Live from the headquarters of Ramsay solutions. Broadcasting from a dollar a day when I was in college, is gaining in mortgage has taken the place of the Bmw low status of choice I'm diagrams, you your host, you jump and we'll talk about your life, your money. It is a free call at AAA eight to five five, two to five, that's triple eight eight to five. Five, too,

five Margie is with us, and she is in I'm sorry I'm hitting the wrong buttons everywhere. Where'd you go he has marches in Saint Petersburg Florida high Margie, our you thank you so much had taken, sure. What's up, ok I live in Saint Petersburg Florida. However, I just saw the candle I had in Colorado Springs close today, roughly I'm wondering if I should take the proceeds, the eighty five thousand one fifty and do a ten thirty one, because if I received eighty five than from what I understand, I have to pay thirty thousand dollars in taxes, so I'll only have fifty five thousand dollars verses. If I take the eighty five thousand and rolling into another piece of property in another the property. I understand that to avoid the taxes that I could

went out for a year and then go moving it and make it my primary residents and then I would lose the thirty thousand in taxes. Ok, yeah! That could all be true. For the place you live now, do you own it now yeah, I honor, but it's got paid off. Ok, You can only have one from residence rights as one its primary so you're gonna lose the tax break on one of these two properties I would do is What I would do, hence property is a rental than one in Colorado. Springs is currently around for a long time and I have a property in right now. Here but I could run out the other property. I can buy another property here and Saint Petersburg. Let's say you rented out for year, and then next year sell this

she's my primary rose- and I can assure that my work now the only problem is- and you need to double check any need to do it like immediately mediately or the tax professional, because I'm not one, but a hundred- and I have forty five days to name a property in a hundred and eighty days. What you had to close this into a team Thirdly, I warn you closed ended on thirty one and thirty one exchange, and I have forty five, days, the either of us. Are you ready? I am stop, stop you did. You did the closing on the Congo. You closed it with a title company that does Thirty was correct: ok, good, I don't think you can go back and undo it. Otherwise, that's what I was afraid of our good. So so the only question is she. You do a ten thirty one. Now, don't know if I'm gonna do all of those gyrations just to save already grand

save thirty grand and Indians are being where I live anyway. Ok, that's fine! So talk about oversight and you have an actual gain over your basis of night. A thousand or now more than that? If your taxes are thirty, what is your household income? Ok, I household income is four thousand a month. Ok, then your tax rate, almost capital gains, should be fifteen percent. Not thirty percent Thirty thousand now I got that. So what was the eve refinanced this property at some point. I did refinancing ample carried out now never put I bought it in two thousand seven. Four hundred ninety five thousand and then lived in it a year, and my job took me some

out of the market. I couldn't give it away four hundred and forty thousand years the market tale sure you shoulda, for how much I sold it. Four to twenty seven five and how long did you rented? I rented it like? I think it was eight years Booker me there's no way you're tax bill, thirty korean. Where did you get that from put matters, my taxes, ok, your taxes should be between twenty seven thousand five hundred and thirty thousand Mamma. How you got your the basis down that low when eight years to wear, because that would be the whole thing would be taxable. Mrs? What me. My basis was a hundred ninety five thousand dupree. My depreciation sixty nine thousand five, five, that's what it should do so much more says that would be a hundred thirty thousand, which will be a hundred thousand dollar gain, which will be a fifteen thousand dollar tax

oh Mamma, thirty thousand dollar Tax bill union. A second opinion on your taxes. Because she's my adjusted basis was one twenty five for sixty falconer. If you sell it for two twenty five: that's a hundred thousand dollar gain minor sailing cells, expenses or because you're? Just your gain a sale, price, mine, assail expenses, modest adjusted basis. Is your game Fifteen percent is thirty grand ok, because this is what she did. She took to twenty seven to twenty five, seven then she said it was a hundred twenty five four sixty seven right appreciation. My game was one Two three trees, paid, my relative, which was thirteen rely for and then my neck gateways. Eighty six six one times point one: five is your time:

then I'd better capital gains. Right is fifteen percent. There's no I don't know why she's calculating unless she somehow got you'd pay an ordinary income on this, which that make any sense Surely it should be sure big, fifteen percent other give a bad decks version. I'm not attack, pro, but I do know those numbers, because I didn't have realistic transactions that I'm pretty much. On top of that, I don't have the luxury the fifteen percent in my income bracket, but model that was still you're just gap anyway? The question starts to become. Is all this generation worth it for fifteen grand? So first the ant number one to your question? Is we dig into it and get a second opinion on the tax is growing. She screwed em up number two. If it is, fifteen thousand if its thirty thousand, whichever it ends up being, then you start, asking yourself the question, is it worth it to go through all this crap the buying and selling and back and forth and moving. Are you

end up where you want to stand up for thirty thousand box or twenty two. Fifty thousand bucks, probably not for fifteen. It's probably not worth all other unless you want to move anyway and how she do with a one thousand and thirty one, the property you buy with a one thousand and thirty one that you're going to look for a little while for one year is your ultimate where you want to end up if you're just doing all this just for taxes is probably our that But if you're doing it, because you're gonna end up there anyway and saves you fifteen or thirty, either one up there anyway. It might be an ok move, it might be an ok a temporary one, is a valid process and you ve give really done a great job. But researching everything in thinking it through. And you hurt you. A chess player Margie you cut these improves all over those bore beautifully done. You're on top of it get out, so I think you can play If you want to but dont, do it all? for the money for the tax

lessons were, you will end up anyway. Words, Margie Wanna, live Flapsy answer the question does that ever amnesia Dark, USA saves you money down Four minutes, so too said we switch from Verizon appeared talk thanks today, Ramsay I was sceptical, but after leaving the big city in travelling to a rule area, service coverage never lapses were also saving forty dollars a month. Guys, the USA has the same great coverage for last and Oh contracts try risk free today call pound to fish.

And say the key word Dave, Ramsay our question that I come from flies Dodd Brand new custom blinds from blondes not gone. Are the easiest and most important way to give Europe a vase? Live woodlands not gonna, get free samples, free shipping and with the new promos they run every month, it even more use the magic word, the promo code Ramsay and you get the best possible deal lines Dogcart, those she'll from Ricky in Washington, Anita David O K gone through. My second beat her car, tired of being name basis with the AAA Tow truck driver amount of that I am a margin VON Save nor have the money to get a little nitric are having

damn parting where that, because it worked so hard to save it, can you talk a bit about the struggle people have with spending money Even when they have to spend yeah, it's so hard finally get some of the savings hard to release it, especially if you're wired as a saver. No I'm wired is spender. My wife is wired as a safer. Usually we fall in love to categories. I think your wired as a favor. She gets great come from hearing that pile of money more than she would get great comfort for measuring, reliable gar me out have reliable car pass the emergency you're at them. You know this is an emotional thing at this point is not a financial thing, it's a I have the money, but I have trouble releasing it and so, but that as your just getting some dinner, it's a normal thing and it's not a bad thing but its it. Just as I get security exe

that extra money beyond my emergency fund and I'll tell you that I think is something we all have to work at one of our money, skills, there's really three basic money skills, but you have spending properly Nobly learning to enjoy money falls under spending joy life with your money, which has gone? What your questions about The second one saving. Learn, say money for emergencies, for college, for retirement to change, family family, create a bit wealth and learn to invest Yolanda ride. The investment waves right and giving the power of generosity to completely change you

when you learn to give as the natural rhythm of your life. It changes everything. Stop giving saving in spending everyone has at last. One of those that they struggle with minor shaving. I'm a spin, no trouble for me to enjoy money is also no trouble for me to give money. Lotta spenders, it's easy for them to be generous because the release of money doesn't bother us as much as it does a safer in its hands out, but I'm weak saving and that's my gun cretaceous every day, I'm no longer wicked saving, but it wasn't my natural default I had to into actually decide to have an act of my will save and invest, and really what

of me to do that as a spender giver is that I would have more to spend and give. If I build more wealth, I can spend more and get more and that's my only reason for saying it's not because I just love saving money. I still don't this day, it's not that so you're on the other side of this region, what were saying you eat all you. You don't enjoy spending we don't know about giving you didn't address that in your thing, sometimes I can get spenders or our savers like this loose of their money first by increasing their giving and then that kind to gives permission to also enjoy the money themselves. It would be a shame to save and work joy, some of your money. Things you should enjoy. Is a reliable vehicle.

You don't have reliable vehicle. You been doing you not you been doing beaters, and so you know you You need to go by the car. You already knew that you weren't asking about that. And he knew that, but maybe also a little bit of that money and give it find someplace to be generous at your church or find a couple that struggling or single mom than paralysed bill for a year or whatever, but find something to do because there something about giving that kind of. Gives you permission down inside your spirit also enjoy money of monies fun. If you got some ya to enjoy, it enjoys from nice things Niver! That's all you do when you don't saving. You know give than you're just a shallow Torah bright, but you know to assume that, just because Someone has ability, joint and enjoy money means that are good

your shallow, that's just bogus- and the way you can tell is what percentage of their financial situation is going towards stuff for them. If air, if all my? U make, is going to buy you crap, then than you're out of balance. But if you, if you're giving a percentage of urine, and your investing a good percentage of your income and you enjoying some of your income on lifestyle purchases, travel, cars, clothes, what it is then that's imbalance once you're at baby step. Three and beyond and that's where Ricky is. But it's really good question Ricky TAN good question for me to stop. It Gunnar ran dollar or vent on for a second year teach on for a second, because some people think well now you know one should ever how a car like that,

Why would anyone named Howls lie glad for You got a friend, that's worth about three billion dollars a bill is a thousand million. He has three thousand million. He has three thousand million. He spent six million on his house and people sent him hate mail, No. I like that. His house as a person of his net worth and his income is lacking going through the drive for a chick fly and bought a biscuit. It didn't affair. Tis live one. I ought not to spend six million dollars on house is a matter of fact: that's a Ray conservative House.

For someone who has three billion dollars. Let's say that's that that's what people get out of whack, ripe and course export people. You know in our culture today. It's like this, it is a is an art form to judge other people to get in other people's business. Now it's called twitter. And what's intriguing is is that people are so dupe id that this funding to treat this out because our stirrup some people. This younger generation that is so technologically savvy, if I dont know, work, my phone. I can handed to one of you in your twenties and you can fix it in a heartbeat you're, so technologically savvy and when it to understanding human nature you're just stupid, because a number you on the internet that believe everything you read on the internet- that's just absolutely stupid. I

He bored I can tie, but whatever I wanna type up and put on the internet and you'll believe it. And so you automatically assume when you read think that its true on the internet, Abe Lincoln said everything on the internet was true. I mean And I believe it how Abe Lincoln, was not. Ok, it's so base is that's Ultimate sarcasm right there, but I mean it's not like It is only internet, doesn't make it true, and because you put your opinion on the internet, doesn't make it true about what someone else purchased, because you don't know what you're talking about You should maybe mind your own freaking business.

I'm. So those same equation comes out of the same discussion. You friend, Bozrah Car, you you dumb opinion about it. Maybe I'll just have an opinion about your own self. Did you put much surprised now need a lot of work for the want. You figure out what's wrong with you for him and putting them on your Facebook, Instagram and thereby thinks is true. You had an opinion believe any credible manner. It's just a matter for you, but it's true. I just dont. This isn't Abraham

Marge, whether show them all, but your K Mart welcome today. Ramsay show how you doing better than I deserve what's up while real bad, because how can you today- because I M here to tell you that I'm daiquiri, except for my out, why it ago, man you played a few I paid four hundred and ninety seven thousand four hundred dollars in thirty one month. Wow. What does your also learn come well the journey making about seventy nine thousand a year was my idea I and just just bomb attacks returns, and I I'm at one hundred and fifty five. Now for you when you guys do for a living,

Am I alighted professional engineer while your income to double in thirty one months, well, I was just Lazarbeam leader being focused China, China pervading and make things happen here in my business. I work for myself. Designing, Adrian Caesar. What do you your business? Double? Thirty one march yeah just trying to time to hit the pavement to bring it in bring in revenue. I mean things were things with top of the beginning. We were actually negative for the first year and then The determining around while we're gonna debt a hundred ninety seven thousand words while business world Fifty thousand, I had a businessman accredited thirty. I a car note of thirty two stood alone to twenty. Nothing really tired? Anna borrow money, money from a friend for thirty thousand and the rest was hanging down my mortgage over the thirty one month, so you can

you're everything, but your how you ve got me just the principal reduction will now that I've got to refocus total. So did you sell stuff now, not just that real hard and we eat much, ok, you're single, well, that this it begins. If I may, on her of a few years back, I decided to make the leap when I was married to go into business for myself, things were going really well right out of the gate. I gotten lining up contracts and waiting parleyed some of the revenues and built off it hired an employee and then that's when, just as I did, but I mean I can make me my wife at the time had abandoned our marriage. Took the cared about this. Florida and any retirement in cash. I had wanted dividing model property and those contracts that I gotta have lined up never came to fruition, and I was really

the way to back the man with the fact that I was a negative casual just trying to hang on to my house wound. So I had to go pretty deep while and woe even that are even more challenging part three months after at last call me and they take forecast the back of my kids, which prevented tremendous challenges, because both my kids have medical issues that require attention from providers. Fill working eighty hours a week and trying to deal with two adolescent team, boys and medical issues which we just a burden to try to get out of his things always out. I can't tell you how glad I am to be honest with you right now to tell you that that that competent, so the boys are still with you. You had avoided naturally, the minor with larger while and you guys are you paid off almost four thousand dollars a year for two years I mean really, you shall most This time you didn't make seventy part nine. Most of his time. You made a hundred fifty valve

yeah. The fur here will be eighty I was the way was given carried over losses from the daily here. The witch drop it down. Yeah, ok, but you ve cause I'm proud of you cash flow from it. The point of a hundred thousand bucks a year really for two, a few years. I'm is not quite dad, but its eighty thousand bucks a year for two and a half years It should one ninety seven and you do that: I'm not the man, you gotta believe an beans and rice, I want to look at another another can of chicken again area that absolutely a bare how's. It feel to be free. Now my guide and immediately it is not just a matter of of the paying rounded Davy is also a matter of of being kind of them, my own domain year running a business in getting the chance to eat, a key element, of course not having the dead and injured incentive, why do you say to work even harder and and and build up an emergency fund and build up a retirement fallen tree the legacy for decades, because

You do bring in at this point is gone. The bank into retirement toward Galwegian, you get to see everything you actually are, and so it is motivated even further something happened, one, the money stopped. Leaving the account you get to see it going into your account for a change and with it. When you been where you been, where our ban you have that, never again moment, I'm never going back. Only both, so you followed our stuff how'd, you connect to us. I would, though, with a fan of your work. I couldn't quite get my partner on board at the time we wanted to go down that ever we we're ok, I mean we were a bit was guiding and she would work and when we were together and we were able to make and needs of the real, no real, no emergency at the time there was. There was nothing that without fire at the time we were just kind of normal, like everyone out and when numb, when everything happened, the way at Dayton, and they took about effective, losing everything in the bank and all the time. It's a peeping out

when that when I knew I had to get drastic and, of course, when it comes down to controlling expenses in coming up with a plan haven't, they haven't already read it all mine over and being a fan of yours, I knew that will then be the process. I would follow at least on the debt reduction sign and the court the income side. I had to make some adjustments in my day visually. Do some caving in to make things happen now you ve got after lab, congratulations are very proud of you. What did you do you tell people? The key to getting out of debt is The key is really all about planning. I mean not only on what you gonna pay now, what you gonna do with that next dollar in terms of the debts noble, but also how you gonna go about. Your expenditure is in an playthings I mean I had a leaping vow to figure out what I wanted and how are we going to get there and part of that process was. What can I do and now I want to put on paper saying: ok, I can. I can hardly I did it helped me around the house. I did. I get by on board

Let me also the weeks I don't have the cook every night and what I wait. The plan and really look at the numbers and and balance the equation from the income to the debt. I saw a way out in that was that was that, with the proof that I needed that this can be done, The key is really developing the plan and believing in the end and seeing happen good for you. Man well done proud of you very well done. Thank God. Oh great about yourself, you should we get a copy, crush organs. Retire. Inspired for you signed by him number one by selling both that's the next chapter in this story for sure you are well on your way to being a millionaire and, of course, outrage asleep generous as we go along so well that are the boys scream with you known What are they re had other engagements here, I'm sure I can all the downpours. I got it Mark in Albany, New York honoured ninety seven thousand break up and thirty one month

king, seventy nine, the one fifty five all, but while life is happening, Counter downloads era, debt very scream will hold on tat point called the gang where nobody knew your salary wild answer. I love it well done well done! Well done, life happened to you. If you haven't german Levin, very long, run now. No one by the ghostly life and life than having to stuff happens done sometimes is bad stuff It's good stuff, but stuff happens in one thing you can count on is change. And then you can count on the unexpected,

baker blessing early, unexpected tragedy. You can count on it. Chaos is just around the corner. Control up. Are you can control the variables you can control and the variables? in control of the person in your mirror. You can make a decision the live on less than you make a concept Congress can't grasp you can make it. Vision, the live on a plan act like, be a responsible adults. Adults devise apply. And followed children, do what feels good, So you can do that stuff. I know you can do it does after all too,

ten or fifteen million of you awake for many years now. I know you can do it. I've seen you doing seeing people of every background. Every income every strata make a decision, I'm going to be the master of my ship. This is the Dave. Ramsey show

Thank you, for this is that I roundly just amazing five much again. How are you just like yourself better than deserve? What's up I'm I'll have my dad. By Le Monde and working on the rat? Further familiar good luck? Can for you, I, like you. Opinion on that, for most of the members in the fifteen percent and Iraq I raise kind of different mindset for retirement and which put the money and to my plan ass thinking about, was putting money into a rental properties that would be kind of that member

they'll run to retirement eventually versus my current job Marian and out from you, your opinion on in the investment properties person. Roth I raise, versus, but I would definitely do both the watch. Her household income. I see, last. I checked it about a hundred and five thousand look. I shall fifteen thousand dollars a year. Is fifteen percent of your income go ain't going into bed Step forward in Roth, I arose and fora gazing. Good grow stock, mutual funds. Fifteen thousand, a year will not put you in the real estate business. In, and they saw me one or the other. Now it s. Not it's not your missing. The point is not one or the other, because your suggest the fifteen thousand dollars a year baby steps for should be done in your real estate.

And I'm saying it's not enough to get you in a real estate as you can buy anyway. My one thousand dollars, It's about property is probably those like that between thirty and forty and sixty thousand then bring in some ok rent Will there be a starting point? I would only add. I would, in addition to fifteen going into Europe Irish for a one case, the fifteen, thousand going into those things is not going to keep you out of the real estate business, nor is it Is it enough to get you end of a real estate business and in our I'm just gonna, do my real estate over and above baby step forward. If I'm in your shoes it's what I've done by the way and I'll take the net result. All these years later, just and I'm fifty seven years all I've got

millions and millions of millions of dollars for the real estate. My and it has I have I don't just about The jump the majority of my investment dollars above my for personal for in caves and personal basic mutual fun, investing stuff into real estate, and so it has ended up that probably. Ah, my mutual funds or affair, the small percentage of my net worth less than a fourth amendment worth, most of my net worth would be composed of this company and the real estate denial. And on the euro, and so that, that's where I ended up I my wealth, is in those two areas. Now the mutual made me. I've got tens of millions of dollars mutual funds, but and in good graustark mutual and for a one case, just like our teacher. Do it every every month just like up to each, but what my point is that you keep doing

ten percent of your in coming to that, and as your income comes up and as you Bob paid for Reynolds as you get more money from those you buy more paid for Reynolds and you buy more paid for Reynolds You're gonna end up owning. You know: seventy percent of your network between real estate and it's gonna be good that you don't have all in real estate is good that I don't have it all. It was even Norma Lover of real estate, so com Take your time do this right may the tortoise. The hare, don't try to find a short cut There's not one, and do you think in Britain and a good mutual funds, baby step forward above that save him pay cash for your window real estate and that's what I've done. What I tell you to do. Thank you, sir. Open phones, a triple eight eight to five five two to five Amanda isn't Cincinnati. I remember how are you better than either there thank you so much for taking my call sure, what's up

husband and I think you were able to pay off a hundred and five thousand dollars and fourteen months, just over a year ago, on sunset, we have been able to save our emergency fund paper down payment. I have one hour's buried That is requirements while good for you for being here My husband and I point Husband- has aroused Irae that he started when he was eighteen years old. There are six people. Dollar bananas- he has. I re irregular irae from previous I'll bet has seventy four Four dollars and weird, if wondering, if we shall all back into a writer, I re order into his rock IRA, you you won't go into is wrong. A roll over hash, a separate account, but you can roll it to a Roth as long as you have the cash above, your emergency fund to pay the taxes created by that Currently, we have found us over forty seven thousand dollars. Mocha

we allow attacks took two thousand bucks, or some tax was only four hundred bucks when you do that. So you are young roll it, but when you roll it you're an umbrella to a Roth in good grow, start mutual funds. Just like we all talk about all the time right, then you're, you're. Gonna have taxes do all mad when they you follow your tax bill next year this year, you next year, and then what you'll do. There is, of course, just pay the taxes and effectively you ve done is mathematically, says if you vested another to Graham. Because we were out pay the tax on a exonerate around you, ve already pay the taxes on it now the whole thing the whole account in Iraq as tax free. What you have put in, because its after tax now and all the growth is expert, so you got sound like your young. How are you our twenty seven

We love it you as regards how much money you are too and so good gave it up while. Very and as well an orange county, high, Vivian how're, you didn't want However, twenty seven, four occasions and it at present. Listen to me. Should I just return it, the voluntary report, all the credit on my credit, because the goal is to cash, everything I ride. So what are you on the car twenty five thousand three hundred and only eight miles with a hundred thirty. I figure. That's like a total failure. If I get rid of it, a hundred dollars my emergency, and so you out

Five thousand three hundred, have you looked up? What the car is worth like what. What do you mean on one well or a trade in retail our Kelly Bluebook perch from a private sale button, book and look what trade in or private sale, traded, ok trading, is wholesale So you would never sell a car for wholesale unless you, you know, unless you but to be repossessed or something in your, not your tongue. A voluntary repossession which is really dangerous, so that car is probably worth twenty. When one thousand dollars were you to sell it to an individual on private, say, look that up on Kelly Blue Book and you ll find I'm right. Who do you have the car alone with Ok, you have any credit destroyed or buy out or what,

like an that's. Ok. Give any money. No now says you can count on me. I shall I got it. Was coming to my other car broke down a new impulse and so you do need to get rid of it. But what we need to do is find a way to borrow from the local credit union or the bank twenty about five thousand four thousand dollars which will get you out of a car and you shall to an individual here's. The problem, if it is private sale, twenty or twenty one. If its wholesale, seventeen. If you toss them, ease and handed over on a voluntary repossession. There are also a car for ten and they're gonna. Come after you for the difference. You right and so what you do by selling it yourself as you control the size of the whole european, not dimension. Destroy your credit, not destroying the secondary issue for me, but you need to come.

For all the variables here. When you have a car off somebody else, just walk away, will you destroy granted, but mainly the big problem? Is you lose control? What cartels war and then they're gonna come after you for deliverance, you be five thousand and hold a fifteen thousand, and so you control this Hey, is Kelly, associate producer and phone screener for the Dave Ramsey Show. If you would like to be your debt free, scream, live on the show, make sure you visit, Daveramsey, dot, com, show and register. We would love for you to come to Nashville and tell Dave your story. Make more money doing what you love check out: Christie, rights, business, boutique, podcast crises, firing and equipping women to become successful, running their own business

Creasy right and I held women all over the country, take their ideas and passions and Hobbes and turn them into profitable businesses. If you have an idea in your head or dreaming your heart and you ve ever wondered if you could make money doing it, I'm here to help Join us on the business duty had cast where we are equipping women to make money doing what they left here. From the Ramsay network, including Christie Rights, business, booty, podcast, we're Were you listened about gas hates James, pretty? serve the Dave Ramsay show this