From the headquarters of lambs, usually broadcasting from at all levels- videos, that's that day, Rams Asia that has done just paid off a mortgage taking the place of a Bmw, has the status of job. I am day rams your hosts. Thank you for joining us. Open phones triple like a two five five, two to five: that's AAA too five, two to five: Merry Christmas to you, America were so glad you're here Lindsey he's gonna start off this hour in California.

Islands. We our you, have a merry Christmas. Christmas. How can I hope so, my husband and Iron Davy, or by putting money into I get power to count on my quest is the excited about it. I'm sure you ve got pilot youth account worth thirty thousand. And is even alone compound interest to logic of the market, for the need to start a little thought. You know, accounts monthly until about how it's going to happen, either. One is fine. Baby steps. Address the situation of college in addressing lovely basis or a lump sum basis. I'm just like to get things done. You know how off my plate thing I'll help there, the diverse autumn. Have any emails are my inbox. You know that guy and so what we

we tend to do would be to lump sum and in a back calculate with your smart rest report, what you're going to need for three year old, when their eighteen going to college and watch what you calculate what you need than you can back out at your current rate of return on your mute. Funds. What lump sum would create that final amount, when their eighteen and thirty thousand, probably pretty clothes, actually and so you could do that and then that's like babies have five is box. Checked right we don't want any more monthly cash on that again, move around baby subsection, just every loose dollar. And starts flow and towards paying off the mortgage artist. My personal really style like doing that? One, but that's just I personally style oh hi, let me back this person myself so so that works for me here, but there's not like by the principles that we

teach or by good financial planning rules, or by whatever one of these better than the other. Now it's not slot advice, problem either way, because if you funded your kids college funded and then they get scholarships in a five point: nine, and you ve all I've got money trapped in there. Now you don't, you can withdraw the equivalent value scholarship with no taxes. Out of the five twenty nine of your kid gets scholars. That you can show the value of it is twenty thousand year. You can pull Twenty two thousand year out of their five twenty nine, with no taxes you just gotta, have the backup paperwork to document If they gotta academic, scholarship or thy God, Even age signed up and got a bunch of scholarships. It doesn't matter if they just If they gotta athletic scholarship, that then you're not going to be stopped that money in their or having to move it to a family.

But what should move outweighed and other family members, but that that's the way to go at it so got your ear. Either way is gonna, be fine, your dressing, the baby steps and you're gonna send your medical school. That's amazed. Emily. Isn't Massachusetts merry Christmas, Emily Merry Christmas Dave! What's up my question for you, I am on baby step number sticks and single with no children, and I met the point where I would like to get our will and trust that up to date, If anything happens to me before I grow my family, my assets can go to my extended family and not to the governor. With that being said, I have my parents as the primary beneficiaries for now My hope is that gun I outlived them by in the case that I don't happen with the primary I'm in the event that they pass on. Ah, I need to pick a secondary, beneficial

I have one brother to separate stepsister on sister and one on That being said HANS, how little conflicted on what to do for my secondary benefits, because I feel that not all my siblings would cherish the money responsibly. I dont want to create conflict harm by you know only giving it to some of my siblings, but at the same time I really want to see the asset wandered over. You.

I'm thirty, three, ok, you're being very, very wise! Congratulations! You are under no moral or spiritual obligation to treat everyone equally. No one in this world is treated equally. I get discriminated against because I'm bald, no one is treated equally. Some people work harder than others. Some are smarter than other summer prettier than others and their incomes and the money that they end up managing are therefore different. I can not throw a ball like Peyton Manning or Tom Brady shall I dont get their paycheck, and so that's out. That's, but that's the point. Point roars of wealth in it

already. You can't fix that fair is one of the county. There is no fair and so on the watch fair. If someone that works twice as much autumn make twice as much that's fair, it shouldn't be equal. Socialism is not fair and so when you're looking at your will, if you gonna go through that Linz, then you say I do not have to do this give an example in the Ramsay household: ok, we're people of faith and We believe we don't have the money that were managing it forgot and if you are not walk, with God, you are not eligible to manage gods stuff, and so, if a man goes off the ranch and decides they're gonna be a heroine. Attic are run around with some kind of crazy, wicked lifestyle or something that are not in the will, and it's not punishment. It's because you're not eligible to be a steward of God's things when they're not one of his children, and so that's how we view it and by the way we ve,

ok, that pretty clearly, and so you what you get when you get our staff as you get the responsibility of managing. It is not that you at the lottery, and so that we ve communicated our stuff in our state plan with our ears, and so you know at thirty years old if you're in good health. I don't know that you have to stir the pot necessarily like I would as a sixty year. Dad. I need are the model little more. Let everybody know exactly how I feel, but I want to set you free from if you ve got one of the, siblings or half siblings than is misplaced. Giving in their life. You don't want to fund their miss behaviour That is not an act of love when you give a hair adding two million dollars, you'll kill them because they'll kill themselves with their money, and so when someone's operating with weakness, character, her weakness and behaviors, and you give the money you expand the problem in the that is in their life, and so you don't want to hurt

one you love and you will be hurting some misbehaving when you give the money and huh, you're under no obligation to give them anything nor are you enter any obligation to do it even and so would just set up today? The way it is and by the way, the Good NEWS about beneficiaries and airs and wills, nothing permanent until you die and yet every year, maybe one gets all better and get a whole clean life and they clean up their act in what we do know that be wonderful, not mad. At people. More blush them when you get people money there misbehaving. It is not a blessing. It's a curse, does that I've Ramses America. About one point, six trillion dollars in student loans at one point six trillion, if your drowning

didn't, learn that there are options. I want you to consider refinancing your high interest student loans to a lower rate fixed loan from splash financial alone. Right minimizes the interests that builds, which helps you actually pay down the principle of your loan and help you get out of debt faster. It's like found money and right now the rates on splash financial are the lowest lay a ban all year see for yourself visit splash. Manual, dotcom, Slash, Ramsay, that's split financial, dotcom, Slash, Ramsay,

Thank you for being here America. This was the day Ramsay Show Steve is in Pennsylvania. I Steve Merry Christmas day. They marry Kurth. We appreciate what you want. The language. I guess, you're not going up tonight. I have a question. I got a person to different people. I want you to break the guy. Ok, I'm gonna retire in the spring, by jobs, guarded the outside and gone away, and we can use all. I got Ok and I for one k of gas returning are you kidding A cash brows were time

The company for honour suddenly came so I'll have about one point: eight million. And you re a manager, my return, I will outline congratulations, thank you baby. They went up. Sixty five also get like twelve thirty year from a previous employer in earnest, Second, I have my my so serious that the about reach out and, amongst like this, you stand on that they like half that are fifty on terrorism, but currently by my monthly bills, around thirty five to eighty Kay if I actually, the only I have is my house so for paid off my ass it. Ninety four k it would put my built around sixty seven came so you're smelling like your bills or six that sixty seven thousand dollars a month. I'm sorry you're, my bed. Ok, I feel better are

so know what they were like a rap music stars or something I know what you're dollars. Ok now so back to recognise thirty five elbows year saw her. I saw hotter grandly or takes care of you. You got a couple million dollars in the bank and in your investment, your man anyone how much on your house, my house was one or carry out ninety four thousand and sixty four thousand dollar question is the money out of my appositely scale for house now, yes, were ok. Why would you keep a mortgage? Well was freaking andean, maybe in about seven years, my wife and I might downsize well. So I shall ask programme So they give you the money. Your job under spending, the money you just pay off a death. You keep alive. I was not a debt when you're should not a couple million dollars broken

good. Well, I'm asking I'm not I'm not a rhetorical question: why, in the world, what someone I've told you to keep this dead. Well, because my more disclaimers, like several hours of Margaret, saw get that money invested my backyard just a little bit. You mean. Why would you keep it I can't think of a logical reason. Anybody would have suggested this hooker good, so you broke the Thai. What one person told me he thought I should try keep because of my low interest rate and then other personal. We just gotta paid off yeah well based on a low interest rate crap. That person probably has one tenth of the net worth a. U have naga, though, be my guest here, savour man, you're, an investor you're, not a day, I got to have good day. You don't be free man by the end of the day, right, a Czech, oh my gosh,

so good, touchdown everyday millionaire. Well done. Maya love it loads of London on Joseph was Marilyn. I Joseph well they rams issue accordingly, it last I told you about another chapter in my life I have about. Five down, but there too, negative equity. Make sixty thousand a year was trying to figure out how this obviously the elderly and fighting men, while you'd have to cover the thirteen thousand bye bye following the money who's. The loan wealth on the truck credit. You gotta go talk to the credit union about letting you shot a note for the amount of their current note there. Really unsecured anyway, they basic, Have I don't have it

Furthermore, Carlo, never thirteen thousand our unsecured loan and a forty shut down, dollar, Carla, right, shovel agenda and let you shot a note for the difference and sell it. And then this pay them the payments on that thirteen thousand, because alive workshop and hands you forty seven thousand or whatever the number is forty did that backward forty, three things and on when they hand you forty three thousand than you take that over the credit union you shot a note for the difference and add the truck is gone and you gotta thirteen thousand our debts that over fifty five eleanor but you're, probably to go sit down your credit union manager in person, because I'm not sure why level of brain damage is operating at this credit unions. I loaned got fifty five thousand dollars for a truck who make sixty thousand. They must be smoking crack over there.

Shall you private sit down with him in person, gazettes, stupid, Butler I've heard of in a long time show You need to really sit down in person, does have you call em up. There are unknown over the phone, I gotta go Gazprom and Mass here and by will you help me get there? Shall you help me get out here? Let me soon enough Everyone would only relish problem Rawdon these in Georgia high Rodney welcome that I've ram she shut. The ideas that are then I deserved man. What's up that matter, quick question for you, my wife is just accepted a new position. This will be starting in January we want to know what our old fellow like air other daughter, she's about it there and well to the new jobs, but I'll. Take you to a brook. Take it to take it on smart a pro under direct transfer rollover into an IRA? Here's the deal, any time you leave accompany our job all way take your retirement with you if you can buy rolling it too.

Wrecked transfer, meaning the money goes not to you. It goes from your own company. To the mutual phone companies irae that you bought from shut down with smart, rushed reproach, I'll help. You pick out some mutual funds that it'll go into the Nelson our work to the fora, one k over old job and the four Owen, the old gentleman directly to them. If they send you? They have to withhold twenty percent on it and you don't you got a problem. You have all the money to put in there, and so you need direct trade. For a roll over, but you always take it with you, because you ve got more access when you're working through your own broker a you, ve got more options and you'll keep up with a lot better. People tend to forget not what's goin on we're, not watch. What's going on with for a lincoln, company, and so I will take it with me. There's eight thousand mutual first choose from all the mutual funds at Euro come here available on the open market do so I always Take it with me when I leave an adult cash out, a roll over direct transfer roll over his. What I'd do good question

Thank you for joining us. Open phones AAA eight to five five, two to five. Thank you. For being here, America. We are so glad you are whether well I've heard every Usually book a weapon don't get too will I know you're busy its confusing its expansion, its awkward. It makes you uncomfortable, some people actually told me: there are further gonna die if they get a will. Only help me with this you're gonna die and getting oil does not increase the chances of that you're gonna die. So you need a will We want, as eighteen years older alternates will more complicated. Your life is the more detailed you're willing, two billion, probably the more money to spend on, but a good basic will is really really smart thing to get in place, and this is the timing. Are we revisit stuff, like the other? my life insurance together, I kind of well all that kind of stuff so putting it off, get it done, get our free will preparation check list

this will cause your attitude to improve during the holidays numbers. Getting may seriously. Its headquarters cried, but You remember and think about the things, because you got some downtown during the holidays, you're going to think about New York come up. What are you? Are you gonna get you back gather in some of these areas, so to get the free will preparation check list. You think through the seven important areas, like name, guardians and naming you airs and the beneficiaries and all things you're unthought of and then once you over the checklist? about ten or fifteen minutes. You can download the guide exciting, will Three: seven: eight nine free the free will Preparation check list text will the thirty three seven eight nine.

Yeah our group is in Virginia. I ordered welcome that I've RAM Shep. Thank you so much making my call to get their hearts now had different. I read Mary than calling as that six months ago, my got hired me toward broken.

My motto and my guide want my husband. I can take over the company in about three to four years when they become full time missionaries, but I want the company to be deaf free before we do that on. My parents have almost seventy five thousand, of course, not Agnes related that and not my mom, the sole owner of the court company and she take pay from the company every month. But you don't work for the company were or have a job, and my dad is an employee of the company and get the salary than when I do the projection and my mom, not contributing to the company. I believe hinders the companies and their ability to pay off that before we take over the company? I just wanted to get your on how to handle the situation. How many team members There are one two, three four p members and you and your husband or two of them in your dad is another. One.

Hurry now on, my husband actually is not working for the company at the ball back by God. I'm another employ myself, actually included my mom and matter. Well, what do you want? What does the company do? My insurance restoration, so general contracting poker along as your done. You ve been in the business for probably over twenty three years on, but this specific business but he's open. They just reopen about a year or two ago. I'm not anymore. Their helen- I won't even here thick for six months. Ok! Well, there's a good couple things to remember: there are others in all thing, the John Ward, whose mother regional riders about family business back in the fifties. He does a vin diagram of the three circles. Overlapping gonna. Think, like you know that the olympic circles causing right the three circles, are lacking in the three circles: are owner fame?

Lee and leadership? Ok, and you can be, you can be all three of those. You can be a family man, That's an owner and begin leadership and you'd be right in the centre of all three of for they all three overlap. You see what I'm saying, but you can be a leader, that's not an owner or a family member. You could be a family member, that's not an owner or a leader that be your mother. Ok, she's an owner, but she's not in little usually up and she's in family. And so there are two types of pay that come out of any family business. There's the pay that goes to the owners of the business, which is the prophets after every one has been paid and that could be said that can be separated among the owners. Then, and then the people inside the business get paid for the job

That they do ok, and so your mom should not be taking a salary out of this business under any circumstances. She should be given distribution. She and your dad as the owners distributions from the business after it makes a profit after having paid its employees. You're not as an employer and employee guy, Employees are paid if there is a profit. That is not your money, that's their money and that you know out to your mom and dad and that could be and should be in this case, used to get rid of this debt. If they want to hinder the key and so we ve got a reset this, because you don't put people on payroll who don't work there that weird,

I ll do it all the time and family businesses, but they do a lot of weird stuff in family businesses that use wrong and you pay people not because their family they work there. You pay them for the job that they do. For instance, what is your title? and the office manager than you paid, not for being the daughter you can for being or the future owner you get paid for being the office manager and if you could not higher another office manager for same amount that they're paying you than you're not paid enough or if their pay. You so much that if you heard another office manager at that right, they think they ve hit the lottery. Then your name, too much you follow me. That leaves, the walls are paid appropriately. Your dad is a ceo he's, a c, o c o all of those things is running the business as the president of the company- and he should be paid appropriately for that before.

Where there are any profits, yes So the president doesn't work for nothing because our own, the champ, ok, you shall, if you separate all that stuff out as if they're, not family members and pay people based the role that therein, whether there an owner or whether there are leader or whether their family member, members do not get money in family businesses here only owners do. The only people that work in the business get paid on payroll so that, if you want you, that kind of discussion with your dad, then he can go home and break it to your mom. You don't need to be the bad girl in this year. I think that, rather than problem separating your dad, you in your bad need to come to a clear understanding how these things we run until its hand off to you, and then he needs home unexplained theirs to his wife. Yes, I'm not now. Ongoing came in and throne or white around the office manager. That done, work yeah

Joe here's, your mild or euro. Your mom mom voice in a minute, and you can't use Voice business, that's not allowed Now. Why need daughter, voice a business either? That's not allowed exactly This is a national discussion by people running a business about a professional succession plan That's how the people at all Ramses that are involved in this business are not involved in this business. Give Sharon Whimsie gets z row money out of this company, except for the fact that she and early owners and when the owners take some money home, she and I are the owners. Ok, she does not get any kind of pay check from his company, nor has she ever for thirty years, toxic. Once you lay all that out, then you can decide that now run a business. Professionally, really want this business if it's got that- and you know,

We have twenty five thousand dollars clear off here in three years before you leave that's twenty five thousand dollars a year. We gotta take off before I'll start taking money home here we allowed budget for debt reduction and do some projections Yeah and I'm on the projections and make it ass- you probably paid off a year, If I could take it all, began the aid if they do, that their yeah Did he pay himself, a salary yeah here salary, and then my mom gets member neurological became a little almost outlining. Yes, they cannot they can live on his salary. I would throw their everything else in the profits towards the debt, because the dead being gone is a precursor to the succession plan working yeah. I agree that sounds great and It's, not you know you're, not taking the money from your mother, your mother is merely paying, but that off that she ran up the air as an owner that that's what I've been thinking.

I've been discussing with my God to sir this account right in your head that somehow you're not trying to create a situation where you're, somehow benefiting from. Because this glow company doesn't have a ton of value. Now your basically taking over a concept and a customer list. I think it's not like I'm getting a hundred and twenty million on her company or somethin here more employees in your your general contract, or so you out source all of your labour just about yeah I'd, say all that, and so you know if, if there's not a ton of value in terms of the tool value of the sub S here. So that's how you work it out and you can do a lot of reading of him, a business or some wonderful stuff around on it. I ve been studying it for about fifteen. Here's a link is probably the next book, I'm gonna, because when the middle haven't I mean we ve we in this business, my the Ramsay kids, that adults are all in major

rules inside this organization and have gravitated do those rules based on their competency in their performance, not based on their name over the last decade or so and they'll be a day that they'll be running this place and I'll be working here. Will that be interesting to be awkward is correct? one of them by that varroa today oil. This is that I Ramsay Shell

it is an open working relationship, I know you doing today and are I deserve, sir? What's up we're on I'm gonna get really get very wet. Goldsmith turned me on financial peace University and on going through it with my wife and I did, in time, and we are getting ready to attack on baby step number two good, where we around is. We have got between eighteen and twenty thousand dollars liquid assets,

you're saying that were supposed to held back a thousand dollars for our baby emergency fund, and so my question is: is how much money should we hold back To make sure that we have enough liquid assets to pay offer next man for our January budget expenses. Well, you We now your checking account. You need the money to pay your bills so you need to sit down and say what check is gonna come in at one time and if you ve, not gotcha, coming in appropriately. If you had, if you see roll out the checking, and you don't have the money coming in to pay your bills, and you shouldn't do that. Obviously, so you would do that. Projections based on your budget my guess, is you're gonna be paid next month. From dragging our our payments are Barb check times are in I get paid. MT once in the middle of the minor ones. At the end,

my wife gets paid once monthly on the fifty four, and so you lay out loud and you can look at their pay verses. They actual bills that you need to pay. And he would say well, you know that's gonna wait. We need Fifteen hundred dollars to start the month or we're gonna be we're a run out of money out of those checks before something's light, so you got some bills that may come do before you have them pay them with your paycheck. Show Udall, money into cover that, but that's really are don't leave like five thousand dollars lying around or something of that. What I am you know towards the end of the month, when we ve got, you know, attacking the debt screwball, we ve got a certain amount left over in liquid ass. If there were an span workers directly ang that towards are, small steps are correct, but our daughters were laying out a detailed plan of how much coming in and were give

Every one of those dollars, a name, an assignment before the month begins. And so before January starts, you will have already started. All of that out with your every dollar budget. Because you would have turned out your income for January, what's coming in win and what is what has to be paid and any money that we find as a result of having done that would go towards debt, but you're not gonna, put money towards Dat. Not know how you're gonna pay February Ones House payment again, you share your you're, not at all on purpose, and you would never on purpose put yourself into a pinch, but Also, don't wanna leave like five thousand dollars lying around to just be sloppy with this. That's not the point of this either, so we need

the majority of that eighteen thousand towards the Dat, a thousand our set aside and then enough to keep your cash flow wheels grieved. As you turned the corner on the months from the January month into the February month, and that kind of thing and so you don't know what you wouldn't, you wouldn't zero out your account in the last week of January and then not have the money to pay your house payment February first, because you didn't get paid till February seventh, or something like that. So you just got a map that stuff out and that's all it all you do is planning you're, just planning you just doing money on purpose and what's gonna end up happening is right now in your brain. Worried about a shortage which actually getting up having, as you got, feel like when you started signing these dollars. They start working these dollars. They start working a whole lot harder, very excited: freer, twenty, twenty Blaine you're gonna have an incredible year, Samantha.

I high Samantha. How are you try? You think you were taking my car sure. What's up. So we are definitely very gazelle and checking baby step to go on and my husband had been looking pizza for over several several months now. And we have a plan to pay off a hundred fifty about noise with it that in the next eighteen months, and with that it's it's been really hard with the paper, because my true oh Christ, we're gaddi curmudgeon tired he's gone and so are wondering if need be concerned about Gazelle intense if he didn't do the pizza. Since we had such a quick pay off any pre privilege cut everything else out of my life I'll get or it's completely up to you. You have one general right. Ok, I think this is harder on euthanasia to Europe

Yeah it's hard when she cried like, should urge cry while drawing up our motto: Europe grandson all weekend, Loma daughter to the two older ones, to Disney an unsolved out to your own, my house, for the past four or five days. They just cry What is more, they want is more ok, but I'm I'm not emotion, image but vaguely one is Mamma. She's coming home, it'll be all right and he's not the council, when you start Eco, she was gone for four days. It's gonna be ok his resilient little Torpenhow make it and Bob I ve been how limited love him and reading books, and may me he'll, be ok, so This really not, as is not on effect the child honestly you're talking to across to your grandpa, ok, but on average three and Madame died, and so we can kill any I'm almost at a double down but tried to, but I, Think this is just a mostly draining on you is up and that's a valid reason.

Back off on the number and nights, but but here to your elbows, where we put down about about some fifteen and there's a lot of people to be delivered after that show You decide what you wanna do it's ok, I mean her, maybe ok, we're not noticed many nights but I think you really want to get up under this and assess What is really important for your family over the next five to ten years, and obviously we don't want to completely miss out on the childhood? Obviously we don't want to die Did your child emotionally, obviously don't drain your emotional tank? The boy you can't breathe is all your dealing, there's a crying to Euro thou driving by nuts and home show the others, a balance sheet of all this. The he's gotta come in and support you support the two year old and you guys have to ensure financial goals. And so we had a four year old, aunt Hannah Seven and a man when housework,

sixteen hours a day, seven days a week, starting this business and none of them or permanently damaged by that. But when I was home I was home and in turn on the television. The backyard rollin rounder rational arbiter. Whatever you know or choppin, together, whatever are doing play by the boat when I'm home, I'm home I want to sleep or watching HBO, reruns and so hum, and but when I worked worked to get things done and join, you know took care of me emotional needs of the homeless during that time. So it's it's it's hard. It's hard and she'll. Tell you there's time during that two or three appeared a town she felt like single mom and ask him how you feel right now, but that's a pie. We pay to get this business where we are now and be able to do the things. I'll. Just tell you looking back on it that our kids do not. If you interviewed any of our kids, none of them would tell you they felt like that. Their father was a work a hall like or that they were shorted or that they missed out. He missed

on their childhood or any those kinds of things to suggest didn't happen. Although I did work really hard and worked a lot. But so I think you're gonna be ok. But if you need a little time off, you need to know if it's just gettin rough on you. It's ok, just say that out loud take a little bit of a breakin or are just slow down, you know maybe not five nights a week, maybe three nights a week. I don't care or maybe not at all, I dont care, but Could we not letting a twenty two year old dictate the future the family either Morocco? No I'm not! I love on, but I know I'm not gonna, let that they don't shut. The dental set the agenda. I do so you do at your house. I thank you for the college, a good discussion and appreciate your mama's heart. Yes, Merry Christmas to you, how puts us our that IRAN should show in the books our thanks to James Childs, our producers, our social producer and found trainer

I'm they ran your host, we'll be back with you before you know it hey guys like Thomson senior secular producer for the day, raising this out with a view to finding more great content, Youtube to catch them. Most watch David with rules and the fairy everyday millionaire. Second, the baby. He showed me

have you got questions about retirement, investing becoming an everyday millionaire, go beggar and broader with my man, Chris Open on the crucial genscher. I M excited to be able to talk to you all week in week out we're gonna focus on your calls, and it's going to focus on building well investing and how to become an everyday millionaire subscribe to the crucial Ventura wherever you listen, the pod gas hates James. Pretty. Or of the Dave Ramsay show this