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from the headwaters ramsay solutions, which the Ramsay one that is dumb cage is gaining in the pay of all. Mortgage has taken the place of the Bmw status, simple challenge. We are people build whilst do work by love and create tool. Amazing relation your camel rams, reversion out a host of the fine print podcast on remsen networks is Michael o. Today, as we enter your questions about your life in your money, open phones aaa eight to five five, two to five. The call is free,

and some say the advice is worth exactly what you pay for it and the start of this hour in austin, move ever put that right. You may really be there. She is an is in Austin texas to start up as our eye on our. U can do, and I thank you. Cool. So I see on my screen that george challenge you to do something. What have we gotten ourselves into here? Little credit card scan- and I know he was gonna to me out for use at home, but I question it. did he really do we really true? You I'm not cable? Oh, he gave me he gave me a good like saturday, fairly mornin adieu that rock anywhere, but it was like something that had begged me. I never was now, but he was kind enough to take some extra time with me and give me a challenge to try to live a month without them, and you did it and well

I it because he asked me to. I didn't do it, because I was convinced it would work for you, to play along I show you went a month with no credit card use. I take it, you used a debit card No no and I ordered a debit card. Show plastic transactions for a month. Yes, while I'm interact, that's hard core. Okay, so tell us about what happened. What happened was I I was a little bit scared. Actually, because I realized I was going to have to pay for my credit cards that I used last month and here max spencer, for this meant all at one time and I go for those maybe anxiously, and you know that I got this little

feeling or something I dunno, whether I dunno what it was. But I just felt this wind between the under my wings and I, like can do this. I could do it. So I decided I was going to do it now. It's going to do it right, okay, oh yeah, so I took the I just. I just jumped into it right away, and you know what the strangest things happened. Bottle. When I wouldn't you, grocery store after right, because I know these are professional people that are trying to distract me as I am not a professional in this area. So I made to not be tempted and I also gave myself ten minutes to be she's door and out why because you're using your own money, eat god you have to peel like you're, like you're bleeding, or something to give it to them

will, you can just flash him a card when you handed over that cash, it hurt. Cuz you use that it was in that way gave her the money she gave. Exchange I forgot that you can get change in my view, and I would argue it while it was, it was you spell less my life you're telling us that you spend less money because you used cap review planned anything in your bag buggy. you don't have much to pay for what a concept? so you're saying when you use a credit card. It was like supermarket sweep. You were just filling up that card as fast as you could and felt like. You would get it all for free I was doing a good job too. oh and you're hilarious. Well, thank you for humoring us and doing this experiment. So as it chain are you going to go back to credit cards,

well. My dog had to go to the vet this month and I had an expected that that bill and I I wish I was a little bit concerned, but I paid for it out of the change it was in my purse. Now I got enough focus, but I haven't had for a long time so you act and of how much you saved by using cash using your own money, I didn't know John- was putting money in my purse. So often I didn't have time to keep the records, but I can now. Oh that's that's an awesome experiment, so it sounds like you've realized the power of using your own money of using cash. If you make decisions differently, that was my whole point with you doing this experiment exactly. I understood it and I appreciate the fact that I know you can't give a challenge to everyone not individually I appreciate that you did it for me. You did exactly what I needed exactly, but I needed it that and thank you for the call that is so cool.

If of america, takes the challenge one month without credit cards and see how it changes the way that you spend? She actually went further than you ass, her to yeah, you should get a debit card and she anything not yet, so she does a pure cash month, no plan. Stick it offers the best. I mean that a really make you feel young, you wanna, get pissed off about filling up your car. Try walking all the way into the market and laying down uncle Benjamin Franklin a couple of times after you paid it off now, you're, really getting blue that'll, get you political right. There that'll get. You angry, calling your senators after that angry air. Oh, my goodness, dave you've been dealing with this for thirty years. Now this whole. Argument of you spend more on a credit card. You make decisions differently when you use other people's money in text you negatively for your financial future now There's tons of studies that show who that they paint centres of the brain are activated when you ve been cash, it literally hurts and

when you ve been with a card, even a debit card, it just like no brain activity. No but no brain activity right up, but the now that's all It is a sign that there is a total and rape, brought us something many many years ago and I hadn't ever thought about, even though I've been teaching by then this whole idea for decades when, when you're a kid. And you have a wait and your friend wants a toy and you trade. You give him your doin there's a there's, a visual transaction. I end you one you and it back Emmi or with a purchase, taking something and you give Them money and they keep your money and you keep their thing just like a trade, it's greenbacks for stuff. See a trade, when you are purchasing something a plastic, you take their stuff, and a mere plastic and they hand,

back to you. You leave with both things you know, that's when you change the blow but childish when you think about it, but you know what there's no trade theirs. Transaction here. I'm getting both things that I came for and the thing I came in with I leave with the plastic and the thing- when I use money, I don't leave with the money yeah, I just leave with the thing and something visually that happens inside of our brains. There, that affects our emotions, affects our spirit and it lowers. The fact that we realize we just spent money. I think that's what

happening in congress. Oh, my goodness, yes and it's really hard to go into debt when you don't have the option to because your bank account said empty, but it's easy when you ve got the lenders. Gone will happily give you as much money as you'd like hard deny that when you have a debit card, typically means you don't have the money. The whole idea. This is the rams John alone here in your arm. Popped the getting warmer outside in the sun is staying out, you're, probably spinning a lot more time. Goin up for iran playing with your kids, are just digging into some yard work. I know that I am, and I love to get outside, to be a nature to be active, but listen, don't forget to rest and reach out your body with a good night's sleep. Sleep is critical for your health in itself.

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atlas de loney or dream cloud, sleep dot com and enter promo code Delaney to get seven hundred and forty nine dollars in savings and gets your new mattress today. The camel ramsey personality is my co host today, open phones of aaa eight to five five to two five. We get it folks when you're worried about money. It's over. it's all consuming money worries are some of the work. forms of anxiety that Dr John maloney deals with. enough pay your bills. You get that little sweat in your palms and right above your lip and right above your eyes and always in your. Look it's always on your mind, but you should.

That you work too hard to live like that. and good news is, you don't have to if you follow a proven plan, you'll discover peace with your money. That's why we call it financial peace universe, today and will show you the same plan that shopped almost ten million people learn how to get on a budget save get out of debt? spend wisely build wealth, be outrageously, generous,. In short, how to handle money right- and it's a great time Take the course we just updated. A ton of the content is rachel cruze me and new stuff. With George came on doktor john bologna yeah. The course is the best ever been right now so to I decide today that you are done. Letting money stress rule your life. Listen! I can make inflation go away, and I fix recessions, but I can Oh you how to work? storm, I can show you how to prosper in good times and in bad times.

go to ramsey solutions, dot, slash, F, p, ramsey solutions, dot, com, F, p, you, financial peace. Should a budgets in midland texas. Brigid. How are you hey guys? Thank you so much for taking my call sure. What's up So I was wondering if I should take out a mortgage and buy a house, or can you working and save up into space, the cash for a house. My ultimate goal is to go to siri, school, which is a two year program, and I am not able to work during that time is it's. A very rigid are, and so here are my number, single with no kids, I'm twenty seven years old. I am an rn and I travelled for work I have an income of so far cuz. My my income varies depending the contract that I have so right now I don't I have out

thirty, seven thousand so far, my emergency fund is, is already done it. I had it there and I have no student loans, no car. I just have my wrench plus my bills, How really. At one thousand one hundred and c or c r n. How long two years, three years years and what a golf ear I was looking it up and it said a total of one hundred thousand a one particular school yard, disney Houston, yeah, Ok shall one or two thousand intuition in books or does it. Include living expenses, We live in expenses. Is why rolling? you only need one hundred thousand dollars and make one hundred and thirty seven and you're single in my savings, eighty four thousand dollars, I mean eighty four

thousand dollars and four thousand already saved? Yes, What's the deal go to school? I mean you six more launch and then go to school, or is the house have to do with this cuz, I don't want to go to school, yet It all goes on raising my little brother and he said well in school, so, I have to wait for him to get to go to college which should be in about seven years, so Meantime, I'm taking care of him, and I just want to buy, equity and the money that I have, I don't have to get take out. Loans in his mouth ultimate goal is to sell this house live in Houston, and having to pay ranch just the bills with whatever money left. I have just pay, you know, bills intuition and all that

The ten year journey, you said was even more years. Mustering stop stop a second. Your little brother is chauvinism. Now he's tough, please twelve thousand and sixty seven more years, you'll be gone. You're, saying: okay, Man you're amazing: you took on the raising of your little brother. What happened to your parents. Daddy's she's, not in the picture in our modern passed away. But I thought you'd go your motion, so who takes care of your little brother? Now he goes to school during the day. And you have their like after school care. no, my sister is been helping me out with them. When I travel In goma contracts, when I come back, I a lower you all around europe And so when Colbert was at it's peak, I was doing like a week. Contract work for your sister in midland as well. Yes, we lived

yeah they're? So that's why my miranda little hike as I ran out three bedroom ensured as your father do for a living right now. She just got separated from her baby, daddy and so she's. wellbeing when raising the kids cause. She's got three kids on her own, not a go to school. Full time. This upcoming fall and that's where we're I know how old is she she's? Twenty three, so you're the mama, this whole bunch aren't you, You know what would work since censure, committed this plan load up the whole bunch. Go to Houston. Now. Take everybody yeah. If you're not well within six months, you don't do it right now, your sister's, not working We can land where you tell her to if you're taking care of her too and she,

start, school washing start school in Houston as easy. She can in midland and Houston, where you can get your sierra a but if you can save up enough to, take care of your saying that hundred thousand recover your living expenses, including your rent, right. I ranch will be paid off. I was thinking you know with no you're, not gonna pay my house and go to see arina. You don't have the money, uh huh We got a hundred thousand. You need one hundred thousand for school. That leaves zip for a house you own, the house you're in No, I rent yeah I'll talk, show. I'm trying to keep you from having to put your life on hold for the responsibility that you took on for your brother and your sister that's kind of why I'm thinking, I'm taking them all to Houston sister can take care of her kids and little brother. While you go to school

in return you help support them and take care of them, which is what you've done, and you could execute that next spring spring. Let I mean cause you can probably save another fifty grand by spring. Can't you now that's what I would been in the house gets in that way. It's not a seven year plan If you were this boy's mama you would. Put your life on hold as his mama, When you're playing mama now you've taken over the care of him would go ahead and figure out a way to go to school and you'd. Take him with you and go to school and Well the is who's taking care of him now sister, while you're taking care of her. So that's affairs right. She can just load up and go with you, I must save another, fifty grand or more by next spring, and then I'm school and take them all with you They don't really have a say in the matter: you're the one taking care of her body. There don't go where you tell em to under your roof and I would put the

the house on pause at that point in the house. You need to go to school because that's increase your income as well, which is going to help later on with the house perch, and then, when you finish school in three years, and your sister has finished ghoul in three years and she can get out on her own become sustainable your little brother- will almost be there and then we can start talking about buying a house at that point I don't know what will happen in your personal life during that period of time either. Hopefully Your entire personal life won't be on hold you're an amazing a woman. You have taken on a tremendous responsibility with a big heart. Thank you for doing that. thank you for being that kind of person, that little boy that has a hero in his life and it's his older sister and so on. However, I think there's a way you can manipulate these facts. Tactically, too, not to put your life on hold for seven years. I think I think we just you know

Do what we all do with our kids. We drag them through the adventure They go along for the adventure that child. That kind of thing works and I think I would what an interesting

situation and what a beautiful woman and I mean it's impressive, making bank she's working her tail off in care of the family. Everybody can depend on her because she's a kind of gal way to cowbridge. This is the ramsey ship, the best ten minutes now before you buy your next home or refinance folks, it's tough to buy a house in this market. I get it it's competitive. So when you do find the right house, you gotta, be ready to move, keep in mind a home is one of your largest investments, so be smart about who you work with the new home buyer edge program for my ramsey trusted friends at churchill. Mortgage helps. You do just that. It starts with becoming a churchill, certified home buyer and capping your interest rate, but here's the kicker you'll, also get a five thousand dollar seller guarantee to help you in a multi offer situation. This strategy helps you move fast and will give you the edge over others to get the home buyer edge, go to churchill mortgage dot com. Today, again churchill mortgage dot com. This is a paid advertisement in mls id one, five, nine one minimalist consumer access that work: equal housing lender seventeen, forty nine mallory lane suite one hundred brentwood tennessee, three, seven zero at programs for qualifying borrowers and select types only and are not available all data locations at the combine visit, ramsey solutions. If you're in the nashville area, we've got a huge lobby and visitor center free coffee, free, homemade, chocolate, chip, cookies that are from the devil

and on temptation is unbelievable. and blaming the devil day that you got to blame somebody? You can't blame myself because I must be a victim of something so, like my own sweet tooth or something PAMELA ramsey personalities, my co host in the lobby of ramsey solutions. We do the show every day from one to four central and you can come in watch. Do the shell, I'm not sure exactly why that's exciting, but people do it all the time and it's free. So you can. You can't really argue about the price and in the lobby, is a debt free stage that I colin Julia are own: hey guys. How are you we're going to dave? How are you welcome aboard y'all live. We live in etiquette to Oregon. instead of our portland, oh wow, that's a bit of a haul to nashville how much we paid off. We paid off one hundred and thirty six thousand three hundred ninety seven dollars way to go. How long did this take? two years, eight months, all right!

and what was your range of incomes and every two years nine months we start out of one hundred seventy to one of the two sixty four and then down to two. Fifty seven we all do for a living so I retired other the department, homeland security and portland year ago, as the writing, and since we own know who Clinton together and now the medical minister in Chile is the medical director o r, a cool, ok, yeah, family nurse practitioner, medical director of integrative primary care clinic, oh my goodness, shut up, I'm good good good will What kind of debt was the one hundred and thirty six thousand a day we had a little bit of everything. We started out with a a Retirement loan, we have a edition loan, we bought a home, was probably way over what we should have done. We had to and credit to keep our business. Often we had it parents plus loan, we add a second mortgage and we had to credit words for alaska, my lord you, our normal,

completely normal. Oh my gosh and you paid every bit of that off. Yes, including your house. No, but the house everything, but the house good good, two years in eight months as pretty intense. It was a lot if we when we started two years eight months ago, we are, they are met with lawyer, whether we wish it close on the business and go bankrupt when you turned it completely around yeah. Now that business is worth three hundred thousand yeah, I hate it. When that happens, I will have to go you guys, okay, so we're trying to figure out if those things belly up, you retire jump in with both and of course, Julie's already got the thing runnin you kick in the tail, make it go yes and you made some serious money. Yes, during that time, which is great, you turned the business around, but I'm in as that you also say we're getting out of debt because we don't wanna be here again. No, never we know what initiated that part of this journey. They were Davis, we'd done it once before. Two thousand and then we take the debts. Sorry, we

sort of bad habits again. So Julie really is his fault. Yes, at summit. I had to believe that you know I always paid my bills but I never really knew how to save, and so when we hit issue at the business, a contract pulled out with the state and I lost about fifty percent of our income. So I had a lot of hard conversations with the medical providers and dumb with their. way to do humility and surrender. Stuff as a hard, that's a hard corner saturn and The fact that you did it there's a lot of stress in the last two years. Yeah. What were those sacrifices like you guys made where you decided we're not going to be in this position again? Will we we met with a ramsey sort of I coach, really encourages me a eager off the yeah.

I joined, but we started. Our differing tourney we ve got a thousand dollars and merely the transmission we're not our video a course and then at the very end of it, the transmission, although my idiot shabby beer, eighty, eight chevy silverado I guess it was about time there's a classic man. I love it. two tone: eighty eight pickup up and that's a beast, allow it: I'm sorry I didn't live, is back of running through new engine new transmission. All you fix that all alive. You will not die while, as is also a second life, is Omby drug lives. Wireless cheaper than buying out for sure our veterinary vernal arguing on our, but is it the three in some almost there ever

Im gonna pay one thousand next, five to six years. Wow and you'll have one hundred thousand dollars in retained earnings sitting over in the business one of these days. So if he ever hit another little bump, will it won't be a bump? liquid cash there too, of course why to go. You guys pay for us how's, still feel like an avalanche is behind me, but I have more tools now and he humid I said humility and just keep in our sights on our goals and Leaning into our relationships with god- hey man, thank you and you went through a lot with your career change as well because, like you said you're in the middle of all the protests and the the violence and everything else and you step aside from that and walk into a whole different kind of violence, yep and then a fifteen thousand clinics. Cars close during the pandemic- said we kept open and credit Julie for that

yeah, so I feel stronger about leading the clinic than I ever have before, and so we went from The currency card given to us to, as it three net worth millionaires, in that occurred to us, February as were coming into pain. That's all it's like. We looked at our assets and we went oh, my gosh look at who knew we thought we were just surviving, and here we run that's what happens when you do not like this. So well done. You're out a very well played want to turn around all right. What do you tell people the key to getting out of debt? Is I keep your sights on the goal work, hard change mindset. You can do it we're proof, fifty three feel. So if we're going, do it our sage and do it earlier? I'd really recommend that no one could have done this later sooner. I hear ya, but we have hope for the future. Now, in our retirement

Good god. That's why we're here? I'm glad we helped good for y'all Well done, your heroes, excellent excellent job got a copy of baby steps, millionaires for you because you just become one there. You go copy total money make over for you to give away to somebody who scared and struggling like you were. You show me a light end of the tunnel and a one year, membership to financial peace university with the new videos with george to draw loney and rachel me best for appeal. we've ever done right now out there. So I get you signed up for every bit of that? Congratulations, you two very proud of you, you're amazing, a journey you've been on wow, quite a lot of I have transition. I mean just one thing after another, like bomp, bomp bomp kept garage their business. Everything got amazing, very well done Michael and Julie, Portland Oregon, one hundred and thirty six thousand paid off in two years, eight months making one hundred and seventy two two hundred and sixty four two thousand two hundred and fifty seven.

Sarah debt free scream, three two one Where does the love it? That is fabulous man. That's very well done very, very well done fewer. It's not too late to go all well in The issue is on. Program that works is not a game to me, but the kind of results. That day for each thing, but ramsey shall go away. That's our what we all each year right, and the point is, is that the the nuances, the detail of the stuff. We teach you if you'll submit to every one of those and do them the reason, items are there in the baby steps and and the little things around it like work or your spouse like combine your finances, don't try to

like room mate thing and all that stuff. When you do all those things together, you get rid of your whole. Life policy is not a baby step, but you get your term. Insurance implies get rid of that rip off stuff. You know used, keep doing all the different little things. It changes everything in these guys, Gaza here man, what what is hard to Listen to in three or four minutes here is with what he went through with his career. Facing all the violence and everything else, and then they finance play: faceless financial, violin, if the state blown the contract out almost losing their business. the two of them come together and he's driving this eighty eight car I mean this is these: are people that

walk through stress, so deep you could smell it. I mean it's unbelievable and they still killed it very. Very they're warriors man, absolutely a very strong, very strong. This is the ramsey show. The I just saw a study that really made me sad. It showed that, please owning life insurance in the. U s was at its lowest point since the nineteen seventys after what we ve been through past few years. I'm just lost on how people don't make this more of a priority. How are you going to make

your family needs are met. If something happens to you. This is why, getting term life is an absolute necessity. Rates have never been cheaper and the whole process to apply is pretty simple. With many companies not even requiring an exam anymore. This is why I send you to zander insurance and I have for almost twenty five years. They'll make sure get the right protection at the lowest cost possible and they're there. Therefore, you and your family every day. I challenge all of you to make sure your families are protected. It needs to be a top priority. Call Xander at eight hundred three hundred and fifty six four thousand two hundred and eighty two or visit zander dot com? That's eight hundred three hundred and fifty six four thousand two hundred and eighty two or zander dot com

george camel ramsey personality is my co host. Today our question of the goes from blinds dot com one hundred percent satisfaction guarantee. That means, even if you miss measure, you picked the wrong color they're remake your blinds for free free samples shipping new promos all the time, can count me check him out, blinds dont come today it comes from James in California. He says Dave out of curiosity, specifically, how did you make your first million after your bankruptcy a good, I don't even know the story, I'm not sure I do take us without having to think about it. So this was back.

in eighty eight tri file bankruptcy in september of eighty eight. What I did after that was, I went back to doing real estate deals only I couldn't buy real estate market at no credit and no money. So don't believe what I would do is tie up a deal and then sell the contract to another investor that used to be a competitor of mine, but we're friends, and so I did you know what you might call a dry, flip and others. I sell the contract positions, so I go contract for a house. for two hundred thousand out would contract for it. Four hundred and ten- and I went to a buddy of mine for ten thousand bucks and he could close only have one hundred and twenty on it right and still two hundred thousand our houses are still doing foreclosure deals. I got back to doing six. Figures ears in eighty nine again back making overheard thousand you're doing that about add a bunch of irish to clean up, because that doesn't bankrupt and a few other things to clean up and took about a year and a half two years clean that up, so I'm trying to think they read. I kept doing that. I'm trying to think.

If I got my net worth to a million again before we started doing financial peace. I might not have so we started actually starting this business slowed that down at last the first year I did that I did financial peace. It was called life after that northern radio show the radio's losing money. the amount either. My actual income was in half the for I made one hundred and twenty thousand a year before I made sixty thousand a year after wow for sure, when this business My income went in half so that slowed it down. So but a couple years after I got this going in. We starting to get a little bit of income, others income came bomb back up over time. Of course, We started selling the original financial peace book and are you doing seminars- and you know the thirteen Fifteen week, however long it was yoga classes, Sharon and I lived on nothing.

even though we were out of that by then I mean we paid off. The bankruptcy would paid off. The everything were completely clear, but we were just dying and so we just lived on nothing and just piled up money. And because we wanted both one of the security of the margin, and so what are they? how did I make my first me so income and thrift It's how I did it who was not in the stock market? At that point? No! No. I mean why had some, I had a I mean we had our four o one k or not. Four one k we had roth iras, not they weren't why are asian those days going kids college funds going? if chunking, money and stuff like that is in that Didn't even have any real estate except our got the house paid off? Show. I was probably three or four years into this business before I hit

if the network was mostly earned income from just mostly around common, not spending any of it yeah, none of it. I mean we didn't do anything driving drunk cars. We're still way past Teach people to do. We teach you you get to baby steps. Three four five six are for: six, that you can lighten up. Save up by car and lighten up up go on vacation. We didn't, we didn't just piled up at what point where the baby steps developed to where you you were following them post bankruptcy. Oh, I didn't follow them or post bankruptcy They did invented them. I mean I hadn't laid all that out when I teaching. When I started learning after the bank, god's ways of handling money. What the bible says and grandma's boy these basic principles live on less than you may always be generous, live written plan always be saving and investing, and no doubt at all that knows. Sick, five principles when I start living those out and they start running

other people amount they they would start. Ok, say: okay yeah, but where do I start I started a little counseling ministry at our church. start teaching a sunday school class on those materials and people okay. So what do you do? First, man, I mean dude. Do you do you? Do you? Do you get out of debt? first, or do you put money in your in your reply, at first and you know by then I was sure that the bigger blocker cuz I Friendship personally was that that if you could get the that, then you don't have any payments. Now you got money to build net worth, which is what happened to me, yeah, okay, you. I got out of debt and with a bank see and then paying off the irish and other stuff. and then once all that was cleared, his laws are made money and spend it academic network like a bill. I can build, the money and that's what I did and saw it. Okay, we gonna be bought it at first, but the pay off the house was to be, A thing to put the early stages of the first things, a thousand dollars right and then

the house is the second thing, so we separated the house debt from the other datum and see what it at the end over in baby steps. Six, we knew that you didn't need to start investing in your four o one k until you had an emergency fund, because I was running into people all the time that had no money except in their retirement and then they in a pinch and cash out their retirement, and let me tell you a four o one k is a lousy emergency fund, because when you cash it out, you get your taxes plus a ten percent hit. You know it's a thirty. our forty percent hit cash, not your! Well, one k to fix your transmission or to pay the house payment cause you got laid off, and you know whatever: the emergency is a four a one K case, a lousy, rainy day, fun so fun. I went, I know but you're broke. If you get a match, your freaking broke and you're going to use the fora. One k when something bad happens, because you got no money, so we better. we step. Three is invented. Actually, one, wasn't there, you are just gone Let it get out of that was get out of debt. Do the

emergency fund fun and what happen is as people working that baby step to some, would come along. That was little like a would blow out or something or will get sick and it's upset six hundred dollars, seven or daughter thing, or something in that Six or seven hundred dollar thing would take all the wind out of the shelves and they quit. They would stop their debt snowball. So we figured out we gave him a little bit of breathing room, a starter emergency fund and baby step. One was born, but the original he stepped from the first hour. Dates from there wasn't thousands of all over your experience. Coaching people be unaware already on not in twenty five years, but I mean, but but it evolved over a period of time in the early days of massaging this material and learning how to do it. It evolved, but no, I didn't follow We started they weren't, they are all I knew was I'd. Read the bible has said: don't borrow money and I've been bankruptcy. I figured out that as a truth, right so I don't borrow money and more palm. I'm done, you know and always have an emergency fund why cause Sharon will leave? If I don't have one, you know it's that simple: she not going to be without money again. She's had

now for the noblest terrorized about yes, he's not going back, so you get, you know you get the whole security gland issue around the emergency fund that all pops up at such an interesting question. James thing hand. California, thank you, may Davis. I naval thought about it. I never thought about where the first million came from and then and then fast forward several years? I had a lot of money by then and two thousand and eight hit and we bought and we bought. Probably a hundred million dollars worth of real estate for fifteen may dollars hours, and so- and you know it all came back of course, and then some that real estate has been a big part, a memo, helping clay? Well that lack the way beyond the first may and are even ten million you know by then I had network ten million dollars, probably but I dumped we claim the table off. We took the chips off the table when the when the real estate, dover, two thousand and eight, and you could buy fifteen cents on the dollar in Austin,

got all of that. I never sold any of it. So if was a home run at the first million, is the hardest by far by far principles it once you got these baby steps dialed! Another time you went away works may not one day we stopped at the moment are not even followed by such millionaires thank path, because we were more intense than the baby steps. in terms of we didn't do nothing until we got back up there and arm the other thing I didn't do is I did get the house paid If I borrow money but the the four o one k hadn't had time to germinate the iras didn't have time to germinate and grow and compound, and so they

weren't that big, a part of it. It was just literally make income spend nothing. Make income spend nothing until you get the pain far enough in the rearview mirror, and then we can move forward, but that was a whole lot more intense and raw than then. I ask other people to do to get their baby steps. Millionaire is more the formula to get there thanks for taking us back very interesting. Thank you, James, that's good stuff! This is the ramsey show. The do you love a good day brand want to see. The latest ramsey show videos going viral check out your favorite moments from the ramsay show on youtube, go watch and subscribe to the show channel and the hey. If you're a fan of this podcast, we've got more where that came from ever wondered how to win in business and leadership. I'm george camel host of the entre leadership podcast, where you'll hear exceptional advice, origin stories and practical strategies for success. These weekly conversations with america's brightest business owners thought leaders and entrepreneurs will help you succeed in all areas of business and leadership, listened to the entre leadership podcast wherever you listen to podcasts, hey, it's james producer of the ramsey show. This episode is over but check the episode notes for links to products and services you heard about during this episode, thanks for listening