« The Dave Ramsey Show

When You're Always Thankful, You're Always Generous (Hour 3)

2019-11-27 | 🔗

Debt, Retirement, Home Selling

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
From the headquarters of Ramsay Solutions broadcasting from the dollar car rental studios? It's that day, Rams Asia were better off casual k and paid off home port has taken the place of the Bmw status symbol of choice. I'm diagrams you, your host, open phones, this our AAA eight to five. Fifty five thousand two hundred and twenty five. That's eight hundred and eighty eight eight hundred and twenty five five thousand two hundred and twenty five
Eve of Thanksgiving. We always request in order to be on the air that you tell us what you're thankful for it your ticket to get on the air today. What are you thankful for again the phone number triple eight eight to five five to two thanks for joining us now, as we had another busiest shopping week, end of the year you need to know that retailers make Seventy percent of the revenue from too to the end of the year. If they dont get your money from you, during this forty day period of time they go broke. It is their job to get your money. You should know that. There's nothing wrong with you buying some things. If there your plan of what you're going to buy and part of your Christmas budget and you're gonna. Joy a plan and you're gonna execute in that way. The mark,
version of view does not hate the December version of you. You don't wake up with a manual hang over in January or February, because what you do this weekend. Go ahead and be an adult think plan work, your plan, Children do what feels good adults device as a plan and follow it. I'm all. I know Santa Claus personally and makes a list and checks it twice. He has a plan. And he wants you to plan so moms and ads. You can spread the word. The little guys gonna play on his part, a Christmas. It's not lacking in Christmas Spirit, it does not
Christmas spirit. It does not show the tour mommy and daddy to buy things that you cannot afford with money that you don't have to press people you don't even really like you're, not gonna make broken family relationships better by the purchase. You do at Christmas. If you do, you have a really screwed up family, you cannot buy happiness. Cannot by quality relationships. You can buy some stuff and you should- and you should bathroom stuff to have fun with have some fun. I can promise you Papa Day will be banned from toys for the grand babies alike. Watch him run around and make too much noise. I sound like a group a pterodactyl, appear sure eardrums and I'm gonna have all that excitement. I wanna have all that funding dislike her body else. We don't. We don't give our children a box of coal at Christmas and hope it's ok, a box of twigs and hope. It's ok,
We want you to enjoy your Christmas, but do it like an adult people justify in relation to some of the dumbest, but things in the next seventy two hours that you can possibly imagine. Listen point standing in line at target and getting in a fight over who gets a tv That is a screwed up value system you're, standing in line and targeted screwed up to start with, but on but that getting in a fight over who gets a tv at a bargain. Come all people. That's your value system! Now we're not gonna have that. This weekend you need to behave out. Their America be grown ups, so enjoy your Thanksgiving B. Thankful, that's what it's for stopped for a moment and smile and look up into the heavens and say thank you, God.
You bless me beyond my wildest imaginations because he has. Some of you have had the worst year of your life and talk to my team member while ago in the hallway, right before the show he said all I want from twenty nineteen. For it to be over. It has been a horrible year. We that this sickness and this car this item at this thing went out of the house, and this broken relationship is hitman. It's just been a horrible you're. All I wants this thing in my rearview mirror will you too, but even in the middle of all that there is something to stop and say thank you for you may about the best year of your life, and you should stop and say. Thank you. That is what Thanksgiving is about. Its about giving thanks godliness with contentment is great gain. The purchase of stuff is fun.
But it does not make you happy. The purchase of stuff is fine. There's nothing wrong with you. Having a nice car, a nice home, a nice vacation, Nothing wrong with that. As long as you pay for it in cash, there's nothing morally wrong for you to get those things. Others who starving children and where I know they're, starving children, I'm sorry and I'm not I'm not mad at the starving children, but my people blame other people that are envious and jealous for having some nice things that they worked for. Ridiculous, so don't fall into that either. I want you to enjoy the season enjoy black Friday. If you're a shopper, I'll tell you what I'm going to do, I'm going to figure out where the mall is and I'm going to stay away from it. That's what I'm going
I'm going to find myself out on the farm somewhere, probably shooting some innocent paper plates with my handgun or something like that, so I'll be staying away from the mall. I can promise you. I want nothing to do with that stuff, but if you enjoy it sharper shop, a source, that's fine, get down there in the middle of, and it gives you energy have fun with it, but do it with a point and don't come home with a financial hanging over the childishness that adults that adults approach some of this stuff withers? What I'm addressing the childishness says, this will make me happy or make my kids happier make my mama. Finally be nice, your mama's just
Jane on be nice. If she'd, not nice, already binders men, no maker nice, she just mean woman. You described accept that I'm kidding not really, but I'm unusual arms. I mean you're, not gonna, fix these relationships, Barnum stuff, it don't change anything the purchase of I Don T Know- and this idea that everybody has to have everything just exactly right. This ideally thing like it's in a movie or something I don't about you guys, but most of our Christmas mornings, hardness asters, there's always some stupid thing that the part nuttin fit. Battery done com, it didn't come with batteries saddened by batteries? I was up half the night, you know put knitting. Are you do all this stuff and any other doesn't matter? There's always some work, Why was led down this part of the equation? and the only reason we that happens to all of us is our level of expectation for trying to me
stuff. Do things it's not designed to do stuff does not bring you piece stuff does not bring you happy. Stuff does not deal relationships. Fine stuff can be fun. But that's all it is. It's just stop this the diver amnesia Gotta call the other day, and I thought it was worth talking about again. It was from a wife looking for life insurance for her family. She asked why I only recommend term life insurance system of cash value plans like whole life,
I usually explain how you over pay for coverage, earn a horrible rate of interest and don't get your cash value when you die. But this time I just had to go straight disaster dot com and get a rate, and then we compare that right to the whole life plan and she immediately saw the huge savings. That's why suggests that everyone gotta zander dot com or call them at eight hundred three five, six four. To eighty two and get a free quote. Java God, where those in Minnesota a judge. What are you thankful for thought you,
every day alive and happy unhealthy in all a little thing course discovery of baby It's in your programme can adopt today So I have a lot of data and eighty seven and the two and right now, just to maintain all my current finances meal to afford everything I have. We asked for a reduction on some monthly payments for these loans and going forward. I expect my income to increase but I was wondering if it would be beneficial to keep requesting for certain loans to be smaller psyche focus more towards the smallest flowers and then pay them faster. I guess I don't know be a good idea. Matter. Mathematically, but it'll feel better. You can get it if you can get a sense of progress, a sense of direction by knocking out a couple. That's gonna give you since hey this, is working? I'm gonna make it when you feel like you're, just a rat and wheels
and you're not getting anywhere it's hard to maintain your motivation, so now I don't get it ok to take a lower minimum payment but keep a man. You know less their. Moreover, here you still have that. Well there you gonna, knock out. You'd have been moved around, there's still a p. Under one of shells was one of the mountains and so you'll be fine you'll get there, but it's not doesn't do anything. Doesn't do anything for the math at all. Tanya is Withers and taxes Tanya welcomed that I've Ramsay Show. What are you thankful for? I,
You know family friends and my faith glove it. How can I help today? I heard a couple questions. Some kind of watching that come to retirement systems will return programme, though we move around frequently said my have moved by have three different retirement and accounts in three different. But I have appeared and then two things with terror and I go about new began and about big money and someone had started never entirely by and I just don't know, do I keep up with them throughout the year and hope for the best or you are either way to consolidate. If you get you can't technically consolidation, but you could put them all. One adviser in higher rays, and that's what I would recommend if you're allowed to take them with you, meaning if you can take a lump sum distribution on any of this and Roll to a roll over. I re in good mutual funds. In every case, I would,
and are with you moving so much. I would find a couple of Roth I raise before I put money into your state plans going forward it yeah going far existing. Do twelve outlaws year of your married six thousand each before you started talking about putting money into a state plan that creates all these gyrations for you not sometimes you, depending on the state or which are Doing with a government is mandatory contribution, that's possible and they may or may not allow you to Rollin. Take it with the other, have all kinds of different plans, but before I even did for a one case where a company, if you're moving a lot unless you're trying to get a match out of him, I would come in. I would just do a cobbler Roth. I raise a be a good place to start
Hey thanks for the call happy thanksgiving to you, Joe, is where those in Illinois Happy Thanksgiving Joe. What are you thankful for granted things here You too, I am state or for a loving and forgiving family. That's awesome! How can I help today? Yes, absolutely well Dave my wife's gotta certified letter in the mail and she is being Temple wearily laid off until the beginning of the year I had originally pulled out three thousand dollars from an employee can't shoot contributing stock. I get on this count on end. I was wondering how should I put that? Let me say that I'm done The baby step number one in among member to Nokia should I take. The three thousand dollars put it on my debt, or should I hold that as a cushion
Well, she's laid off just just the other night little. We don't feel safe. I feel in came out her last night and sharply What a shame man like! What does she a year when I was in here making about sixty five thousand? What do you make. I make about seventy five thousand. She lost after income exactly ass. I would push paws on your baby steps and pile up any location you can from any source without cashing out retirement, but I would pull up any cash. I can pile up to weather the storm now, I'm a little curious about She had no warning whatsoever of this lay off she. She did have a clue, but nothing.
Was the way these people tell somebody they're, not gonna pay them for a month is by male. Yes, ok, Would she stay there? We ve had this conversation multiple times we blue actually looking move now about women, Why which company job opportunities now maryanka? That's fine, but I mean the stay with a company that notified me that I've lost my job by mail. This is of taxing environment. These people are worth workin for rigour and so in our she needs look for different jobs, I point whether its Alabama, whether its there and I d- I wouldn't go back over there. This would have judgment my notice that I was leaving, and so
you know she might get a job making thirty five thousand. That would be lovely doubt yeah, that's what I wouldn't outside. Let's get hurt and then when she gets to work or if you guys moved Alabama, that's fine! Whatever you get everything going and land and, in the end, Arms are all settled and everything is going well, then we push play again, but right now, you're in the middle of a whirlwind or in the middle of a hurricane, a storm, and so, while you're with that you just hold what you can hold onto you, keep the cash piled up for the Rainy Day fund because dude it's raining. Chelsea is whether New Jersey, high Chelsea. How are you Dave. I'm wonderful! What're you thankful for export and so thankful for me my new high Van Ryan. I average got married and September loving or a growing here for you. How can we help? They do so
we are recently married. We are still living in a small apartment sharing with roommate. We are on baby step number two on working to get out of debt. He is that three, my work and myself on that I wanted to say now you're married, yeah, he's not maybe your husband, and so we the student loans that that I brought into the marriage we he cannot. Dead free when you are not got a change of change, your pronouns, ok, in our own? Ok, so you gonna how much I stood alone that oh I have about sixty five thousand forty five thousand of it. I co signed for my brother, which, He does not regulate pace. I've been accepted that come to peace. To hang it off the two questions. One being do, I am overpaying
side hustle and my husband now in helping me pay as well thought overpaying. Do we refinance. That would mean I would then be solely responsible for the ones my brother name would come off of them. My first question, what you're gonna be in that for a long time are you can be in there for a long time, no now or China, by watching for Roma Tab? I have I an inherited. I array of twenty six thousand dollars deal with judge that out. The taxes and throw the balance at the student lunch mediately and yeah definitely do that when on cash out retirement accounts, but an arrogance, is we used to buy off there as soon as possible and that were talking to here a great questioning? Congratulations on the new marriage happy thanksgiving! This is Dr Ramsay show
thanks giving in the lobby of Ramsay solutions on the dead, restage drew and share on our where those guys everything having do you go and giving the eighty. What are you guys thankful for as we get started on your dead free scream? We are definitely thankful for our faith in our family man, very good, so hot, where you guys from we're from Seymour Indiana and how much you paid off. We paid. Four hundred and twenty seven thousand dollars wow. How long did it take two years and nine months. And you're a range of income? During that time? Hundred and one thousand two hundred and thirty thousand ok cool, very cool. What kind of debt was the fort seven we had Hausa. We saw during our debt free journey that took a big junk
and we had the normal student loans in car debt and their household that credit card So this was a rental isles warehouse left over from a move or resolve your personal residents person. Tourism has asked that we actually belt o o o So where are you living now? purchase another home to live in a move down then Ok, so what the House Balfour that you sold around a thousand, ok, so three hundred for twenty seven in the other hundred twice avenue casual awesome, Eric, who? Are you guys ready radical journey. You been on very so tell me the story: how did they get started with talking about retirement when we, The age of thirty five we sorted decided that retirement impossible. If you're gonna keep live in that way, we ve been living, so we had got reconnected with an old in, and he was putting on an FBI course at his church and waited to take the course out: ok,
and so you wander in their going. We ve been doing is not working and something a change. You have no idea how Wilder's gun beta now. So what did you think when you went to the first class at first night? I came home and I thought this is definitely possible- hope, yes, absolutely, and that we were normal. I mean we were living like everybody else that needed to be changed, so we sat down and cut up our credit card? Then we got a written budget, so Conor remove the shame. Luckier are used. I was only stupid one and its partners out most everybody as you know, and it takes a shame off, but it doesn't give you permission to stay there and there if there's a way out a plan out, show what happened to you drew with a first class or two The one thing that was the most interesting at Lahti: that David AMC things are we You talked about people's credit cards and you couldn't live without a credit card. You can travel without a credit card can have a plane fly without a credit card.
And we're sitting here today, almost four years removed from any credit card. Top accredit whatsoever we have. Have a gardener pocket and better, and you can't use that if you want money again, that's exactly right after novel idea. The priority that for Congress does give my debit card and get him off the credit card. Oh my gosh way to go. You guys are going to go so you want, though, the finance patient first class and then if someone here is that you paid off all this dad. You showed your house and you have a debit card and you're completely debt free. And they say how'd you do that. What are you told the main thing they have to do if they want to get out of? That? Is they definitely have to have a budget? That was why the huge successes that we found an communing we talk daily about our financial situation in setting up the budget where money is going in. That has definitely kept us on track young through the
is a key may we we would sit down at the end of the month and have no clue were money had gone and we look at each other and say well, how can we not have money at the end of the month? You're like a hundred grand workmen? hello. Renewing by Might underground might underground, has gone yeah, yeah yeah, that's the kind of conversation happens between you and in the people on the street, don't seem we have that rubble, and yet there are worse off, probably than yeah. You know, like anything, so well turn you guys like very, very well done so too years and nine long months. Was it worth it? Absolutely absolute, me: we have met more people, rekindle no relationships and enormously
more people, that we hadn't no clue that fall day, Ramsay, no clue that they were into this. You know this. This mindset so has been a great journey while very go now that it's done and you don't have any payments how's, it feel amazing awesome. I want ya been married at fifteen years you ever been to free in fifteen years now, after fifteen years, you will hold ever feeling yet found so proud of your wealth. Nine. Thank you very, very well that this very cool, very cool shall outside the two of you, we're biggest cheerleaders, probably financial beach clash and who else our biggest airliners, where the two they got us into F p. They still stick with us and then I have
We have another couple who are actually Day Reims II. Followers also- and they have stuck with us- are Friday knights have turned into hanging out with them a while on the other. We have. We have another David, our life in the Davis. I don't know, knowing is probably a strong word, but he was on the definitely kept us focused and- kept us alive and early aggressive, I'm good at its great world. What was the hardest part of this? I think The hardest part is to realize that everyone else is it normal. And when you see the cars amendment lives a schoolteacher, I'm a school principle, so I feel were the you know. If we can do it, anyone can I mean there's no excuse whatsoever, for some were not to be able to do this, and in I just did
Are the anchors? Probably the biggest thing is just trying to tell people you can do this. We ve got when our home, we went to other people's homes to talk about this, just the inspiration, seeing other people to the table his bride and you can't keep a couple. Teachers from teaching that's also you guys you fine great job, very good. You brought the ghettos with you, that. Every grain right there, their names and ages. I there's ten kindliest sex. And the little one is case in and he has to Nora occasion. Nation has been practicing All three have, I think, they're all kind are ready for this year already work and all the way from India on the dead for each Graham Right benefits. Love it there we ve got a copy across Falcons book for you every day, millionaires us the next chapter in your story. You live. No one else now live and give like no one else. Well done
were proud of you heroes are, I drew and share- and I say again, laying caisson from Indiana four out of twenty seven thousand dollars paid off, including the sale of a three hundred thousand in two point: nine. Years, two years and nine months, making one a one to one fifty counted down, let's hear that british groups are you ready three two one absolutely fabulous. Well done you guys very, well done. Our question of the comes from blinds dot com. They have a one hundred percent satisfaction guarantee means. Even if you miss measure, you pick the wrong color they'll remake your window, blinds for free legal, free, snapples, free shipping.
New promos overtime used, a promo code, Ramsay Bruises in Kansas, Dave, I'm told, Every no mortgage, two point: five million dollar net worth. Do need long term guarantee assurance, as I would be able to long term care for my wife for myself. Secondly, what form of long term care is recommended. Traditional policy or the alternate method of either an insurance. I'll see you in a new anti. Never do the alternate method. If you're gonna buy dispatched rate, long term care make sure it has in home care, I think you're in a position of self ensure if it costs fifty thousand dollars a year, to do long term care in your area in home care or in a nursing home, and you do that for ten years, thou be five hundred thousand dollars you stuff, two million dollars left over the average nursing homes day is two point. Four years almost no one statistically goes longer than five years.
View the day with statistically I'm talking about. So, if I were in your shoes, I wouldn't self ensure, if you do not have to, a million dollars. You need long term care insurance. When you turn sixty, you dont made it before them. But this is how it's done this They were amnesia
hours, scripture, you're the day, Romans fifteen thirteen May, the God of Oak, fill you with all joy and peace in believing so that by the power of the Holy Spirit bound and hope It is not joy that makes us grateful David rest says it is gratitude that makes us joyful, It is good to have a holiday that tells you to stop and be thankful to God what this holidays about the original proclamation from Abraham Lincoln from eighteen. Sixty three states that this holiday is for us to Thank you to the Lord Almighty for our blessings. Now, some of you politically
people. Don't agree with that, but that's what the Thanksgiving proclamation says signed by the President of the United States. So you problem, no, your history, it's a good thing, be thankful When you're thankful, you're not always happens, you're always generous through this holiday week, in look for some opportunities to practice, outrageous generosity that could be running across the parking lot to help someone load something into their car. I could be holding a door open while everyone else's running over someone that could be a money transaction where you live an outlandish Tipp. It could be a lot of things, but generosity is non action, its spirit, it's a character, quality, intact
Not an action? It's a character! Quality generosity falls in that category, so you ve got the opportunity to be out there be a bargain hunters have fun enjoy the holiday, enjoy the shopping time enjoy getting ready for Christmas, enjoy Thanksgiving. Joy eating too much the holiday the causes that, Enjoy all other stuff but be generous, find something you can do this year. There are different in the generosity area. And sometimes you, maybe you know from your black Friday sales may be an opportunity for you to buy something for someone. Maybe it's a Christmas present. Maybe it's not. I don't care practice, generosity. It's a lot more fun about anything else. You get to do with money, it's about the most fun you ever.
Have with money? Open phones AAA eight to five five, two to five. We do five Christmas black Friday sail in our story, they rambling, dotcom. Bargain hunters are rushing in their dupe, of course, Now through December, the first you could take advantage of all these deals up to set three percent on new arrivals exclusive, bundles lots of our books, over ten dollars each lots of people by like a case of books for ten bucks age, because they make great stocking staffers anew Number one best seller every day, millionaires number one best seller blots our number one motion books remember once, but you get the number one his bundle. The adventure pack check it all out a diver amply dot com or call the rooms concierge team, a triple a twenty two peace and shop, the flat the black Friday deals don't wait the building and on Sunday December. The first
Nathaniel those weathers in Colorado. What are you thankful for? Nathaniel, how do I think that today, for my wife and my eyes month old son, It is the law of it go. How can I help today? Well, thank you so much for taking a coup. Essential. My wife and I we bought a home in May and MRS before we knew about the baby steps bore Ramsay anything of that and since I had gone to financial peace University, we are a hundred and twenty thousand given that our income is a hundred and sixteen thousand, However, my wife at the end of this school year, wants to stop working, which I'm a hundred percent support above and that forty five thousand dollars whatever income, so her last teacher, would be in July, next year and we're trying to discern whether or not we should sell our home. If we sell
when she quit, while the house by might be more than a fourth of your take omber. Yes, how? What will it be? percentage of your type of your take home pay when she quits it will be about fifty five percent of my take home pay. I'm currently looking for another job to kind of makeup for her pee, but even with her hey it's about thirty, five to forty percent. Yes, I would sell the house. Ok perfect in order, in order for her to stay home, that house ass to go, ok, cool and I think my phone question today is right. Now, I'm in Colorado with a little bit crazy and devalue goes up, but if we were to right now the view- and I was telling us how do we have to pay about five to ten thousand dollars just in the clothing coffins stuff, so that would go into our debt. We want to wait till the spring Army could have essentially avoid and even make about ten thousand dollars? Would you just
What right now and not even worry about it, or we into this thing doesn't matter. It's gotta be gone before she can come home, ok corps that you cannot survive on a house payment of fifty five percent undertaken by that will crush you. It just mathematically you what you yourself have trouble, even pay and lights, and water and stuff much less talking about any kind of prospering, so the house has begun so like fab fab, one February. First, it goes on the market. That the later because it how if she wants to quit and may cause you can't take it. You listen. If, if the house has not gone and may she can't quit, she can't you got pay the bill and you cannot make it on fifty five percent of your payment being of your undertaken by serbian House by each can do so
sure if job one. If coal one is her coming on to with with baby, which is what what sounds like we're talking about a moment. That's fine! But you have to to your expenses to fit your income. Then you can have your cake and eat it too. You can't live in that house with fifty thousand years less income. It's tough to live there. Now it's impossible to live there after she quit. So it's just gotta begone whatever that means. Yeah, but I would say February: first, is one I'm putting it on the market are right. Here we go Ashley's in Missouri High. Actually, what are you thankful for, I think, my gamely third, my belly quoth, my back and forth from ahead and you love it were honoured. How can we help today
I'm wondering if we should use my kids is inherited college fund and the pair from about that, my kids are for an eighteen month they are doesn't dollars each don't you have a life in that thirty five thousand and what your household income a hundred and twenty one I think you're gonna be out a dad in about eighteen months, if you dont use this and so I wouldn't use it, but now here's the way. I would no doubt here's the thing technically it in their minors. It's your money. You can do with it. What you want to do with the technical basis, most people would feel lousy, cleaning out their kids College fund a pebble
Our people would mean, even though you're not doing anything technically wrong, it would just be a lousy, and I just don't want you to feel lousy when I think you can clean this up in a ten months and now, if you needed, if you were a hundred bucks, broke and you needed this money to pay you, keep the lights on, keep the head on in the house and keep you from me a foreclosed on I'd use that money heart beat without any shame or guilt. But that's not what we're dealing with her we're just dealing with accelerating the velocity of your debt reduction. That's onward. With- and you can do this- I mean thirty five thousand hundred grand if you did two years at seventeen thousand a year. That's a walk in a partially oughta do an eighteen months. You might ought to do it one year but for sure you're, dead, free and eighteen months. If you do the basic math on this, so congratulations and happy thanksgiving to you. You're on your way. You gotta plan love. It
very well. Then, why me thanks giving all of you America look for an opportunity to be generous. This is the time if you're thankful, thankful people are always generous, be they look for their chance Be looking for their chains that puts us our that I Ramsay show in the books will be back with you before you not in the meantime. Remember, there's ultimately only one way to financial peace and that's too often daily with the prince of bees, Rice, Jesus,
AIDS victims, senior executives visa for the show to listen more watched, the anywhere with gave way, and you shall have your smartphone catch, the full show or watch the highlights and check out days upcoming, guess how did he ask or download it today? Money isn t always when we talk about around here, get life. Changing advice on your career from my good friend and career experts can combine all makin com and 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, it can Coleman show is for you, everyone has a sweet spot. Yours
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Transcript generated on 2019-12-30.