From the headquarters of Ramsay Solution broadcasting from our car rental studios. That's that day, Ramsay show that is dumb. Casual gaming and paid out on mortgage has taken the place of the Bmw status symbol of choice, and I remember your host. Thank you for joining us. Open phones. Aaa two five, five, two to five: that's Tripoli two five, five, two to five Strangely here we teach you common sense for Europe: dollars. Incense become

since a so rare now having it is like having a superpower. So we're glad your weathers. We too, to live on less than you make while the concept, Congress can't grass, but no one on Instagram. We teach you to. Live on a plan instead of William instead of thank God it's Friday, oh god, it's Monday. Aren't you plan to retire with dignity. Aren't you plan to change your family tree. It's not gonna happen. Unless you do, we did you get out of that gives you, if you don't have any payments, you know it. You ve got mommy. When you got money it gives you the ability to bill wealth and change your family tree and retire with dignity and be outraged, a generous- and we teach you to be outrageously generous I've got this weird idea that if I can get enough a view out of bed and increase region,

osity factor you and I could give someone Money to so many things that needed. We could make the government irrelevant the kind of our anyway, but we had forced them to admit it so different way of thinking and that's what we're here for we want to change the way you think Jennifer is gonna, start off the shower she's in New Hampshire. I Jennifer welcomed that every measure hell, I think you first speaking with me today, show what's up I'm so a few months ago I had to keep outlay and might have been an alcoholic who love was abuse of children. While I was at work, I dont have you were in the process of getting a divorce, and I guess I don't know. After all,

we can still be able to afford it. What do you on? What do you make a year and your job? I make a hundred thousand dollars and then I just started up a pretty good job, though I can you know, and you have to pay for baby foods, but I'll be able to. To pick up unlimited hours, pretty much and show your take on pay on two hundred and ten thousand amounts to what it is: six thousand a monk actual job and on how much is your house moment in its three thousand dollars a month? Well, I mean, I think, that the important thing is the kids are ok, the important young is you're. Ok, how she's just stupid houses

I'll ever goin home is where you make it and so trying to hold onto a particular physical location to make everyone all right and that causes you to go broke, as is not gonna, be good for you, guys long term, and so you have a house payment is fifty percent of your take home by near me. So this painful areas is while you're in the middle of all. This are the pain. I don't wanna, give you bad news, but I you know bad news is that you try to hold onto this thing, because you want us to keep the environment stable for the kids in an unstable situation, and I appreciate Mama bear want to do that. But the truth is this: it's gonna starving to death. So in this term, everybody feels a little better in the long term. Everybody feels a lot worse, and so, if I'm, U

if, unless something changes dramatically in your income, you know I probably would lead. I probably would sell this house now. What is the house worth. We seven hundred thousand dollars- and what are you I wanted a little five hundred, she got some equity for a down payment on other property. To start again, worse, things have happened to people time through your mate. You ve already made much harder decisions. In the last few weeks, you made harder decisions than the decision to sell out much harder agreed. It's just that you ve got paint

on paying upon pain, and this idea of yet one more piece of instability, just scares crap out I b, which just makes you a good mom and a good lady. But your problem is your mouth done work. She would see what I'm telling you what happened trying to figure it out, and I wish I could waiver want, make it go away for you, but my ones low on batteries and now wish I wish I could figured out. I wish I was away to figure it out, but there is not really cohesion where your house payments half of your take on pay, that it ends up being anything but a nightmare, and you made another nightmare. You're not getting rid of on true vary too, so, I'm so sorry, I'm so sorry. I said what I said. What you already know did not yet I'm sorry

Listen you're gonna be ok, we're not push infant attribution, firstly, and help you handle money as we go through this confusing and torn up time in your life and are you gonna be ok? Five years from now you'll be comfortable home. You ve got a great career, your household to be stabilized, you kids would be safe, you'll be safe and you ve done the right thing. You can't allow people no matter who they are to have access to children, her God bring armed children. It's just not an option, so you ve done the right thing. You ve made some really hard decisions. Your very brave you're, very courageous.

But you may, the right ones so far shall keep making the right call will walk with you. You know you call me anytime Kelly. I pick up right now, we'll get you signed up for financial peace University and will work with you through that part of it. I can't fix everything, but I can fix that part and help you with it. Thanks for the calm measure gesture if you're going through divorce, And nobody wants that and I would never recommend divorce. I certainly would recommend keeping someone away from a lady or her children if it was being abusive, got no use for that at all, and so, but if somebody's going to go through that most of the time, statistically speaking, you bought your house based on income. That is not going to be in the house anymore and so forth.

House after the divorce is an unusual thing. It usually doesn't happen. You usually need the seller house, but it's normal because we don't want, gives change. Ecosystems are friends. Are there. They ve already got all this up, even their lives, and we want to protect them from any more upheaval. Anymore, volatility, anymore, emotional pain, but you can't can't they're gone along for the ride, because you're gonna you're gonna trade, one kind of emotional pain for another one later on their number broke, you're gonna be broke. You can't afford clothing. You can afford the college, or their college tuition you can afford to live as your house. That's a normal transactions. In most cases, studies that we see Don't let you

HI student, lower interest rates carry into the new year gotta split financial dot com, slash Ramsay, splash financial issue, I trust to help you lower your student, lower interest rates and help you slash the amount of time it will take you to get out of student loan that their helping my listeners pour money out of interest and put it back into their principal for your new year. Reset go online today at splash financial dot, com, slice, Ramsay check your right and minutes and see. If you qualify, splash financial dot com, Slash Ramsay,

thanks for joining US revolution, we're glad you're, whether chimera business, carbon search for your dollars on Youtube. Ryan's, mere notices Dave how much they do. I need to make a year to be considered. A millionaire a millionaire is not a level of income, To measures of. Money or wealth one is income, one is called net worth, Millionaires based on your net worth your net worth.

What you own minus, what you owe equals your net worth, assets minus your liabilities So if you don't have any doubt, your network is simply the value of the things you own so if you save for retirement and a mutual fond, and you build up several thousand dollars there you ve got a paid for home, that's worth several hundred thousand dollars, you add those together and its equal to More than one million dollars with no dad you would be a millionaire. So how do you a million dollars, that's what it amounts to that's what a million areas one way is to invest if you- and from twenty five to eight sixty five at all a hundred dollars a month? If you were to average about what the stock market averaged about twelve, you'd have one million one hundred and seventy six thousand dollars at retirement most Evil work making money from twenty five to sixty five,

People make enough during those years to save a hundred dollars a month. If that is and everything they make sure that would make you then a millionaire. If you had a million dollars in your mutual funds, any return look out, not to mention the other items that you ve done along the way, so it really doesn't. A lot of income. Gonna millionaire. If you start early and if you're steady, that's what it amounts to now you can actually have a negative net worth a lot of people do a negative now earth is when you owe more New own voice since you own the home that went down in value, for whatever reason the neighborhood was bad or something happened, town or the area that caused the property values to go down and and Only thing you own as a house that you, oh four hundred thousand arm. But now it's worth three hundred thousand show you, a hundred thousand more than you

you'd, have a negative net worth of a hundred thousand dollars at that point, Net worth is one measure of wealth and its them, lasting one, because your income comes and goes depending on your job, your career, your business, but you on whatever doesnt, creating the income not worth it Much more stable, much more substantial, so you I have a high income, but it is more important to have a high net worth that'll get should where you want bay. Because again, if you got back size of I'll of money. The income a pile of money, creates, starts to be enough to support you without your working and that's what people call financially independent usually use that term. But when you have enough of a pile of money in your net worth that it creates more money than you make, then I actually call that the pinnacle point when you, you wanna go over the top of the hill.

Where you have enough money that your money now makes you more money than you make. You know, that's possible. On that worth and more than a million dollars depending on what income is what your career is and so forth shall pile of money as you build wealth gives you stability. Gives you income, you can have a bunch of Rennell property is paid off. You could have a big money, a mutual funds in your for a one Kazan Roth. I raised in that kind of thing, doesn't matter The parliament is some mix of those is what it usually is. That part of money, minus you're debts, which hopefully Not if you do what I teach is your net. Worth and when that is equal to one million dollars or millionaire. That's how much money you need to have to become a millionaire, but it is not how much money you make a year you there are people actually make a million dollars a year and spend it all, and they have no net worth it.

The blue people, would be that stupid, but I meet them. Sometimes their professional athletes, sometimes People on the music business sometimes are just me. That is the Lotto, but I meet people make a million or more a year and spend every bit of it and have absolutely no net worth. Now we would also that's wasteful and ridiculous, and it's easy to assume that we got there. We wouldn't do that, but what you ve got It you have to set yourself to say no, what I make em, always investing, no matter what I am always giving and that will create your net worth, cause your network to grow and your net worth is the stability factor. It's what real wealth When you talk about a wealthy company, a wealthy family, a wealthy, whatever no ones talking about their income, talking about what they actually own, which becomes your net worth, and that's where your millionaire status comes from very cool, stuff, good question:

We appreciate you joining us are John. Is gonna be with in California, Hey John welcome that I've ram show that aid programme here She added Mostar listen to budget item. Twelve was ready for my wife, bought your kid over the Christmas Break and I am on every dollar and I'm all in started the debts, no borders, Much in that we are in unclouded knock down girl with that said, trying to figure out if selling our car makes sense or not without you, situation. How somebody on the cars, twenty one thousand eight hundred and watch it worth roughly between thirteen- I'm sixteen, depending on Tele books, escalation. Ok, and so what your house, the income it between? Two fifteen to forty five a year are much other daddy. You have not counting your home,

So and we don't have a home we rent in LOS Angeles cell, including the car, it's one hundred and thirty seven, but minus the car. If we didn't have that you're talkin, you know on fifteen and sixteen June go to cars and ass. I do not now While the Good NEWS is, you ve got a big shovel, a great income, bad news vision, bigots asshole and the other news is not really car home the cars less than fifteen percent of your problem. So you move aid or fifteen percent live. You call me up with, Let's say you made fifty thousand dollars a year, not two hundred and fifteen ok, let's say you only had fifty thousand dollars and that another course fifty percent of your problem and its way do too big a percentage of your situation. In your case it's a small percentage of the problem and a small part. Judge of your income.

So? Unlike images, I don't like the car and you want to sell it anyway. It's not the problem. I d like it. That way. You know we like them I will just keep it had just keep it work my way through it. Ok we'll do just keep it the debtors began at least enough. Besides, as and thank you so much for being here, you're gonna tell me so much just ground myself and understand that attract of anyone not on every dollar get on it now to tell me so much How old are you sure you looked with? The good news? Is you're discovering out A thing that you believe in your hope about the future is ninety eight percent of the solution to this problem. The car is only about two percent of the solutions. Are you getting game on you getting focused you getting willing to do what it takes to cause the stuff to happen. That's what

a stranger situation. Again. If the car was a big percentage, your world, I shall not be just a stupid guard- It's not really gonna move the needle that much now you may get down to a point where you ve paid. Everything almost but this car and you look over to go what's dump this thing is, will finish off, might do it then, but right now I think, you're gonna, let you're gonna Marilla, you be, who you are and that you are the secret sauce to the situation. Hey. If your listening to me right now and you grew up, watching your family struggle with money, your family's history was struggling and we get collars, all the time money was a source of stress in their family? Will ass most families ripe bad. My. Habits? Thou are not in a dna issue. Well, My family always know your family just decided to be that you can just decide not. Like your family, if your family, drink, and you don't have to drink if we lose our, was run around you dont have to run around. You can just

sad not to be like them, you can still, on where they are, but you don't have to be like on time the chain. Change your family tree Chagall. Financial patient diversity will show you how they Ramsay knock off

Witherspoon Ohio, high MEG, unwelcome whether they were amnesia. My husband we are lagging behind but in a cash offer that was established on a first. What would be the first time hub for Europe which were learning more and more about Women are hesitation with. Is there pretty much the entire offer for the through at those

like all the money that we have aside from our emergency fund, can agree. Grandmother had been bought their quota, most of the cosmetic, right now there might be some bigger thing like those they ought. She touched. We don't. Why? Don't you see me I'm cool, about which we have a little daughter, which will not create lots of things like that. I really have to take our time a cash topics in the future, but you yourself probably been there for a number of years so what you re feeling about a lot of whom I was home? now. Why would be paying for this house you don't really really great location? We don't know what could watch and he's not

getting. I dont know wanted what to do. Why did you buy what you put offer what is really. But if you already made all your decisions, you bought the house. Yeah? I guess we can't. Now you know. Why did you go too far? If you were the censure, Aren't you really beginning? We ve been looking at so many houses following I'm worried about them and ground. Putting a word about the baseboard had a word about the work that has to be done. It's all of our mommy WAR were all these decisions were those were all things were obvious before you bought Giles yeah yeah. They were here s a yes and that, as I had occasion, I bet that's that's why I'm here, here until I get so it was something like your husband decide to do and you were like half go a long way off now. Now we were both in it and I think we, both out of it a housekeeper.

Getting other treasure and no one would you prepare for the house, one hundred and forty, eight thousand hundred and forty and you think homes in the area are worth to fifty there, more people are leaving ain't. Gonna take a repair. This house, I would say at I would say more so there you are put heating, and here in the house was a mere system alone is probably gonna yell touch up. I mean you got dock work in everything baseboard. He writes it's not a cosmetic as the roof good. I think sounder. Can we haven't had a homicidal parents, cash for the house we want. Your household income sixty five sixty five thousand. Where did you get two hundred and forty eight thousand dollars

these things like really over the past couple years on foundered, that's what your husband do for a living king, a technical product. Major on these repairs! Well, my Are there any contractor and enter I'm. So he would help we do some ourselves. I'm tired. Now what are you living in now and about its amongst my apartment sugar stay there a little while, while you get from these repairs done all right now, so we could move Asia as far as they now much harder to repose around. You assured

the aid could be paying rent on this apartment loudly on how we are working on that homer. You two are thirty to you, I'm thirty, two thirty four! I can't tell whether you ve got cold feet or whether you dont know how to make decisions. I can't tell what's going on, I wrote it: about a house about how he had made the decision to spend the money that you have that you the precious my that you ve saved up down to the last dollar, which means you have to cash flow out of your budget, the money for the repairs and now you're freaking out, and I can't tell what's causing that You really should be like embracing the adventure and excited or you should have not entered into force. The on first place, one of the two, but this kind of half in half out thing I can't figure out so I dont really know what to tell you.

Tell you that repairs costs more than you think they're going do they take longer than you think, you're wrong do and doing pairs. While you live in a home is known as hell. Do you remember why you live their causes, sawdust to be in your soup? It it just takes the fun out of everything, Everything smells like dark, while you're living there and draw Wall dust and paint fumes and the normal things that go with brute remodeling house on a man remodeling house, but remotely out while you live in, it is a complete paying the but so on, and I think you got me to sit back and decide. Are we gonna walk away from this and be happy about walking away from it? Are we gonna embrace this and be happy about embracing it, and I'm ok the way out and hear anything here

scares me that bad, except that you're scared, that's what's weird, I cannot those weathers Kenneth is envy. Yea envious, of course, of Virginia would be what let's cup hike upward Yes, the random doing very well hurry you better than I deserve. What's up while first, I want to say that I've I followed you sent out a team and on twenty six now, and it's really just given me a leg up on most other people who are doing it. My whole life- and I really appreciate it- my question to you is: do you have any advice or thoughts on investing into all right he's, not the publicly traded time, but private oriented he's a rather than investing stocks? Ah they run the spectrum from are really really bad off, and shall I can't as cattle,

I say all yards great, you know, but you would really want to do a lot of due diligence. A private ones scares me more than a public one for beginning investor. Because, whatever money you put in a private one, you need to be prepared to just forget. You have that money. It's probably very a liquid problem, not gonna, be a will, have access to the money for a long time in order to the best returns, and you really need to begin with a group who is not milking the rate for their profit through expenses, thereby leaving nothing on the table for the masters and in the early days in the publicly traded reach, did that to the point that for years we couldn't Vano region, an average annual return of over eight percent in the public traded side now days you can find them that beat the ocean p that are north of twelve percent. Not all of them do, but there are some good ones that are actually beating yes M p and would probably be a pretty decent investment for some people really interested in that the private ones just leave. You

open to the are you just got a lot less trance, Currency allow us inside and the lawless liquidity is very difficult to get out of them once you're in them early in, so that, if you need it he took out of a political trade reaches like China, mutual Vanyusha, you're done and there's a market for it probably traded part. Private ones are again many times not always, but many times verdict well today. So I will. I would want to do a lot of due diligence on a private one. I don't really know what is going on in the inner workings of it ass best. I could at what the track record of the players other. The Europe that they have done where they didn't milk, the investors does the problem, Yes, I can run the management these up and all the parliamentary pocket and there's no profit, and so the investor gets no profit and there's no cash flow. Other thing and so you can. You can welcome there, not that hard to milk. Gotta be with solid people that prove record of

asking, the money onto the investor one of my. Without than, if need be money you could burn. If you do that, ok, whether this is that Dave, Ramsey

Zack as economic Aphasia, welcomed that over amnesia relating to take my shirt what's up, hope I helped The question is: I'm turning. What to do about our house, when my wife and I got married a few years ago, we bought a house close to my job, and Multi family, we went out the upstairs living downstairs and on its a single Well now we have two kids, both under the age of two, where the guard that less than the square in front of the house and it's getting crank lily fast. So I will try to figure out if we should keep the house and by another while salad and just a single family home. We have some friends that on real estate staff- and I also don't worry- I'll, just hang onto it, don't they ve all regretted selling proper it also or whatever, and there they said yes by a single family house take onto mortgages, which I really like, that idea,

and I think you would neither, but I just want to get your advice on that, and what to do of investing in real estate, but I do with cash right and I would not keep a rental property that has there on it or the cause you to have that by the fact that you keep it, and so my guess is that this house is not paid for in that you don't have enough money in the bank cash for the next house right average major line. Allow me ok, yeah, you need to sell this. Your friends are wrong and on images, do something like the smell of this week. We by the new House contingent on the sail this and get that once all get rid of it, and you know, make your move standard move as women. Why people always do it but don't become a landlord by default, meaning that you just the only way you became a landlords already owned it, not just cap it

generally, not a good plan, arrange only gonna pick out the particular property. That's gonna give you a good return on investment and that's the property wanna buy as my investment property, and in my case I'm always gonna, tell you to pay cash for that, it's a little slower to build it that way, but you don't have to do it twice I had to do it twice as I had four million dollars for the real estate, with three million over the dead on my twenties and lost at all, because I was stupid night too much debt and others lots of answer mine said around going Marino gravity, borrowing the rabbit you hearing at nine arena property while the freak stuff on Jus. If you do it wrongly city, you open it and your door dream turns into a big nightmare. That's what happened to me. So I took thirty years at the side of that and are buying real estate with cash and took a wild about by the first one took allowed, but by the second one, but two or three weeks paid for they start making money used by another one. Then you can manner.

Then you can borrow when you got plenty of time but get into your property, get into your home and get it paid for that. Your first step and get your family taken care of her step. Rennell properties way your back burner right now, thanks for that Bob's in Indiana high Bob. How are you better. Yesterday, too, was overlanders british tomorrow, Are you in just the same copyright ago. My or advice now can I add tat phone plan which one of the major phone carrier and put her to adopt children on our plan, which we thought would find today will paint.

Sure the bill and as regards the divorce, we decided to cancel that and I want to get a phone company and then work the dental phone company and area everything that I assume that turned at him and I didn't hear anything from the phone company to last week that collect the called and said that I had will forfeit said my address with any at sea at women are lives. Their own centre had night to devise down old. Let's watch out about his own pump, so I told em out. Culprits for Europe or so called the phone company sectors not devised to now and I hold employs thousands dollars, took all my ex wife and she got hold of a kid. Everybody said they turned everything and I called for promptly back and told him. I wanted to try to my statement of what devices wished to allow.

Now to my statement of the bill- and I dont know what to do after that- I, like you, just keep turn in Germany I'm gonna go away until you rooted out it'll come back twenty times. If you just forget it, you just ignored, walk away. It'll show up enough shown up on your credit bureau. Some vague lawsuit will come in ten years from now or something and so you're smart, you stay on it until you get the account cleared it so to me like that they have made a clerical error on therein. There's an error on the accounts which you have described here is not logical. Would you agree with that? Very the information that you have from the family indicates. This account was closed up properly by you and by the kids And they about devices were all turned in with their were probably never even nine devices out in the first place, whether I know of spies, now swamp, Lincoln, unleashes

bunch of kids air made, my god. How do you get to nine, Sir, that that that just tells you right there that there is some screwed up show? This is this? Is typical incompetence with a cell phone company and you're dealing with incompetent people, on the other hand, by and large, so you haven't, I a battle to get this most cleaned up, but I would keep shoveling until you get the barn clean worker and to stay on it. Don't don't you know, don't don't let them push you and giving them money for something you don't have, and you may ultimately have the iron attorney to sue them to clear your name. That would be horrible. I hope you don't, but I have had to threaten the do that a timer to show right, Jeff, isn't California Jeff welcome. They were amnesia. Either I done better than deserve. What's up.

So on the new member states to use a super excited about that, starting with age that too, we have about fifty one thousand dollars that only about a thousand dollars. My credit card will be paid off within about a week or so, The rest of it is, however, travel trailer and we have a truck pretty stupid decisions to finance out those, but we did it fell home. I don't want to spend the next year. He no pain off. Those are you know, vehicles. I guess he would say. And I wanted to I possibly trying to get rid of momentous by a court that cheap, castor, forget about thousand dollars a month to be able to start save an upper biggest upstream three p m. I wanted to find out how he would go about doing who is the dead wealth on the travel trailer. I believe

It is, I'm not sure my wife, peace, that they are not sure it might be state farm hand might be statement, that's glory arm and I are the dead on. The truck is with her, who might that be worth Alaska Federal, current union. Ok, both of these give you some hope, the credit the best up, because I'm guessing your upside down on both of the meaning. You owe me on them on their worth agreed that should come about on in the travel trailer? I want to say that were upside down by public up boy, you gotta have the for five years solid, serve. The buyer brings you're a check for forethought. Less than you owe you can't give them clean title of the trailer without the other four grand. So you really, save that up or you got a borrower or state farmer allow you to sign for the different, stolen, unsecured long, I've never done

business was day farms lending arm I've done business with other parts of them I've never had a glorious experience ever, including when I had my car. I couldn't get the stinkin claim out of him, so their opinion the, but, but you can Alaska Credit Union. My loan, you, the four thousand to get out of the trailer, even though it's over it's dairy farmers and unsecured personal line. You could do that or you could save up, the money or you can have a bit grudge say on scrape the Mai together, whatever you get the money together and that kind of thing, so that's the process and I look at it so hard earned our only mean for transportation between mean like it. So we want to be able to say that for a car is allowed you know, which is something you wouldn't recommend doing during that year, person alone, her in L, a deeper and to be able to subsidize for the car and the ad

can't be volunteers, joined up way, reducing your overall debt and that they apply whom I thank for the gong Roget joining us thanks. James childs producer Kelly, genuine social inclusion entrepreneur. I M d ram here ocean and we'll be back and this is James Giles producer of the day, ran for once again, you made the daybreak show. One of the top five posts download upon has at last get your daily dose of motivation and inspiration subscribed day.

Have you got questions about retirement, investing and becoming an everyday millionaire, go beggar and broader with my man, Chris Open on the crest of Intra. I M excited to be able to talk to you all week in week out we're gonna focus on your calls, and it's going to focus on building well investing and how to become an everyday millionaire subscribe to the curse of ensuring wherever you listen about gas, hates J, producer of the Dave Ramsay show