« The Dave Ramsey Show

If You're Not a Stock Player...Don't Play the Stocks! (Hour 2)

2020-01-27 | 🔗

Debt, Budgeting

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
From the Headwaters Ramsay. Someone should broadcasting from the dollar car rental studios. That's the day, Ramsay work that is done just paid mortgage has taken the place of the Bmw, no status symbol of choice, and I am sure, your host your job and we'll talk about your life in your money. It's a free call, a triple. I ate two five five, two to five: that's triple eight to five: five through to five
very sad news over the weekend with the death of course, of Kobe Bryant Helicopter Crash, in LOS Angeles, his daughter and have another pair him. Seven other passengers, including his daughter another dad on board those a coach mom. There was a coach and some teenage daughter she's. Well, I don't know all the data
of her of the follow up. Another was cobia in one of the day there was a coach and obviously they were doing something with their daughters, heading no game and I don't know anything about basketball at all, and so, but obviously he saw what was a world class basketball talent, but you know, more importantly, looked me lackeys, world class dad and I passed away in the process of being that. Shall I had a hat off to humor. I thought our prayers were that all family lots of people hurting over this lot quite lost to the sports world, but apparently, apparently good man. I don't know man ever met him, but then again I'll follow basketball enough to have any clue about what was going on other than is obviously I conic in that space and obviously
dad show on where we need more great damage in the world. So that's bad Andalusia, one or two in that one of aunt, their bad stuff. That stuff open fallen chair again triple eight eight to five five, two to five Charles is whether such Georgia hey Charles, welcome that over empty shell that said, the monk almost no ship. What's up, Israel item part question, and I go of get someone that warning you thank you but I can already bought with those are my promising said Tom. I tried everything a power to get better to work, do not another war. Do. I finally, somewhere among such through my local school, he's going to maintain an open several hundred a month, I would say, are about sixty seven, how many years of and the universe two years
money. Don't give up its ear love take, it is ensured. And you will do whatever but cheaper. I need to do more, We live in a small way. There's not much job down here, like you, I do that. I take everybody in the house during the war, if you don T know, but she knows my situation and I just don't understand why she keeps and now the sooner, if she knows, I can't do it, shall you a lot of pain with your back I feel a little joke. A luxury mile bore a hundred miles an hour. Is king, stand up for long periods of time when I saw it can't get a move on classroom than good? for me, but I couldn't go on a job he has done. Our money now
and you certainly do anything that heavy lifting her physical there's nothing your vision, trousers, coolly, then I'll try to retain a lawyer, another network, so it has been a roof go for me, we also deplore the timescales for jobs I know about the knocker. Do I go on their own small anything I can do their job Mama, I know you don't go higher me because I wonder why burdens laid down very dubious, but I don't know I don't wanna. Take you there.
I think that maybe I'm forty different body last year- and I myself and I was once a margin of lisbon- would go now sounds why not back pain is real pain or mean us real thing in and then the money problems to go with that. It is all depressing. I completely understand that so, regardless of what she thinks format to thinking about you only what I always back up and say is, shall I can't imagine being there, because I'm a complete wash with pain of housing, pain,
you ve been a corner shock of mother goose, understood, complete almost complete sissy show, but so, but if I was, if I was in your situation, I have always thought if I had a disability of some kind, something that set me back like like you are facing. What would I do and the people that I have run into that are very, I mean they're like heroes, you probably cinema, read about dumber than different things where they have some kind of a pretty extreme disability, even more than we're talking about here, and they find a way to do something different, the doesn't that the disability, or that the pain or the The problem doesn't keep them from doing that. An example in your case would be. You could do anything with your mind, you're very limited on what you can do with your body and soul
go start! Thinking about you got! You got forty years. And you don't want to spend the next forty years. Just you and me a momentum at your wife understand you don't want to make seven thousand hours a year for forty years. You don't do that. I try to go back to school, but I didn't. I didn't really make the grade school and it's gonna that was gonna. Finally, Ghana, there? I don't know exactly what it is, but there's something that you can some scale something that you can develop that you can do if you start to believe you can again that will make you more than seven thousand our view. It can be self employed aware when you're hurting you to stop for the day. You know I don't care, I don't know what you're doing here. You could be an artist I dont know. Maybe you know, maybe math is unsure thing I dont care, you might be in good at fixing computers. I dont know.
No idea, but if you just want to say, I think what she wants you to be is more fulfilled, I may have. Obviously she wants more money in the house. Both of you do right, but but here again it probably just want you to be because you and you know we're happiest onward, doing something then you're not happiest when you are keeping the dishes washed. That's not feeling for you, you're, not who you are you're happy. You know you when you come home, tired after taking those kids, but the light bulb came out of the cop who cut up a couple of their heads because you were kid kitchen on that day, that's when you feel the happiest, when you have done so And so what I would wish for you, my prayer, for you would be that you can keep searching and praying to find a thing that you can do. Despite maybe not yonder before your degree, I don't care what you do that yourself.
Employed there's, not a big physical drain doesn't require lifting with your bag. But though allows you to put your hand to them I also speak every and come home satisfied, and you turn more for your friend. Although I I'm a hook up up, can coalmines materials, ok, modifications to books and audio what, if you'd rather have them. If you're, not a big on reading so start, one book I may give you can call me book proximity principle, these are about career, and you know We can't comment website. You read all through a goal,
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Ouch vaccinations almost a year of your track situations like here's, my advice, review taxes, so she can quickly you do for a refund. We're already thanking them regional site, early and not him in April, is you'll, be under far less stress means your mind, be clear, less likely to make mistakes and, if taxes filing early means you can start saving will generate a file on wooden file early file on the fifteenth of eco taxes. Wait until the last minute descended to him, but I get all and get a rate of out of Uncle SAM owes, you of course work you waiting for get done right now, so you know what, even if your taxes waken isn't light and attacked pro we recommend you reach out to one right now. Here's the thing tax prose get really really busy
And the sooner you reach out the more likely they will be able to do your taxes before the deadline, so good They Ramsay dot com, Slash e lp click on taxes and find out what a local tax pro is doing in here area, one that I recommend that help you out start working with tax pro right now, taxes done, don't wait. They Ramsay dot com, Slash e lp or click on taxes either. One Josh is in North Carolina, Hygeia Josh, welcome to the driver amnesia, I don't think so for taking my course or your authority you to show. How can I help so my wife- and I wish you luck in congo- is put it off. About fifteen thousand dollars worth of debt in that time and tonight harshly first class over for you I'll call
So when we do not approve smokers about six people told me so far, up until now I got about copies, I'm wondering how do we keep every body and long discussion Richard everybody gets out of the class. The same thing classical does legacy that nobody gets. You know a good session now now he prowling about the maximum size to allow that to happen. Others two possibilities one is you know you just try it with the large group. Obviously, people are gonna, be less likely to open up in front a twenty people than they are in front of six. Some people are oh you got to do a couple things. One is if you how you always have won, and I might
be the one that takes up all the airtime they wanna talk. Talk, talk, talk, talk, talk talk, we have to keep them from using up all the time each each night so that the the quieter ones get room to process. You can even have that in a small group of a really careful with large group. The second thing you can do, is just watch it because you will have a little bit of ebb flow. Not every body makes it to every class. So you'll be unusual for you to have nine, nine lessons and all twenty four people are in every lesson, so you'll have some kind of in two years and will take a little better help. The size of the group shrink a little bit. You may have a few dropouts that may shrink a little bit too. That's not unusual. Another wife completes its obvious we wish they did, but not everybody does and then. Lastly, if you ve, got really good attendance
really good. They still, they all stick with it and and you got a pretty talkative bunch. Your worst case scenario is when it's time for the discussion part. You can break it into two and get you a co facilitator to lead the discussion in the second, and you can even do that in the same room is too little short in one room of chairs, rather than one great big circle, and I did that years and years when I was leading it in person, I wish I was teaching it than I would turn off the overhead projector back in the day right and sit down there be a larger Gruber and then the first thing one. The first thing we did was we guts alcove facilitators, for we would call them now someone to help you with a glass who leads the discussion and you just create two circles:
you know attrition and absent. He is a may may solve your problem. I hope it doesn't in otherwise. I would just flip it into two small groups like that. Thank you for leading the cleanest, appreciate that you're gonna get to watch people change their lives, it's very, very rewarding to watch people their body, language changes through the non weeks, as the stress leaves on the empowerment certain Termism Marilyn high Tech welcomed the diver amnesia daybreak, I gotta show up, I saw em go on about years of my mother's passing, ah m on the piano One last thing they kill is the house there. I was raised right now there's about eighty five thousand left on the mortgage and the houses estimated about four hundred Ah, I was talking with them.
My sister, she wants to sell it as it is just a little bit. I want to try to buy it I'll fix it up a little bit. Other learn it for some time. Possibly running out later. I guess I'll turn earn some advice on, why are you going to buy it and nostalgic? personally feel that now living now, I don't want to live any more, but I do want to buy it and potentially to a world poverty. I wouldn't do that. Ok Just tell me I'm just from experience of that when you I've done a house. Is your personal residents, particularly your childhood home
and then you put runners in it. It's pretty emotional because they just don't treat your precious baby. Like you, wanna rocked, and it's just a, but if it's just a how she about justice original property, you don't get his emotional about the details are working with a runner on the process, so that can cause a thing. So I just, I think, I'm with your sister? I think I would just sell it, as is it your old money out the two of you split it, and then you go in your way and if you wanna buy some rural property at that point with cash that something you can consider that point, but I wouldn't do that. I thank you for that. Open, follows a triple eight, eight to five five, two to five. You jump in we'll talk about your life in your money, sir, is in Oregon, I Sarah welcome that. I rams Asia. Pryderi things were taken, my car sure, what's up so
I work for a company and they give good aspects be sure the stock two years ago, a mouth and become available to us in the next week. I'm I'm in babies that borders that right Now- and my question was I should have cast about or whether it right because the company did just report some bad, birth for the last quarter of last year, the other stock to take a huge here, we're ISA. Why should you my friend, I've gotta, stop that what's a huge head, before I don't follow it completely just because they don't have anything off bauxite. But at one point it was trading above sixty now its trading and the forty. So that's taken couldn't you have you have fifty shares I have more than fifty sheriff I'm coming to us because it did game poplar. They give it up initially, probably closer to us, seventy or eighty shares right now
but we're getting initially thought does become available to us here in the next week. I would say it all. Just follow the day we get it put on your house The you're, not a stock player area- I am not a star, later I don't like you an obligation writing. There's! No! There's! No because player my own, a wait and see if it came back up, but now gives Europe saw that much money when you actually at it all up here. Dollars. A share on. Seventy shares has not got change your life back. Ok, now nobody's gonna, come back up or not. Obviously I don't know the company is shown any gas on Nor would I even if it were the got, was I don't know? What's gonna do If I were in your shoes. Ask yourself. If someone handed me two thousand hours when I go by the stock,
would be, no, then don't keep the stock and that's how we look at This is that I Ramses. Christian
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What you need to do is you need to mention radio to fifty, and our team will set you up with two hundred fifty dollars of on board credit to spend on the ship per person per cat person booked too in a cabin would be five hundred dollars off your trip. That's pretty strong bless com, a last minute sign up for crews deal. You know that works so at all over to Ramsay crews, dot com- and I check it out you, you wanna, be there, you wanna, be there with everybody on this ocean and make sure you get it land up, Ramsay, crews, dot com, This is that I Ramsey show open phones a triple eight, eight to five five to two five David is in Oregon high David. How are you don't do it. Are you better than I deserve? What's up
that's what I'm doing the debt snowball and I've been doing it for the last several years and I'm getting toward the end of it. I got about seventh out, hours and student loans left and five thousand dollars on a car. I'm still laws would be my next thing to tackle yet The beginning of last year I had my stepfather pass away and we had a lot to liquidate alot of his poise boats, cabin things like this and neither hoping that either earned and united than you know. Him in my mother had been keeping for themselves and will not achieve the now gifting me. One thousand dollars and I'm nervous on how to approach the situation for what
you gotta know: she's got it in an eye arrayed in what she says. It's gonna be making about five hundred dollars a year doesn't seem like the best option or just wondering what what do you suggest? I do with this money. How old is she somebody want or chicken cash out her. I re if she wants and pay taxes on it at seventy one to be no penalties and she can give queue up to fifteen thousand dollars a year without any gift attacks any more than that, and there will be a gift tax on it unless she does some more sophisticated financial planning, which will be called a uniform state tax credit and on the university tax credit, and so you are So she's prop, but after your page attacks, which probably gonna have twenty thousand programme, be more like fifteen, if she's cashing out an irish sugar plaintive might live on yeah
She's doing I tell you, he had a pension through love that act and she's got his social security and his pension should got about a month it through thousand coming at a month that she's living Lonnie other than this money. But I'm aware of at the moment not mean she's she's, a hotly to give you the money she broke. I'm not sure you know the house's paid for she she's got them, no listen money coming in monthly young. I'm not exactly sure what her lesson if she has three thousand dollars a month coming, annex XI, seventy years old has paid for out and all she asked her name is twelve. Not are all right. She does not give that away. She's got no money. Man, if you got it, you gotta.
Ok, I think she got about eighty thousand than there is well snuff yeah. She had eight hundred thousand dollars to give you twenty that's fine. She got, she got a grander whole name. Man should not be given this my sweet over, but she then they do that. I would try to hold out of that right now and you keep work in your debt snowball. That would be my advice. I thank you for the call open a triple light, eight to five five two to five hunter is in a I hundred. How are you. Don't write error you better than I deserve. What's up so in a bit of a dilemma here, because as a last Malta, but a pay off all my consumer, that word stood alone and personal loans and the last thing that I have on my list is my vehicle, I owe sixteen thousand on it, but my question is: planet buying a house hopefully by this this year,
I'm wondering if I pay off the cord now. My credit wool Whaley drop. Ah, I think I've heard before that. It wouldn't you know, just completely arrays upper sixty Motts knives, A zero and fifty zero now open of any kind. Yes, so You are you, you don't have any accounts open of any kind of you by the car off knows her good bye, the car off. And then- and they had often in hopefully by December I'm assuming what my credit just completely arise, but it should. It really stick in the six hundreds. It does it they weren't Israel just disappear gradually erode. Ok, that's what I thought. I thought it would slowly, Craig down in and by the time the summer came all account of Vienna. Again, Try now you don't you end up with a five hundred credit score and behaviour
seven hundred new settlers owner- and you have nothing on your account. Eventually, they can't calculated anymore it'll, just despair take one not now, but I've never seen any ones gradually road. So he could. It could drop a little, and then you know like if you, if you can, of a single credit card and you ve got five other accounts. Open you'll see an incremental dropping in the score. Based on that. Ok, But when you, if you're sitting there with a decent score- and you have one account- left open a new clothes that account and you have zero- activity on it for six months to a year, I've never seen a gradually. Then I can't tell you, that they don't share the algorithm with anybody. Obviously, as people would game it, then, but so We don't know either. All we ve done is observe what the Ramsay tribe has had happened when they're doing this but I wouldn't keep a car payments so that you can get credit score house in December. No.
Do I get rid of it? I would power inertia, pay it off today. I thanks for the comments. I appreciate you joining us jobs on Twitter Masonic forward. Is money. Savings gather pay credit card. Should I use it and then pay it back when I'm dead free? I dont know how much money we're talking about. I suspect, she's, not a lot of money, was pretended a thousand dollars your for your orders. Of dollars, and you have a credit card this without. Nor would I do that now. You can usually morally wrong. It's because children are not technically allowed to own assets are technically speaking, so in all the parents are in charge of it I just tell you most parents, if you use your kids money, feel so bad about it, then a negative effect on the whole process anyway. So, if I were you, it's only
some budget. Whatever now your family's gonna lose their home and you're kidding. Thousand bucks and savings account breasts How should I will deal junior later I'm guessing. This is a small savings account before Euro with a small alone balance, and I think the emotional damage due to yourself exceed financial benefits of making this decision thanks for the com? Elizabeth is whether in Oregon, I Elizabeth welcome a driver amnesia
to get her light No, I haven't whether you I'm trying to help through Lisbon angel situation. We just criticism at the Eu Africa Summit, but I dont think you started yet. The detailed work he makes anywhere between fifty one and fifty wine a year. He has, Twenty one thousand dollars in tat because, car alone in a family while I'm he has decided few. Well, if you got me, and so he loses up in June and they can't find any worker went and thumb Why his wife and there would be no, who will be two month old baby will be homebuyers come then, unless he could not. Grant scheme. He took out a thousand dollar wound from his squire when pay. I took him out of it, but it's got a guy and he has this-
suppose it insider information but he's going to invest the men glow. Its support we very quickly into a daunting for a house. I doubt. But husband and I have been falling in four years time. Talking to him I dont know how to get across to him that this is not the best course of action, but on the other hand, I'm not really sure what to advise hoping to get your help. I have been desperate a time or too in my life, and that is one on the dumbest. Desperate, usually will stupid and hats what he is here. He feels trapped, he's worried about his baby and his wife, and he just visited the lamb.
Stupid everything you're telling me stupid as yet, but I dont know what to do ya know understand, but the reason is- and I think the only place you could start, whether just to empathize, with the fear that he has as I understand you're scared, and usually ah people when they make their biggest financial mistakes or when they're scared, whom it's when they go to the payday lender. It's when they fall for get rich, quick schemes he's going to lose this thousand dollars, and then he still gonna have a housing problem now and I'm gonna look at him and tell him that it doesn't sound listening to you much though this is our new him try here, he is said when we gave him a few that he's really excited about it and he really wants to get his life on track and then m until
they and I mean I gotta- get back there and it gets crazy. Here. Fear fear is, is a pretty much ensures you're about to do something stupid, You know when I hear people say stuff like I was forced to buy a car. That's why? a thirty eight percent interest rate. That's for some other felt, trapped and scared right yeah, and that's what he's doing right now when you fall for get rich quick when you fall for scams, it's either greed or fear and in his case is fear
and so what I would do is sit down with him and his wife. If you can you and your husband inside guys, you're getting ready to make a huge mistake, you ve already made one you're getting ready to make another and it's all based on fear. We ve got to solve your housing problem without you, freaking out and you're gonna face this for a while, with with being on the sex offenders list, and you ve got to you know and housing that is suitable that meets his guidelines, other laws, I assume that he can't be so close to a school or whatever right, instead, the very small they stand for his very pretty mobile lenient compared to some others yadda. So the only problem is if it comes up on a background check on a landlord freaks. Yes, yes, that put it as show the way the way you circumvent. That is, you get to know the landlord
and say listen! I gotta tell you you're gonna find this was a minor event years, our whatever the story is, I don't know what stories and obviously I am a young man with a house with a family and child and I'm not gonna, be someone. There's gonna be a problem for you in any way, and you just you have a normal human being. That's a landlord that looks at him and walks that and there's lots of people that will do that. I would not I'm a landlord and I would not return down someone exclusively on that reason. I would want to know more? I wonder but in my house I want some freak in their right yeah, but I want to know what someone old story is. It may think about, if you're the landlord, but but a reason, if there's a reasonable story here, get a young man whose scared to death with a wife and child whose drawing them is life out. After some kind of a thing happened x number of time ago
lots of people believe in given that somebody second chance, if you got a reasonable narrative around it, are you gonna go into just any old apartment slap down a deposit. Now they're probably go rent to it; they don't because they just got. British, they they throw the baby out with the bathwater on everything there doing they also went to make his own credit score, so pleasing good company in that regard, the profit. The thing is, you got to solve this problem, so they quickly stupid. Please don't lose money is gonna he's gonna make some other mistakes is how scared out of his mind near on top of that he faces.
Continuous, shaming for this label, and all of this I just bout, does not bode well for anything except desperate and every time I get desperate, I'm not stupid. Major just goes off. I do some of the dumbest things in my life ever when I was scared and desperate because you can justify Russia has anything in that situation. I got my child, be oh Bruce. You know that In the name of that, you can do almost anything, that's DOM right. We are, and so you get always melodrama going around the desperation and we dramatize everything in it in your brain quit working and that's what's goin on he's thrashing so are you gonna, Falco Water, I'm calm down sit down with his spouse, help them develop a new plan that does not involve stupid and there are no feel trapped and they don't feel scared, and you can
come through that nothing in your area. They are nights Bailey, a couple states away all car you're gonna this by faced on them, but yeah yeah, but just the same the water all Jews. Exactly true now, how long ago was the charge on him? two years ago. I believe so. Is there a site that can be told that is reasonable. That is that shows this in the rearview mirror there. Definitely as UK than tell that to read There are people who were landlords and find some, and who will have mercy on a young couple were the baby that needs a house that that simple- and you know it's car like this guy who would read to somebody just file bankruptcy. I would cause a case file bankruptcy again. For one thing, so it makes a great risk now as I am or but secondly, I want to hear the story
Did you learn something from this? Are you still doing the crap ecology bankrupt and if I The story- and I can see what's going on There- surely might be. Somebody actually learned our lesson versus It's not bankrupt as deeply indebted can't pay their bills right, but an apartment complex, can't think like that are not allowed to think. We have to do what somebody in Atlantic or Chicago in the home office told him there. Do, but if you just get the low lady in low man and have a low placed ran over here. Like me, you know you can talk that that saw, but at all This comes down to desperation. Do you agree yes ideal, and then he can calm down and he can go through, have pay you and he can start stabilizing his life but he's thrashing around fear based and a hundred percent. The time that's gonna bring damage. Hunt is like and put its like impulse. Impulse always brings damage me anytime.
Impulse, something I it's my highest likelihood of making a bad purchase. It's my eyes likelihood of paying too much it's my high like letter buying something out of need, it's my eyes likelihood of buying something that that I regret buying later he who is impulsive, exults volleyed, the proverb says: folly is the verb of a fool inaction. What I'm talking about- puts us our that I've Ramsay Show in the books
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Transcript generated on 2020-02-21.