Advice ([38:28] - [41:04])

Caller: Simon from Boston, a 22-year-old recent college graduate earning $78,000 annually, seeks advice on effective money management to ensure he invests wisely and maintains financial stability.

Discussion Highlights:

• Budgeting and Investing: George Camel underscores the importance of maintaining a robust budget using tools like the "Every Dollar" app to track expenses and allocate funds towards savings and investments.

  George Camel ([39:00]): "You're going to list out your income. Do you know what your income will be?"

• Emergency Fund and Future Goals: Simon is advised to continue building his emergency fund and consider future investments in real estate once a stable financial foundation is established.

  George Camel ([40:16]): "For you, that might be that down payment on a house. Would you agree that's the next goal once you're in investing?"

Conclusion: Simon is encouraged to leverage his debt-free status to maximize savings and investments, ensuring long-term financial growth and stability.

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6. Medical Costs and Financial Planning: Kelly's Vasectomy Reversal ([43:17] - [50:43])

Caller: Kelly from Phoenix, Arizona, inquires about where a $10,000 vasectomy reversal procedure fits within her and her fiancé's financial "baby steps." Both have existing debts totaling $65,000.

Discussion Highlights:

• Prioritizing Financial Goals: George Camel suggests pausing their financial steps to accumulate cash for the procedure and aggressively pay down existing debts before proceeding.

  George Camel ([47:01]): "If this was, let's say, you know, IVF or something like that, Dave would say, hey, let's pause the steps and let's save up to pay for this in cash."

• Balancing Health and Finances: Ken Coleman emphasizes the uncertainty of medical outcomes and the importance of not jeopardizing financial stability for procedures with no guaranteed results.

  Ken Coleman ([45:19]): "There's no guarantee that it's going to work... there's no guarantee that even if the procedure goes fantastic, that you guys are going to be able to conceive."

Conclusion: Kelly and her fiancé are advised to secure their financial foundation by eliminating debt and saving diligently before allocating funds towards medical procedures, ensuring that their desire to start a family doesn't compromise their financial health.

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7. Assisting Aging Parents Financially: Ryan's Concerns ([54:26] - [61:56])

Caller: Ryan from Raleigh, North Carolina, and his wife, both debt-free and having paid off $65,000 in under a year, are concerned about financially supporting Ryan's 69-year-old mother, who has minimal retirement savings and rental income.

Discussion Highlights:

• Setting Boundaries: George Camel advises Ryan to establish clear financial boundaries to avoid enabling his mother's inadequate savings, emphasizing the importance of not sacrificing their financial future.

  George Camel ([57:21]): "You're not helping her, you're enabling her."

• Encouraging Self-Sufficiency: Ken Coleman recommends having an honest and respectful conversation with Ryan's mother about the limitations of their financial support to prevent future resentment.

  Ken Coleman ([57:30]): "I think this is a real honest but very respectful conversation to say, I don't think you want to be this to us and I don't want this because I want the time that we have left with you to be about relationship and honor, not resentment and burden."

Conclusion: Ryan and his wife are encouraged to prioritize their financial well-being by setting firm boundaries and encouraging Ryan’s mother to seek additional income sources, ensuring that their desire to honor and support her does not compromise their financial stability or personal relationships.

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8. Saving for Engagement and Managing Vehicle Debt: Dan's Dilemma ([74:16] - [83:21])

Caller: Dan from Tampa, Florida, is saving for an engagement ring while managing a $41,000 vehicle debt tied to his side business of cleaning gum from public areas. He seeks advice on optimizing his savings strategy and reducing his truck payments.

Discussion Highlights:

• Asset Liquidation: George Camel recommends selling the high-maintenance truck to eliminate the $700 monthly payment, thereby freeing up funds to accelerate savings for the engagement ring.

  George Camel ([75:53]): "You don't need a fancy truck. We're trying to drive this home. So get rid of that."

• Business Efficiency: Emphasis on streamlining business expenses to enhance profitability and reduce unnecessary costs.

  Ken Coleman ([76:28]): "So get rid of that. What's the car payment on that? There's your ring cost when we get the lovely lady in interested."

Conclusion: Dan is advised to sell the expensive truck and opt for a more affordable vehicle, reallocating the savings towards debt repayment and engagement ring funds. This strategy not only alleviates financial burdens but also aligns with his long-term personal goals.

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9. Real Estate Market Outlook for 2025 ([52:53] - [73:46])

Discussion Highlights:

• Market Volatility: George Camel forecasts a continued rocky real estate market in 2025, with interest rates fluctuating and housing prices experiencing a roller-coaster trend.

  George Camel ([53:03]): "I think we're going to see more of the same in 2025. I think over time we're going to see a dip, but I think in the meantime it'll be a little bit of a rocky road."

• Strategic Planning: The hosts promote Ramsey's Real Estate Home Base as a comprehensive resource for navigating the buying and selling processes with confidence.

  Ken Coleman ([53:19]): "So if you're ready to take the next steps toward your home goals with peace of mind, go to ramseysolutions.com realestate."

Conclusion: Listeners are encouraged to utilize available resources to make informed real estate decisions amidst a fluctuating market, ensuring strategic alignment with their financial goals.

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Conclusion

Throughout the episode, Ken Coleman and George Camel underscore the pivotal role of disciplined income management in wealth building. They advocate for strategic budgeting, prioritizing debt elimination, and making informed financial decisions that align with personal and familial goals. The hosts provide practical solutions tailored to individual circumstances, reinforcing the philosophy that with the right financial tools and mindset, listeners can overcome monetary challenges and achieve lasting financial success.

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Notable Quotes:

• Ken Coleman ([05:53]): "I don't think this is a money problem. I think this is an emotion problem. And you're medicating."

• George Camel ([06:15]): "Your budget's great, but it's just a plan. If you don't follow the plan, the plan's useless."

• Ken Coleman ([24:06]): "I would aggressively pay these down. I wouldn't even wait till you have all the money in full."

• Ken Coleman ([34:32]): "I think you have to do what is best for you. If you do not, you will resent your dad."

• Ken Coleman ([57:30]): "I think this is a real honest but very respectful conversation to say, I don't think you want to be this to us and I don't want this because I want the time that we have left with you to be about relationship and honor, not resentment and burden."

• George Camel ([75:53]): "You don't need a fancy truck. We're trying to drive this home. So get rid of that."

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This comprehensive summary encapsulates the essence of the episode, providing valuable insights and actionable advice for listeners seeking financial empowerment.

Transcript

[Ken Coleman]

Foreign. Welcome to the Ramsey Show, America, where we help you win in your life. We're gonna help you win with your money, win in your work, and win with your relationships. Happy Happy New Year. Live for the first time in 2025, George Campbell is along New Year Ken. Thank you, thank you, thank you. And I'm Ken Coleman and we're here for you. 888-255-225 is the phone number 888-255225? All right, George, you ready to get it started?

[George Camel]

I hope so. I'm a little foggy.

[Ken Coleman]

You're a little foggy. Callers are lined up and. And we're going to Australia for the first call of the show today. How fun is this? Charlene joins us. Charlene, how can we help today?

[Caller]

Hi, guys. Happy New Year. Thanks for taking my call.

[Ken Coleman]

You bet. What's going on today?

[Caller]

Question about my frivolous spending is where we're at. To start off the new year, a little about my background. I'm a single mum to a toddler, earning 88,000 annually and working part time. Wow. I have a budget that I think, or at least I thought was quite strong. And there's a line item in my budget for food and spending. But without fail, I'm blowing through that allowance every month and just there's little to no enjoyment with the things that I'm spending that money on. And so there's always kind of buyers remorse and always way more months than there is money. And so no matter how I tweak the budget, I just can't seem to fix it.

[Ken Coleman]

And so it's not a budget issue. Sounds like it's a behavior issue. So give. Yeah, give us an idea. Yeah, give us an idea of this. You called it food and spending. I know George wants to know this. I want to know what do you include in food and spending? And then give us an idea of the consistencies of what you're spending too much money on in that line item of food and spending takeout.

[Caller]

First and foremost, I hate to cook. So there's a lot of dining out or fast food takeout that's being spent and it's shopping of any sort. I can't stop myself from just buying anything that I see online or walk past the store or if my son, you know, looks at something and there's a twinkle in his eye, he'll immediately get it. And there's just no second thought. I just buy. And then it's almost immediately after I've made the purchase that I get that buyer's remorse. And I'm annoyed with myself that I bought it. But, you know, damage is already done. So I'm trying to figure out a way to stop the swiping instead of feeling bad about it afterwards.

[George Camel]

Well, one way that the easiest, fastest way is to get rid of the mechanism that you are using to swipe. Is this a credit card that you're using?

[Caller]

Yes. Yes and no. I've got the cash. I just don't like using the cash because I know that history has told me I'm not going to have enough at the end of the month. So I do use my credit card and it does get paid off every month. But, yes, I use the card so that.

[George Camel]

But you see what would happen there. Let's say if you cut up the card and you only had the cash, which was only enough to cover your bills, you know what you would do? You would just cover your bills.

[Caller]

But then what happens if I can't eat? What it.

[George Camel]

You use the cash to eat and cover your bills. I don't have enough to eat. And then there's. I'm spending all my money on fast food and takeout. There's a big difference.

[Ken Coleman]

Because you don't want to cook. And here's the deal. Nobody's telling you you gotta be, you know, the greatest cook in the world and all this, but you're a single mom, so we gotta take care of you and the toddler. And this is gonna come down to. I think it's two things, George. One, I'm seeing there's. There's an emotion that you're not handling very well, and you're medicating the emotion with stuff. And then there's the emotion of guilt or exhaustion or something along the cooking to where you go, I don't want to do it. I despise it so much that I know I'm going to willingly blow money just to make life a little easier. And by the way, certainly can understand that emotion. That's the emotion of convenience. It's hard. You're a single mom. I mean, you got a lot going on. And it's a lot easier to just drop by, pick up some. Some barbecue on the way home and not have to prepare it. It's already ready to go. So, George, I just see there's two. I think this is an emotion issue. She needs some guardrails, like you're trying to tell her. But dare I say, get to the root of it. Get to the root of this and really lock in on the son's twinkling of the eyes. And you feel guilty maybe because of the relationship status and his father. I don't know what it is, and I'm not trying to read your mind, but the best advice I could give is I don't think this is a money problem. I think this is an emotion problem. And you're medicating.

[Caller]

Okay. Yeah, I kind of feel that too, because I know that financially I'm okay. I just don't know how to stop.

[George Camel]

Do you have debt right now?

[Caller]

Yes. I have 13k in a personal loan and 10k in student loans.

[George Camel]

Okay. What helps me is having a goal for money instead of just it existing. And so what I want you to do is start to reframe that money and go, nope, that's not takeout money and shopping money. This is get out of debt money. And I'm gonna allocate that money beyond. Once my bills are paid, we're gonna prioritize our budget. So your budget's great, but it's just a plan. If you don't follow the plan, the plan's useless. I've created workout plans that I never follow. I never actually worked out. On paper, it would work. If I did it, I'd have a six pack right now. But I don't. And the same thing applies to your money. So once you start laying out your budget going, okay, I have to cover my rent, my insurance, I need to put food on the table. Beyond that, any extra money is going to go toward debt. And once I'm out of debt, you can start to loosen the reins a little bit.

[Ken Coleman]

Yeah, and I appreciate that, George. You're absolutely right. But, Charlene, I have to challenge you. You just told us, and a lot of people listening and watching that you don't know how to stop. And I think therein lies the problem. You do know how to stop. How do you stop not buying takeout? You tell me. What's the answer?

[Caller]

You just don't. You find another avenue for food.

[Ken Coleman]

We start meal planning and we grocery and we budget.

[George Camel]

The old quote from Mama Camel, we have food at home.

[Ken Coleman]

We have food at home. I mean, this idea that I don't know how to stop. Charlene, you're a really nice person, so I hope you don't take this the wrong way, but that is, you are acting like a victim. Like, oh, there's some mysterious thing about me. There's something wrong with me. There's something in the universe. And you're not saying this, but I want you to sound how you hear how silly that sounds when I say that.

[Caller]

Yeah.

[Ken Coleman]

You're not a silly person, are you? Surely.

[Caller]

No.

[Ken Coleman]

Stop acting silly. Stop today.

[George Camel]

It's a daily choice, George. That's how you build discipline. Let's help her out.

[Ken Coleman]

What? Can we get to her? Ooh, she's in Australia. I don't know how we do.

[George Camel]

We can still send. You know what? I'm going to send you a copy of my book, Breaking the Free from Broke. Read that all the way through. Read the Margin is breathing room chapter. Read the spending is self control chapter. That one was written for Charlene. It's got your name on it. So hang on the line. Kelly's gonna pick up. We'll get your address and get you that book. And I hope 2025 is the year you build the discipline to say no.

[Ken Coleman]

Today's the day, Charlene. You're not a silly person.

[George Camel]

You told us all no games.

[Ken Coleman]

We believe you. So stop acting silly. All right, serious business coming up next. We'll cover your calls and George and I will discuss. When do you stop saying Happy New Year, America? And the world needs to settle this. And we will. Next. Hey, guys, this is Jade Warshaw.

[George Camel]

Listen, I get it. The student loan situation is bananas. But it's time to make progress, not excuses. So if your payment and interest rate.

[Ken Coleman]

Have you treading water, refinancing could be.

[George Camel]

The solution for you.

[Ken Coleman]

Look, if I were in your shoes.

[George Camel]

I would contact Laurel Road today and get a free 30 minute consultation. You'll work with a student loan expert and you'll go over your refinancing options. Hey, for refinancing to make sense, you've got to check certain boxes like making a good income. And bottom line, Ramsey's advice is that you only refinance if you can get.

[Ken Coleman]

A lower rate or a shorter term.

[George Camel]

Remember, the point is to pay off debt faster. Maybe you just need to keep rocking the debt snowball. But if refinancing does make sense for you, Laurel Road offers low competitive rates and interest rate discounts are available for stuff like autopay. Listen, you can't mess around with student loans. If you want them gone, you gotta go hard. So go to LaurelRoad.com Ramsey to find out more and schedule your free 30 minute consultation. That's LaurelRoad.com Ramsey.

[Ken Coleman]

Laurel Road is a brand of Key.

[George Camel]

Bank national association.

[Ken Coleman]

Helping you win in your life. This is the Ramsey Show. I'm Ken Coleman alongside George Camel and we are here for you. 888-8255-2258-8825-5225. Well, we're rested and relaxed. We've had a little bit of downtime. And back live today here on the Ramsey Show. By the way, a beautiful, and I do mean beautiful studio audience today. Folks from all around the country join us in joining us rather live here in our Ramsey Solutions world headquarters. So fun to see them. And reminder, you can always come join us. We have free coffee, free baked goods and all kinds of things. And love coming out and saying hi to the folks during commercial breaks. Happy New Year to you, George, and Happy New Year to our growing audience. And, and this begs the question because I think of these things and I could certainly be called neurotic, but I think this is a conversation that serious people want to have. And you know, we're always helping people get free of debt, free of toxic relationships, free of meaningless work. Right. Okay. I think people want to be free of saying happy New Year.

[George Camel]

Are we done with it as a society?

[Ken Coleman]

Well, so today's my first day back in the office of the New Year. And so I see people, I've already had a couple meetings this morning and the obligatory happy New Year. Happy New Year. And so I asked the question for myself, but for you today and the American people and people watching from around the world, at what point should we stop saying or should we feel free to stop saying it? And I think that the end of this week, the very first week of January, I think you should be free of never having to say it again. So we're in the first week.

[George Camel]

When does a weekend in your mind?

[Ken Coleman]

Well, the first work week because you're back in the professional rhythm.

[George Camel]

Are we talking Friday or Sunday?

[Ken Coleman]

I'm gonna go Friday.

[George Camel]

Okay, so Friday, end of business. No more Happy New Year.

[Ken Coleman]

You don't have to and you shouldn't have to. Now the question then becomes what happens if you show up on Monday and you haven't seen some of your team, which is going to be the case, and they say Happy New Year to you? Do you reciprocate?

[George Camel]

I think you have to reciprocate, otherwise you're a weirdo. Yeah, I'm not going to offer it up past week one.

[Ken Coleman]

So you don't agree with me? Do you agree with week one? We should all stop.

[George Camel]

Unless it's an acquaintance I haven't seen in a while and it's still within the two week window. I'm going to give it two weeks for someone you haven't seen. Maybe it's a phone call.

[Ken Coleman]

Very nuanced. Email very nuanced. George, I just think the world. We'd all be better off if we all said we. Week one. Happy New Year after week one. Can we move on?

[George Camel]

I will say this.

[Ken Coleman]

It doesn't make everybody's life easy.

[George Camel]

It doesn't add any value to my life, all right? Doesn't bring me any joy.

[Ken Coleman]

All right, before we get to the phones, one other quick thing here because I take issue with what you said. I would like to come in Monday. And I told our super producer, David this in a meeting. He agrees, and he's one of the nicer people on the planet. So I tend to feel confident about this position. If someone says Happy New Year to me come Monday, I'm gonna pass. I'm just gonna go, hey, how you doing? Hey.

[George Camel]

I couldn't stomach the social awkwardness.

[Ken Coleman]

Well, I think if you let it sit and don't respond at all, it's weird. But if. Just try it. Say Happy New Year to me like it's Monday.

[George Camel]

Hey, Happy New Year, Ken.

[Ken Coleman]

Hey, man, what's going on? How was the holiday?

[George Camel]

That was smooth. See, you fooled me, but now you're.

[Ken Coleman]

Asking for the holidays, so I'll model this for everybody.

[George Camel]

Now you're trying to get me to go into the past.

[Ken Coleman]

No, I'm not. I'm having what would be normal conversation. I don't have to respond in kind.

[George Camel]

You don't care about what happened over the holidays.

[Ken Coleman]

I'm going to suggest that you don't care about how happy my New Year is.

[George Camel]

I would agree with that.

[Ken Coleman]

Say we're all just saying something. Why are we saying it?

[George Camel]

That's how we exist in a society, Ken.

[Ken Coleman]

There it is. I hope we've set some of you free. If you see me in public, don't say it on Monday and you say Happy New Year to me. Understand? I'm changing the lane. I'm changing directions. I'm not going to say it, and I feel very good about it.

[George Camel]

I hope you get trolled come Monday with so many Happy New Year's.

[Ken Coleman]

Well, here's what's great about the trolling. For all you people who disagree with me and you're taking shots at me in the YouTube comments, I'll never know because I don't look at them.

[George Camel]

I will send them to you. I will mail the.

[Ken Coleman]

George, on the other hand, is in the comments. I sleep peacefully at night.

[George Camel]

I'll screenshot it, print them out and assort them all in an envelope.

[Ken Coleman]

And I won't look at them. I. If I see A shot of text come through. George, I'm gonna. I'm gonna ignore it.

[George Camel]

Wow, this guy's good.

[Ken Coleman]

All right, here we go. Fort Myers, Florida. Aaron is on the line. Aaron, how can we help?

[Caller]

Okay. Hi, George. I don't know if anyone wished you happy new year yet, but Happy new year.

[Ken Coleman]

You get one more day and one more day. You get today and tomorrow's show.

[George Camel]

Make me hang up this phone.

[Ken Coleman]

I'm not going to. I said I'm going to be a man of my word. Happy new year, Aaron. And everybody can tell I can mean that. All right, Aaron, what's the call?

[Caller]

Alrighty. So my wife, she's in flight school. She has a hundred hours. She's about to get her private pilot license. She has. Oh, yeah, she has two years left. So we sold her house. We did the whole Ramsey thing, sold our expensive cars. My wife and I are driving. We have two cars, but we have a nice 2010 Prius. And, you know, we're trying to be smart with our money, but. So I have about 50,000 left in savings. We bring in 72,000 a year for flight school costs about 50,000 a year. And we had 80,000 in savings in September. So the money's going quick. And I don't know if I'm going to have to go into debt to. We are going to have to go into debt to continue this flight school.

[George Camel]

So you currently have enough to get through one of the years in savings. So we're really concerned about the final year.

[Caller]

Yes.

[George Camel]

When is the money due? Is it due exactly a year from now?

[Caller]

So we pay as we go. It's about a grand a week. Every time she goes, she pays cash.

[George Camel]

Is there a discount for paying cash?

[Caller]

No, there isn't.

[Ken Coleman]

All right, so wait a second.

[George Camel]

This seems a reasonable goal.

[Ken Coleman]

This seems very impossible to you, doesn't it, Aaron? The way you're presenting this feels like a mountain you can't climb. True or false?

[Caller]

I'd say true because we went through, you know, about 20,000 in savings since September.

[Ken Coleman]

Yeah, but you had it, you saved it. My question is what must happen between the two of you to make the additional 50,000 above and beyond your current income? That, to me is very doable. The two of you have to come up with $50,000 and you got about two years to do it or a year or so to do it. Is that right?

[Caller]

Yes.

[Ken Coleman]

To get my math right. Is it a year or two years from now? You got to have the 50.

[Caller]

So we're paying it as we go. But I. You know, my math tells me we're gonna run out of money probably within like six or seven months.

[George Camel]

But you just told me you have 50k in savings and a whole year is 50k, so you could cancel the entire next year.

[Caller]

Mm.

[Ken Coleman]

So.

[George Camel]

And that's without saving an extra penny.

[Caller]

Yeah.

[Ken Coleman]

So you guys can make between the two of you an additional 50,000 by selling something, picking up some odd jobs, a side job. Am I right or am I wrong? Is this possible, Aaron?

[Caller]

Yeah. So I was looking at getting another job. So I'm working 40 hours a week as an estimator for a construction company. I was looking at picking up shifts at the Olive Garden, and I think I'd probably be able to bring in maybe like another grand a week doing that.

[Ken Coleman]

Well, that's exactly. That's exactly what you said. You guys were cash flowing, so it's possible. It was a yes or no question. You sounded like a politician on a Sunday morning show, which I appreciate. So I'll ask again. With both of you being committed to not going into debt, which is how you've lived your life to this point, could you guys come up with the $50,000 when it's needed? Yes or no?

[Caller]

I think right now we're looking at maybe coming. I feel like we're gonna be short.

[Ken Coleman]

You should run for Congress. You should run for Congress. That is a fantastic avoidance of two direct. George. I see the balance of my time. To the gentleman from Massachusetts, you're saying.

[George Camel]

I feel like. I feel like. Let's put it on paper and go. We have 50 grand in the bank. We need 50 more grand one year from now. Here's what that looks like. We need a grand a week. We each need to come up with 500 bucks a week. Here's what it's going to take to get there.

[Ken Coleman]

What would you do? What would your.

[George Camel]

I'd go get that side job and have her get some skin in the game, too. Also working so that we're not missing each other.

[Ken Coleman]

I mean, they can schlup breadsticks together at Olive Garden. Hey, then they're together and you're eating for free. You're eating for free. And who doesn't like the endless salad over there?

[George Camel]

I'd stick to the salad. Those breadsticks will.

[Ken Coleman]

Well, that's what said the salad. You don't want the endless breadsticks or else, you know, you can't fit in the plane. That's a problem. But we digress. Hey, it's doable. A theme already in today's. Show, George.

[George Camel]

What's that?

[Ken Coleman]

People don't feel like they can. We're gonna have maybe have to address some feelings a little bit later. Later. All right. We'll be right back. Don't move. This is the Ramsey show. You've got a lot to keep organized in life. Kids and calendars and carpooling and cleaning. I mean, it is so much. That's why you need a Knockbox. That way, if something happens to you, you leave your loved ones with happy memories and not a huge mess. Knockbox is a complete system to help you organize your accounts, personal history, estate planning documents, and all your other info in one place. I'm talking about everything from life insurance.

[Caller]

Policies and social media accounts to your.

[Ken Coleman]

Dog'S vet divided into 15 simple categories. Plus they've got checklists that tell you what to add to each folder so.

[Caller]

Your family won't have to guess where everything is.

[Ken Coleman]

So start getting organized [e-mail] Ramsey.

[Caller]

Your family will thank you.

[Ken Coleman]

That's knockbox n okay. Box.com Ramsey welcome back to the Ramsey Show. I'm Ken Coleman. I'm joined in studio by my colleague George Camel. And we're thrilled to be here for you. Triple 882-55-5225. You got a money question? You got a, a paycheck question. I want more in my paycheck. Ken, I'm your guy. So we want you to make more money and keep more money. To that end, George, tell people the best way to make the most of their money. What would you say?

[George Camel]

Well, you got to kind of do a financial audit of your life income. What are my expenses? And the best way to do that is through a budget. And our team created an amazing app that's free to you. Go download it. It's called Every dollar. Where you can plan your spending, track your expenses, save for what matters most, all in an easy to use app. And if you've got a spouse, they can be logged in full. Accountability, transparency. And that's what it's going to take. If you got money goals in 2025, I don't care what they are. The budget is the crux of controlling your money goals. So go download it for free in the app store or Google Play or click the link in the description if you're listening on YouTube or podcast.

[Ken Coleman]

By the way, there's all kinds of gold in the show notes. If we mention something, you think, oh, I didn't get that. Just get to the show notes and everything is linked there for you, fine folks. 888-255-2225 is the phone number.

[Caller]

8.

[Ken Coleman]

Erin is going to start us in this segment with. She's in Denver, Denver, Colorado. Erin, how can we help?

[Caller]

Hi, Ken and George. Thanks for taking my call.

[Ken Coleman]

You bet. What's going on today?

[Caller]

So I have a question regarding my student loans. They're serviced by Mohela and they're being mismanaged by Mohela. They're still occurring interest when they should be at 0%. And so I'm just curious if I continue to fight the battle with them to get the interest correct and reapply all these payments that they've been splitting between interest and principal or if I go ahead and just I have two loans with them and I'm in a position to pay off one of the loans today. So if I just go ahead and pay that off and just continue the interest battle on the other loan sequence.

[Ken Coleman]

Do you have this agreement do you have this agreement in writing where it's sued super clear that you are indeed supposed to be at a 0% situation right now?

[Caller]

Yes, I have letters from Mohela dated back to July that say I'm on 0% while the loans are in the courthouse because I'm on the save repayment plan.

[Ken Coleman]

Wow.

[Caller]

And so I will be at 0% until that court case is finalized, which currently my account states I'm in administrative forbearance until April 30th of 2025. So I've continued to make payments because 0% means 100% of my payment then goes to principal. But that's not what Mohela is doing.

[Ken Coleman]

Yeah. I mean, have you talked to somebody up the ladder there?

[Caller]

The highest I can get is somebody that's quote, an advanced agent in their resolution team. I have talked to somebody in that department probably six times. Same person every time I call. No, I get a different person every time.

[Ken Coleman]

And what's the answer? What do they say you, when you tell them what you just told us.

[Caller]

They say, oh, yes, we see that. And we'll get this fixed in seven to 10 days. And this has literally been going on since July.

[George Camel]

How much interest are we talking? How much money is on the line.

[Caller]

Here total between the two loans to date? It's $1,800.

[George Camel]

Okay. And how long have you been fighting this? How many hours have you spent?

[Caller]

That's my thing. Like it's, I'm on the phone at least two to three hours every time I call between like whole times and actually speaking with someone, this was my.

[George Camel]

Aaron is worth more than the time she's spending and the brain calories she's burning for this. I would be done with it. You said you have the cash to pay off one. We'll fight it on the back end and they'll write you a check if you want to fight it, continue fighting. And I hope they, I hope they do resolve it and they'll write you a check for the difference that you were owed. But I would be done with it. I'd pay off both loans. If you can today, attack it with everything you got.

[Caller]

Yeah, unfortunately I can't. I'm not in a position to pay off the second one. It's just under 60,000. But I am in a position to pay off the smaller one.

[Ken Coleman]

Are they going to do the same kind of garbage to you on the 60?

[Caller]

They are doing the same thing.

[Ken Coleman]

So I'm, I'm got to fix it.

[Caller]

Every time I call, I'm fighting them about both of them.

[George Camel]

Are you in control of when the payments are happening?

[Caller]

So currently, yes. Currently I actually don't have to make any payments. So what I have been doing is setting money aside into my high interest savings account until I got to a position to a. Either the loans were going to come out of the 0% and then I would dump everything on the principal or until I had enough time enough in the savings to pay off the loan in full. Because that, that's coming directly from Mohela. Because they're telling me every time I make a payment there it's a consolidated loan. So they look at those loans as being one loan, even though they're two separate, like subsidized versus unsubsidized. So they'll proportionately split my payment.

[George Camel]

Can you go in manually and apply money to the principal on one of them?

[Caller]

Nope. They tell me I can, but on their website I cannot. And if I call to ask them to do that, it is still the same system like this. This Mohela system is broken.

[Ken Coleman]

I'd like to get the CEO on the line.

[George Camel]

That's what I mean. These two loan companies are inept.

[Ken Coleman]

This is on purpose.

[George Camel]

They're malicious at worst. They're inept at best.

[Ken Coleman]

I say malicious.

[George Camel]

You're gonna have. You're gonna spend more in attorney fees trying to fight this than you are than you should be owed an interest. So I just don't think it's worth the fight. I would aggressively pay these down. I wouldn't even wait till you have all the money in full. I would just start putting all the money you can on the principal every single month until it's gone.

[Caller]

Okay. So even though they're going to continue to make the payment applied to principal and interest, well, that's what they're doing.

[George Camel]

The faster you pay the principal down, the less interest you're going to pay. And so if you just let it sit and charging interest, it's going to be worse.

[Ken Coleman]

George, I disagree with you on this one. Not about paying it off, but I would fight this. The reason these people do this is because enough people put up with it. And Aaron, I'm not in any way casting judgment on you. I'm saying every time you get somebody on the phone, I would take their name down.

[Caller]

Yes.

[Ken Coleman]

I, I would put their name and ID number and I would tell them I'm recording the conversation. And then the next time I talk to somebody and say, now listen, this is what's happened. I've documented all this. How many times has happened, I've been lied to. And, and I'm, I am going to hold you personally accountable. Do you want to be held accountable for this? Because I, I'm recording this and, or whatever you got. I would get very, very serious about this because they play this game to wear people like you out. And I wouldn't quit fighting because, George, here's the deal. If she does that, she's going to keep getting ripped off. She should not be paying $0.01 of interest via agreement. And I wouldn't just throw it away. These people need to be dealt with. And the CEO of this, she needs to go public. You know what I would do? I would go to. Is this a Canadian company? Oh, no, sorry. Denver. You're in Denver. I'm sorry, I'm looking at.

[Caller]

I'm in Denver. So this.

[Ken Coleman]

Go to the local media. Missouri, Go to the local media. They love this stuff. Local media. I'd call every one of them their hotline. I'd go, I'm getting ripped off and I'm, I represent. I would make a stink out of this. They do not want bad publicity.

[Caller]

I've contacted legislators and the Colorado Attorney General's office.

[Ken Coleman]

Forget them, they're worthless.

[Caller]

Absolutely. Contact news stations.

[Ken Coleman]

I would go.

[Caller]

See.

[Ken Coleman]

I would go social media. And I would go, I would publish it all and I'd go to the news. You gotta fight these people, George.

[George Camel]

The other piece of this I would personally do, I would be researching all over the Internet in Reddit threads. I just looked them up. This is not just happening to you, it's happening to a lot of other people. I would see Are there people who are getting resolution? What is being done? Who can I contact? And there's power in numbers and power in other people's experiences. So I would be doing a lot of homework to figure out how to get to the bottom of this. But at the same time, I don't want it just consuming every fiber of your being for the next six months.

[Ken Coleman]

I agree with that. But you can take it up several notches.

[George Camel]

But I am Mr. Customer Service. I am Mr. I'd like to speak to the manager. So I get it.

[Ken Coleman]

I'd like to speak to the manager. I'd be putting up a CEO. That's what I'd like. It's kind of reminds me of that scene from Christmas vacation where cousin Eddie goes and gets the CEO in his pajamas.

[George Camel]

Oh, yeah.

[Ken Coleman]

Puts a bow around him, brings him to the living room to answer for the jelly of the month club. This is.

[George Camel]

That's what happens in movies. Aaron can't do that.

[Ken Coleman]

I know, but this is wrong.

[George Camel]

It's like trying to talk to the wizard of Oz.

[Ken Coleman]

I'm sorry, Aaron. I wouldn't quit fighting. I don't. I don't think we should let big companies steal from we the people. And they're stealing from you. This is wrong. Oh, my gosh. All right.

[George Camel]

Quick American way. We gotta fight. Ken.

[Ken Coleman]

Gonna get a quick little. What's the pill I like to chew when I get into this? Thomas A. Tums. I'm going to take a tum.

[George Camel]

Antacid.

[Ken Coleman]

On behalf of you the people. I'll call myself when we ready answer more questions coming up. This is the Ramsey Show. People tell me about their experiences with big banks all the time.

[George Camel]

Bad service fees that nickel and dime.

[Ken Coleman]

Them to death and predatory lending that tries to catch them in never ending cycles of debt. So if you're ready for a bank that puts people over profits, check out Fairwinds Credit Union. I recommend Fairwinds because they share our Ramsey values of helping people get out of debt and live generously. If you go to fairwinds.org Ramsey you'll see the combined checking and savings account.

[George Camel]

Bundle they created just for Ramsey fans.

[Ken Coleman]

This account bundle is designed to help you take control of your finances and stay out of debt. And Fairwinds also has a great mobile app that's safe and secure so you.

[George Camel]

Can manage your transactions with peace of mind.

[Ken Coleman]

Fairwinds has been helping people avoid big bank traps for 75 years. So go to Fairwinds.org Ramsey to learn more.

[George Camel]

It's easy to join no matter where you live.

[Ken Coleman]

That's F A I R W I N D S.org/Ramsey. Welcome back to the Ramsey Show. I'm Ken Coleman alongside George Camel. The phone number is 3882-55225. We're answering your questions about your money and that includes how do I keep it? How do I budget? How do I get out of debt? How do I make more money? George and I are combining on all those fun topics today for you. All right. Today's question of the day is brought to you by why refi? If private student loan debt is taking away your peace of mind and you don't see a way out, good news you might need. Why refi? Why refi refinances defaulted private student loans that other places won't touch and gives you a low fixed rate loan built for you. So go to yrefi.comramsey today. That's the letter yre f y.comramsey it may not be available in all states.

[George Camel]

Today's question comes from Lucas in Oregon. I was in the medical field for five years. I left that job to help my dad with his company and take care of my mom who is sick. My mom ended up passing away and I've stayed at my dad's company for three years. Recently, my former boss called and made me a great offer to come back. What do I do? I'm currently making 60k with my father, but his company isn't stable and we're trying our best to get it profitable again. If I went back to my former position, I'd be making 72,000. I just bought a house and need stable income. But how do I leave my dad? I've really helped his company.

[Ken Coleman]

Well, Lucas, this is a heavy question and just reading it feels heavy to me and I'm not walking this out. So certainly feel bad for you in that. This is a tough decision, but I think it's a clear decision and clear decisions aren't always easy. And this is a clear decision that's really tough. And what I mean by that is I think it's very obvious that you should go back to your former employer. You enjoyed the job. They've given you a great offer. Your words, not mine. And you only left them to help dad out. You've helped dad out tremendously. But it's not your responsibility to run dad's company. It's not your responsibility to grow dad's company. And you're going to have to do what is best for you. If you do not, you will resent your dad Even though he's done nothing wrong in this situation. So I think you asked the question, how do I leave my dad? I think you leave him with respect. I think you leave him with clarity, and I think you leave him with confidence. If you can achieve those three things, then what will be a tough decision will be less tough. In other words, I'm going to leave with respect and honor. I'm going to treat him very, very well. I am going to be super clear with him as to why and when and how. And I think, again, that will then allow you to be confident that you are, in fact, doing the right thing. George. So that's. I don't know what you want to add to that, but please do.

[George Camel]

Well, just tough situation, the red flags with dad's company, because Lucas says, I've been there for three years, and I've really helped his company, and yet we're trying our best to get it profitable again. That's scary. That might mean that this business has some serious flaws that you can't fix. If it's been three years.

[Ken Coleman]

That's right.

[George Camel]

And so if it's unstable, you're putting your own family in jeopardy by staying here, and you're leaving on the table a 20% pay raise with a more stable company. So it's not to say this is a forever move. Maybe he gets it profitable again in five years from now. You step back in or one day you take it over. Who knows?

[Ken Coleman]

Might be doing him a favor, but.

[George Camel]

Yeah, in this season, my dad realizing.

[Ken Coleman]

We shouldn't try to keep this afloat.

[George Camel]

He needs to get someone who can help this business or he needs to figure it out. And I don't think you're the secret sauce. There might be a savior complex going. I'm the one who needs to save this. And with mom passing, that adds a whole nother element of, you know, trying to stick together with the family. But I think, like you said, Ken, it's going to lead to resentment.

[Ken Coleman]

Yeah. Lucas, thank you for the question. We really believe in you, and you got to do what's best for you on that. And that ends up being best for everybody is what I have found. All right. Ontario, Canada, is where we go next. And Emily is there. Emily, how can we help?

[Caller]

Hi, guys. How's it for you? Can you hear me?

[Ken Coleman]

Yes, we can hear you.

[Caller]

Well, yes. So I was overpaid about $6,000, and since it's over a certain amount, I'm unable to repay it in full. And they're only giving me the option to garnish my wages, should I put this $6,000 towards debt repayment or should I store it in a high yield savings account until it's time to get my wages garnished?

[George Camel]

When will the wages be garnished and how much per month or per paycheck?

[Caller]

I have no idea. I actually have a colleague who's in a similar spot and she's been waiting about a year for those wages to be garnished. And I don't know how much. It's usually between 10 and 20% of the paycheck.

[George Camel]

Okay, and will you be able to still accomplish your budget with 80 to 90% of your take home pay?

[Caller]

I think so.

[George Camel]

Or your net pay?

[Caller]

Yeah, if I. Right now I'm putting almost everything extra onto debt repayment. So I would just have to scale that back a little bit. But I am living far below my means.

[George Camel]

Okay. So it's either I pay off the debt faster now knowing that it'll slow down later when the wages are garnished.

[Caller]

Right.

[George Camel]

Okay.

[Caller]

Yeah.

[George Camel]

I mean, you're not in a situation where you're going to owe six grand all at once, which puts you in jeopardy if you don't have the money. So I'm okay with using this money to expedite your goals, knowing that I'm going to need to ratchet down my budget later on.

[Caller]

Okay, that sounds good. I really needed the reassurance.

[Ken Coleman]

Yeah. What's your total debt you're trying to pay off?

[Caller]

Yeah. So I have 24,000 on my car and I have 210 in a mortgage.

[Ken Coleman]

Okay.

[George Camel]

And just really the car is your consumer debt?

[Caller]

Yes.

[George Camel]

And this will get it down to 18,000 and then how quickly can you pay it off?

[Caller]

At that point, my New Year's resolution. So I'm trying to get it paid off by next December. I really think if I buckle down, I can do it.

[George Camel]

So one year.

[Caller]

Yes.

[Ken Coleman]

Okay, I see where you're going, George. Emily, do you see what we're coming up with here on this plan? If you can knock the 18 out in one year, and we believe you can love that, that's your resolution. Now all of a sudden, let's say it takes a year for them to start garnishing. What's that car payment that you're paying right now? Every month.

[Caller]

Right Now I'm putting $1,000 on the car. However, I just, I moved into a duplex that I purchased. I just signed a tenant and I'm getting 1600 additionally. So that will all be rolling over onto the Car as well.

[Ken Coleman]

Right. But my point is what I'm, I'm trying to make the case. I love what you're doing and what George said, because by the time they start to garnish, you're going to still be afraid of a payment. You freed up a huge amount of money to where you're not even going to feel the garnish. So we love that plan.

[Caller]

Okay.

[Ken Coleman]

Yep.

[Caller]

Thank you.

[George Camel]

Thanks for the call.

[Ken Coleman]

Thanks for the call. Really fun. Let's see. Simon in Boston, Massachusetts is next. Simon, how can we help?

[Caller]

Hi. I'm a 22 year old. I'm debt free. I just recently graduated from college and I'm. I have a job I really like so far in the data field at a big tech company.

[Ken Coleman]

Nice.

[Caller]

And I essentially want to figure out how to make sure I'm putting my money in the right places and being smart with my money.

[Ken Coleman]

All right, Uncle George. I love this. Is right up your alley.

[George Camel]

Well, it's so much more fun, Simon, when you're debt free and this money can go toward building your future instead of paying for the past.

[Caller]

Exactly.

[George Camel]

I love that you're thinking like this at 22. Instead of how do I upgrade my life now that I'm in my big boy job? Instead you're going, hey, I want to make sure I make the most of this and don't blow it. And so that's where the budget is going to come in handy. And so you're going to list out your income. Do you know what your income will be?

[Caller]

Yeah, so I'm about four months into it right now. The base pay, this is all pre tax, is 78k a year. And then I never know whether to kind of include this or not, but there should be a 7,800 bonus around April.

[George Camel]

Awesome. Well, you'll include that in April's budget.

[Caller]

Okay.

[George Camel]

And when that happens, you can apply it to your next goal. That might be for you getting your emergency fund in place. Do you have three to six months of expenses saved up right now?

[Caller]

Yeah, I've got about 17,000 just in my bank account.

[George Camel]

Let's go. Okay. And then are you investing right now in the company retirement plan?

[Caller]

Yeah, so right now I kind of have it at 10% because I just, I don't want to throw too much money. And then I'm planning to move out in the next couple months, so I don't want to have nothing ready for that. And that will be into a rental probably around 18, 1900amonth.

[George Camel]

Okay. I would ratchet that up to 15% you still have. You make amazing money with no debt. So you're going to have no problem finding more margin to throw toward maybe a down payment for a savings account there. But that's going to be your key. I would have a focus goal and for you, that might be that down payment on a house. Would you agree that's the next goal once you're in investing?

[Caller]

Yeah, I mean, I, I don't really know what kind of where I want to move permanently, but I definitely would like to invest in real estate as well at some point if I can.

[George Camel]

That'll come later. Right now I want you to find a primary residence as you get older and it's going to take a lot of money, especially in the Boston area. So I would sock it away. Hang on the line. I'm going to send you every dollar premium our budgeting app for free so that you can get started and make a plan for this. But he's on his. He's on the wake and this is on his way.

[Ken Coleman]

Way to go, Simon. Simon says, how do I stack some cash?

[George Camel]

Didn't think of the Simon says reference.

[Ken Coleman]

I was there for you. Good hour. Don't move. More Ramsey show coming up. This show is sponsored by Better Help. Hey, it's that time of year.

[George Camel]

It's starting to get a little bit colder.

[Ken Coleman]

It's getting a little bit dark earlier. And sometimes if you're like me, you just want to stay inside and get cozy. And for me, my perfect cozy night is me and all of my family piled under blankets, watching a movie, sitting by the fire, maybe even reading a book. Listen, whatever your perfect night in looks like, sometimes therapy can feel a bit like that. A time when you can settle in, finally, exhale, replenish your energy and begin to take care of yourself. Therapy is a great way to bring yourself some comfort during the chaos and rush of the holiday season or or any other time of year. Taking the time to pause and be mindful is one of the reasons I recommend Better Help. Better help is 100% online therapy with licensed therapist. You can talk with your therapist just about anytime and just about anywhere so it's convenient for your schedule. Just fill out a short online survey to get matched with a therapist and you can switch therapists for no extra cost. Find comfort this December with BetterHelp. Visit betterhelp.com DeLoney to get 10% off your first month. That's BetterHelp. H-E-L-P.com DeLoney welcome to the Ramsey show where we help you Win in your life. We're gonna help you win with your money, win in your work, and win with your relationships. Alongside George Camel, I'm Ken Coleman. The phone number to jump in in, in, 8825-5258-8825-5225. Happy New Year to everybody. We're only going to say that George.

[George Camel]

And I for two more days, one day only.

[Ken Coleman]

And then you're going to have to get over. We won't be on the show tomorrow, so we'll see what happens tomorrow. So this is kind of your day to say happy New Year and get a response, because next week when we're on, if we're on together. Not happening.

[George Camel]

You're not hearing it.

[Ken Coleman]

Not hearing it. We're done with it.

[George Camel]

Maybe Happy Tuesday.

[Ken Coleman]

That's it. I'll do that. I like that better. All right, let's get it started. Let's go to Phoenix, Arizona, where Kelly is waiting. Kelly, happy New Year. How can we help?

[Caller]

Happy New Year, guys. Thank you for taking my call.

[Ken Coleman]

You bet. What's happening?

[Caller]

My question is, where would a vasectomy reversal fit in on the baby steps? I've looked into my insurance and my fiance's, and neither one covers it. It's going to be about $10,000. And we do have consumer debt. Obviously not working that together at the moment. Waiting until we get married, but just kind of wanting to plan, do we pause that and stock up the money because we want to start a family or.

[Ken Coleman]

How much debt do you guys. How much debt do you guys have separately?

[Caller]

I have about 15,000, and he has about 50.

[Ken Coleman]

Oof. And I'm assuming he. He agree he's in agreement with this reverse vasectomy.

[Caller]

Yes.

[Ken Coleman]

Oh, boy. I gotta tell you, that's a good dude.

[George Camel]

How old is he?

[Ken Coleman]

How old is this guy?

[Caller]

He's 42, and I'm 33, so I'm a little bit older, too. So we're not wanting to wait.

[George Camel]

So time is of the essence.

[Ken Coleman]

That was my next question. So now I see why you're trying to do this quickly. Yeah, well, not the procedure. We want this doctor to be steady and slow on that one.

[Caller]

Take your time.

[Ken Coleman]

On behalf of every dude who's listening and watching this call right now.

[George Camel]

The next question is, who's paying for it?

[Ken Coleman]

Yeah, well, they are. They're gonna wait until they get married, like, together.

[Caller]

Gonna wait till we get married.

[George Camel]

Okay. When is that?

[Caller]

The end of the summer.

[George Camel]

Okay, so we'll call it. And are you wanting to immediately, you know, try to Have a family at that point.

[Caller]

That's kind of the plan. I'm a little nervous, just not for the financial aspect, but for the medical risks involved with the procedure. But he's talked to his doctor and is willing and all in, so.

[Ken Coleman]

All right. So.

[Caller]

Yeah, well, we're going to want to start as soon as possible.

[Ken Coleman]

Okay. And how old are you?

[Caller]

I'm 33.

[Ken Coleman]

Okay. So. Because this is a financial question, and I know George is more than ready to answer this, but I feel like we've got to have a real conversation for a second. There's no guarantee that. That it's going to work, and I'm sure you guys know the medical percentages of it happening, but there's no guarantee. There's also no guarantee that even if the procedure goes fantastic, that you guys are going to be able to conceive in the timeline that you would like. You acknowledge this, yes or no?

[Caller]

Yes.

[Ken Coleman]

And so I don't wish that on anybody. I mean, I want everything to work in the timeline, but, you know, it has to be discussed when we start talking about a $10,000 bill. And, you know, we don't want you to go into debt. So, George, I. I bring this up to say I. I think I want to make the best financial move, period, for this couple. Not the best way to figure out how to pay for this procedure, which may or may not yield what they want it to.

[George Camel]

Yeah, I mean, there's. There's risk there for sure.

[Ken Coleman]

Does that change? I guess my point is, I'm asking you a question on behalf of Kelly. Does that change your advice? I may have a different take than you.

[George Camel]

My take is that if this is. I mean, this. This is a very unique situation. So I'm not going to say this is blanket advice for anyone who called in, but for Kelly, I would say let's pause the baby steps and let's both stack up as much cash as we can, make sacrifices needed, make minimum payments on the debts until we're married. We have the money to do the surgery and the reversal, and then we'll push play on the baby steps. All right.

[Ken Coleman]

That's your take, huh?

[George Camel]

That's my take. I mean, this is, you know, starting a family that kind of supersedes the baby steps. If this was, let's say, you know, IVF or something like that, Dave would say, hey, let's pause the steps and let's save up to pay for this in cash.

[Ken Coleman]

Yeah.

[George Camel]

The goal. The A1 is not going to more debt. A2 is pay off existing debt, George.

[Caller]

We do make 165,000 combined, so it shouldn't take more than three months.

[George Camel]

So what if we aggressively said we're going to save up the 10k and then pay off all of our debt before we're even married?

[Ken Coleman]

Well, but then that. Does that, does that change her timeline? Kelly, we have a two part question there. What's your answer?

[Caller]

Yeah, I mean, we can. Our finances obviously aren't combined and we are both working them separately. So he has, you know, a second job as well. I am working towards that as well. So, I mean, it's possible that we might be able to knock out a lot of it in the next six months.

[George Camel]

Well, now there's a total goal of, you know, obviously it's not combined because you're not married, but we're looking at $75,000 paid off in, let's call it seven or eight.

[Caller]

Mm.

[George Camel]

So collectively, can we be throwing 10 grand a month at these debts that might look, you know, you're throwing four, he's throwing six. Whatever. But the goal is, can we be debt free with money in the bank to pay for this by the time the end. You gotta pay for a wedding, Right. Is this a small courthouse situation or is this lavish?

[Caller]

Yeah, it's gonna be a small.

[Ken Coleman]

Yeah. What's the calendar on this courthouse? And then he's in the doctor's office the next week.

[George Camel]

Like, no honeymoon, straight to the emergency.

[Ken Coleman]

It feels like what I'm hearing. Am I right, Kelly? Or tell me if I'm wrong.

[Caller]

No. So it would be like an elopement situation where it'd be a five day wedding, slash honeymoon, and then come back.

[Ken Coleman]

And then. When is he going under the knife again?

[Caller]

Well, he has to meet with a specialist, a urologist, but he's talked to his general doctor about it, and they see no problems with his age or the reversal, but they want him to go to the urologist to get it scheduled.

[Ken Coleman]

All right, so we're on the same page. No reason for debt.

[George Camel]

I'm tweaking my advice, though. I'm gonna rescind it and go, let's attack this debt. And then we're gonna be able to save up for the surgery within a month. At that point, once we're married.

[Ken Coleman]

I am in agreement with that. George. I was gonna go. Not. I mean, it's not that I disagree with you and Dave on the family first, but I. It's like, can we wait a little bit? Can we get married? Can we. You know what I mean, before we start putting this pressure on ourselves to get pregnant. That.

[George Camel]

Yeah, we're not talking about waiting two years, we're talking about waiting a month or two. Yeah.

[Ken Coleman]

At max. Something like that. I just. I. That's. We a. It's all cash, Kelly. Of course you guys don't need to go into debt for this, but to George's point, you could pause. You could pause the baby steps in his plan, but I don't think we need to do that. I think you guys can knock the debt out and cash flow. This, this.

[George Camel]

The reason I like putting the debt first is it puts fuel on this debt free journey because now you have a much deeper why. And when you have that deeper why, you're willing to take on that second job, you're willing to do the extra shift because you want to get to that surgery and get to having that family.

[Ken Coleman]

So what we want for you, Kelly, is debt free and baby on the way. That's. That's what we want. I think that's what you want.

[George Camel]

Is he on board for all this?

[Caller]

Yep.

[Ken Coleman]

This is a good dude.

[Caller]

Yeah, he's great.

[Ken Coleman]

Listen, he's willing to go through that to say was he's 42 and he's going to go get a reverse vasectomy and this is a good man. This is a good man. Might be slightly crazy, but he's a good man.

[George Camel]

I need a Tums after that one. Ken.

[Ken Coleman]

No, it's the wrong pill.

[George Camel]

Oh, sorry.

[Ken Coleman]

Maybe some Advil and an ice pack. This is the Ramsey Show.

[George Camel]

One of the questions I get all the time is which life insurance company.

[Ken Coleman]

Should I use for my term life policy?

[George Camel]

A valid question since there are hundreds.

[Ken Coleman]

Of companies out there with rates all.

[George Camel]

Over the place and riders and add.

[Ken Coleman]

Ons that are simply a waste of money.

[George Camel]

You need to get this done and make the right decision.

[Ken Coleman]

That's why the only company I use and have recommended for over 25 years is Zander Insurance.

[George Camel]

Zander is a broker who shops the top term life companies for you and finds the best rates available from the.

[Ken Coleman]

Only plans I recommend. They also save you time.

[George Camel]

Whether you want to work online over.

[Ken Coleman]

The phone or via text, Their team.

[George Camel]

Will cater to your needs and help you make the right decision. This is an absolute necessity and Zander has made the process easy and convenient. Call them at 800-356-4282 or visit zander.com for instant online quotes.

[Ken Coleman]

Hey, guys, no matter what your goals are in 2025, our New Year's sale has tools and resources you need to get the year started. Strong with prices starting at just $9.99. Whether you want to make progress with your money, grow in your career or create a more peaceful life, you can achieve your goals and these books and products can help shop the New Year's sale [e-mail] store. That's ramseysolutions.com store. Welcome back to the Ramsey show alongside George Campbell. I'm Ken Coleman. So excited that you're with us. Triple H, 825-5225 is the number to call in. You got a question about saving some money, getting out of debt? How about making more money in that paycheck? Well, you got the guys today to help you out with that. Thrilled to take your call. 888-255-225. All right, George, do you have a bit of a real estate prediction as we start the new year? What do you think about the housing market? What do you think? Do you pay attention to it at all?

[George Camel]

Yeah, it's been a bit of a roller coaster. I thought things would kind of just start trending nicely. You know, we're going to see rates start to continue dipping slowly, but it's been a little bit of whoop. It's back up.

[Ken Coleman]

Whoop.

[Caller]

All right.

[George Camel]

It's down a little bit. So I think we're going to see more of the same in 2025. I think over time we're going to see a dip, but I think in the meantime it'll be a little bit of a rocky road.

[Ken Coleman]

Okay. All right. I'm reading some stuff where some people think it's going to be a good year.

[George Camel]

I think it'll be good. It shouldn't take longer than we would like it to.

[Ken Coleman]

Okay. All right. Well, that's why we created Ramsey's Real Estate Home Base. That's right. It's called Ramsey's Real Estate Home Base. This is the place with all the tools and resources you need whether you're buying or selling, George. And half the battle is confidence if you're buying or selling so that you're making good decisions. You're going to find things like calculators, start to finish, guys, how to articles, a podcast, a book, even a video course, all with practical, easy to follow steps so you can navigate through buying or selling. If you're ready to take the next steps toward your home goals with peace of mind, go to ramseysolutions.com realestate super easy to remember ramseysolutions.com realestate or click the link in our show notes if you're listening on YouTube or via your favorite podcast. And again, all the stuff we tell you about, if you go, I didn't hear what he said. Show notes. My two favorite words, George. It's where you get everything that we talk about. You don't have to stress. All right, let's get back to the phones. Raleigh, North Carolina, is where Ryan sits and waits for us. Ryan, how can we help?

[Caller]

Hey, how you doing today?

[Ken Coleman]

Oh, we're doing well. What's going on?

[Caller]

I've got two. Well, I got a main point in a question for you. My main point is my wife and I got married in May, and we are debt free. We paid off 65 grand in less than 12 months.

[Ken Coleman]

Congratulations, man. That is big time.

[Caller]

Yeah, yeah. Super happy about that. God is good. And FPU definitely helped us.

[George Camel]

Love to hear it. And what's the question?

[Caller]

Yeah, so I'm. We're just a bit concerned about my mother. She's 69. She has about $4,000 in retirement, so, you know, not a whole lot. And we're just a bit concerned about, you know, doing things the biblical way, honoring the Lord, honoring her. You know, when my grandparents pass, she's not going to really have a whole lot left from them. So, you know, we are kind of preparing ourselves for the financial burden of maybe having to take care of her. And, you know, it's not that we don't want to. We definitely want to help her out, but, you know, what exactly advice would you. Would you give to us? You know, we tried to get her fpu. She doesn't really seem too interested in that. So what advice would you give us?

[Ken Coleman]

Does she have debt?

[Caller]

Luckily, she does not have. I think maybe she has maybe like, one credit card that's got, like, maybe $300 on it. Other than that, no.

[Ken Coleman]

Does she own her home?

[Caller]

No, she doesn't. She rents.

[Ken Coleman]

And does she have any kind of income outside of give us the whole income situation? That would be if she's taking Social Security or not. Any other kind of pensions and then a job. What's her income look like?

[Caller]

Yeah, so she. She has Social Security, and then she. She takes that, and then she also substitute teaches. But a recent kind of job event has maybe ruled that out. So we're trying to encourage her to, you know, just get, like, any job. She has a college degree. She could go be a bank teller. But she. She's very picky about what she wants to do. And, you know, so she's not very encouraged to go find a new job.

[Ken Coleman]

What's her Social Security benefit payment.

[Caller]

I think it's between 12 and 16.

[George Camel]

Is that enough to cover her bills?

[Caller]

Barely.

[George Camel]

Did she ask you for your help, your advice?

[Caller]

Not really. So, you know, every now and then she'll ask me for money.

[George Camel]

Do you give it to her?

[Caller]

Yeah, it's my mom, man. Yeah, I do.

[George Camel]

How often is she asking and how much?

[Caller]

I would say probably once a month. And you know, anything I can do, whether it's an extra 20 or.

[George Camel]

Why would I get a job when I have Ryan? Yeah, he's the best part time job out there. I get to sit at home and I ask him for money and he sends the check. Do you see what's happening here? You're not helping her, you're enabling her. And while I'm with you, it's great to let's respect honor our mother and father. It doesn't mean we enable them and continue to let them have live lives that are of misbehavior. So the truth is I wish we could change people because I know you love your mom and it's a very honorable thing to want to do, but I would not fund her retirement and go, well, mom, don't worry about it, we got you. We'll sacrifice our own financial future since you didn't prepare at all. And if you're going to give her money, it's got to be a gift, which it has been so far. But there's no good future here. What if she lives to be 99 for the next 30 years? You're just funding her misbehavior.

[Caller]

Yeah, it's not good.

[George Camel]

And we got to look at the long term future, not just how do we help her in the next year. And so we're going to have to let her experience some pain so that she actually wants to make some changes while she still has her health.

[Ken Coleman]

Is she healthy?

[Caller]

Yes, she's actually. No medications, you know, great health.

[Ken Coleman]

You know, I think this is. You called us. If it were me, I'd have a sit down with mom and I do exactly what George just said. I would, I would say it to her and you got to be very respectful. But say mom, I realize because I love you so much because you've all you've done for me, I've been enabling you and I can't do this. And I'm afraid I'm going to resent you. And you are in a situation where financially you will become a massive burden for me and that's not how I want you to end. And I don't Want the next season of our life to be this. I think this is a real honest but very respectful conversation to say, I don't think you want to be this to us and I don't want this because I want the time that we have left with you to be about relationship and honor, not resentment and burden. And I think that's the conversation you've got to have. She may not respond well, may not like it, but you've got to do this for you. Because I'll tell you the person we haven't discussed on this call that I, that I'm thinking about the most and that's your wife. This thing gets really sour pretty quick between the two of you because you, by enabling your mom, put your wife in a really, really tough situation that she didn't ask for. And I'm telling you as a guy who's been married a long time, I'm telling you, you're not thinking about that. So I'm trying to be kind of that older bro right now and say this thing is not only could create a wedge of resentment between you and your mom, even worse, a wedge of resentment between you and your wife. And I hope this is a wake up call for you. Have a respectful but very clear conversation, George, to where mom knows now there's a new reality and she's got to do something about it.

[George Camel]

Has, has you talked to your wife about this? What does she think?

[Caller]

Yeah, we've talked about it. You know, she definitely doesn't like it at all. And so that's why that would be.

[George Camel]

The only reason I need to say, okay, yeah, if you're not comfortable with this, we're not doing it. Yeah, she's going to have to rely on the government for the rest of her life and make peace with her decisions.

[Ken Coleman]

George, in 30 seconds, what would you say to him about the fact that Mom's only got 4,000, she needs to get a job. What is she doing on that retirement play? Let's say she's healthy. What would your advice?

[George Camel]

She needs to work as long as she's physically able to create as much income as possible, save as much as she can of that income, get an emergency fund in place, invest as much as she can because compound interest, you know, she could live a better life than if she does nothing. She's not going to have a wild retirement. But we need to paint the picture of hey mom, here's what the next 10, 20 years looks like if you continue down this path.

[Ken Coleman]

Another follow up question. What do you think about Long term care, given that she's healthy now.

[George Camel]

Well, she can't afford it.

[Ken Coleman]

Well, but she works. She can. Yes. No. Maybe.

[George Camel]

Yeah. I think it'll be pretty expensive for her. She can look into it, but it might be out of the. Out of that.

[Ken Coleman]

Something that he may look into. O.

[George Camel]

It might be. Hey, mom, be with God and the government. Medicare is going to. And Medicaid is going to have to take care of you.

[Ken Coleman]

Wow. All right, good.

[George Camel]

I don't know. That's in the. It's in the cards.

[Ken Coleman]

All right, got to run. Quick break. Be right back with more of your calls. This is the Ramsey Show.

[Caller]

Hey, y'all, it's Rachel Cruz.

[Ken Coleman]

Just about everything costs more these days and unfortunately, healthcare is no exception. So if you're looking at your healthcare options during open enrollment and finding that your costs are increasing while your number of choices are decreasing, be sure to check out Christian Healthcare Ministries. CHM is not health insurance. It's a biblically based health cost sharing.

[Caller]

Ministry that's helped hundreds of thousands of.

[Ken Coleman]

Families just like yours cover nearly $10 billion in healthcare costs. With no networks and the freedom to choose your healthcare provider, CHM is an affordable option that aligns with your values and. And makes it possible for your family to save on healthcare. Plus, you can join at any time, including open enrollment. You guys. CHM has been helping Ramsey fans for 15 years and they're the only health cost sharing provider endorsed by Ramsey. So you can trust CHM to take care of you like we would. Programs start as low as $98 a month. So find out more and join [e-mail] budget. That's chministries.org budget.

[George Camel]

Are you determined to get out of debt and build wealth this new year? Then don't leave out an important step which is having the right insurance. Don't make the mistake of thinking you can get by with minimal coverage or no coverage at all. Because when Murphy comes knocking, and he will, you'll start backsliding further into debt if you don't have the money to pay for it and if you don't have the right insurance. So take our insurance coverage checkup. We make it easy with a free tool that helps you find out if you have all of your bases covered. To check it out, go to Ramsey Solutions.com checkup that's ramseysolutions.com checkup.

[Ken Coleman]

Welcome back to the Ramsey Show. Happy New Year, America. So excited you're with us. 8888255225 is the phone number to jump in. You got a question about your budget, you got a question about your debt? Not enough check left over at the end of the month. Boy, oh boy, do you have the two guys you need today? George is going to help you manage the money. I'm help you make more money. That's our goal. So give us a shout. 888-255-225. Zach starts us off right now in Salt Lake City. Zach, how can we help?

[Caller]

Hi. Yeah, so my wife and I have been kind of mulling over a decision that we're, we've been trying to decide whether or not to move is kind of what we're looking at. So I currently bring in probably about 130 ish thousand between two different revenue streams and the salary from one of them sits at about 80k. And there's an opportunity, a couple opportunities. I have to bump that up to about 100k a year. The issue is we're still in baby step two. We still have about 90k to pay down. And if we did make this move to this new job, it would require me to move. And we're just not sure if we should do that because we don't necessarily want to get out of the home that we already own. And we know that even if we did sell it, we most likely would not have the ability to purchase a home wherever we move to. We probably either have to rent it out or just.

[Ken Coleman]

Yeah, okay, so. Makes a lot of sense, by the way. Really mature, because I think the traditional response, the human response to a job offer with more money is to go, well, I feel like I gotta take it because I'm an idiot, I'm a moron, I mean, crazy not to take a big bump like that. And I think you're probably feeling some of that and that's very natural. But for you to say, well, I'm not sure we want to make that move, I think that's mature. I only have one other question on this one that I think would make it fairly obvious to me. If you were to take the new job and let's put the, the extra bump in salary aside, would that put you on the ladder that you eventually want to be at the top of? In other words, does it fast forward your ultimate professional go?

[Caller]

Yeah, moves me in the right direction for sure. I work in it, so. And this would bump me more into like a network engineer versus just like network admin. So kind of a move in the right direction for me as far as career path.

[Ken Coleman]

Well, then I would consider that more than I would, man. We really like our current house now. That's me. And I think, George, you can make the case and I'm bringing you in. You could make the case. And I said it was mature to go. I'm not sure we want to leave this community. I'm not sure we want to leave this, this house. I think that's also George, equally something to consider. Just the Ken answer I would always lean towards. I want to move up the ladder if I've got a good opportunity and I got to give something up. You know, John Maxwell, my former boss, legendary leadership guru, said, you got to give up to go up. And so the question is, Zach, what are you willing to give up to go up? The Ken answer. And I'm going to cede to you, George. My answer is I'm going to give up the comfortable home, the zip code, the friends.

[George Camel]

That was my question is how great is your life in Salt Lake and what would it be like where you're going to move to? Would you be miserable in this new area? Is cost of living any different family? You know, as you weigh those pieces? Because here's the thing, like there's going to be a nice. You're going to find your new dream home wherever you move to eventually. It may be a year from now when you rent for a year and you go, wow, that was a fun adventure. So I don't want to make a long term decision just based on, well, I like the home we're in. So where would you be moving?

[Caller]

Right. We have a couple options because it would be for, you know, government contract work. So I could either go north about an hour and a half from where we were at and I'm not going to, you know, drive two hours each way. That just doesn't make sense to me.

[Ken Coleman]

No.

[George Camel]

So you'd be moving.

[Caller]

Other option would be moving there or there are some options and opportunities with the same employer to go out to, like the Kentucky, like southern Indiana area.

[George Camel]

What does your wife think about this?

[Caller]

She's on board for. For moving. She's been wanting to get out of our town home for a while now.

[George Camel]

Well, you buried the lead man.

[Ken Coleman]

Happy wife, happy life.

[George Camel]

You said, I love my home. Your wife says, I hate this home.

[Caller]

Well, we both wanted to get out. It's just the financial.

[George Camel]

So you don't like this home? You said, I like the home we're in. You like the price point of the house you're in?

[Ken Coleman]

There we go. Yeah, but you got George here. George is Mr. Budget Guy. All right, so by the way, how does this not make sense to make more money? We're talking about a, about a $20,000 bump in your, in your main salary. You still got the opportunity to make extra money on the side as well, like you are now, correct?

[Caller]

Yes. Yeah.

[Ken Coleman]

George, help me.

[George Camel]

And if you're making more money and moving to a lower cost of living area, you're going to get more house. So you could get a better house for the same price for the one you're living in.

[Ken Coleman]

You're scared of the unknown.

[George Camel]

If you move to Kentucky, for example.

[Ken Coleman]

You'Re scared of the unknown.

[Caller]

Right.

[Ken Coleman]

Just go to go to Indiana or Kentucky. Do a weekend visit. Yes. And go look at housing. Spend a couple hours tonight on one of those real estate sites. I love these things. They, you can type in literally the area zip code and it'll show everything.

[George Camel]

About these, these apps. It's amazing website. You type in a zip code, it'll show you home.

[Ken Coleman]

That's not what I always say. I was trying not to endorse anybody.

[George Camel]

No, I appreciate that.

[Ken Coleman]

I've got my personal favorite. You saw me pull the plane up a little bit there. Starts with an R. Yeah, I like it. It's good information though. My point is, in the comfort of your home tonight by the fire, start driving. You guys could start looking at real houses and real prices in these areas where you could go work. This is the thing. You're scared to death of the unknown. And the answer to that is go get some answers.

[George Camel]

Are they covering any relocation expenses.

[Caller]

This particular employer wouldn't. And I guess that leads me to a follow up question. Should we keep the place we currently haven't rented out? No, we thought about that.

[Ken Coleman]

Don't do that.

[Caller]

Just sell it.

[Ken Coleman]

No, you don't want to be a long distance landlord. That's our position across the board.

[Caller]

Okay.

[George Camel]

It always sounds like a good idea in theory until you have to deal with the reality of it. And I love Dave's philosophy on this. He goes, if you lived in Kentucky, would you go searching for a rental property for a townhome in Salt Lake City? The answer is no. So therefore let's get rid of it. We're holding onto it for the wrong reasons and you need that money to then roll into. Yeah, your next house.

[Ken Coleman]

Where did scared Zach about the new house? Payment guru. Yeah. Now you're. Now you're a real estate baron. What's going on? You're all over the place.

[Caller]

Yeah, no, I, I get it.

[Ken Coleman]

We're Having.

[Caller]

We've just been mulling us over for a while.

[Ken Coleman]

Trust me, we get, we're having a good time.

[George Camel]

If you, if you take the offer and you're going to make the move and they're not covering any moving expenses, then we'll pause the baby steps, stack up cash until we make the move and we settle in. Then we'll hit play again and making at that point 150k, you're going to knock out your debt faster and you'll likely have a home eventually. Maybe you rent for a little while and just put that money from the profits and savings and you'll get a home a year from now. Once you've settled in, figure out the neighborhood, schools, all that good stuff.

[Ken Coleman]

Yeah. I got to tell you, George and I are in full agreement. The two judges here on the panel, move or not move. Move or stay, we say move. This is a no brainer. I think this is what your heart wants, am I right?

[Caller]

Yeah. We want to get out. We want a home for our kids to be able to grow up.

[Ken Coleman]

This is a no brainer. The studio audience is just waiting for you to make this decision.

[George Camel]

They're going to be throwing rocks at the glass.

[Ken Coleman]

They're going to throw rocks at the glass. If you keep asking questions about this. This is a no brainer. You know what, you've done a very good job of thinking through everything, but you're overthinking now. You know, do it. You guys have been.

[George Camel]

So you get off the phone and say, hey, babe, we're moving. I'm taking the offer. Would she be stoked?

[Caller]

Yeah. That I think she'd be happy with it. The. We'd be both very happy with it. It's a little ways away from family, which, you know, gives us her some pause. That's her biggest thing. Mine was the money part, but she'd be totally on board. She wants the. She wants the news.

[Ken Coleman]

She. Is she near you right now? Are you guys in the same house or building? Are you separate?

[Caller]

No, she's at home. I'm actually at work right now.

[Ken Coleman]

All right, my friend, listen, I'm putting you on hold. Zach, you're on the clock. Call her right now and say, hey, listen, I just talked to these two nitwits and they think we should move. And she's going to be thrilled. It's going to be okay. That's why they make planes to fly and see family. All right, don't move. Good work there, George. Yeah. You're feel good about yourself?

[George Camel]

Yeah, I think I get to be.

[Ken Coleman]

With knit and wit. I like that. That's good. All right, quick break. We'll be right back with more of your calls. This is the Ramsey Show.

[George Camel]

All right, let's cut to the chase.

[Ken Coleman]

It's easy to get discouraged about crazy.

[George Camel]

House prices and interest rates.

[Ken Coleman]

But when you have the right real.

[George Camel]

Estate agent to help you buy and.

[Ken Coleman]

Sell the right way, you'll have confidence.

[George Camel]

To make smart decisions. Ramsey trusted agents aren't just experts who guide you through buying or selling. They're someone you can trust to have your back from first call to closing day. Find a Ramsey trusted agent near you@ramsey solutions.com agent ramseysolutions.com agent.

[Ken Coleman]

Welcome back to the Ramsey show, where we help you win with your money, win in your work, and win with your relationships. Triple 882-55-5225 is the phone number alongside George Camel. I'm Ken Coleman. Excited to have you with us. Dan starts us off in Tampa, Florida. Dan, how can we help?

[Caller]

Gentlemen, good afternoon. How are y'all?

[Ken Coleman]

Good afternoon, sir. How can we help?

[Caller]

I've got a quick question. So I have been setting aside, budgeting a couple dollars every month the last few years here towards an engagement ring. I will not likely be spending that money anytime soon. And so I was wondering if there's a better option. I'm sure there is, but I was wondering what your thoughts are on a better option or how to use this cash rather than just have it sitting in the drawer and losing value on rising rates and everything.

[George Camel]

So there's no one in mind? You were just saving up?

[Caller]

I'm single as a Pringle.

[George Camel]

Wow, you're really looking ahead.

[Ken Coleman]

Hold on a second. Did you say single as a Pringle? As in like a chip?

[Caller]

I did.

[Ken Coleman]

I gotta tell you, I've never heard that one before. Very exciting. I apologize. My ADHD was flaring. Go ahead, Jordan.

[George Camel]

Doesn't take much to excite Ken these days.

[Ken Coleman]

Well, I like it. I've never heard that before. It's a good line, but it makes sense. I'm getting.

[Caller]

Thank you. Thank you.

[Ken Coleman]

Okay, so you're saving this money for a. So for a future lady in your life, you don't even. It doesn't even exist.

[Caller]

That is. That is the plan. She exists in prayer and thought, and that's about it right now.

[Ken Coleman]

Are there other things that you should be saving for?

[Caller]

I'm sure there are.

[George Camel]

Do you have any debt?

[Caller]

Kind of. I have a Dan, so I had.

[Ken Coleman]

A sense that it just didn't. Didn't Add up. What do you, what do you have? What is, what is sort of. What does that mean?

[Caller]

Well, I have. I have about $41,000 in vehicle debt. And I say kind of because it's technically under my. I have a full time job, but I also have a side business, cleaning. Cleaning gum from public roadways and sidewalks and stadiums and all that jazz. And so the vehicle is technically under the business. But it is.

[George Camel]

Dan, you signed the papers, not the imaginary business guy.

[Ken Coleman]

How big of a car do you need to get gum off the road?

[Caller]

It's a truck. Just to haul around the equipment.

[George Camel]

Oh, what's the truck worth?

[Caller]

The truck is worth. Check this morning. $58,000.

[Ken Coleman]

And what size truck is this?

[Caller]

It's a three quarter ton. So ran 2500.

[Ken Coleman]

And you need something that big to haul around the gum, get her upper equipment.

[Caller]

No, not necessarily. I can downsize.

[Ken Coleman]

You see where we're going here? All right, George walking through, getting rid of this monster. He doesn't need this giant $58,000 truck. No, I would sell side business that scoops gum up.

[George Camel]

You're going to what, 16 grand in profit that you could then use to pay cash for a used truck.

[Caller]

I could? Yep.

[George Camel]

That's what I'd be doing if I'm.

[Ken Coleman]

Ding, ding.

[George Camel]

Listen, if we're on a first date and you're telling me about your 50,000 gum truck, that's a red flag for me. You know what I mean?

[Caller]

I totally understand then. The reason I went with the, you know, I bought that vehicle as opposed to something used is just when I go to demos and meetings. I wanted a vehicle that was clean and looked nice.

[Ken Coleman]

Nobody cares.

[Caller]

No type of thing.

[Ken Coleman]

Nobody.

[George Camel]

When I'm hiring gum guy, I'm not going. He better show up with a nice dually on that thing.

[Ken Coleman]

I'm hiring the one guy on the planet who's going to get the gum off the street. They don't care what your truck looks like. In fact, they kind of expect you to drive. In fact, if I'm hiring a guy today to come get gum off the street, I kind of want to see the guy that's got a car with two tone paint on it, the bumpers beat up. I go, now that's a guy.

[George Camel]

Well, and here's the reason.

[Ken Coleman]

Get that gum up.

[George Camel]

Then I go, you know, he's not charging me for his truck payment as part of this. Yeah, I see a guy with a beat up truck ago, he's going to charge a fair price. I see a guy with a $50,000 truck ago. I'm getting taken to the cleaners.

[Ken Coleman]

Would you consider Dan getting this gum off the public streets? It's a dirty job. Have you heard of this concept? My friend Mike Rose got a very popular show called Dirty Jobs.

[Caller]

I. I think it's from. I'm familiar with it, but I don't know much about it.

[Ken Coleman]

But would you consider what you do pretty dirty job? It's not a fun job.

[Caller]

You can be. Yeah.

[Ken Coleman]

All right. My point is, you don't need a fancy truck. We're trying to drive this home. So get rid of that. What's the car. What's the truck payment on that?

[Caller]

Yeah, y'all are gonna Love this. About 700 bucks a month.

[Ken Coleman]

There's your ring cost when we get the lovely lady in interested.

[George Camel]

So sell the truck. Use the pro. The proceeds to buy a used truck. You can use some of your savings if you need a, you know, a $17,000 truck, if you really need it. And then whatever money's left over becomes your emergency fund. And let's start stacking money on top of that to get to three to six months of expenses. Then we can start investing, and any money beyond that, we can begin saving up for a ring in a separate account. But truthfully, I wouldn't even start saving until I meet this person.

[Ken Coleman]

Yeah, I agree. Because you're making enough money to where you can cash flow a nice ring. That's what we're getting at.

[George Camel]

Yeah, clearing that $700 payment. It's not going to take you long to save up another 10 grand for a ring.

[Ken Coleman]

Yeah, you got it, Dan.

[George Camel]

We're talking a year and a half at that point, and you probably should be dating this person.

[Ken Coleman]

Yeah.

[George Camel]

For a little while before making that kind of commitment.

[Ken Coleman]

Yeah, drop the truck. You don't need a fancy schmancy truck. All right, get rid of the truck. Keep scooping the gum. Retained earnings. More profits. Are listening to the entree leadership podcast.

[George Camel]

All right, he's got himself in a sticky situation. Ken.

[Ken Coleman]

Oh, there he is, folks. There's George.

[George Camel]

I thought it was gonna be all rainbows and gumdrops.

[Ken Coleman]

I'm supposed to do the dad jokes. But you're. You're dad now, so welcome.

[George Camel]

Thank you.

[Ken Coleman]

By the way, the Ramsey Network app is the only place to get the full episode of the Ramsey Show. So, for instance, our second hour, if you want to get the third hour, the only place you can get it is the Ramsey Network app. You can download it for free using the link in the show notes or by Searching the Ramsey Network in your app store now. If you're on radio, stay tuned. We still got a lot of show coming to you. And to that end, how about a question from the Ramsey network app? What do you say, George? From Scott, he asks. My wife had significant student loan debt with multiple loans. We paid off most of them. The last one is a mortgage against her parents house. It's about 29,000. They want to move soon and we need the loan in our name. Do we take out a personal loan, refinance our house, get a HELOC or something different? What say you George? Oh yeah, yeah, yeah. How about those?

[George Camel]

Mortgage against her parents house, 29,000. They want to move. We need a loan in our name.

[Ken Coleman]

Because her last student loan is a mortgage against the parents house.

[George Camel]

Oh yeah, yeah, yeah. I would refinance. That's probably your best option for the, the best rates and terms on that thing is just to refinance it because the HELOC will have a variable rate in a lot of cases and it's going to be higher than what you'd get on a traditional mortgage rate. And the amount shouldn't be a problem to get that amount.

[Ken Coleman]

Small amount when it comes to student loans.

[George Camel]

Exactly. And personal loan, again, not going to have quite the terms of a mortgage. So I'd contact our good friends at Churchill Mortgage and get a refinance done on this.

[Ken Coleman]

And it looks like they've paid off a good amount. We don't know the amount of money they've paid off. So it looks like they've got the discipline to do this and that gets them free and clear of the parents, which is again always messy. You're always preaching about this kind of stuff where family members come to the table, they want to help so they go hey, well you can do this. Put it on our blah, blah, blah. And then you get in a situation like this. This one doesn't seem like it's sticky. I hate with the gum pun still going.

[George Camel]

But as soon as they want to move now.

[Ken Coleman]

That's right, that's right. So this is why we preach. Just stay out of that stuff altogether.

[George Camel]

Yeah. Wow, you give me a lot to chew on today, Ken.

[Ken Coleman]

So make it stuff this hour. You can do this. You, you have the ability to keep doing this.

[George Camel]

This is all my brain wants to think about. But instead we have to work, we have to be professionals.

[Ken Coleman]

Well, yeah, I'm trying to think right now. Like this whole situation like where this young man got the truck, right. And he's in the gum Business.

[George Camel]

You know, I need to Google this business.

[Ken Coleman]

Yeah, yeah. Scooping up the gum off. And I'll bet you he's getting paid by municipalities. It sounds like these are public roads, things like that. So I was going to come back to this. I wanted to get to the network app question. But coming back to the situation, this is a really good potential business for this guy because if he does a really good job, then, you know, you start getting.

[George Camel]

He's the go to gum guy all.

[Ken Coleman]

Over the state or wherever. And it's pretty easy money because not everybody's lining up to do that. But he doesn't need the fancy truck.

[George Camel]

Is it relegated to just gum? That's the question. Is it any sticky substance on the road?

[Ken Coleman]

I gotta believe if you can get gum up, you can get gunk up. Maybe it's gum and gunk. I don't know. But he doesn't need. I'm trying to come up with an analogy. You don't want to blow up in your face.

[George Camel]

Have you seen that? That business? College hunks hauling junk. He could be like college hunk getting rid of gunk.

[Ken Coleman]

I don't like where you're taking.

[George Camel]

And with that, I.

[Ken Coleman]

We did gum and gunk, and then you tried to bring in college college hunks. Nobody knows the business. It's a business.

[George Camel]

Everyone knows the business.

[Ken Coleman]

You know this business. There's one lady in the lobby who's apparently paying attention to the college hunks. Nobody else in the lobby even knows what we're talking about.

[George Camel]

I'll fill Ken in on this break.

[Ken Coleman]

All right. We'll look it up only on your computer, though. All right. Good hour, George. Thank you, sir. This is the Ramsey Show.