From the headquarters of royalty solutions, broadcasting, Madonna, Marilla Studio, judge that day Bramley show that is down. Measures gang and played all morning has taken the place of the Bmw, not a simple choice, and they ran through your own doktor John. The lonely rooms personality is Michael launched on the air debate: open phones, Tripoli, eight to five. Five: two to five: that's triple eight, eight to five five to two:

I Shelby is in Dallas Texas. I shall be welcome to the show. How can we help her open hey reckon TAT, Doktor John, that's what I'm talking about. I like it shall be done that So my husband and I were on babies that sport Ivan Steak and work securing immediately paying off our mortgage good have a hundred we have forty thousand remaining on the balance, and we were calling the money from roughly two hundred eighty thousand of non retirement in that and you don't already now. Ok yes are thing was we think that we make more money on the investments and compound interest, then what we would save by paying off the mortgage, but you know the so. In addition, my husband's job just announced lay

last week, so that makes things really find an exciting, so my head says to keep the investments, but my heart says the pay it off well. You are accurately describing that because what leaving out of your formula is risk and your head does math and your heart is where risk is measured, and so when you measure risk, you will find that you actually make more money as a result of having a paid for house for multiple reasons: the sense of peace, the sense of well being causes you to me, different decisions with your money and other areas and with your career, because you don't have to put up with crap if you have a paid for house and you have a tendency to prosper in your career field as a result- see that's not measurable. In your formula that you used where you thought you would make moral compound interest

If you may moral compound interest than you, should borrow two million dollars on your house and invested on the stock market. But when I say that that takes your breath away little bed, because that makes you realize risk may make sense, and I now at last my last point is a couple of points right: click the other. One is only did the study for Christmas book Everyday millionaires. One of the key data points we found was that not all of them the typical millionaire paid off their home was one of the key components of their first one to five million dollars. Network was paid for home. We almost never ever, but almost never found a millionaire were the mortgage and if we did, they were in the process of getting it. Very quickly. We might out of ten thousand out can't say we didn't, but it might have been too are something who said they built well

by using borrowing on their home to become wealthy. That is not something we ever here among millionaires they don't say: oh, I borrowed money and invested it and made the spread by investing in mutual funds, and that made me millionaire never set. Anyone. Ok and the last point is as pay off your house and if you really hate being debt for even go, get your mortgage I will pay them today, then about it like showing that that's that phone call it's worth its worth Why man she Arduino should honour. She did settled. Dane songs. Listen to you hold a love! It man, that's not haleran! Now, all right who ever was rock sat rocks. I'll get and help the both here. With our carry Oki gray, we need to move along fast. Mavis is in Portland, Oregon, hey Mavis! What's up our game

to talk to you here to do it all? And yes, I have one simple question: we recently purchase turn my patience through then turns and both of a friend of my insurance business now and she highly recommend to get a whole. I fisheries overseas life. I dont you dont, want never recommend life white men, women limit their whole life life insurance agent said you should get a life. I'm shocked no seekest seaward for different that insurance company. I told her. I said you know. I just got her life with you, no gender Dave, and then she said you know. I thought. Let me tell you of it. You think about all that. It just sounded so good on drug dealers want drugs to they do, yeah a lot of our users to they make and so good, so yeah. So, ok,

what can I ain't? What can you obviously? No? We stand at the whole life insurance sucks now night. How can we help you you're not going to convince? your friend because she sells it by. I get my question: why don't you recommend the like? What's there that's a good question, a whole life? That's an equitable life, ok Whole life life insurance is somewhere in the neighbourhood of twenty times more expensive for the same amount of cover so for words and protect a hundred thousand water power policy, our term fitted out in our policy. five dollars a month for term. It will be a hundred dollars a month for whole life. Ok, ok! So now we have established statistically based on your age, with the probability of your death at your age, what it costs to cover your life. Should you die?

We know five dollars will do that, so why do they charge a hundred while the other? Ninety five dollars goes into a savings programme inside the policy called cash value. She probably mention writer you. It builds up. Cash, vow, yelling point and they say it builds equity like owning a house where term is renting words, not at all, not some mixed metaphor and it's absolutely alai. Ok, so here's what happens? You got an extra ninety four others are being charged. That's going into ins to the inside of the policy with cash value. Now here's how casual value works get any whole life policy out and look at it the first three years, your car volume build up is zero so. What happened to your ninety five dollars? It went to a month by the way, not a year. What did your knife I've dollars go to? It went to commissions an extra profits for them after three.

years. It accrues nationally, at an average of one point, two percent, Then, when you finally get passionate three years and you finally get past the idea that they re read of return socks and it finally builds up some money now you're to interfere. Two thousand. Our policy is a twenty. out and our cash value in it. You have a saving program inside there. You die the injured, Company pays the face value of two and fifty thousand dollars. What happened here? Twenty thousand hours you pay extra for they keep. It should have a say programme, not a bank, the first three years. They keep all your money after that they pay. You percent and when you die, keep your money. That's all,

I've life insurance that sucks it is the payday lender of the middle class? That's how all the towers and the skyline of every city are life insurance companies and banks. They did that money themselves, Santa Claus didn't build those you build them, America, does that I've Ramsay shall I want

mortgage rates closely with help from my friends at Churchill. Mortgage and right now is the time to see if you can get a lower interest rate for now, rates are low with a free ten minute call. Churchill can tell you how to save serious cash with no hidden fees or pressure called Churchill Mortgage now triple eight loan, two hundred or Churchill mortgage dot com. This is a paid advertisement, animal s idea, one five, nine one in nonetheless consumer access, dot, org, equalising lender seventeen, forty nine Mallory Lane Sweet one hundred brilliant Tennessee, three, seven zero to seven the very first time I ever spoke after, I wrote the book financial peace and I had some actual books, the little blue books and they were at the back of the table back table after I finish talking at the Kiwanis Club or whatever it was with my overhead projector. I walked back there

a lady's reading through the book and she says I'm one of the teachers and school. What did you just have to go? Well guess what we do Vanessa questions is the very first day. We start this business, and so now, in about thirty, are about forty, eight percent of the house was our Ramsay solutions, financial foundations, foundations and personal financer talk is taught, not here's. The thing we also want to help you get prepared on the Self study basis. So we got your back. with a fully digital study courses. Your team is gonna, know the right way to handle money. This is like the are the home. No edition in summer. You, our homes, goulash, doesn't make their homes settlement and do. But now we are the drinking start Nine teachers drunken Toujours didn't get expel banner our homes going elsewhere. So diagrams you dot com, slice, self study and we ve got courses. before your high school, your middle school and you

make sure your kids are prepared to listen parents. You don't eat your kids, how to handle money, they will live in your basement till their authority. They will it from their neighbours here for real cripple. Eight two five five two to five Annie is with us and any is in our Kirkhi. I any hour you, Heidi John. Thank you for taking my call sure how ok I have a sister whose, in her authorities and she had a Cuban. She was twenty one the old man in a bar tender for about the last seven years before coded and further Several years my sister has been taking money from our father and grandmother and they find several parts of her life. For example, she's never prepayment, both my daughter, my grandmother, have both purchase cars for her

but you never really had to make any effort to improve her lifestyle, and I shall say that is good do things and then she doesn't bother through and for my question is more about I'm starting to feel resentment toward. My sister I feel it is taking advantage of our family. They really have the financial means to be helping with these situations and they ve been baling her out of her situation. Financially. Free Earth and I don't know how I should proceed with a relationship with her Don't you will not. I feel this way the protector. I have talked to my God about it. My grandma is, we all saw the talk to her hold on a second alchemy retouch, your sister about it. Will we heard of falling out we're just now for you to talk again? He had a falling out because she had read some pretty bad relationship decisions away.

Significant other, and I support it The outcome is a very abusive situation and I didn't know what to do so. I just said I don't. I don't want to do here is it? This is one of those family converse That sounds a lot more complex in reality than it really is The reality is, you, dont have a lot of power in this situation, and so what you can control is the boundaries you want set up and the conversations you gonna have other than that your mom and dad your dad and grow Get to decide how they spend their grown up money and your grownups is to decide if she wants continue to leave off other people or if she wants to get her life together, the choices you have or to have a heart conversation with your Daniel Grammont, say I think, you're being taken advantage of by our sister and that's about four comes this NGO and then you can have a hard conversation with their sister and say I don't like that: you're Treatin, grim on and dad other than that.

You had to choose what you want to carry on a bunch of resentment and frustration and ah pain is in your heart nest on anybody else that your choosing its almost wilfully, Using to wake up every frustrate right, we think they were exactly right. One of the hardest things in our lives is when there are adults that we love that are being stupid and you can't keep him from being stupid is no longer stupid. Stupid is not illegal and its in almost every family like every family, and so some put the funding dysfunction, but I mean it's, but it's just it's hard. It's hard to watch people. You love

showed the only way you possibly can do any good. We, your sister is just say: I think you can have a better life than you have and it breaks my heart that your life is not good. It's not good because from the choices are making in manner, I would love the walk with you and spiritually disciple you, whatever on making some different choices and cutting the ties were your spring supported as a grown woman by moment, but dad and grandma, and if I can help you with that, I love you and I think you can do. I think you can do better and I think you can have a better life and his talk make it about her doing better rather than how bad she is. I am going to ask the end. You do want have relationship with your sister

Or do you want to stop me, sir? So badly, so you don't have one now they haven't you ever broken. One now write her word reconnecting now so fully. What I'm going to recommend a great way to heal a relationship is not to come at last. Buddy letting them know they need to make a bunch of life changes and need to fix some stuff that you don't like. Sometimes the best way to start and re patch and re heal, a relationship is to say I love you. How are you how you been? How can I help you of mischief? Can I help you

and to start there and true life change comes through relationship. It comes through connection not through somebody bark and orders at you, and so I'm gonna recommend if you want to be in the region as your question, as some people just want their sister to quit, taken their future inheritance, they just want their dad up, get taken advantage of that's different. Then may I miss my sister love her and I want to reconnect with her. Those are two different processes in two different approaches, but men ass. They call her direct and say love you, let's get together and MR from their far your dad goes. If you do want to have another conversation, I could show like this danger and enable or your bringing harm to show by

bring them should because all of her character, muscles of atrophied and shout because here's the thing, your daddy Remo, I know about enablers. One thing I know about all of MR the nicest people and they loved deeply they. Just as I just love, I just wanna, be helpful and if he can, if he can become convinced that is actually doing harm which he is rather than helping, then he will suddenly grow a backbone and introduce a new word. No, because he is doing harm to your sister and as a dad. If he ever gets that you'll stop it, but, as enablers all feel like their helping, I can't I could never oh my child. I could never they could never and they they say things like that with always wisp in their voice sets out o here on time about the breath ear. It is that order, America, Asia, it has to be hoped they would be homeless. The the grandchild would be

for my grandchild out on the street closure, as if she wouldn't get. button gearing get a job and probably figure this out with figured out the amount in also as if you are its sole barrier between your grandchild and homelessness, homelessness in our cities, enablers, who they they love to be needed and they love. Of to play that role of support and care. Sometimes that's that's

You need to look in the mirror on their own selves right, because if, if my daughter does go get a job, she does start search supporting her kid on her own, didn't whom I am not necessarily more modest, valuable. As I once was, and that's a lie to your participating in funding from one's insanity. You are bringing them heart, that's right! What s the equivalent of giving a drunkard drink. That's exactly! That's tough! Love! No darling! That's just love right! Love is making grown. Ups grow up, so I've got a two young, kids and I'd I'd know. But this intellectually, what are you you ve got grownups rob Rome, kids. Would you tell yourself when they? If they were to come back and say I some support, or if they have an emergency situation, we would help, but

on a pattern lot at the pattern of the problem is not a one off fleet kidneys to move back home in safety net is ok. Hammock does not forget that this is the diverging shift.

my colleagues for their rooms. You show Doktor John Bologna, Ramsay Personality Alma, dad Breeze Day, dried here at Ramsay, solutions, Sarah and petrol or web site guys our yeah. I gave great good to have you guys and where do you live Hanford? California, awesome? Well, to Nashville in all the way here to do it that free scream we had to. I love it. How much you paid off sixty two thousand and forty three dollars good for you, and how long did it take that of months good for you and your range of income. We from one hundred and five into one, seventeen thousand actual what're you gonna do for learning. I work for local government and I work for our colleague measurement for correctional healthcare. Very cool walk out that was

the two grand it weighs credit cards a mattress purchase. We had to get a king size bed better little daughter, sleep then However, just like overtakes our bed yeah, I'm dumb are Van and then the big one student loans. Ah, I would wish to look about thirty, eight or thirty? Nine thousand guy for almost forty of the sixty two that, while good for you guys so your normal. you're dead on everything, even the mattress yeah you along in the matters. Why in the world what happened twelve months ago, a blue you up and change your direction where we have five children and after we are blessed with our fifth child and we were living in a thirteen hundred square foot home. So we used to joke around that. You can't swim you're gonna get my kid around here, so we could afford to move to a bigger home and we did and

We just felt we we made enough money to not have to live check to check with the increased mortgage right with their new home. We went to her five bedroom home in a much larger. Not just the increase mortgage bet mean with another baby is like more day care or kid expenses and stuff like that no m, we produced, we moved in our home in January, and their folly month we were Infranatural Peace University. Just like that. How do you hear about it? through our credit union. Actually, our union, the the manager, it puts on her. She puts on a M if the Eu Class twice a year zero, you very cool, very cool, so you go to the financial peace class, the first night. What happened

Well, actually, we took our oldest daughters with us, because the weird toll, like just bring the family with you and me a good step after the first class Pedro Niger sat down, and we like looked at all of our day. We looking up our online accounts and then we realise we never really realized before how much we were in debt, never really thought about it. Never with truth, to ourselves and on how much we owe who'd. We were normal. We could afford to pay their bills every month and it was just sort of were accepted. That's the way I was gonna, be we're just gonna pay these bills every month in that's, that's life will be, and I just figured unskilled pay. My soon loan into my fifties ends I thought like, though, just fine, that's normal. You know, but all up, sixty two thousand, that your pass out. It was jarring yeah,

during the didn't, realize how much we actually were in dead. I remember that first day in financial peace, when they have all just morning from other people. I remember thinking its impact well. How did these people do it? And in twelve months later here we are, we did it while so are you guys were to go. He rose you excellent job how's, it feel will not have any payments, but the house payment is It's fun here, a really slowly it such so. We became dead free in February a few weeks later grown a virus and world shuts down. We don't really think we were effected too much, because we were already use not going out with Twitter not going on. What we have heard about going was a really that much of a different piled up simulations February like we didn't arise, we already living that quarantine less to arrive so so

yeah, but is just really fun nice to know that, every day that we, bring in for income other than our monthly bills, like utilities and groceries, and things like that. That's hours to keep save and do whatever we want to win it. So it's liberating in that not centre building digging right, yeah so great makes a lot of deference one. gratulation, so what're you tell people now that are that are just now have in their wake up call their listening. They went out just ended up on that last night. I got you what's the secret to getting out of them. It is budgeting imagining how the budget and, following the plan, your plan to baby set plan exactly we had a lot of money and our savings account before.

I almost twenty two thousand and our savings and babies up one is to have only a thousand dollars. You savings account. So that's. Why were able to pay off so much so quickly with his way that big leap forward know we had a discussion like are we really going to do this, and I remember thinking that's what he said to do. So, that's that's what we do and I remember walking into the credit union in right now, I'm a check for the rest of our vehicle. I have ever calling the different credit cards, and they don't make it easy to close a media and all they dont get it. It took some work to find the right place in and actually get him close, but never calling them all, and you know in the matter of a couple days we spent twenty one thousand dollars in debt while yeah, but you were chosen instant progress, instant yeah you're, like our the blocks, fires,

and another thing I want to mention was that em we so we have five kids are oldest. Is fourteen seem to be fifteen there, fourteen twelve seven four for data collection before this. We never really thought about. We knew we want to help the kids go to college if they wanted to and Abu we never really had a plan for it. We always just four years will cross that bridge when we get there, but with this baby step plan, we actually have like a road map for how we can pay for our kids go to college. Touchdown yeah worry coffin about it now the hour it was like hope, like. I hope we can do it, but now I feel like I know we will love power for you guys you totally took control of your life. From

product. You really heroes, very, very well done congratulation, so how many that gives you bring with you to you all this way, something to Effie you that's all right and they went to the glass may attended all classes with ethnic. I shall, I probably know it better than like me now. I hope so. But this is violet and MRS penny and their howled she's fourteen and pennies twelve. I wanna go gouged good job, very, very cool. We got a copy across Shoguns book for you every day millionaires and that's the next chapter zero story be millionaires now answer knows get five kids school. That free you are. You are right it is also my own binkie are so proud of your well done. Well, right, ok, have they been practicing? free, scream yeah. No, no. She psycho me out here right here we go. Sixty thousand dollars weighed up in twelve months,

king lot, o five, no one, seventeen cow, Let's hear debt fringed grew three, two one, love it changing legacy, unloaded kids, five, kids. We argue that the good I'm gonna use outline me to a keeper lover, Thea, I shall not let her well, you can't do day. Ramsay start again. Do this common sense doesn't I'll give you got a bunch of children. they passed. It suits their mother. Busted at all, five kids live in California Workin for the girl, then passing all the things you can't do it. That's right. You can't do anything. They did not get a many what it did of all and she's beautiful. This guy shirt is incorrect. Great look, great look right. They brought it man. This is so

sure I do I'm just made my whole. We thank you so much very coup. Very coup well done well done this you're here. internal or anywhere else here than in our no time of five kids, a notary get you guys, I'm dead! I'm taking you get anything positive other! That's all you here only illiterate, not these seven! doesn t seven? This is that I Ramses

towers for further legislation. Corinthians nine ten EU supplies the sheet little the em and bread for food supply and multiply your she'd for showing them increased harvest of your righteousness, offering Jeanne Kane, says times when you're in a dark place, you think you ve been buried, but you have actually been planted, who, like Thou, Christine's, she's, good, good, open, a triple eight eight to five five two to five Anthony is in Canada. I Anthony welcome that. I I do thanks for having me sure, what's our joy, so I this year I got really lucky and I won a million dollars in the lottery and Here in Canada, you don't get taxed on it too. A check for a million dollars

I was getting harassed by investment people, so I got, Why, then, I just ended up paying off my more in all my dad, how I found you were too late in life and discover your baby steps, some sort of fast forwarded aloud, to paying off my home early. But then I am wondering how baby stuff, for it is investing fifteen percent of your household income poison to baby steps, seven witches! Building wealth and if there's something outside should be doing now, while or an incredible deal out, are you thirty five? What are you for living. I'm a lawyer, oh good. What do you make while mine? So I make two forty and then my wife is a veterinarian and she makes about ninety working part time right now, so we were now

blast, already kind of work in our way, Who are you? I think I didn't wear this is what our societies through. This is amazing. This is kind of like a can go anywhere down, show man one this his eyes and why I saw a breakthrough solar, make you make in terms of money and you're a hundred percent that free do this lottery. It yeah, ok, cool what I gotta tell you what actually spurred it was out on you too one night, and I was looking thirty shot guns and thinking how I could never afford one of those fancy guns, and then the lottery admiral and showed up on Youtube's. I went that night bought a ticket checked at the next morning and then found out that I won a bizarre. She played one time or not,

I bought tickets in the past. You know we'd be drawn up for gas or never on random occasions in this one. It was just spur of the moment that night. While I don't, I don't want to, to encourage other people to do this, because it's not approved plan of building wealth. You just for freakin lucky, ok, but I'm happy for you just the same found it with knowledge. I too, it is a statistical and probability and I got lucky occurs, not okay. So, but anyway I loved you, I'm happy for you, I'm glad you been blessed man, so ok, there's three things that we can do with money and I'm glad you guys are continuing to work and continue to pursue your callings and continue to fund committee in doing what you're trying to do? That's wonderful doing that, keep learning the money and there's three. What we do with money one way

joy it and you need to do some of that programme. You get that shot gun. You didn't know radically and number two. Ah, you are outrageously Jenny which would you will find once you learn how to do that with with care, and intentionally will become the most fun you ever have with money and then the third thing is we invested and you should do that with his fabulous income. and you should do that with whatever money left after paying off everything out of a million dollars, so have some fun but aunt em. What do as and when I should judge to high perform high income producers like athletes that we work with her, the occasional Hollywood type or whatever that we run into and their living this weird amount of money dream. I d say: listen put pressure, it is on it set of household budget that you're gonna run your household down and everything above that

which will be in excess on your income and the access of this million dollars. Put percentages So am I put this percentage on my giving and this an edge on my living, and this person on my investing and I don't care what percentages, but doesn't matter what you make your always gonna enjoy. Some of it gives some other invest, some of it and already preset show you not think about a and what that does it take some of the IT cause Europe intentionally. Invest intentionally, be generous and it takes some of the weird guilt, crap off enjoying some of it. So if you mean like I've, got a gadget, with no longer make intend made earlier. Ok and he. by like a tour thousand our car, which is weird for most people, but most fuel momentum in our written. It's really a very small percentage of World Sophie allocates five percent. That's a half million dollars,

To screw around thing about screw around with, I mean that's pretty good Beaumont, that's alright! You're getting the external by their car and nine think about my have argued about two up: Mandrive one, I'm off a cliff for fun You know me. What are you so you just attack what it does it set you free from all the weirdness that that many zeros does to your brain, and you can just. I'm gonna enjoy. This. Am I give this? I'm gonna, invest that and that's what we do in this situation and it's nothin to do with every step, for you need to be, systematically investing a percentage that you predetermine of your income and me in the remainder of the main dollars after that free for the rest, your life be systematically giving an outrageous generous and, by the way, with your numbers, it doesn't take up. It's like his numbers are not quite

our, but it doesn't take a large percentage to have a great life right. I mean it really to us when you make that kind of money. Do you ever across a lot people I've yet zero never met somebody who wished they didn't give. Have you ever run across that person? I've yet too christian atheist agnostic mean kind of never run across somebody who gave money that incite awesome at as a category yeah, but I've had giving, Experiences that were less than I which had given some to this person? I get that you are just as or I gave to this, and then I found out later that is a dead gum, bad thing there you show or something like that. I've done that, but as a Catalan, RO as a category generosity is probably more joy with money than any other cat. Anything and that's not just a philosophical christian fluffy statement it just it's a fact, that's right, because it gives you traction psychologically spiritually you go

that just a thousand hours Basel mom, whose below the poverty level a car. You bet changes our life changes her, like ten thousand dollars. Does it for ten. I mean that that you'd, that's very confine yet is. And you had to be an intentional and you dont get drunk car and maybe a three someone or maybe a thousand men. The point is you just think: through this, in your very precise and very careful and in order to give and then that magnifies the joy of it but yeah I have I have had giving experiences- were I regret than wish to have. But as a category now, never never never never met him by the did that should allow. I I'm not gonna, give and on how to give her why I've met people who don't give, but that they are not usually happy people Nergal givers a thing about giving about generosity when you sign soldiers person when someone

Sometimes they mean that give why money, but sometimes your speaking as a character, quality, throwing back that's a personal integrity. They look me in the eyes of a person that smiles, yes, generously, state, the other. They give themselves. Eight. They carry the grocers car for and even if our beginner Rinaldi they help you pick up the Roman around all of the parking lot cause a bag fell out of Bob via the bag or whatever. Picking up look at the truck he gets in. yeah, usually that's a generous person and usually there are successful person, but that as an ethos as a way of being right, I took care Kirkwall loved, but its ask us what, by all character, qualities of choice, you decide you can decide, I'm generous person and then start right now start run up. I'm just gonna hold it or I might put others before me, you're not serve. I don't have to bid for airline in all F and you can.

The children, social and you just walk through life. Lighter marshes walk through lighter much lighter, I'm so proud oriented Congratulations! You Mamma abolish, continues to blush Thus, our that I Ramsay show in the blocks will be back with you before you, not in them time. Remember. There is ultimately only one way to financial peace, not war daily, with the prince of peace for issues this is James Childs producer of the Dave Ramsey show you can listen to Dave Rachel Cruze Chris Hogan or the rest of the Ramsey network, anywhere with the Ramsey network, app on your smartphone catch, all of our full shows by topic or send clips to your friends head to the app store and download the Ramsey network. App today,

for fun and practical ways to save money in your everyday life. You need to check out the Rachel crucial upon gashed from Bunny Export, a muddle, read your crew guises rates of crews, and I'm so excited to tell you about. My party has a lot of you following paychecks paycheck their end ass. You don't even know where to begin that they have this need. This want to get in control of their money, and if that's you, you have come to the right spot. So each emphasising gets a time of inspiration and practical advice if not subscribe to the rates of crucial podcast makes region. Today there are more from the Ramsay network, including the Rachel crucial. Wherever you listened upon. Gush hey, it's just, producer of the Dave Ramsay show this