From the headquarters of Graham G solution broadcasting from a dollar car rental videos, Dave Ramsey Show were dead as DOM caches K home mortgage has taken the blame him W as the status symbol. I'm Dave Ramsey your host. Thank you for joining us, open phones at triple eight eight, two, five. Five. Two two: five, that's triple eight eight two. Fifty five thousand two hundred and twenty five thank you for jumping in starts off this hour in Georgia, Hi Kerry. How are you

I'm good. How are you better than I deserve? What's up so my another in eyes, has been engaged it since June. Now your phone is muffled. Can you speak directly into a place? Yes, will be better. Now, yes, ma'am, thank you. Ok another and I have been engaged touched him, However, we recently I mean. Are you going to justice of the peace fan running so that he could get on my insurance plan and I have been Returning by myself who are about eighteen, And I am set to detect friends by March of next year and he and I still don't work together we're not planning on moving in until after the new year. My question is: do we combine panic, and I start tracking- it is not as well as mine your phone is breaking up on it, you're going to speak directly into it. I'm sorry

focusing on mine and focus on his after the fact? you're married now so there's, no mine in his it's ours? Ok, we combine everything. We combine incomes we combine assets. Bon liabilities and we plan a life together of how we're going in, and so you reset your debt snowballs, where he added. Snowball and you had one now you integrate them and you have one you your baby steps and you might have been a different baby step from him and you have one and you reset your budget We have one and we're working together, an we're communicating. Why are you not moving in with your husband until January, only reason why we got married when we did it so that he would have insurance coverage would not have a break and insurance wonder. Just move in you got married because it

We live about, ninety six miles away from each other, and so he is staying here said that he finishes outta here, she's a volunteer fireman and so he's made commitments to that fire department with Gonna stay. There until the end of the year and then within an hour and a half away. He went in level two for silvers commitment that we had not planned probably march of next year. Alright. Well I mean However, you guys want to do it, but the thing would be: Combine your finances as soon as possible. You can wait. Are you move in together or- but legally they are now combined under the law, and so you know as well start working together and it's as if he's on diploid something with the military for a few more months before he gets to before you get to actually combine your households physically, but yeah. I would definitely combine everything as soon as,

possible again? You can do it now or you can wait till you combine households physically, I don't care, but the all the data We have shows that couples that work together towards a common goal of the ones that win with money, couples that try to. Separate lives under one roof and call that a marriage do not very high success rate with money or marriage for that matter. Amanda's with us in West Virginia? I Amanda. How are you Dennis better than I deserve. How can I help. Ah, I am concerned with a decision I made to transfer to the school. That's out of state I came here with the intent to go under their academic common market, which means I can get there in state tuition for the major. I was pursuing However, I decided not to pursue that major. An I found the major I would like to pursue, however, I'd be paying their out of state and so I'm up there alone, it looks like I'm boring. Thirty thousand

and we need to do that for the next few years. No, thank you. That's what I'm saying So there is one school back in my home state that offers that major. Debating whether to. Move out of the school again and and we will go to school in state yeah. Definitely. Not getting anything for the money, you're paying, then they want the money you're paying got you nothing except to live in a different state. Didn't get you a better education. It didn't get you more education, it didn't get you anything and you in debt just to live in a different state? 'cause, you don't want to go backward on this decision. Now what I am hearing is this you decision about every twenty minutes and you've got to stick with the plan. Kiddo. I know so you move back and you stick with this major new graduate. Don't change again quit changing horses in the middle of the stream. It's going to cost you

agree and your money. Yes, what do you study. Oh interactive design for media interactive. Design for media that you user experience, so I'd be I think the animations for various media outlets and it look Tronic devices yeah. Ok, I might broaden that a little bit to where you could have some digital application with that, because the number of just do what you're talking about just a handful in the entire nation, and so I mean like three people in every city. Do it in television a few more in major cities and where there are no works or so forth. But if you get in a digital situation where you can start to build digital interaction, websites for companies, you don't have to be in a bra scenario you probably more employable and probably make more money, so I'd probably broaden that don't

study, something the so nuanced to the job market on the other side is very, very limited. If I'm Standing what you're saying you're developing like lower thirds on Tv show in that sort of thing and stuff. We do that here we get people here that do that, but were unknown usual company in that we do broadcasting. So but if you had a web application of that or a digital application of that in some way probably broaden your some chances as well as your overall job prospects. So hey good question and just whatever you do you justice moving around? What's killing you, that's what I'm observing so yeah. Stay out of state just to get a degree in pay. I mean just to get the same degree. Get back home and pay four times more for it. There's no there's a to that at all, especially when you're going into debt to do it if you're paying cash for it. I guess you could have a discussion about it, but

Not it is just creating a major nightmare for you, the thirty year old version of you going to hate the twenty two year old version of you. If you stay on this track, so just don't do it, please don't do it thanks for the call open phones at eight billion, eight hundred and eighty eight million two hundred and fifty five thousand two hundred and twenty five hold on I'm going to send you a copy of Madison pickup of Anthony only number one best: selling book debt free degree, which is the new new goal that you have. You need to have a debt free degree goal not just get a degree at any cost goal and that's what's killing folks with these student loans right now,. Thank you for joining us. Also, folks, you check out the borrowed future podcast. It is exploding, yeah, Almost a million people have not downloaded the eighth episode of search has dropped this week yesterday and so now listen to the whole thing subscribe all the way through and binge watch,

Translation, if you want to all the way through borrowed future the full expos of the student loan, This is the Dave Ramsey Show one of the things that distinguishes a world class thoroughbred in racing is the size of their heart. That's what we for when we're hiring a new team member heart well? We also trust and use the link to end jobs. They screen candidates for both those hard and soft skills you're looking for so you can hire the right person. No one is better at matching the right person with the right job get started today, hey what you want and get fifty dollars off your first job post visit linkedin dot, com, Slash, Ramsey terms and conditions apply,

I Christmas time and Christmas will be here before you know it, and that means that the giving season is in full swing and sometimes the smallest gift or the smallest act of kindness can make a huge impact on someone a friend family or even a stranger, generous, giving outrageous generous gift is really the most fun you'll ever have with your money around here we call it, generosity effect and I just wrote a blog on a wonderful story about the effect of generosity that you can check out on our website. We've been getting stories like that from all over the nation from people and we want to hear from you so in the meantime,

we're going to share some of these stories all throughout the holiday season, because this season is all about giving an Becky is in Maryland. Calling in an has a generous, giving story. Tell us what happened. Becky. Hi, so it was about this time last year. My husband been, and I read Merry Christina Day at three ten and we have been struggling with the cycle that pretty much that whole time we never really been. You know taught anything finances or how to manage anything. We got married, really young and we felt like everything we tried to do to get ahead, just kind of put us behind, We have no knowledge of you, know your program or the baby steps, or anything like that. So we had found ourselves in a position where we got a foreclosure notice in the mail and so we were terrified. We had been trying so hard just to keep our heads above water.

And then that happened. So I had put out a post on Facebook. Just saying you know: we've really been dealt and if anybody could just pray for us, you know that kind of a thing keeping it very general 'cause. We're not want to ask for help anything out there really and all of a sudden I got a message from one of the leaders in our church and she said you know I read your post. I was just wondering you know: what's going on, you know, or anything that we can do to help, and I was just like you know, going to tell her yeah. You know just pray for us we're going through a hard time, but I found myself laying out our whole dibacco, basically to this And she responded with give me a or- and let me see what I can do so an hour or She sent me a message and I broke down in tears at work because she said I had spoke

the other leaders of our church, and we have agreed to pay all of your back to mortgage age. Current wow, blown out, yeah So she she did that, and I was just for Dan. Then she sent me another message and said we also would like to pay to put you through our financial peace universe. Class that we're having in january- and I was so excited about that- because you know at the end of the day we didn't have a plan. We had no idea, you know what we were doing. We were just trying on our own and obviously that hadn't worked up until then and Then she messaged me a little later and asked for it lists for all of our kids for Christmas, because she wanted to provide All of our gifts for Christmas and believable it addable. I love her. This is also. This is very hot here, he's a young lady that is so cool, very cool, so

you guys doing a year later,. Where doing great. We took the class and it was mind blowing up and you guys are part of our generosity story too, because honestly, never anybody break things down so practically, and- and this is this- that is that this is why you don't want credit card. This is why dad is bad. This is why you know you know what, if I go to school all this kind of, that we have been. You know your hot, you know you want your credit, you want. If you want that, and then you we took a class and if you're completely changed our mind, thought about money, and so you know we're making progress now we're on the on baby. Thank you and you're kind of a very slow progress, but so we're getting there and just just not being the world like we used to so thankful to you guys in your team as well, very cool, to be part of that story? Oh my goodness, wonderful,

and it won't be long till you're in a place where you will be able to do that for others. Now that I plan we would love to do that. We would love to be able to people. You know in whatever situation there, and you also told you know, don't know what to do kind of point them on the right path. It is. The generosity is back very cool, very cool, great story, Becky, thank you for sharing,

and right around Christmas time, your houses in foreclosure and all along comes your church too, and this any angelic lady to guide you through a couple of three different things catching up on the mortgage, getting the kids from Christmas and getting you into the financial piece class. So you never in the situation again, wow, very cool. That is a good. That's a good three step process right there. That's awesome, very cool! So if you have a giving story, we're going to share some of these every week between now and Christmas, because we just wanna keep giving at the forefront of all of our minds. That is the reason for the season. It is not consumerism, it is not materialism, there's nothing wrong with getting or giving gifts, I'm a big gift. Giver I enjoy doing it, but if that's your definition of happiness, you're pretty shallow, so

You know it's not what it's about we're gonna talk about what you can really do and the with with your generosity and the affection half. So if you've got a great generosity story, email it to me at Dave on air at Dave, Ramsey, DOT, com, just put generosity store in the subject line, or something like that to a little bit about store in the email Dave on air at daveramsey dot com will make you one of these colors that we feature in order to do this very cool times, good stuff, good Our question of the day comes from blinds dot com, the number one online retailer of custom window. You get free samples, free shipping and with the new promos they run every month. You'll save even more use the promo code Ramsey to get the best deal possible rules and restrictions. Apply today is, question? Comes from Kellyanne Iowa? Can you tell more about a solo 401K. My husband stayed home with our kids does not usually have an income. It's past your house

He did have a bit of income and it did have retirement taken out. I were wanting to open a solo for a one k for him and wondering how much we can put in this well. That generally has to do with self employed, and I you can get the details from a smart Bester pro, but you can do up there's a lot of different things you can do is set up a solo for a one k or a simple IRA, which is a four. Oh one, k for small business they've got unique differences between the three, but I, but basically they're all three ways that if you have some self employed income that you can start a a retirement program in addition to traditional Roth IRA is which are probably would actually start with before I fooled with any of this stuff. I just start with: let's do a traditional Iraqi you can do that up to your earned income with a maximum of six thousand dollars. You know per person if you're on

fifty, and so that's that's what you would do. I would start there. Thank you Kelly. We appreciate you emailing us in and giving us our blinds dot com question of the day. Kaylie is with a scale in Texas, high Kaylee. How are you How are you better than I deserve? What's up? Well, it's about No and I had a question, I know you recommend hfh, my agent option and once the deductible is satisfied, none of band is b represent from my pay after that. But I do you have any another option that does and hit me repeat that after the deductible

right it's not an h estate hi, just wondering what you would recommend. So the Hsa after you meet the deductible. Has a copay amount that you're offered one that was satisfied. You pay ten percent and the plan page. Ninety, okay, that's a copay yeah! You pay ten, they pay ninety, all right and what is the premium on that. Uhm? It's just. It would be me, and my husband right now so be like forty dollars a month for premium on the other one. Thirty six dollars a month, eighty six dollars a month at three thousand six hundred and thirty six dollars a month, so the premiums based the same and whichever one gives you the most coverage is the one to go with them. Okay, because of the pain. This premium and you're getting more coverage with the other. One would go with the other one. In your case, the so he's not a beneficial situation, for whatever reason

not usually that way, but they can be. This is that I Ramsey show Dallas Texas is on the line. Ryan and Britt are where those to do there. That worries, scream, hey guys. How are you a day were doing great awesome Have how much we paid off? We,

half one hundred and thirty, two thousand eight hundred dollars go man, and how long did they thank you and that took thirty two months right, good and range of income during that time, David started stuff around one hundred thousand dollars and ended up around one hundred and twenty five thousand dollars cool. What do you do for a living? I'm in elementary art, school art teacher and I'm a project manager for a technology company phenomenal. Wait Oh gosh How long have you guys been married about four and a half years? Okay, and that was the one hundred and thirty three. This was our house staves right up your house leading been married? Five years in there officially, weird that is awesomeness Thank you very much older you, two hundred and twenty,

even in twenty nine on believable you've paid for housing, seven hundred and thirty, and that was the goal you are. I mean, do you have any friends that you know that have done that We don't currently know anyone, that's done it, but I have friends that day. So I know that I'm just saying I mean it's just so unusual for your age, I'm so proud of y'all. What in the world tell me story. What got you this fired up here so Dave. My journey with your program really started back in high school. My parents actually through financial peace and even at our church, we had actually had a high school version of fpu that I did so before I even had any money to manage it. All. I was introduced to the baby steps and then my parents had me applying to every scholarship known to man so that I could get through college without any debt. So I started a little bit ago

yeah and then I ran. I met Ryan shortly after college and he pretty much brought you up right away. I'd heard of you, but I didn't really know that much our finances and right when we got married back in twenty fifteen, we take x, p you together and we live in an apartment at the time that we made it a goal. That, and even though, neither of us had any debt going into the marriage, we wanted to it that way, and so we we plan to that. When we did buy a house, we would pay it off early and you don't really we and we say that twenty percent down payment and then thirty two internet is when we bought the house and kick that plan into gear. I mean two one slash two years would kick this thing, rocks that is so rocks and it had nothing they close their in closer at first, we were trying for seven cut it in half, and then it just kept.

I'm down to five and then two years, and then oh, maybe in the summer, and then it looks like it's going to be pretty here close, so I really went by quickly. So you run your kind of what happens to a financial peace baby when we change. Their family tree in their teenagers are watching. Are the young kids watching while they get out of debt, while they go through financial peace, then they send you off to school, make you work, get scholarships you go to school debt, free and, of course, look for a woman that thinks the same way right. That's right. Is there. So it comes up too early in the dating process. Your real romantic behavior nobody's day runs a guy at least two of knowing each other. I started in there. That's awesome, cool, an so Brett. Did you grow up with family did manage money. Well, so you had this natural inclination or what's your back story, Anne, not exactly

I grew up with a single mom, and so you know she was trying to figure things out herself too. So, basically, I knew. Been more than you make the mansion, where my knowledge dot, as actually kind of afraid of I was afraid of credit cards only because I was afraid of like all thinking and- and so I did just because I was an age educated that really going to the class that Hell I just feel so much more confident and so, and now it's actually fun to me, yeah Dave, if I could just for a second on their bread, you know when we first started. You know this process. I was definitely the

CFO of our family and tried to do that with as much grace as I possibly could. But you know it really took the educational side seriously and she really knows her stuff, and so she became the one managing our envelope systems are cash and keeping us on track, and she is definitely taken over that role from me, and so I wouldn't say that I've moved to the other side of the free spirit, but definitely embraced that role and really really happy to do it along side of her. No So moms and dads of your other listening got a single mom on one side, we've got a family that went through. Actual peace University on the other side and both of them, created these two that turned out. I mean this is pretty double so both the single mom with her struggles and probably working jobs just to eat. You know creates this credible young woman named Brett.

The way you've lived. Your life was impacted by your mom, and so we her in this and, of course, Ryan. You know your your parents are walking you through the financial piece stuff on your team, your teens, because they're going through it and the way you know and the way you turn out is this and what a morning credible thing that you really both of your parents change their family tree and I'm talking to two people don't even thirty years old yet and have a paid for home in Dallas TX. What's that house worth that the house is worth about two hundred and twenty thousand dollars and one more time you're how old in twenty seven and twenty nine just love this so have either one of you done the math as to how rich you are going to be just by investing a house payment for the thirty five years to sixty five let's pretty pretty detailed Excel spreadsheet does it have for ten million dollars? On the other end, I suspect it does

so he's not share button down. But that's that's certainly a possibility. I put a two hundred thousand dollars house payment in from thirty to sixty five I get I get ten million dollars. This is what your parents have done and what you have done. This is absolutely incredible. I'm so proud of you who were your biggest cheerleaders had to be. Your parents definitely an. I would just like to say you know you mentioned the family tree and and we we actually made it a goal of ours to kind of pay off our house. Before Ryan's parents finished their mortgage. I hear that they took that in the towns main at beating us by a few weeks, okay and then at my mom, has since gotten remarried and and they actually once they heard we were, and that free with

mortgage and they ended up selling a few acres of their land, so now they pay off their mortgage. So all three of us are that free all together within three months of each other days, what a great story merry Christmas wow, what a year or a year! This is incredible. I I'm impressed so well done. Y'all, alright It's got a copy Chris Hogan's book. For you, every day million, there's gonna be one in twenty minutes of this route. That's the next chapter in your stories can be a short chapter and your job to ten million soon right after that, so unbelievable, alright, Ryonan Brett, not thirty years old. One hundred and thirty three thousand paid off a debt free house worth over two hundred thousand dollars. They did it in thirty two months, only they've ever had and they paid it off fast making one hundred or one twenty five counted down. Let's say yeah scream. Two,

ohmycs dropped. Baby that is amazing, the ripple effect up and down the family tree. Then they get competition with their parents to see you can pay off your mortgage, the fastest, what kind of family? that an awesome. Be leave a bowl. This is the Dave. Ramsey show

thanks for joining us, American, we're glad you're here, open phone's, a eight hundred and eighty eight eight hundred and twenty five five thousand two hundred and twenty five Kevin is with us in North Carolina How are you I'm fine? The thanks, sure, what's on that question for you, Am I'm considering? we're change and I met change professions altogether and or cut my hours to part time and I'm forty nine I have one million dollars in my retirement accounts in about six hundred thousand in my taxable account and I'm I max out my my retirement, my my t every year,

I'm wondering is it in light of my my situation be kind of being in flux? Does it make sense to cut back on interment contributions and put that money individual taxable account it kind of give me more protection in case I need the money it doesn't give you more protection, but it gives you access for the next ten years, yeah and so I mean you've already got a million in retirement, and so you know at forty, nine and so you'll have three million in that account. If you've got invested well by the time you get to sixty five, if you had nothing to it. Ok, if it's invested in good growth stock mutual funds. It will double about every seven years or so and we don't sell, you know you have teen years. Fourteen years, sixty four years old have round three if you had nothing else to it, yeah I probably would go heavy into the non taxable and then you've got. Interesting you can do or if you're

career is a business situation where you want to buy into something, you want to start something with some capital, either way We've got access to it. To do that, and so now you've done very very well- inherit any this money, or do you make it all uh? I mean the vast majority of my dad died many years ago, and he left me a little bit, but ninety percent of it is self generated wow. What do you do for what all the recall, the retirement? I'm sorry what you do! How do you make it? I'm He just I just frugal living in constant investing over the years. Okay, I'm in account, and probably ninety percent of my individual. My taxable account all of the make out with self generated button. The ninety percent of my individual account has been that was my own money, so frugal living like you, like you like you, drive here, and what is it? What was your? What was your first career teaching, your teacher and, and college of Public School or what you public school. I did. Some National teaching, but mostly public school wow

you just you just been really frugal in a heavy investor, then yeah, but I've also, also live my life. You know people people kind of. They they they kind of accuse me of being a miser and I donate donate more to charity than most people, probably in the in the world do not that I'm some kind of hero, but you donate a lot of money to charity every year and I've lived abroad. I've traveled a lot, so it can't be done. You know yeah yeah. Watch. What you were doing and didn't have a lot of setbacks and mistakes and urine, tensional with everyone of those dollars well way to go man you in everyday millionaire, congratulations yeah, I think you're on track there. I I think, you're got enough in retirement or you're going to be okay and are because what we're saying is you're, probably going to end up if just kind of stay on course between sixty Seventy you probably worth about ten million somewhere in there and if,

three or four million of that is retirement. Then that's going to be ok you're not going too heavy and you're going to have had a lot of other opportunities 'cause. Also, You start being very careful and like a business or started doing some testing like in some real estate or something where you watch it? And you know what you're doing in your one hundred percent cash? you know, borrowing you could take that one hundred and make it do actually better an you reach a point that money is more flexibel an you can make more with it than you might have in just a standard investment process. So a good question man thanks for the call open phones, a eight million eight hundred and eighty eight thousand two hundred and fifty five twenty five dean is in Indiana dean. How are you I'm alright, you What's up? going through a divorce attorney

and basically my wife is going to be entitled to half of one slash two of my pension 'cause, it's a thirty year old pension so we've only been married, just shot fifteen years about fifteen grand. It would be her half of one slash two. It's a menace apal pension. So it's going to be structured out. All have just make payments. What would be a fair cash offer? on a fifteen grand structured settlement like that. Well uhm the technical way to calculate it would to figure out when she would actually receive it. When would she be receiving it. Well attorney said he would go to Waze, I'm forty, nine years old. I can I'm tired. You know I mean I have my points in one hundred and fifty four, so I could,

you start drawing them, but I don't plan on retiring that ok and that effects that affect when she would get this as well. Oh, ok, so there's no artist allowed no early withdrawals for nothing, but I think one one ten does, but I've been on the National Board all these years, unless they allow withdrawals for no reason right. If you have an investment adviser, they can put it into a financial calculator and what you would say is you're going to get fifteen thousand dollars of years from now or whatever. The number is right and actually not even going to get it then you're going to get payments for the next fifteen years, beginning twelve years from now whatever it is, but those factors and they can put in a discount right. I'd probably use about a six percent interest rate, because that's what most of the functions grow at and then that count rate. Would tell you what the present value of that

lump sum is or what the present value of that future stream of payments is, and that would be the appropriate discounted amount. I did that that is going to be. Appealing to her. It's gonna be a very low number. So? If I were in your shoes, I'd probably would offer I mean, I'm thinking, that's going to end up being three thousand dollars totally yeah that's the present value of her. Leaving a stream of payments from a fifteen thousand dollars portion beginning five years from now and she probably get the payments for fifteen or twenty years so it's not going to mount a squad is order mounts too did. If I were in your shoes, I would rather have the clean break. I'd probably offer seven thousand dollars, which probably a lot more than that's technically worth fifty cents on the dollar bid. Nice offer.

Okay well, I was thinking ten would be real fair, so they very it's it's your. I mean you can actually get someone. I can't do it on the air because it's it takes a few. Just to put all those numbers into the into the calculator make it it back out your answer, but I would use tell your financial, put in a financial calculator. What payment would she receive over what period of time beginning when and you can I'll tell you what to put in there in the payments beginning at this stage, and then they bring back. Value as of today. In other words, if she had that seven thousand of three thousand dollars and invested it today, and in on our own it would create more money than seven thousand for sure More money than this pension will create for her because you invested. It would grow between now and five years from now or whenever you would retire and then it would create.

From then on out, and it would create more money. So it's good for her take it as a lump sum is good for you if to take it just from the simplicity of your life and the cleanliness of the clean break in a divorce. And so yeah I would be generous with for seven to ten thousand, but I think you can make real strong mathematical case that that is a put a cap, But I'm guessing it's going to be twice what it's worth, which is what it's going to take, because she's not going to believe you It takes someone in the financial world to actually grasp that whole thing and work it out and she's. Just you're trying to screw her over! That's all! It is in a divorce changes. Everything is all about the emotion then and working it through. So a good question Are you joining us? I'm sorry you're going through this brother. I put this. Hour of the Dave Ramsey Show in the books, our thanks to James Child's our producer, Madison Browder, filling in for the vacationing Kellie Daniel. I am

Dave Ramsey your host and will be back with you before. You know it this is James. Charles producer of the Dave Ramsey Show did you know you can now listen to the Dave, Ramsey Show on Pandora and Spotify for all the ways to watch and listen to check out our show page that daveramsey dot com show

money isn't the only thing we talk about around here. Get a life changing advice on your career from my good friend and career experts can call all my Kim Coleman show. According to a recent Gallup poll, nearly seventy percent of Americans are disengaged at work. If you dread going into work every Monday morning and you're just trying to make it to the weekend, the KEN Coleman Show is for you, everyone has a sweet spot. Your sweet spot is at the intersection of your greatest talents and greatest passion. We will help you discover what it is. You were born to do and then we'll help you create a plan to make your dream job a reality. You matter and you have what it takes join. Conversation on the KEN Coleman show hear more from the Ramsey network, including the KEN Coleman show. Wherever you listen to podcasts, hey, it's James. Of the Dave Ramsey show